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Millennial Developments brings cost-smart condos to Kelowna

Affordable condos coming

Housing costs are a common and sometimes controversial topic of conversation in Kelowna these days, as the real estate market continues to boom. According to the Okanagan Real Estate Board, the benchmark price for single-family homes in October was $961,600, representing an almost 30% increase over October 2020, and condominiums reached an average sales price of $477,700, up 22.5% over the previous year.

However, Kelowna salaries aren’t on track with the trajectory of housing prices, even with the city’s active economy and low unemployment rates. Statistics Canada reports that the median individual income in Kelowna is just over $45,000 per year, so local real estate prices have effectively placed many buyers out of the market, particularly young and first-time homeowners. Renters face an equally difficult challenge, with Zumper reporting the average rent for a one-bedroom apartment at $1,670 per month in November, increasing 3.7%, making Kelowna the fourth most expensive rental market in Canada, following only Vancouver, Toronto and Victoria.

With the common financial adage that no more than 30% of one’s gross monthly income should be spent on housing, many young Kelowna residents struggle to manage monthly rental payments and have limited opportunity to purchase a property of their own. But a local developer, Ryan Tamblyn of Millennial Developments, is looking to change the outlook on real estate for many Kelowna residents with his upcoming Five Crossings project.

Centrally located in the Capri-Landmark district, this studio, one- and two-bedroom condo building will offer prices starting in the mid-$200,000s, a price tag that is generating a lot of interest from first-time homeowners looking for an opportunity to get a foothold into local real estate.

“It was really important when we envisioned this project to give younger buyers the ability to get into real estate in Kelowna,” Tamblyn says. “There is a huge need for affordable, quality housing in the city, and we’ve been able to design a project that not only offers a chance for new buyers to enter the market and get the financial benefits of homeownership, but also has all the amenities they are looking for.”

Five Crossings offers smart living spaces with a wide variety of communal areas that encourage living beyond one’s four walls, including a recreational space with a pool table, golf simulator, a stage for karaoke nights, a projection television for screening movies or sports events, and a communal kitchen and bar, as well as a large co-workspace and tech-friendly features, a cutting-edge gym with Peloton equipment, community garden and park space, and a rooftop lounge with covered atrium, outdoor barbecue centere and yoga platform.

Todd Farrer, director of real estate sales with ACE Project Marketing, commented, “People are really excited not only to see new construction offered in the $200s, which is essentially a real estate unicorn in Kelowna, but when they see the design of the spaces, the location and the amenities package, they really want to get into this project. We’ve seen registration rates literally double from one day to the next as word gets out. Renters are seeing this as their chance to invest in themselves as owners, especially now while they can still lock in low mortgage rates.”

The Five Crossings project is slated for sales launch in spring 2022. To learn more, click here.

This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.

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