Kelowna boasts first $10 million condo listing

March 22, 2021

Kelowna, the third-largest city in B.C. outside of the Lower Mainland, moved into the big leagues of home prices this month with the listing of its first $10 million condo.
It is the highest priced residential listing ever in B.C.’s Okanagan, and about three times higher than the average priced new condo in the region.
“It’s a 4,500 square-foot residential unit. It is the tallest residential unit in Kelowna and the tallest residential unit in British Columbia, outside of Vancouver,” said Henry Bereznicki with North American Development Group. “The penthouse unit is situated on the entire top floor of our 36-storey tower.”
Once complete, the luxury three-bedroom home, atop the One Water Street building, will be complemented by an additional 2,600 square-feet of balcony space.
The luxury high-rise also boasts 1.3 acres of indoor amenity space.
It is one thing to list an expensive new condo, another thing to sell it. But, according to the BC Real Estate Association (BCREA), the Kelowna area posted a 20 per cent increase in sales in 2020, compared to 2019, and is forecast to see a further 10 per cent increase in 2021.
The composite average home price in Kelowna this year will rise 8.8 per cent from 2020 to $650,00, the BCREA forecast.
One Water Street is expected to be complete in 2021. The penthouse unit will be custom finished to the buyer’s requirements.