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Multi-family developments are selling out quickly, showing how hot Kelowna’s real estate market is.
Several developments have been slated for completion in 2018, and have already had a lot of interest.
Most of the developments, such as ONE Water Street, Ella, and Ellis Parc have already nearly sold out in a matter of weeks.
ONE Water Street is more than 70% sold out, with most buyers in the millennial demographic locally and from Metro Vancouver.
Ella with The Mission Group was 70% sold out only days after opening its sales centre. Now it's more than 70% sold out as of November, after only two months of sales.
Ellis Parc is 75% sold out after having their sales centre open for only six weeks.
Chad Carney of Ellis Parc says that most of their buyers are looking to downsize and move closer to the downtown core.
Carney says that with Ellis Parc being 75% sold out, most of their buyers have been people in their 40s and 50s who don’t need 4,000 square foot homes anymore.
Kelowna hasn’t always been on the radar as a hot real estate market for developers.
“If you had asked us three or four years ago if large-scale developments in Kelowna were on our radar, we’d probably have said no,” says Leonard Kerkhoff, vice-president of construction for Kerkhoff Construction in a recent release.
“However, as we took over completion of 1151 Sunset Drive, our research pointed to the pent-up demand for just these kinds of homes and commercial spaces in this neighbourhood, and a desire for people to own in a more upscale development.”
“The Sunset District is long overdue for development in a market crying out for new homes. ONE Water Street answers all these demands, and the interest on the opening weekend certainly bears that out.”
As several multi-family developments near completion, it is predicted that affordability in the market will be positively affected.
“While lack of available homes for sale continues to be a problem and a major contributor to pricing,” said Tanis Read, OMREB President.
“The good news, at least for some parts of the region we serve, is the number of new multi-family residences that are closing in on completion. This, coupled with a surge in housing starts, could mean good news in terms of availability and affordability.”