Vernon is located in the southern interior of British Columbia, Canada, nestled in between 3 beautiful lakes in the Okanagan Valley. Vernon serves as the major hub of the North Okanagan with Coldstream housing the head office for the Regional District of North Okanagan. Vernon is British Columbia’s 10th largest city with a population of 40,116 and the greater Vernon area nearing close to 60,000. Nearby communities include Kelowna, Salmon Arm, Lake Country, Armstrong, Sicamous; as well as, several other great communities.
Why should I invest in Vernon?
Superior location combined with a mild climate and endless recreational activities makes Vernon a great place to live. Vernon has all of the amenities one could need and is situated between two major Canadian cities Vancouver and Calgary. Vernon has its own Regional airport and is only 25 minutes from the Kelowna International Airport. Vernon is one of Canada’s fastest growing major cities, has a strong economy, and a low un-employment rate. The West side of Vernon was cited by the Canadian Real Estate Wealth Magazine as one of Canada’s top investment neighborhoods. The city has a high doctor to resident ratio, a high number of days of temperatures above zero, and relatively low precipitation.
Vernon boasts an unparalleled quality of life and is a great city to invest in. Vernon is often on the top of publicized lists and articles for being one of Canada’s best places to retire. It is the ultimate relocation destination for people wanting to slow down and enjoy life. Connected by 3 major highways, Vernon’s accessibility to other communities and major centers makes this city a profitable investment choice.
Long term Outlook –The Province of BC holds the top spot in provincial economic growth. Because of the strong economy, affordability and high quality of life, many individuals and families are migrating to Vernon. This holds particularly true for the Greater Vancouver area and several of the Eastern provinces.
Vernon Market Facts (Last Published):
- 2016 Vacancy Rate: 1.3%
- Average MLS residential sale price: $469,514
- Average MLS Days on Market (DOM): 63
- Total Market Listings (MLS): 508
- Average weekly earnings (BC): $927
- Average 1 bedroom rent: $980
- Average 3 Bedroom rent: $1600+
- Unemployment Rate: 6%
Vernon is British Columbia’s 10th largest city with a population of 40,116 and the greater Vernon area nearing close to 60,000.