KELOWNA, BC / ACCESSWIRE / August 2, 2022 / British Columbia is perhaps the most desirable province to live in, in Canada, which is why it's no wonder the city of Kelowna is seeing a rise in its population. The wider Thompson-Okanagan region is expanding at a rate of about 1.6% per year, with 620,000 residents already in 2021. It is estimated that around 10,000 new inhabitants will be added to that yearly. As the biggest city in Okanagan Valley, Kelowna is coming under increasing pressure to be able to house these new inhabitants. Kelowna is the 22nd largest city in Canada and the 3rd largest metro area in British Columbia with a population estimate of around 153,148.
As the Thompson-Okanagan population first began to surge, there was actually a decrease in home construction in the area; the lack of supply has appeared to stifle sales and kept house prices rising. British Columbians spend almost 60% of their disposable income on housing, according to the Canadian Mortgage and Housing Corporation survey published in June. For British Columbia to have any hope of an affordable housing market by 2030, CMHC projects that the province will need to quadruple its current number of properties. The high demand for houses and properties to rent in this area has massively increased the costs and is causing unaffordability for both old and new tenants in the area. However, several new housing projects are being launched in Kelowna to combat this. One award-winning group, Fifth Avenue Properties, is contributing with their multi-family development ‘Nolita' that promises to house 60 families in the bustling cultural district of downtown Kelowna, next to the future UBCO Downtown campus expansion.
Johannes van Leenen, the man behind Fifth Avenue Properties is a proven visionary and one of Canada's most sought-after production home builders. With over 25 years of working in the industry of real estate and over 2,500 homes under his belt, he has earned the reputation of being a noteworthy leader in the industry. The J. van Leenen Series boasts an impressive portfolio of traditional and contemporary design styles that help to create vibrant and inclusive communities for people to call home. One of the newest builds added to this repertoire is ‘Nolita'. "The Kelowna real estate market is heavily influenced by a tight housing supply and strong migration to the Central Okanagan. It's the fastest-growing metropolitan area in Canada. Our approach to this fast-paced market is to build mid-rise condo buildings at an attainable price point, appealing to the modern buyer," explains Johannes van Leenen.
Nolita is the ultimate blend of luxury and affordability. Located in Kelowna's vibrant cultural district, at the north end of downtown. Nolita features luxury townhouses and sophisticated condos with floor plans to suit any lifestyle, income level, and life stage. Nolita was designed with the community in mind and features inclusive amenities such as a rooftop terrace, an outdoor cooking area with tables for alfresco dining, a turfed dog run, and spacious lounge areas to soak in the Okanagan sun. It is closely situated to restaurants, craft breweries, urban wineries, and boutique shopping, and is just steps away from the waterfront boardwalk.
Johannes van Leenen, father of 3, volunteer football coach and property development expert knows the true value of community and holds the interests of the community at the heart of his designs. With every new development, Fifth Avenue Properties strives to challenge itself to bring forth new concepts and visions that cater to the diverse lifestyle needs of Canada's great cities and future generations. They are certainly hoping to cater to a wide range of buyers, renters, and investors in the Kelowna area with their leading-edge craftsmanship.
Company Name: Fifth Avenue Properties
Contact Person: Johannes van Leenen
Address: 407 - 1708 Dolphin Avenue, Kelowna, BC, V1Y 9S4
Phone Number: 250-764-3738
Website Link: https://www.fifthaveproperties.com
SOURCE: Johannes van Leenen