Kelowna is not shy on new developments. Here is a timelapse of a home demolition that will be the home to four new townhomes 747 Patterson Ave to be completed this year and we will be releasing next week for presales.
BREAKING NEWS!!! Bank of Canada… does NOT increase interest rates today… Wahoo!
Development in Kelowna
Housing affordability has become a hot topic in Kelowna, with many politicians and residents alike concerned about the high cost of living in the city. Kelowna has been Canada's fastest-growing community between 2016-2021, with a growth rate of 13.8%. The trend continued in 2022, with the city growing another 2.75% in just one year.
With this growth, it is only compounding the housing affordability issue in Kelowna. The solution to the housing affordability issue is clear - increasing the supply of housing. Kelowna is not shy on new development, with around 6,000 projects either approved or before the city at the moment. The 2022 City of Kelowna development summary was published, and we can see where in the city the growth is happening, even before we start to see cranes pop up.
Above you will see the areas and the type of building permits that have been approved in Kelowna in 2022 for the entire year. Each city has an official community plan that they use for the growth of each community to indicate where growth should be happening. The City of West Kelowna is also looking at implementing a new official community plan this summer, which is currently in its draft phase. It is estimated that right now in the Okanagan we are 30% under built for the demand we are seeing right now, not including future growth projections. By increasing the supply of housing, we can help to alleviate the pressure on the housing market, making it more affordable for everyone. However, it is important that this growth is managed effectively and sustainably, with a focus on creating livable communities that meet the needs of residents.
Of course, increasing the supply of housing is not a quick or easy fix. There are many factors that can affect the speed and cost of development, including zoning regulations, building codes, financing and politics. There is a new streamlined approach to development that the Governments are looking to implement, to cut down on the timeframe to get things approved. It is estimated that around 6,000 projects are either approved or before the city at the moment, it is clear that Kelowna is not shy on new development. Below is a breakdown if you like the charts and graphs of the mix of type of housing approved.
I am going to put it to you now, what type of developments would you like to see in Kelowna/West Kelowna? Hit reply and let me know.
Also if you have any questions, or if there is anything you would like to know about developments or upcoming developments, reply to this e-mail or give us a call. -Mark and Maddie