It has now been a little over a year and a half since the Covid-19 Pandemic began to impact the different aspects of life in British Columbia. In this time, a multitude of industries have experienced sharp ebbs and flows with each new restriction ease and tighten. From small businesses to tourism, many companies have had to rethink and readjust their business models to stay ahead of this ever-changing situation.
In Kelowna though, one specific industry has seen huge growth and unfathomable expansion. New development construction for both residential and commercial has kicked into high gear with building permits averaging approximately $200 million a month and a 253% increase in housing sales from 2020.
The Exodus of Vancouver Residents and Businesses into the Valley
Vancouver and the lower mainland have been witnessing an exodus of their residents over the past few months as individuals, families, and businesses make their way into Kelowna in search of calmer economic conditions. This, along with other factors such as a lower cost of living in comparison to Vancouver, is fuelling people’s decision to move to Kelowna, British Columbia’s third-largest city. And, in turn, creating a surge in demand for new residential and commercial spaces to be constructed.
Kelowna New Developments Hitting the Market
Some stunning properties are coming on to the market that are an absolute must-see if you are looking for a new home to purchase in Kelowna. Here are just a few of the most noteworthy developments that should not be missed:
Caban by Cressey
Steps away from the vibrant Pandosy Village and the desirable Gyro beach, Caban by Cressey has been built to fully encapsulate the ideal resort-style Kelowna lifestyle. Boasting six stories with 120 units and seven townhomes, this development promises to make every day feel like a vacation. Amenities included with a home at Caban are a stunning outdoor terrace featuring an infinity lap pool, Himalayan salt sauna, fitness centre, pool house, hot tub, and private cabanas overlooking Gyro Beach.
Aqua Waterfront Village
Located in the heart of Kelowna’s lower mission, on the banks of Okanagan lake, Aqua Waterfront Village offers breathtaking views and an opportunity to experience lakefront living. Steps from the front door are an abundance of eateries, coffee bars, and plenty of store-fronts. Amenities offered at Aqua include an outdoor pool & hot tub, select priority access to membership opportunities at the Aqua Boat Club, poolside fire pit and BBQs with outdoor seating, indoor kitchen, and lounge available for private events, lofted fireside lounge, two-story fitness centre with a 2000 sq ft gym and yoga studio, bike storage, bike wash & maintenance room, and a coworking space with free wi-fi.
The Eli at Water Street by the Park
The Eli is the centrepiece of the Water Street by the Park collection and at 42 stories, it is the tallest tower between the Lower Mainland and Calgary. Situated in the Kelowna downtown core, it has been developed to wonderfully complement the ideal Kelowna lifestyle. The Eli features every amenity imaginable including a pool, hot tub, sauna, steam room, game’s room, kid’s room, golf simulator, putting green, movie theatre, lounge, dog run & wash area, fire pits, BBQ area and a coworking/business centre.
ONE Water Street
The final new development that is worth checking out is ONE Water Street. Mere steps away from the beautiful Waterfront Park and Okanagan Lake, ONE Water Street is perfectly situated to enjoy picturesque views while exploring the bustling entertainment & cultural districts of Kelowna. The Bench, the 1.3-acre amenity centre, has a multitude of comforts to indulge in including two swimming pools, oversized hot tub, a pickleball court, fire pits, 2200 sq ft fitness centre, a dog park and a multi-purpose entertainment room.
Fire Season Concerns
Just like many communities in Canada, Kelowna is considered to have interfacing neighbourhoods. Meaning, some neighbourhoods are at a higher risk to be affected by wildfires. But this should not deter a person from buying their dream home here. The City of Kelowna and the Central Okanagan Regional District have extensive wildfire protection and wildfire mitigation plans in place to ensure the safety of both residents and property. And, although purchasing house insurance during the fire season may be difficult, this no longer becomes an issue as the colder months approach.
With a large number of new homes becoming available in Kelowna, it is clear that the time is now to make the move. Whether you prefer resort-style living or being in the centre of the buzzing downtown core, it can be assured that property, to suit your every need, has been or is being built. Desiree Brodhurst, from Kelowna Art & Home, has extensive experience in navigating the new development industry in Kelowna and is ready to assist you in finding your new home. Check out her featured listings below.