Photo: Contributed
The company behind the 21-storey, residential highrise under construction in Kelowna’s north end says the city’s housing market is so hot it’s had to stop selling units.
As of June 4 Kerkhoff Construction will shut down its sales centre for 1151 Sunset Drive, in the face of a dwindling housing supply in the city.
According to the Okanagan Mainline Real Estate Board, housing supply in Kelowna is becoming a bigger and bigger issue. In March homes stayed on the market for less than 10 days on average.
OMREB says sales continue to rocket upward, with a 58 per cent increase from February to March this year. The amount of homes available to buy also dropped 37 per cent compared to March of last year.
Kerkhoff Construction began selling spaces in 1151 Sunset Drive six months ago. After starting with 109 in early November it is now down to just four townhomes and 22 condos.
“Sales have proceeded well beyond our expectations at 1151 Sunset Drive,” says Leonard Kerkhoff, vice-president of Kerkhoff Construction, “Kelowna is very popular right now and given the low level of inventory we expect to sell out well ahead of projections.”
Meanwhile, Kerkhoff says construction of the highrise is “advancing quickly.”
The structure has now surpassed 10 floors, and all 21 floors will be constructed by mid-July.
Kerkhoff is projecting residents will be able to move in by the Summer of 2018, and 1151 Sunset Drive is the only new high-rise in Kelowna that will complete in the next 2 years.
Kerkhoff says this is another factor driving demand in Kelowna, along with the lack of supply in the market.
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