I grew up in Kelowna, well more precisely, on the Westside. It was a great place to grow up. As others have mentioned, there are 4 seasons, it isn't as cold in the winter (but it can be for short spells), and the summers tend to be long and hot (with a constant threat of forest fire).
I haven't lived there as an adult, so I can't give you much detail on the financial side of things, other than it's not cheap place to live. Houses are a little cheaper, can't comment on property taxes, but things are more expensive with the extra taxes, especially gas. I think insurance is more expensive. Seems like hydro is a lot cheaper just comparing my bill with that of my parents. Anyway, that's anecdotal.
Summer is awesome. Got the lake right there, easy access to camping. But it is VERY busy. It's still a pain in the ass getting across the new bridge at certain times of the day, or if there is any kind of traffic problem. The winter is great if you are into winter sports. However, it tends to be very gloomy; the valley is often socked in, which reflects off the lake, and combined with the burnt mountains, there's not a lot of colour. So if you require sunshine, that is a major detractor.
Someone mentioned hostility towards Alberta/Albertans...that's kinda true it seems.
Sometimes lost in all this is Kelowna is still a relatively small city. And if you're one of those people that enjoy a really diverse city life, Kelowna might get a bit boring. Culturally/politically, Kelowna and area on a scale is closer to Calgary than Vancouver, IMO.
__________________
|