Last Updated on October 24, 2023 by Ephraim Vecina
A new high-end residential development in Kelowna, BC will focus on the particular needs of active boomers choosing to downsize from traditional housing.
Earlier this week, developer Ariva Resorts announced its multi-million-dollar gated community located just five minutes away from downtown Kelowna, BC.
The 200-home development will be specifically marketed towards “zoomers,” the demographic comprised of physically active boomers.
Ariva Resorts founder Barry Johnson noted that the luxury development will answer the lifestyle needs of the zoomer cohort, which has so far remained ignored by the housing industry.
“We intend to change that thinking. This group is highly active. Health conscious and want to live life to its fullest. Kelowna is the perfect place to live with its excellent climate, wines and vineyards, outdoor activities and remains affordable,” Johnson stated.
Each of the properties will come with large outdoor decks, and offering will range from 1,250 to 1,760 sq. feet. Unit prices are expected to range from $500,000 to $1.9 million.
The development is scheduled to break ground in 2020, and construction will take an estimated four years.
Data from the Office of the Superintendent of Financial Institutions indicated that borrowing among older Canadians is not slowing down any time soon, with the outstanding balance of reverse mortgage debt nationwide reaching $3.66 billion in April.
The figure was a new all-time high, and represented a 28.15% year-over-year increase in the total. Said level was “very large growth at a time when other credit segments are much lower,” Better Dwelling stated in its analysis of the OSFI figures.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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