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According to a housing supply report published by Scotiabank in May 2021, Canada suffers from “chronic inefficiency” and only offers 424 units per 1,000 inhabitants, the fewest compared to any other G7 country.
In a monthly report this November, Kim Heizmann, President of the Interior Brokers’ Association, commented that “demand is still strong despite the chronically low supply” and that “the lack of new supply has really become the main topic of the year”.
A local company, Millennial Developments, is bringing a new project to Kelowna specifically designed to add much-needed inventory to the city with its latest development, Five Crossings. This studio, one-, and two-bedroom condominium complex will have prices starting at mid-$ 200,000, a price that will be attractive to first-time home owners looking to break into the booming local real estate market that saw single-family homes become a benchmark in November from $ 961,600 and condos for $ 477,700.
Five Crossings is centrally located in the Capri Landmark district, and the development of smart suites and space-saving homes has been designed with the needs and desires of today’s young buyers in mind. Millennials tend to uphold values of “quality over quantity”, which are rooted in increased environmental awareness and a change in attitudes towards work-life balance. The pandemic has further fueled this lifestyle preference, with Semrush, a trend-monitoring software company, reporting a 55% increase in online searches for smaller homes in Canada last year.
But smaller spaces don’t mean less lifestyle for Five Crossings residents, with amenities that have been carefully thought out. Ryan Tamblyn, Chief Executive Officer of Millennial Developments, said, “Efficient homes appeal to today’s younger buyers because they are looking for living space that allows them to focus more on the things they really want – a great location and useful amenities for their active and social lifestyle at a price that allows them to invest in themselves and their financial future. “
Five Crossings offers resident facilities that promote life beyond their own four walls, including a relaxation room with a pool table, golf simulator, a stage for karaoke evenings, a projection television for showing films or sporting events, and a communal kitchen and bar as a large co- Workspace and technology-friendly equipment, a state-of-the-art fitness studio with peloton equipment, communal garden and parking area, and a rooftop lounge with a covered atrium, an outdoor grill center and a yoga platform.
Todd Farrer, Head of Real Estate Sales at ACE Project Marketing, which represents the development of Five Crossings, commented: “The interest in this project is already huge, especially among young buyers who love the concept and the Five Crossings amenities that really are specific to the lifestyle they are looking for. They see this as a great opportunity to get into the real estate market at an affordable price while getting low mortgage rates. We assume that this will be a sell-off success. “
The sales start of the project is planned for spring 2022. To learn more about Five Crossings, visit www.fivecrossingskelowna.com.
This article was written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.
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