KELOWNA, BC – Developers in Kelowna, BC seek to lure Toronto residents away from the increasingly unaffordable real estate market in the east.
In Central Okanagan, a COVID-19-triggered real estate boom sparked 157 homes valued at more than $ 1 million each January through February 2021. Condominium sales alone are up 670 percent compared to the same period last year, with recovery trends outpacing any setbacks in the real estate market in early 2020, and overall January 2021 saw the highest number of home sales in the last 10 years. Approximately 10 percent of these sales go to buyers in Toronto and other parts of eastern Canada.
Toronto is regularly listed as one of the world’s least affordable places to buy a home. About 4,000 Canadians have immigrated to Kelowna from outside British Columbia in the past two years, and these numbers are expected to increase.
According to the RATESDOTCA Livability Report published in March, 61 percent of home buyers cited affordability as the main reason for moving, with one in five shoppers moving from an urban center to a smaller town in search of lower prices. The same report also named Kelowna as the second most popular moving destination for 2021.
To capitalize on this trend, developers like Anthony Beyrouti, co-founder of Orchard Park Properties, are looking. He plans to build a multi-tower community called Water Street by the Park. The 559,000 square foot mixed-use project will include 650 condominiums, including 45,000 square feet of retail and office space.
“The project offers something for almost everyone. Downsizers, young professionals drawn to the area’s strong economy, and Canada’s second lowest unemployment rate, plus proximity to university make it attractive to homeowners and investors. It’s a development that has a lot to offer, ”said Beyrouti. “We anticipate overseas buyers will be interested as Kelowna is such an attractive tourist destination with its climate, lake, wineries and winter sports, but our main focus is on community building and welcoming buyers locally are leaving larger Canadian metropolitan areas such as Vancouver and Toronto that want a lot of space without the hassle of a single-family home. “
