Kelowna’s housing crisis is intensifying, with rental rates high and development projects dwindling. Housing starts across BC, including Kelowna, are on a downturn just when the need for new homes has never been greater.
Troika Management Corp., one of Kelowna’s largest homebuilders, is actively working to combat this shortage through their latest rental projects—Valley Road and Barlee Road—designed to provide high-quality, accessible housing options in Kelowna. As a prominent housing developer in the region, Troika is trying to play in addressing Kelowna’s rental demand with Troika Living, it’s purpose-built rental portfolio.
Both the Valley Road and Barlee Road projects are set to move forward in Kelowna City Council readings on November 4th. These projects represent more than just buildings; they are essential steps toward stabilizing Kelowna’s housing market, ensuring residents have affordable options at all stages of life, while promoting sustainable community growth.
“Rental housing is not just about providing shelter; it’s about building communities where people can belong and thrive,” says Renee Merrifield, CEO of Troika. “Kelowna needs a strong rental market, and with fewer projects moving forward in our area, it’s imperative that those of us in development do all we can to support our community. This is why we created the Troika Living portfolio of projects. Once completed, it will provide over 1500 purpose-built rental units, contributing substantially to Kelowna’s rental supply.”
The Valley Road Project at 728 Valley Road is slated for its 1st, 2nd, and 3rd rezoning readings. This six-story, senior-focused apartment building will add 175 residences, designed with amenities that encourage active living, such as fitness and event centers, a top-floor library, game rooms, a wine bar, and beautifully landscaped pathways. To offer added peace of mind, residents will have access to 24/7 concierge services, housekeeping, and even shuttle services, reflecting Troika’s commitment to making quality rental housing that addresses diverse community needs.
The Barlee Road Project near the Orchard Park Exchange is also set for rezoning at its 4th reading, aiming to secure UC3r rental-only zoning for a transit-oriented, 160-unit development. This site is ideally situated within Kelowna’s Transit-Oriented Development (TOD) area, promoting sustainable urban living by providing easy access to public transit, major employment districts, and retail amenities. By focusing on sustainable and accessible housing, this project aligns with Kelowna’s urban growth vision and offers a practical solution to rising housing costs.
These developments underscore Troika’s commitment to alleviating Kelowna’s rental shortage. As housing starts and project approvals face a slowdown across BC, Troika is dedicated to leading with solutions that ensure Kelowna continues to grow and prosper.
