Penticton is on the move. Main Street is buzzing with new shops, there are loads of events and fun stuff to do, and builders are working non-stop on new houses and apartments. This isn’t just something people are saying – the numbers back it up. Since 2018, Penticton has added over 600 places to rent and more than 1,500 homes and condos.
This growth hasn’t gone unnoticed. Western Investor magazine recently ranked Penticton as a top place for real estate investment in 2023 and an article by Vancouver real estate firm, Maude, MacKay and Co. highlights Penticton as a “property hotspot”.
The City conducted a survey of newcomers who arrived in Penticton last year between January and April, of which nearly 200 people responded. The data showed:
- 76% of these new residents were of working age (between 20 and 59).
- Two-thirds came here for work or planned to work remotely.
- Almost 30% were families with children.
- 20% were retirees.
This is great to know, as it helps us understand how Penticton is growing. In 2018, the city made plans to ensure that growth is managed well, using community consultation processes to update the Official Community Plan. Through an in-depth housing study, they looked at what kinds of housing are needed and how to update neighbourhoods while keeping their character.
One area that's been getting attention is North Gateway (pictured below), a new district designation that grew out of this recent planning work by the City. It's located at the northern end of Penticton. This neighbourhood is designed so that residents can get to most places they need within a 15-minute walk. There are also new housing projects, such as Sokana, which will have 234 condos, and Westmin795, adding 22 townhomes, some with live/work spaces.
Other areas are seeing new development as well. In the Downtown core, 285 Westminster opened up, and it's not just for living - there are shops on the ground floor. Plus, near Skaha Lake at the south end of the city, there’s The Perennial, a new building with 166 rental apartments. Skaha Lake is gorgeous, by the way. There are new restaurants, and the 21 acre park is perfect for a picnic, a walk, or even a game of beach volleyball.
In the pipeline are more projects such as 84 new townhomes in the city centre and a major development with up to 700 homes on Wiltse plateau on the city’s eastern side.
Despite all this development, housing remains relatively affordable compared to bigger cities. According to the Canadian Real Estate Association, as of May 2023, the average home price in the region was $679K, significantly less than in Vancouver where it stood at $1.18 million.
It's a notable time in Penticton. With fresh dining options, more activities, and a friendly community, living here is becoming even more appealing. If you're considering making Penticton your home, check out Start Here Penticton for useful resources to help you get settled.