Being a part of one of the fastest growing regions in Canada, the future of Kelowna’s real estate market is booming, with new high-density developments popping up every month.
The newest edition is Ellis Parc, which will be situated conveniently next to Prospera Place at 1232 Ellis Street. Ellis Parc is a 91-unit, 14-storey residential and commercial concrete high-rise
Photo Credit: GSL GroupEllis Parc
The revitalization of the downtown area is in full swing and although people seem to be embracing it, with developments such as Ellis Parc selling out rather quickly, people still desire a balance between urban and natural living.
Even with Kelowna’s downtown being busier than ever, people aren’t ready to give up the perks that Okanagan life brings, like lakeside living.
According to a real estate report from HM Commercial, demand for housing remains exceptionally high, especially in the Downtown Core, with more than 1,500 rental units under construction.
Photo Credit: GSL GroupEllis Parc
The report also says that building permits have reached an all-time high in the Central Okanagan at $528 million.
New construction is expected to increase the vacancy rate to a more stabilized level of 3% within the next two to three years.
Ellis Parc will be popping up next to Kelowna’s Prospera Place and is already more than 65% sold, which is attributed to the interactive lifestyle it offers like commercial space and proximity to both downtown and the lake.
