Building Projects At All-time High in Kelowna

Klaudia Van Emmerik  Anchor/Reporter  Global News

Construction is a familiar sight in Kelowna but there are more building projects on the go than ever before in the central Okanagan city.

“We are having, from a planning perspective in our department, higher than average levels, higher than 2007 levels of development applications and that was our biggest year ever,” City of Kelowna community planning manager Ryan Smith said.

There is a variety of developments currently in the works. Among the bigger projects are four hotels. Two of them, the Marriott and Holiday Inn, are slated for the corner of Highways 97 and 33. A six-storey, 161 room hotel is also proposed for a lot at Spall Road and Enterprise Way and another hotel is being planned next to the Four Points by Sheraton hotel across from the airport. “We are really growing right now,” Smith said”

Two more high-rise projects are making their way through the approval process. Both are proposed for the downtown’s north end. One is a 14-storey condominium building behind Prospera place on the corner of Ellis Street and Clement Avenue. The other high-rise project is right across the street where two towers, each more than 20-storeys, are being planned.

The building upswing also has many out-of-town developers building in Kelowna. Garry Fawley of PC Urban Properties Corp. is one of them.

“We just like the growth and energy in town,” Fawley said. “We think Kelowna will grow dramatically.”

The Vancouver-based developer has just purchased eight acres of land at the corner of Dilworth Drive and Enterprise Way, where he plans to build a stratified industrial business park that will accommodate up to 60 businesses.

The building projects are translating into some big dollars for the city with a record $530-million in building permit values in 2016.

“I think Kelowna is one of those places, just the lifestyle attracts people from out of town, whether you are a developer or a potential buyer,” Smith said.

With no end in sight to development inquiries pouring in, the building trend is expected to carry on for the foreseeable future.

© 2017 Global News, a division of Corus Entertainment Inc.

DECEMBER SURVEY SUMMARY

Property Type:
19.7% by First Time Buyers (down from 21.7% in November)
18.6% by Relocating and moving to similar property type (up from 16.1%)
16.0% by Move-Up Buyers (down from 17.1%)
14.9% buying Revenue/Investment Property (up from 11.5%)
13.8% by Buyers Downsizing (down from 18.4%)
5.3% moving from Single Family Home to Strata Unit (down from 7.4%)
5.3% buying Recreation Property (up from 5.1%)
3.2% moving from Strata Property to Single Family Home (up from 1.8%)
1.1% moving into Retirement Home/Seniors Community (down from 1.4%)

Buyer Type (Family Dynamic):
30% Couple without Children (up from 29.7% in November)
29.5% Two Parent Family/Children (up from 20.1%)
14.7% Empty Nester/Retired (down from 18.3%)
12.1% Single Female (up from 11.0%)
9.5% Single Male (down from 13.2%)
4.2% Single Parent with Children (down from 4.6%)

Moving From:
60.8% from Within OMREB Board Area (down from 61.5% in November)
11.1% from Alberta (up from 9.2%)
10.1% from Lower Mainland/Vancouver Island (down from 16.5%)
5.8% from Other Areas in BC (up from 4.1%)
4.2% from Outside Canada (up from 3.2%)
4.2% from Saskatchewan/Manitoba (up from 2.8%)
3.7% from Eastern Canada/Maritimes (up from 2.8%)
0% from NWT/Yukon (no change from 0%)

For more information contact Mark West at mark@epicres.com or call 1.866.679.3742 ext 201

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