WATCH: Kelowna ranked second best small city in Canada

• Need for more residential towers not slowing
• Bringing people, culture and amenities together

One of the partners behind the latest condo tower being readied for launch in the ever-vertically expanding downtown promises it will help “…accelerate Kelowna’s transition from a terrific small Okanagan city to one of Canada's most desirable small cities.”

It comes as a new independent report ranks Kelowna as second only to Victoria as the best small city in which to live and work in the entire nation.

And local experts in the development field say the city needs more units to satisfy a demand that is not slowing down.

Epic Real Estate Solutions, which works with Kerkoff, North American, bbf, and New Generation, hosted an event Wednesday highlighting their various residential projects, including One Varsity. The proposed 341-unit tower will be built on a five-storey podium on St. Paul Street across from the new proposed UBCO downtown campus.

“We believe there is a shortage of supply in the marketplace,” president Shane Styles told Kelowna10, citing a Canadian Mortgage and Housing Association report saying more supply will help address the affordability crisis.

More supply gives buyers choices on location

“More supply gives buyers choice that suits their personal needs. It’s not just about bedrooms and bathrooms, but the location of that home,” he explained. “For example, if it’s in downtown Kelowna you might not need a vehicle. And if you’re going to UBC Okanagan you can just walk across the street.”

Styles said the need to add housing supply is all about keeping up with ongoing demand.

The new ranking report of smaller cities puts Kelowna at number 2 in the nation in terms of places to live, work and invest.

That’s according to Resonance Consultancy, which labels itself as a leading advisor in tourism, real estate and economic development.

The report of cities with populations under 200,000 places Kelowna behind top-ranked Victoria, B.C., and ahead of the likes of Kingston, Niagara Falls and Waterloo, Ontario and Lethbridge, Alberta in their Top 10. Kamloops was ranked at 18.

Kelowna has 'holy trinity' of offerings

The report states “a pursuit of the holy trinity of opportunity, lifestyle and (relative) post-pandemic affordability has Kelowna booming.”

It points to the great outdoors, good air quality (provided there’s no major wildfire season), and excellent public amenities. The consultancy also highlighted the “… hot retail clusters like Bernard Avenue, Pandosy Village and Tutt Street, lined with indie shops and boutiques.”

Another partner in some of the developments going up in Kelowna, is not surprised by the report’s findings.

“I think the story has been there for a decade or more. I just think it hasn’t been told,” Sid Landolt, president of New Generation Properties said.

“Quite frankly Kelowna has all the ingredients to be one of the better small cities in the world,” he said, noting the importance of mixed-use towers that offer multi-storey residential with business at the ground level.

“With the density these towers bring, it brings financial viability to the city… and culture, lifestyle, and livability. Without people, and the corresponding businesses that serve that population you don’t get that culture, the restaurants and entertainment. It’s bringing people, lifestyle, and amenities together.”