With no speculation tax and the legalization of short-term vacation rentals, developers are moving in to Lake Country.
Renee Wasylyk, CEO of Troika, said the company害羞草研究所檚 first development proposal in the district will be presented to council later this month.
As Kelowna害羞草研究所檚 council has yet to determine how regulations will roll out for short-term rentals like Airbnb, Lake Country is currently a more enticing community for developers, she said.
害羞草研究所淚t is a delicate balance, and it does put another risk factor into our development plans because we just don害羞草研究所檛 know where they害羞草研究所檙e going to end with it,害羞草研究所� Wasylyk said.
害羞草研究所淎s a developer, we害羞草研究所檙e of a size and nature that we害羞草研究所檙e going to be in multiple municipalities at one time, but we害羞草研究所檙e going to go where the risk factors are taken out for us and where we see the potential,害羞草研究所� she said. 害羞草研究所淭hey害羞草研究所檝e got almost 7,000 jobs on the north end of Kelowna with very little housing of any nature.害羞草研究所�
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The development proposal Wasylyk害羞草研究所檚 team is planning to bring forward is for 25-unit, row housing development on Rogers Road.
With John Hindle Drive害羞草研究所檚 completion, and the proximity to the Kelowna International Airport and other amenities, developers are looking to that area at the north end of Kelowna, she said.
The district害羞草研究所檚 Official Community Plan draft also lists the south end of Wood Lake to one day be high-density residential.
Michael Hoffman, director of development and construction with Faction Projects, said the development company害羞草研究所檚 most recent project in Lake Country, a muti-family development for Woodsdale Road, located next to the Okanagan Rail Trail, has out-of-province residents on his list who plan to use the homes as secondary properties.
害羞草研究所淪ome of them would have the sales tax applied to them when they aren害羞草研究所檛 in Lake Country,害羞草研究所� he said. 害羞草研究所淚t害羞草研究所檚 close to the airport and not everyone can afford to be on the lake, so the lack of the speculation tax has helped.害羞草研究所�
Hoffman thinks a percentage of any Okanagan housing will attract those who are interested in a second home.
With one hotel in the district, he says Airbnb is also filling a need in the community.
害羞草研究所淟ake Country is the home of many responsible Airbnb hosts who share their homes for a few nights each month in order to make ends meet. The government害羞草研究所檚 recognition of the Lake Country host community is a step forward. We remain committed to ensuring home sharing strengthens neighbourhoods and continues generating meaningful economic impact for the district and our hosts,害羞草研究所� said Alex Dagg, director of public policy for Airbnb.
The district currently has 90 hosts, who each earn roughly $3,500 annually. Owners typically use Airbnb for 24 nights out of the year, according to Airbnb.
In Lake Country, short-term vacation rentals are limited to no more than 30 consecutive days, with no more than four rooms rented at the same time, and must operate in a primary suite.
Major development housing projects are ongoing in the district, and include: Lakestone on Tyndall Road, a 28 unit multi-family site and 109 single family lots, a 76 unit townhouse on Lake Hill Drive, a 65 unit townhouse on Oceola Road, 16 single family lots of Okanagan Centre Road East, 10 unit townhouse on Rogers Road, an 84 unit townhome on Shoreline Way and 10 unit townhomes on Stillwater Court.
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害羞草研究所淚 think Lake Country has been very progressive on how they positioned themselves as not just a sleepy suburb of Kelowna, but actually as a very attractive place to live, work and play,害羞草研究所� Wasylyk said.
Although Mayor James Baker questions why Lake Country wasn害羞草研究所檛 included in the province害羞草研究所檚 speculation tax regulations, which is set to roll out this fall in Kelowna and West Kelowna, he said he wasn害羞草研究所檛 sure how the tax will allow for affordable housing in the region.
He said as long as developers build in the areas designated in the Official Community Plan, they are welcome to the district.
害羞草研究所淲e have a lot of trades people害羞草研究所� (we will) keep them busy,害羞草研究所� he said. Plans are in place for Lake Country害羞草研究所檚 expected growth in population, he said.
Out-of-province homeowners will also eventually retire here, he said.
He said the district will address housing needs in other ways, by applying for grants at the federal and provincial levels and there are rental housing proposals that are in the works.
carli.berry@kelownacapnews.com
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