As the desire to escape from busy cities and crowded areas in Canada continues to grow, Kelowna has positioned itself as an exciting option for those looking for big-city opportunities with a small-town feel.
The recently released RATESDOTCA Livability Report found that one in five people planning to move since April 2020 has moved or is planning to move from urban centers to smaller towns. In the same report, Kelowna was named the country’s second most popular moving destination, in part due to its extremely competitive housing costs compared to rising average home prices in major cities like Vancouver and Toronto. For retirees, students, young families, and professionals, Kelowna is full of dynamism and hope. The idea of living by the lake all year round is becoming the new normal which is a powerful draw for both homeowners and investors.
The Kelowna real estate market is on a steady upward trend, rapidly recovering from a brief slowdown during the pandemic outbreak, with demand exceeding available inventory. This fast-paced market has caught the attention of developers like Vancouver’s Orchard Park Properties, who are bringing a prime residential development to Kelowna in response to buyer interest in the area. The Water Street by the Park project will house 650 residential buildings in three towers that will transform the skyline. A building is the tallest in interior British Columbia.
To attract those moving from urban centers and appeal to local shoppers, the development includes an elaborate package of amenities that maximizes Kelowna’s lifestyle from its central downtown location overlooking Lake Okanagan.
Developer Anthony Beyrouti commented, “We have put a lot of thought into the features that make Water Street by the Park special for residents. From a unique equipment package with a heated pool, a fitness center with a view of the lake and a golf simulator, to the configuration of the building so that almost 80% of the houses have a lake view and ensure that each unit has a spacious private terrace. We build houses that can be enjoyed indoors and outdoors every day of the year, every season. ”
In addition to exciting amenities, Water Street by the Park invites residents to “Love Where You Live” by highlighting a convenient location one block from Kelowna City Park.
The downtown address offers a walk score of 95, easy access to 300 kilometers of the city’s bike paths and the William R. Bennett Bridge, as well as local restaurants, wine bars, craft breweries, artisan cafes, banks and a major grocery store within a three radius Blocks. The project also provides proximity to the University of British Columbia Okanagan and Kelowna General Hospital.
With Canadian property values continuing to break records and displace many first-time buyers, the affordability of Kelowna real estate shines when one considers the destination lifestyle, which Anthony Beyrouti at Water Street by the Park carefully considered.
“We’re bringing value to square foot buyers who are very competitive with similar projects in Kelowna,” he explains. “For early investors, the resale values will be very attractive. And compared to cities like Vancouver or Toronto there really is no comparison. The amount of space, location, amenities, and views that Water Street offers from the park are nowhere near the same price in these cities, which is why we are seeing such great interest in the buyer areas, in addition to great local interest. ”
Water Street by the Park will start selling in spring 2021. For more information on the project or to register, please visit www.waterstbythepark.com.
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