210-unit rental development proposed for Capri area

[Castanet News]

Kelowna-based Saba Construction is seeking to rezone a 1.4-acre parcel of land on Pacific Avenue to make way for a large development project. Plans for the...

[Glassman3]

210 units should have AT LEAST 300 parking stalls. Not 166. It’s going to be an absolute gong show for down in that area. I feel sorry for the neighbours. Most people in Kelowna have 2 cars.

[Fanboy]

210 units should have AT LEAST 300 parking stalls. Not 166. It’s going to be an absolute gong show for down in that area. I feel sorry for the neighbours. Most people in Kelowna have 2 cars.

City needs the rest of the Fed and Prov money they were promised for rubber stamping so many multi family dense developments. They got some of it but want the rest so you bet this will go through. Money talks.

[eyegandhi]

How are we still letting builders build apartments without enough parking. It takes TWO people to afford to live anywhere. Our neighborhood is overrun with people parking all over the place because of this short sighted insanity. PEOPLE NEED TO PARK THEIR CARS WHERE THEY LIVE. I do not understand how hard it is for people to understand that?

[wellcoboy]

stop with this madness of paying for not having parking stalls!!! next election and candidate that wants my vote will have to promise to fire half the planners in this city and send them back to toronto !!!

[Roadhog]

I wonder how many empty rental units there are going to be in this city when all the current projects are finished?

[KelownaLover]

Glad to see more housing stock to address our city's severe undersupply of housing. People complaining are obviously not renters.

[Tack]

I wonder how many empty rental units there are going to be in this city when all the current projects are finished?

Empty units probably will mostly be owner's that don't want to rent it at all and can afford holding an empty condo like that.

It'll be a bad investment then and costly, that might cause them to sell and help bring down these overpriced condos.

Our vacancy rate is improved but we have a high population growth rate here (6000 new residents expected in 2024 from 2023), so we'll probably just end up in a decently balanced market which Kelowna hasn't had for a long time.

[jfrankbc]

I don't understand why there needs to be a rezoning application to build a rental building if the lot is already zoned for the same use but offered for sale.
Somebody please explain to me why we need to ask, pay, and wait for our keepers at city hall to bless us before we can build a place to rent vs sell.

[jfrankbc]

I wonder how many empty rental units there are going to be in this city when all the current projects are finished?

Empty units probably will mostly be owner's that don't want to rent it at all and can afford holding an empty condo like that.

It'll be a bad investment then and costly, that might cause them to sell and help bring down these overpriced condos.

Our vacancy rate is improved but we have a high population growth rate here (6000 new residents expected in 2024 from 2023), so we'll probably just end up in a decently balanced market which Kelowna hasn't had for a long time.

I don't think you understand Tack, there are literally thousands of units coming available in rental ONLY buildings over the next several months in addition to the several thousand that have come available over the last several months.

Ain't nobody holding an entire building of rental units for whatever strange reason you may think they are holding

[Albertasucks]

wellcowboy said” stop with this madness of paying for not having parking stalls!!! next election and candidate that wants my vote will have to promise to fire half the planners in this city and send them back to toronto !!!

We need to send the cowboys and rednecks to Alberta first…

[watersky]

wellcowboy said” stop with this madness of paying for not having parking stalls!!! next election and candidate that wants my vote will have to promise to fire half the planners in this city and send them back to toronto !!!

We need to send the cowboys and rednecks to Alberta first…

I'm sure all of the businesses in BC who make money from them would love to see them leave and spend their money elsewhere.

[AuDiO_JacK]

Empty units probably will mostly be owner's that don't want to rent it at all and can afford holding an empty condo like that.

It'll be a bad investment then and costly, that might cause them to sell and help bring down these overpriced condos.

Our vacancy rate is improved but we have a high population growth rate here (6000 new residents expected in 2024 from 2023), so we'll probably just end up in a decently balanced market which Kelowna hasn't had for a long time.

I don't think you understand Tack, there are literally thousands of units coming available in rental ONLY buildings over the next several months in addition to the several thousand that have come available over the last several months.

Ain't nobody holding an entire building of rental units for whatever strange reason you may think they are holding

If you don't understand how or why, look at Vancouver.
Christy Clark sold off a mass amount of real estate in BC to a single investment firm in Beijing.
This firm began purchasing entire neighbourhoods.
They would leave dozens upon dozens of homes empty, creating a supply and demand issue.
Once the Mayors on the coast, and conservative MP's discovered this, the speculation tax was created.
If you sit on an empty property for an extended period, like 4-6 months, you must pay a large chunk of the homes value in tax every month. It can be up to about 10%, monthly.
People do buy entire apartment complexes and keep them empty.
They will make more money off the profit after 3 years than they will renting.
Less overhead, less everything.
So yes, people are holding entire buildings, and it's for money.

This is why the "Speculation Tax" was created on the coast of BC.

From 2012-2024, housing prices have gone up 350-400%. If someone bought a property in 2013 for $150k, the value is now about $600,000. There is no way they would make that amount through rent, but sitting on empty prperties, creating a supply shortage, increasing the value of the homes is exactly whats happened.
Thats literally the cause of the housing crisis in BC. That and red tape

[Tack]

Empty units probably will mostly be owner's that don't want to rent it at all and can afford holding an empty condo like that.

It'll be a bad investment then and costly, that might cause them to sell and help bring down these overpriced condos.

Our vacancy rate is improved but we have a high population growth rate here (6000 new residents expected in 2024 from 2023), so we'll probably just end up in a decently balanced market which Kelowna hasn't had for a long time.

I don't think you understand Tack, there are literally thousands of units coming available in rental ONLY buildings over the next several months in addition to the several thousand that have come available over the last several months.

Ain't nobody holding an entire building of rental units for whatever strange reason you may think they are holding

Oh you're specifically talking about purpose-built rental buildings. The effect will be the same, lowered rents due to increased vacancy and a more balanced renters market for a few years until population growth squeezes it again. It's a good thing. Not sure what your concern is around all these units coming up. Our population growth is continuing not stalling, we will need them.

[wendel]

Would NEVER buy any unit built by Saba