Caban by Cressey in Kelowna takes the number 2 position as Western Investor’s annual forecast of top investor towns looks at five centres that are riding out the pandemic and look solid for investors into 2022.
By Frank O'Brien
The play: land, multi-family strata
Vancouver’s Cressey Development Group is seeing a fast pre-sale sell-out of a luxury 127-unit mixed-use waterfront project in downtown Kelowna, and developers are bidding serviced land in the city to above-appraised prices.
Cressy’s project, known as Caban, consists of upscale strata residential and retail on the lakeshore at Kelowna’s popular Gyro beach.
Caban sales agent Taylor Musseau said a couple of invite-only previews in Vancouver and Kelowna were enough to register a potential 200 condo buyers for the Caban development.
Musseau expects most of the buyers will be owner-occupiers, but Cressey appears to be hedging its bets.
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