Photo: Contributed
A report released from the Canadian Mortgage and Housing Corporation on Feb. 11 confirmed what many in Kelowna already know all too well: Housing is very hard to find, particularly for those in the rental market.
The yearly rental statistics from CMHC show that the vacancy rate in the Kelowna census metropolitan area is at the lowest percentage since 2017, with only 0.6% available on the market. Studio apartments have the second lowest vacancy rate at a scant 0.1%, and townhomes come in as the sparsest commodity with a 0% open rate. Paired with housing costs that in January reached a benchmark of $515,700 for condos, an increase of 29.4% over January 2021, and $1,037,500 for a single family home, an increase of 36.4%, many people in Kelowna are faced with the inability to purchase or rent a home
However, a local developer is looking to change that for the city. Ryan Tamblyn of Millennial Developments is bringing two projects to the Kelowna real estate market designed to make homeownership more accessible. The first, Five Crossings, a collection of studio, one and two bedroom smart suites starting in the mid $200,000s, is located in the Landmark-Capri district and will be starting sales in spring 2022. Shortly following, Millennial Developments will be launching The Nest at Findlay, a community of townhomes with spacious three-bedroom floor plans created for family living, starting in the low $600,000s.
“First time homeowners need and deserve to have accessible options that don’t compromise on quality, that integrate appealing architecture with the latest design trends, amenity spaces and technology to enhance their lifestyles,” Tamblyn says. “And families should have choices that allow them to have a real family home of their own, that gives them pride of ownership and a place to make memories.
“I personally believe that it is so important that we create the ability for more people in Kelowna to be able to buy homes and gain that long-term security and advantage. That’s the goal with every Millennial Developments project—to look at what the community needs and then meet those needs with places that people will love to call home.”
Paige Monkman, of ACE Project Management and project manager for the Five Crossings development commented, “We are opening our presentation center early this March, but we have essentially had people ‘lined up at the door’ for months. People are so excited about being able to purchase a home in a great central Kelowna location in the mid $200s, and then when we tell them about all the smart technology features and lifestyle amenities included in the building, it just adds on to the high level of anticipation for the project.”
To learn more about how Millennial Developments is working to meet housing needs for the Kelowna community, or to see more about Five Crossings or The Nest at Findlay, visit www.millennialdevelopments.ca.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.
