The Clement is located at 599 Clement Avenue
KELOWNA – New rental homes in Kelowna and Penticton – funded by the federal government’s investment of $67 million in fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi) – are providing residents with safe and secure housing.
969 Harvey Avenue in Kelowna has 46 units primarily three-bedroom units to meet the need for families in the community. There is a secure courtyard with a children’s play structure, bike wash, community room, and an outdoor common area. This property is close to both the Capri Landmark Urban Centre and the Downtown Urban Centre, transit, and other amenities. The building was completed in May 2023.
468 West Avenue in Kelowna has 48 units for residents. The pet-friendly building also includes retail stores and a large outdoor terrace. It’s located near Kelowna General Hospital, Okanagan College and South Pandosy Urban Centre. The building was completed in 2021.
The Clement is located at 599 Clement Avenue in Kelowna’s Cultural District and has 58 units. They are a mix of one-, two-, and three-bedroom apartments and two-, three-, or four-bedroom townhomes for residents. The building has EV charging stations, an on-site car share, and a space for bike storage and maintenance. It was completed in June 2021.
285 Westminster Avenue in Penticton offers 75 units ranging from studios to two-bedroom. The pet-friendly building is located near Downtown Penticton and is close to urban amenities and public transit. The building was completed in 2022.
Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi help build more rentals. Increasing the overall supply of rental housing in the country is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.
Funding details for the four projects include:
- $15.7 million in low-interest RCFi loans for 969 Harvey Avenue, Kelowna; a $135,365 grant and a 10-year property tax exemption specific to purpose-built rentals from the City of Kelowna (totaling up to an estimated $2.75 million) from the City of Kelowna and $3 million from Evangel Family Rental Society
- $15.5 million in low-interest RCFi loans for 468 West Avenue, Kelowna; a $32,967 grant and a 10-year property tax exemption specific to purpose-built rentals from the City of Kelowna (totaling up to an estimated $354,000) from the City of Kelowna
- $18 million in low-interest RCFi loans for 599 Clement Avenue, Kelowna;a $115,748 grant and a 10-year property tax exemption specific to purpose-built rentals from the City of Kelowna (totaling up to an estimated $424,000) from the City of Kelowna, and $4.28 million from Okanagan Opportunity
- $18.25 million in low-interest RCFi loans for 285 Westminster Avenue, Penticton
“We are grateful to the Government of Canada for supporting the construction of much-needed rental housing in Kelowna, Improving access to a variety of housing that meets the needs of current and future residents is a top priority for this Council. Meeting housing targets in one of the fastest growing communities in the country will require creative thinking, collaboration and new partnerships,” said Tom Dyas, Mayor of the City of Kelowna.
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