Kelowna builder making home ownership more affordable by going small
It’s not often that a brand new home can be bought for less than $300,000 in Kelowna’s red hot real estate market, but Millennial Developments is doing just that in the Capri-Landmark area of the city with two large apartment projects.
The Five Crossing project sold out all of its 207 units during its May launch weekend, Sylvia McNamee, director of marketing communication with ACE Project Marketing Group, told iNFOnews.ca.
Prices for those homes started in the mid-$200,000 range.
This fall, Millennial will be marketing Revo Kelowna in the same neighbourhood. Pricing for its 235 units will be in the upper $200,000 range, higher than Five Crossings because some construction costs have gone up and there are different amenities.
So, how can homes be built at such a low price-point?
“It’s a smart community, so smaller footprint homes which are very technologically enhanced, very smartly designed and really amenity-rich communities,” McNamee said.
Many will be studio suites with less than 400 square feet. There will be some larger units, at three bedrooms or two bedrooms with a den, but those will be built on a small scale as well.
Furniture packages will be offered to buyers of the studio suites. Those are designed to make the maximum use of the small space and include things like Murphy beds, collapsable work space and coffee tables that convert to dining tables.
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The cost of the furniture can be included in the mortgage. About 65% of the buyers of studio suites in Five Crossinbgs bought the furniture packages as well, McNamee said.
“If you’re a first-time homeowner, it’s a pretty difficult thing to get into the real estate market,” McNamee said. “These are really designed for young buyers and first-time homebuyers. We’re trying to make getting a home in Kelowna easier and more accessible for those people.”
Smart building methods and finding affordable land also helps keep the price down, she added.
Many of the buyers in Five Crossings were parents with children who will be moving out and attending UBCO when the building opens in 2025.
That allows the kids to have a place to live for less than they might pay in rent. The units can be sold for a profit once the kids finish school.
The way to make the small units attractive is to have big communal areas.
Revo Kelowna will come with things like a recreational terrace with yoga platforms, workout spaces, lounge areas, fire pits, ping pong tables, co-work spaces and an outdoor movie screening area. It will be pet friendly, with a dog run, and have plunge pools and saunas.
“It’s designed to be like a really peaceful retreat for people to be able to socialize, to take care of their fitness needs, to take care of their work needs if they’re in a hybrid working situation,” McNamee said. “It's a full lifestyle built into a community that’s going to service residents' needs from morning to night, weekend and weekday.”
The units will go on sale this fall with an expected completion date in 2026.
- This story was updated at 6:43 a.m., July 4, 2023 to correct the name of Five Crossings.
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