According to a housing supply report released by Scotiabank in May 2021, Canada is suffering from a “chronic inefficiency”, offering a mere 424 units per 1000 residents, the fewest compared against all other G7 nations. This November, Kim Heizmann, President of the Association of Interior REALTORS®, commented in a monthly report that “demand is still strong despite chronically low supply” and the “lack of new listings has really become the main theme of the year.”
Millennial Developments is bringing a new project to Kelowna specifically created to add much-needed inventory to the city with our latest development, Five Crossings. This studio, one and two-bedroom condo development will offer prices starting in the mid-$200,000s, a price tag that will be appealing to first time homeowners looking to get a foothold into the booming local real estate market, which in November saw single-family homes selling at a benchmark of $961,600 and condos at $477,700.
Five Crossings is centrally located in the Capri-Landmark district, and this development of smart suites and space-efficient homes has been designed with the needs and wants of today’s younger buyer in mind. Millennials tend to hold “quality over quantity” values, engrained in heightened eco-awareness and in a changed approach to how they view work/life balance. The pandemic further encouraged this lifestyle preference, with Semrush, a trend-monitoring software firm, reporting a 55% increase in online searches for smaller space homes in Canada last year.
But smaller spaces don’t mean less lifestyle for residents at Five Crossings, with amenities spaces that have been carefully considered, with resident facilities that encourage living beyond one’s four walls including a recreational space with a pool table, golf simulator, a stage for karaoke nights, a projection television for screening movies or sports events, and a communal kitchen and bar, as well as a large co-workspace and tech-friendly features, a cutting-edge gym with Peloton equipment, community garden and park space, and a rooftop lounge with covered atrium, outdoor barbeque center, and yoga platform. The project is slated for sales launch in Spring 2022 and open for investment through the Five Bridges Development Project with North America Home Finance.