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Alternative Home Ownership trends
in Kelowna
Kelowna has experienced a significant increase in buyers employing non-traditional forms of home ownership over the past year. Legal secondary suites are the primary driver of this trend.
Looking ahead, due to ongoing affordability challenges, it's reasonable to expect further increases in homebuyers exploring other creative solutions to be able to engage in the housing market.
According to RE/MAX broker and agent insights, the region will likely experience an uptick in secondary suites in order to achieve additional income.
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1. Income/secondary suites
2. Reverse mortgages
most-common forms of
non-traditional ownership:
1. Potential tenant issues
2. Property damages incurred from tenants
3. Lack of knowledge on alterative ownership options
buyer concerns and misconceptions:
Property sellers in the Kelowna region are not indicating any critical concerns about accepting an offer from a buyer using non-tranditional means to enter the market.
Seller perceptions
Speak with a broker to gain a stronger understanding of all the benefits as well as the pitfalls involved in a non-tranditional home-ownership arrangement, and to gain an understanding of the different types of ownership options available to you.
home-buying advice
regional Insights
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.