Affordability in downtown core
Sponsored Content - Oct 26 - Think Local

Image: Contributed

Finding​ ​affordability​ ​in​ ​Kelowna’s​ red-hot​ ​real​ ​estate​ ​market​ ​is​ ​tough,​ ​but​ ​one​ ​realtor​ ​says she​ ​has​ ​found​ ​the​ ​perfect​ ​solution​ ​for​ ​buyers​ ​looking​ ​for​ ​the​ ​conveniences​ ​of​ ​a​ ​new​ ​home​ ​in​ ​the city.

According​ ​to​ ​Taylor​ ​Musseau​ ​of​ ​Century​ ​21,​ ​there​ ​has​ ​been​ ​a​ ​lot​ ​of​ ​buzz​ ​around​ ​new​ ​RU7 zoning​ ​over​ ​the​ ​last​ ​year,​ ​and​ ​she​ ​has​ ​spent​ ​the​ ​last​ ​year​ ​focusing​ ​in​ ​on​ ​it​ ​to​ ​find​ ​out​ ​exactly who​ ​is​ ​playing​ ​in​ ​this​ ​new​ ​and​ ​exciting​ ​development​ ​space.

The RU7 zoning allows certain city lots previously occupied by older, single-family homes to be re-developed into duplex, tri-plex and four-plex properties depending on the lot’s dimensions.

Musseau’s​ ​research into the zone​ ​is​ ​now​ ​paying​ ​off,​ ​as​ ​she​ ​has​ ​connected​ ​with​ ​a​ ​developer​ ​that​ ​has​ ​several of these ​townhome​ ​projects​ ​on​ ​the​ ​go.

“If​ ​you​ ​are​ ​looking​ ​for​ ​an​ ​affordable​ ​new​ ​home​ ​that’s​ ​in​ ​Kelowna’s​ ​core,​ ​where​ ​you​ ​can​ ​access everything​ ​the​ ​growing​ ​city​ ​has​ ​to​ ​offer,​ ​without​ ​compromising​ ​on​ ​square​ ​footage​ ​or​ ​features, we​ ​now​ ​have​ ​it with the Kelowna City Living line of four-plex homes,”​ ​Musseau​ ​says.

Musseau says the​ ​majority​ ​of​ ​choices​ ​for​ ​new​ ​home​ ​construction​ ​downtown​ ​are​ ​larger​ ​multifamily developments, ranging​ ​anywhere​ ​between​ ​$500-$700​ ​per​ ​square​ ​foot.

“While we have seen the prices for these older properties increase significantly over the last 18-24 months, the final price for these new homes, once they’re complete, is still far more affordable than the larger developments–like $70-$80 per square foot more affordable.”

Musseau has been telling her clients to get in now, because the price for this type of land is not going down anytime soon.

“Combined with the demand for skilled labor, and the ever increasing cost of quality materials, the price will inevitably keep going up,” she says.

The other enticing feature of these projects is privacy. Each unit comes with its own yard similar to garden-style townhomes, and the living-to-sleep space is separated over two floors.

Each unit also comes with its own detached garage.

There are two or three bedroom units, ranging between 1158 and 1260 square feet. They’re bigger than most new condos, but without the hefty price tag.

Timing is another huge factor for buyers looking into new construction pre-sales.

A buyer purchasing during pre-sales of a larger project can expect an 18-to-30-month delivery time, but these smaller  projects can be handed over in six to nine months.

Out-of-town buyers looking to invest in a city where our vacancy is under one per cent are jumping.

They like the idea of renting it out for a couple years, seeing some appreciation and rental income, then making the move to Kelowna or selling it for profit.

“With everything going on in this town right now, this is one of the most affordable ways for anyone to get into the market, and with pricing starting at $499,000-$549,000 these homes may not last that long,” Musseau says.

For more information, visit the Kelowna City Living website, or contact Musseau directly at 250-878-2541.

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


All Think Local Stories