In a booming Canadian real estate market, a new trend has become prevalent as developers react to changing preferences on the marketplace. Dubbed “Canada’s Condo Amenities War” by McLean’s, today’s buyer is putting a much higher value on lifestyle features than ever before.
Conditions in 2020 helped trigger an urban exodus out of large cities like Vancouver and Toronto, with many Canadians looking to Kelowna in search of more affordable housing and less crowded living, as found in the Livability Report by RATESDOTCA published this past March. In 2019, CB Richard Ellis Canada released a report that accurately predicted this shift in buyer preferences, a forecast that became even more relevant after the pandemic changed how and where many Canadians want to live. CBRE not only noted the greater emphasis placed on the lifestyle features of condo developments, but also the importance of residential environments that inspire a community feel, as the trend towards remote work continues, removing traditional office workplace interactions and putting more focus on home life.
One of Kelowna’s newest developments, Water Street by the Park from Orchard Park Properties, is winning the amenities war by offering a world class package of lifestyle features to its residents. The project’s outdoor recreational area, The Deck at Water, has a huge heated outdoor pool overlooking Okanagan Lake for year-round enjoyment, and is surrounded by welcoming community amenities like barbecue stations, lounge areas, cozy fire pits and hot tubs. Water Street by the Park also features a fully equipped gym with lake views, complete with a yoga studio, sauna and steam room. Residents can practice their game at the golf simulator—an amenity not currently offered by any other residential development in Kelowna—enjoy the indoor games room or screen a film in the spacious movie theatre. The three-tower development will also feature a dog wash station and ample secure bike storage to make life more convenient for residents living an active lifestyle.
Developer Anthony Beyrouti, of Orchard Park Properties, commented, “We’ve put a lot of thought into the features that will make Water Street by the Park special for residents. We have an outstanding amenities package, anchored by The Deck at Water, that can be enjoyed all year and will help create community for our residents, because we know that’s important now more than ever. It’s a place where people can get together on the weekends, barbecue, relax, swim, practice their swing—all with that incredible view across the lake. We’ve really tried to maximize on everything that makes Kelowna lifestyle so incredible.”
It appears that this focus on amenities has been working. Chad MacTavish, sales director at ACE Project Marketing, which represents the Water Street by the Park project, added, “When we tell people about the amenities package that Water Street by the Park has, they are really blown away. For people already living in Kelowna, it’s new and amazing to have that kind of lifestyle offer available to them in a development. And we’ve had incredible interest from buyers in Vancouver and Toronto who are realizing that they can have those sort of top-tier amenities right here in Kelowna, but at much more attractive prices. We’ve never seen this level of excitement around Kelowna before, and it’s buildings like Water Street by the Park that are really driving it.”
Water Street by the Park will begin sales in spring and summer 2021. For more information about the project or to register, visit www.waterstbythepark.com.
This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Okanagan Edge.
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