It may not appeal to every property owner, but land assemblies could be an avenue for sellers to get a decent price and contribute to the city91裸聊视频檚 housing needs.
They dot the real estate landscape in several Kelowna neighbourhoods. Realtor Clifford May has an assembly of seven properties at Richter Street and Rose Avenue a block from Kelowna General Hospital (KGH).
91裸聊视频淭here91裸聊视频檚 no denying we91裸聊视频檙e currently in a housing crisis,91裸聊视频� May said. 91裸聊视频淲e have a complete lack of housing available in areas with large employers and other pockets where retirement-aged individuals would love to see other options that allow them to downsize.91裸聊视频�
May believes there is an increasing appetite for land assemblies from property owners and developers.
91裸聊视频淲e need the numbers to be economical so we can have a strategic exit for current owners to allow for the further development growth of the City of Kelowna. That way we have a proper economic entry strategy for developers.91裸聊视频�
Homeowners getting together to build value in their properties, potentially making them more attractive to a developer, is occurring in locations where the city would like to see it happen according to Divisional Director of Planning and Development Services Ryan Smith.
91裸聊视频淐lose to the college, if you drive around some of those blocks91裸聊视频here is all sorts of land assembly in good spots. The more land for infill projects the easier it is to design a project to meet city bylaws. We don91裸聊视频檛 force land assemblies because sometimes property owners don91裸聊视频檛 want to sell.91裸聊视频�
May notes that incentives for developers to build are also important, particularly for Kelowna91裸聊视频檚 rental market.
91裸聊视频淧urpose-built rentals seem to be the most favourable,91裸聊视频� he added. 91裸聊视频淭hey would yield probably a better solution to what we are experiencing.91裸聊视频�
Smith said the city provides several incentives for purpose-built projects, covering density, height, parking and taxes. Other avenues are available through the provincial and federal government including the Canadian Mortgage and Housing Corporation (CMHC).
In 2023, the federal government introduced legislation to remove the GST on new purpose-built rental housing, such as apartment buildings, student housing, and senior residences built as long-term rentals.
91裸聊视频淚t takes multiple layered incentives to make even market rental projects happen in this environment,91裸聊视频� Smith explained.
The rental market in Kelowna has been challenging over the past 20 years, with a persistent and severe shortage of purpose-built rental housing over that time according to the city91裸聊视频檚 Long Range Policy Planning Manager, James Moore.
91裸聊视频淭he best evidence of a healthy rental market is when your vacancy rate sits between three to five per cent,91裸聊视频� he said. 91裸聊视频淲e have hit that target once or twice in 20 years.91裸聊视频�
He added that for the last 10 years, the vacancy rate has dropped below one per cent and sometimes fell to zero.
91裸聊视频淚n an under-supplied market, there are a lot of people fighting for very few units and prices go up. It also means people start making tough compromises about what they can afford to live in.91裸聊视频�
Moore said supporting more purpose-built rental housing is a key priority for the city. As Kelowna grows, he expects there will be more land assemblies and other development opportunities in the central areas of the city.
91裸聊视频淭hat is a reality and much more common in cities that mature. Development starts to see the opportunities in existing areas and how important they are to the evolution of a healthy community.91裸聊视频�
