Construction on Revo will begin in the spring of 2024.
We’re excited to share that the Collinson Rise Project in Kelowna has received global recognition and coverage! This project, which is exclusively available for investment through Waverley, is not just about constructing new homes—it’s about making homeownership a reality for young Canadians who have been priced out of the market for too long.
With the cost of homes soaring, millennials and Gen Z buyers have been left with limited options and dwindling hope. But Collinson Rise aims to change that. The project, spearheaded by Millennial Developments, is designed to bridge the gap between renting and owning, offering an accessible entry point for first-time buyers.
Introducing Revo: A New Kind of Living Space
The centerpiece of the Collinson Rise Project is a new residential building called Revo, featuring 240 units that range from efficient 314-square-foot studio suites to spacious townhomes over 1,000 square feet. By offering smaller, more flexible living spaces, Revo is able to lower the price point without sacrificing quality. With units starting in the upper $200,000 range, the development provides a stepping stone for young buyers looking to build equity in the housing market.
“What this type of development does is it lowers the barrier of entry for first-time homebuyers,” says Ryan Tamblyn, CEO of Millennial Developments. “It’s not about creating lifelong homes right away, but offering a way for young people to participate in the market and build a foundation for future ownership.”
The strategy behind Revo’s design goes beyond just affordability. Each unit is complemented by shared amenity spaces, creating a living environment that extends beyond the four walls of an apartment. This setup provides residents with community-driven spaces, adding value and enhancing the overall living experience.
Rising Demand for Accessible Housing
The speed at which similar developments have sold out highlights the growing demand for affordable options. Millennial Developments’ previous project, Five Crossings, sold out all 207 units within just 72 hours. The overwhelming interest in these projects shows that young buyers are eager for options that allow them to break into the market and start building equity, even if the initial homes are stepping stones to something bigger.
“We’re creating solutions for young people who’ve been shut out of the market for too long,” Tamblyn added.
The Bigger Picture: Why It Matters
Projects like Collinson Rise are crucial for addressing Canada’s housing shortage and providing realistic options for the next generation of homeowners. With much of the existing apartment stock aging and underinvested, innovative developments like these are essential to increase the country’s housing supply and meet growing demand.
Waverley is proud to support this initiative, offering exclusive investment opportunities to those who share our commitment to reshaping Canada’s housing market. With strong leadership, experienced developers, and a focus on delivering long-term value, the Collinson Rise Project is poised to make a meaningful impact in the Okanagan region and beyond.
We congratulate Millennial Developments on this well-deserved recognition and look forward to seeing the positive effects of this groundbreaking project in Kelowna.
