Younger buyer preference is changing Kelowna real estate

Photo: Contributed

Kelowna is facing one of the tightest rental markets it has ever seen, with the Canada Housing and Mortgage Corporation reporting an open inventory rate of only 0.1% for studio apartments in the city. With a tight and costly rental market, many millennials are looking to make the move into owning their own home.

However, according to the 2022 Millennial Home Buyer Report, more than half (51%) feel stressed or anxious about homeownership and are looking for smaller living spaces, particularly in the time of pandemic recovery as travel and socializing begin to return to normal. However, for many the maintenance and cost of owning a single family home doesn’t fit into their lifestyle or their budget—enter the rise of “smart suite” concept living.

Common in larger urban centres, a smart suite by definition features three key elements: technological amenities, connectivity and lifestyle integration. A new project, Five Crossings in the Landmark-Capri district, is bringing all three elements into one sleek project with a starting price in the mid $200,000s that has millennial buyers buzzing in Kelowna.

Some of the technological enhancements in the project include touchless entry using facial recognition, digital keys, smart thermostats and door locks on all units, touchless vehicle entry using RFID readers and smart parcel lockers. Residents will be able to reserve community amenities through their smart phone or issue virtual keys for their guests, and car-sharing access will be available in front of the building. The building will also feature a large co-work area, indoor and outdoor lounge and social spaces, and a fully equipped gym, meaning residents can cut their monthly expenses by entertaining, working or working out without ever leaving home.

“The entire building has been created for modern buyers who want the freedom to travel and live life without having to worry about all the usual responsibilities that come with owning a traditional home,” ACE Project Management managing partner Todd Farrer says. “Their entire home life can be managed right from their smartphone, wherever they are, and millennials especially love that they get this tech-enhanced simplicity in a building with a huge assortment of lifestyle amenities that have been really designed around how they live.”

ACE Project Management is representing the Five Crossings development and will be launching sales in late spring 2022. The project is slated to be finished in early 2024.

The presentation centre for the development is now available for tours Tuesday through Saturday from 11 a.m. to 4 p.m. To learn more, visit www.fivecrossingskelowna.com.

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