231 Terrace Drive
Kelowna, BC V1V2P9
$499,000
Property Details
Property & Lot
- Sub-type
- Other
- Lot size
- 0.31 acres
Ownership & Fees
- Property type
- Land / Lot
- Ownership
- Freehold
- Annual property tax
- $2,278.49
Interior
- Fireplace
- None
Exterior & Lot
- View
- Mountain view
Listing Information
- MLS®
- 10381848
- Listed
- April 7, 2026
- Time on market
- On the market for 146 days
- Data last synced
- August 28, 2026
Listing provided by: Royal LePage Kelowna · Data source: CREA DDF.
Description
RARE DOUBLE ACCESS .31 RE BUILDING LOT in MAGIC ESTATES - One of the Last! away from the urban noise and busyness in a mature natural setting siding onto mountain and greenspace. This exceptional double-access estate lot offers prestige, privacy, and endless design potential. Tucked away on a no through cul de sac road, in the final phase of the prestigious Magic Estates, surrounded by upscale executive homes, and green wooded space, this 0.31-acre property features a generous, relatively flat building site that is both private and easy to build on. You have the choice of direct panhandle access from Terrace Drive for added flexibility and potential parking options, while straight-in rear access via the private easement lane enhances convenience and architectural possibilities for design. Zoned RU1 for single family and home with suite design. Pick your own builder, and build on your timeline. Sewer and water at road on Terrace rd access side (contact City of Kelowna for exact location). Close to Knox Trails. A rare hidden jewel, and Oasis away from the hustle and bustle of the city but only minutes drive to Glenmore schools, and downtown. (id:63159)
Location Insights
Weather
15°C
Clear
Humidity 76%
Wind NNW 4 km/h
Tonight
11°
Tuesday
27°
Tuesday night
14°
Wednesday
24°
Wednesday night
13°
Thursday
19°
Source: Environment and Climate Change Canada.
Population
144,576
(2021 Census)
+13.5% since 2016
Density: 682.4/km²
Dwellings: 67,115
Median household income: $82,000
After-tax: $73,500
Immigrant population: 15.3%
Top countries of origin (% of total population)
- United Kingdom2.1% · 3,055
- India1.6% · 2,335
- Philippines1.1% · 1,620
- Germany1.1% · 1,540
- United States of America1% · 1,375
- China0.7% · 960
- Poland0.4% · 585
- South Africa, Republic of0.4% · 525
Source: Statistics Canada, 2021 Census of Population.
Location Accessibility
Our own metric — not an official Walk Score®.
Amenities
7
1/9 categories nearby
Transit
—
Not enough data yet
How this is calculated
Amenities: points awarded per category (restaurants, cafes, grocery, parks, shopping, gyms, pharmacies, banks/ATMs, healthcare) based on distance to the nearest one — 3 points under 200m, 2 points under 500m, 1 point under 800m — summed across all 9 categories and scaled to 0–100.
Transit: based on the number of transit stops within 800m and their mode (SkyTrain weighted highest, then streetcar/ferry, then bus). This reflects stop type and count only — our data doesn't include how often a route actually runs, so frequency is never factored in.
Both scores depend on how much of the surrounding area has been synced from OpenStreetMap and TransLink's GTFS feed. A lower score can mean fewer amenities nearby, or simply that this area hasn't been fully synced yet — not a confident measurement of the location itself.
Nearby Schools
| School | Type | Distance |
|---|---|---|
| Watson Road Elementary | Elementary | 1.7 km |
| North Glenmore Elementary | Elementary | 2.5 km |
| Dr Knox Middle School | Middle | 2.5 km |
| Glenmore Elementary | Elementary | 2.8 km |
| Bankhead Elementary | Elementary | 3.3 km |
| The Balsam School(Independent) | Elementary | 3.7 km |
| Central Secondary | Secondary | 4.6 km |
| Central School Programs | K-12 | 4.6 km |
Schools shown by distance from this property. This does not indicate school catchment or enrollment eligibility — contact the school district to confirm catchment boundaries.
Nearby Transit
No TransLink stops within an ~10-minute walk.
Nearby Places
Parks (4)
- Blair Pond Park419 m
- Lost Creek Park449 m
- Avonlea Park468 m
- Upper Canyon Open Space577 m
Nearby places data: © OpenStreetMap contributors.
School district: Central Okanagan (SD23)
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Mortgage & Ownership Cost Calculator
Minimum required: 5.0% ($24,950) — 5% under $500K, 10% up to $1.5M, 20% at/above $1.5M.
Financial Ledger
Rates based on Bank of Canada benchmark data.
Financial Summary
Cash Needed at Closing
Minimum down payment: 5% on the first $500,000, 10% on the portion up to $1.5M, 20% at/above $1.5M. Stress test: OSFI's minimum qualifying rate, the greater of contract rate + 2% or 5.25% — this is what lenders require you to qualify at, not what you'll actually pay. Closing costs are a typical-range estimate, not a quote — actual legal fees vary. Verify all figures with a mortgage broker and lawyer before relying on them.