Coldstream Real Estate Trends: Buyers Who Want Rural Living at its Best
It took two Vernon brothers to turn a large plot of land alongside a creek into a working ranch that still exists today. It’s also where the district of Coldstream derived its name. Although many things have changed, much has also stayed the same. Coldstream real estate still offers pristine rural living at its best.
Nestled along the shores of Kalamalka Lake, known as the Jewel of the Okanagan, up to Middleton Mountain and along the Aberdeen Plateau to Lavington and Bluenose Mountain, Coldstream is known for its rolling pastures where horses graze, orchards laden with fruit, as well as residential neighbourhoods.
With an estimated population of 11,000 in 2011, the wide range of properties and homes in Coldstream show that diverse nature—from vast acreages to modern homes that feature killer views of Kalamalka’s Lake deep azure waters.
That rural lifestyle is one of the reasons Coldstream real estate is high in demand. Coldstream is also close to amenities, such as shopping and restaurants, as well as to employment opportunities in its neighbouring community of Vernon.
Besides agriculture, Coldstream’s main source of employment is at the Pinnacle Pellet Plant, housed in a former glass plant in the community of Lavington, which manufactures wood pellets as renewable fuel to the U.S., Canada, Asia, and Europe.
A desirable location for families with young children, Coldstream is home to three elementary schools (Kidston, Coldstream and Lavington) as well as a secondary school for students in Grade 7-12 (Kalamalka Secondary).
A Launchpad for Active Living:
Coldstream is also recognized as a hub for recreationists who are into biking, boating, paddling, fishing, and hiking. Kalamalka Provincial Park within the district’s boundaries is home to three popular beaches (Jade and Juniper Bays as well as Cosens Bay), which are walking distance from the park’s entry and also known to be frequented by boaters. The park also boasts well-maintained trails for both moderate and advanced mountain bikers and hikers and is a hub for rope climbing at Cougar Canyon.
Making Coldstream real estate even more desirable for families is its central beach located off Kalamalka Lake Road. It features a well-used pier (jetty), summer concession stand and is a popular destination for swimmers, sunbathers and stand-up paddle boarders.
Coldstream also serves as an access point to the still being developed Okanagan Rail Trail, which once completed, will offer a 50 kilometre low-grade trail between Coldstream and Kelowna.
Coldstream Real Estate: The Numbers
April 2017 statistics for Coldstream real estate shows the average price for a home is on par with that of the Foothills at the base of Silver Star Mountain in Vernon, with the average cost of a home selling from $500,000 to $600,000, especially those homes with lake views.
With strong demand and a shortage of inventory across the North Okanagan, days on market tend to be few in Coldstream, though lakefront and luxury homes tend to take a little longer for the right buyer to appear.
“Demand for properties in the Valley continues to be strong,” says Okanagan Mainline Real Estate Board (OMREB) president Tanis Read, citing strong sales this spring but 23 per cent higher sales last year, mostly due to more inventory in spring 2016. “People want to live in the valley and more listings are needed to keep pace with this demand.”
The April OMREB report says in some of the more high demand areas, buyers are likely to see multiple offer situations, and prices are likely going to continue to be impacted by lack of supply.