Developer Ariva Resorts has announced its next project: a multi-million-dollar, high-end gated community situated on “prime land” just five minutes away from downtown Kelowna, BC.
The 200-home development will be specifically marketed towards “zoomers,” active boomers choosing to downsize from their traditional abodes.
Scheduled to break ground in 2020, the community will have an estimated build time of around four years. Unit sizes, each coming with large outdoor decks, will range from 1,250 to 1,760 sq. feet. Prices are expected to range from $500,000 to $1.9 million.
Ariva Resorts founder Barry Johnson said that the lifestyle needs of the zoomer demographic have not been an important consideration in the housing industry so far.
“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 explained.
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.