Welcome to On The Mark, A Comprehensive Analysis of the Multifamily Real Estate Markets throughout Central Okanagan

Welcome to the third edition of On The Mark, Central Okanagan’s semi-annual comprehensive analysis of the multifamily real estate market. “Buckle Up!” This was the message I delivered to the Epic Real Estate Solutions team in the Spring of 2021. It was the appropriate forecast for what we were about to experience as we approached the “the summer like no other.”

Having officially grabbed the reins at Epic on December 1, 2020, I realized early in 2021 that we were in for the most dynamic selling season I had experienced in my 23-year career. We quickly got to work by searching and recruiting for the real estate industry’s top performers, growing our team by over 300% in four short months. All this while we began executing comprehensive marketing and sales strategies for seven different development projects stretching from Lake Country to Summerland and including paired duplexes, mid-rise woodframe, mid-rise concrete, steel and concrete highrise. Lots of great minds working alongside our development partners to do amazing things. It was busy, at times a little crazy and we all worked really freakin’ hard!

Such a dedicated crew and where did that hard work, dedication and craziness get us? Well, we’ll let a few of the numbers do the talking: we helped our Development Partners set price per square foot records in nearly every category. Zara at Lakestone, 86 mid-rise condos built in steel and concrete at well over $700/foot blended average, and only four homes remaining. Solstice at Tower Ranch, record-setting prices over $700,000 for detached homes with a $700/monthly land lease. Lakeview Village in West Kelowna, 52 Homes in Phase One sold out and 7 homes remaining of 48 in Phase Two at a current blended average of over $700/foot…for woodframe! Our landmark project of the summer, the architecturally stunning Movala by The Stober Group, recently selling 80% of the 10 storey phase one tower beside Gyro Beach at $989/foot.

As the summer wound down, that dedicated, and a slightly exhausted, crew at Epic was proud to have marketed and sold well over 300 presale homes in the first nine months of 2021.

Now we can’t take all the credit. We are grateful for working with industry-leading Development Partners who have a knack for marrying great land with leading design. We appreciate your trust. We also work with a number of behind-the-scenes suppliers who help us bring it all together through eye-catching advertising, cutting edge creative, award-winning presentation centres, digital supports etc. Also, let’s not forget to thank “The Market”…because the aligning of these stars has helped create “the summer like no other”!

This third edition of On The Mark clearly demonstrates how fortunate we have all been to experience these incredible market conditions. Thankfully, we see a bright future and a long road ahead for the Okanagan market. Enjoy the read, and the data, and let us know how we can be of service. We love talking real estate…anytime! We hope you find this report on the mark.

SHANE STYLES | EPIC REAL ESTATE SOLUTIONS INC.