KELOWNA, BC, February 24, 2023 – Homebuyers now have an option to achieve their dreams with Parkbridge’s land lease homeownership model, available at Solstice at Tower Ranch in Kelowna. In a land lease, residents buy their home outright and lease the land – thus avoiding the significant initial cost of the land compared to similar freehold homes.
According to a 2022 report by Statistics Canada, Kelowna is Canada’s fastest growing metropolitan area. Land lease communities play a vital role in supplying better-priced housing while filling the gap between rental apartments, condominiums, and freehold houses. Homeowners are then able to build equity in the home, free-up money for other investments, and live the lifestyle they dream about.
Land lease homeownership is popular in Europe and the United States, though relatively new to the Canadian real estate market. Solstice at Tower Ranch is the seventh professionally managed and owned land lease community in British Columbia by Parkbridge, and its success signals a growing recognition of the benefits and value it provides to homeowners.
“We’re proud to be at the forefront of land lease community development in BC,” said Eric Malcolmson, Senior Vice President, Development at Parkbridge. “Solstice at Tower Ranch showcases the best of what land lease communities have to offer – amenities such as an owner’s lounge, fitness facilities, adjacent to Tower Ranch Golf & Country Club (one of the top golf courses in the country), and close to wineries, world-class outdoor activities, and Kelowna’s downtown core. It’s giving buyers a chance to pursue their dream home and lifestyle without the typical upfront costs associated with it.”
Solstice at Tower Ranch is now in its final phase of development with only 30 homes left before project completion. For those interested in pursuing homeownership at Solstice at Tower Ranch, or learning more about Parkbridge land lease communities, representatives will be available at the Kelowna Spring Home Show at Prospera Place this weekend on February 25 and 26, 2023.
Parkbridge is Canada’s leading operator, developer, and owner of more than 60 residential communities and 35 recreational RV resort communities across the country. Headquartered in Collingwood, Ontario, Parkbridge enriches the lives of Canadians by enabling people who are looking to buy a home, downsize their home, and vacationers to enjoy times at RV resorts. Parkbridge manages and continually invests in the properties it owns and operates, creating a relationship with our customers and vibrant communities with quality amenities. Visit www.parkbridge.com for more information.
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For further information, please contact [email protected].