Living Kelowna Podcast: Costs of Living in Kelowna EXPLAINED

Welcome to today's podcast, where we dive deep into the costs of living in the beautiful city of Kelowna, British Columbia. Whether you're contemplating a move or just curious about the expenses associated with living, working, and playing in Kelowna, we've got you covered. This episode explores the housing market, property taxes, monthly utilities, rental rates, auto insurance, gas prices, dining out, shopping taxes, and entertainment options. By the end, you'll understand what it takes financially to call Kelowna home.

Episode Highlights:

1. Housing Costs: The median prices for homes in Kelowna, including single-family homes, townhouses, and condos, are discussed. The episode emphasizes the importance of considering various factors such as location, type of property, and down payment.

2. Property Taxes: The City of Kelowna's property tax estimator tool is introduced, providing insights into the yearly estimated taxes for different property types. Information on grants to reduce property taxes is also shared.

3. Monthly Utilities: A breakdown of monthly utility costs for a family home, including natural gas, electricity, cable/internet, and water bills. The importance of researching strata fees for condos is highlighted.

4. Rental Market: Insights into the rental market in Kelowna, including average rental rates for homes, townhouses, and condos. Valuable tips on where to search for rentals online are provided.

5. Auto Insurance and Gas Prices: The dominance of ICBC in auto insurance, resulting in higher rates, and the average gas prices in Kelowna are discussed, providing a clear picture of transportation costs.

6. Dining Out: A glimpse into Kelowna's diverse food scene, with cost estimates for dining out at various types of restaurants catering to different budgets.

7. Shopping Taxes: Explanation of the taxes applicable on most purchases in Kelowna—GST and PST—and their impact on the overall cost of goods and services.

8. Entertainment Options: A range of low-cost and free entertainment options in Kelowna, from outdoor activities to cultural events and family-friendly attractions.

Key Takeaways:

• The housing market in Kelowna varies, and potential buyers should carefully consider factors such as location and property type.
• Property taxes can be estimated using the City of Kelowna's tool, and grants are available for eligible property owners.
• Monthly utility costs vary, and it's essential to inquire about strata fees for condos.
• The rental market is expanding, with average rates provided for different types of properties.
• ICBC dominates auto insurance, contributing to higher rates than the national average.
• Gas prices, dining out, shopping taxes, and entertainment options provide a comprehensive overview of living expenses in Kelowna.

Relevant Quotes:

• "Even though the average price of a single-family home is rising, there are still many great homes in the $650,000 - $850,000 price range in wonderful, family-friendly neighbourhoods."
• "It's always a great idea to know the monthly strata fees when searching for a townhome or condo and to know what they include so you can make an informed decision."
• "The average driver in BC pays an average of $1,832.00 per year, which is 240 dollars more per month than the national average."
• "Kelowna’s food scene has it all, from fast food quick and cheap to your fancy 6-course meal with duck confit and a quarter pear for dessert."
• "Entertainment in Kelowna doesn't have to be expensive at all! With so many wonderful things to see and do for FREE, you don’t have to spend hardly anything to keep yourself entertained year-round."

Listen to the Living in Kelowna Podcast with Brandon Grass on your favourite podcast platform.