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A Construction Update from Five Crossings

A Construction Update from Five Crossings

Construction Springs Forward At Five Bridges/ Five Crossings

In just 2 months since our last update, excellent progress has been made at the site of Five Crossings. This extremely successful residential project was funded by our Five Bridges Development Project investment and sold out during its launch weekend in May 2023. Follow the progress on the work site with the Construction Tracker.

Click here to view the construction tracker.

Five Crossings Gains National Recognition

We are pleased to congratulate Millennial Developments and Ace Project Marketing Group for a series of impressive nominations for the Five Crossings project.

Canadian Home Builders’ Association of Central Okanagan Housing Awards
March 2024
Finalist: Multi-Family Builder of the Year
Winner: Excellence in Marketing

Canadian Home Builders’ Association of BC Georgie Awards
To be held May 2024
Finalist: Best Advertising Campaign

Canadian Home Builders’ Association National Awards for Housing
To be held May 2024
Finalist: Best Short Video
Finalist: Best Renderings
Finalist: Best Mid-to High-Rise Building

Glenlake Highview Development Project

The Glenlake Highview Development Project features a targeted 9.6% preferred annual return and profit sharing for investors and will fund the construction of a large multi-family development in Langford, an epicenter of major economic investment and redevelopment that is commuter friendly to downtown Victoria. Watch for an upcoming webinar invitation coming soon.

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A Holiday Update from North America Home Finance

A Holiday Update from North America Home Finance

Construction is Moving Quickly at Five Bridges/Five Crossings

In just 2 months since our last update, excellent progress has been made at the site of Five Crossings. This extremely successful residential project was funded by our Five Bridges Development Project investment and sold out during its launch weekend in May 2023. Follow the progress on the work site with the Construction Tracker.

Construction Tracker

Revo Kelowna Setting Records

Revo Kelowna, the latest Millennial Developments Smart Community™ funded by NAHF’s Collinson Rise Development Project opened sales this fall to become the fastest selling new development in Kelowna for 2023. Congratulations to all the LP investors that took advantage of their priority purchase opportunity to select a home in this high demand project, prior to sales opening to the public.

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Sending Holiday Wishes

As we move into the festive season, the team at North America Home Finance would like to wish the best of the season to you, your family and loved ones. 2023 has been an incredible year of growth and success and we look forward to sharing exciting new investment offerings with you in January 2024.

Sincerely,

The North America Home Finance Team

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Five Bridges January 2022 Investor Progress Update

Vancouver

Momentum is building for the Five Bridges Development Project, as demand continues to remain strong, and comparable prices for similar-sized existing suites continue to appreciate. The appraiser that completed the report, being used for construction financing, placed the land value allocation at $8 million upon final development approval. For context – that is over $2 million more than the combined purchase prices for the six individual properties assembled for the project. In addition to the increase in value for the land, the total projected revenue valued by the appraiser for the project also increased above that of our proforma. 

As previously announced, the window of opportunity to participate at the 9.6% preferred return rate is soon closing. This rate will no longer be available to new investors once the 4th and final reading has been approved by the City of Kelowna (the preferred rate after that will be offered at 8.4%). This works well for anyone looking to take advantage of the RRSP eligibility for the project as the contribution deadline for the 2021 tax year is March 1st, which still provides time to invest with RRSPs prior to the council meeting in March. 

The Presentation Centre and demonstration smart suite are scheduled to open for in-person and virtual tours following our final Meet the CEO Zoom event.  We’ll be offering a sneak preview during our Meet the CEO webinar on February 24th at 5pm and 6:30pm PST. At that time one of our panel will be broadcasting live from the show suite and we look forward to highlighting the incredible features, lifestyle, and value that this development will provide its residents.

The team at ACE Project Marketing is gearing up to launch sales in Spring 2022 and are preparing to contact all investors who have reserved under the investor purchase program as well as those who’ve expressed an interest in preferred access for purchasing a unit.

We have updated the construction budget and have finalized the project forecast along with completing the construction loan package, which is now going out to lenders. We are looking forward to sharing the updated budget following the 4th reading and are looking forward to a good news update in March.

Lastly, as those investors and potential new homeowners in Kelowna have noticed, real work is happening now on site as the demolition of the existing houses has started. The goal is for demolition to complete in March on all the houses after the last of the tenants have vacated. Then, with the pre-sales launch underway at the nearby Presentation Centre, the site excavation will begin. Once the big machines get moving on site, our quarterly updates will then include site construction progress photos and video clips, which we know everyone enjoys seeing.

We look forward to working with everyone who are looking to get their subscriptions in prior to the close out of the 9.6% preferred return offering. Please let us know if you are interested or still have questions, so that we’re able to respond promptly to ensure you don’t miss the last of the available equity for investment. 

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Kelowna Real Estate Market Stays Strong In July

real estate market

The summer market in Kelowna continued to sizzle in Kelowna this July, with average housing prices continuing to show double digit increases over July 2020. While we did see a decrease in total sales from last summer, that number is more reflective of the lack of available inventory rather than lack of buyer interest, which is highlighted by how quickly homes are selling.

Here is a quick breakdown of the numbers for real estate sales in July 2021 in Kelowna, British Columbia.

SINGLE-FAMILY HOMES

Sales: 236 ( -28.9%)

Average Price: $933,600 (+31.5%)

Days on Market: 30 (-53.3%)

Inventory: 485 ( -54.0%)

TOWNHOMES

Sales: 100 ( -18.75)

Average Price: $642,600 (+27.6)

Days on Market: 41 ( -69.5%)

Inventory: 137 ( -64.2%)

CONDOS

Sales: 177 (+18.0%)

Average Price: $552,900 (+21.2%)

Days on Market: 36 ( -56.1%)

Inventory: 274 ( -61.2%)

As seen, the condo and townhome categories are currently underserved in on the Kelowna real estate market, showing the largest percentage decreases in selling time and in inventory levels when comparing July 2021 to July 2021.

Source: Association of Interior Realtors, www.interiorrealtors.ca.