$25M affordable housing building officially opens in Kelowna

A new $25 million affordable housing building officially opened in Kelowna today.

The nine-storey Capstone building at 2155 Mayer Road has 122 affordable rental units, and some residents have already moved in. 

The National Society of Hope manages Capstone and three neighbouring buildings. The money came mostly from BC Housing with $16 million, and the society donated $5 million worth of land. 

Politicians like Kelowna MP Stephen Fuhr, Kelowna’s mayor Tom Dyas and Vernon-Lumby MLA Harwinder Sandhu got together with representatives from the National Society for Hope to congratulate and thank each other for the opening of the building today, Oct. 15. 

“As we know, Kelowna is one of the fastest growing communities in the country, and it’s becoming harder and harder for people to find homes that meet their needs and that are affordable,” Fuhr said at the event at Capstone today.

“This is about building a stronger Canada by working together to create the homes and the affordable housing markets that Canadians need.”

Capstone was built with mass timber, which has a lower carbon footprint than other materials. The building has one-bedroom and two-bedroom units meant for people with low or moderate incomes. 

The building started welcoming tenants several months ago.

Mayor Dyas said the project provides much-needed homes for individuals and families at below-market rates.

“For the people moving in here, it means stability, security, and a foundation for the future for them and for their family,” he said. 

The homes are part of a $19-billion housing investment by the provincial government. Since 2017, the province has more than 93,600 homes delivered or underway, including more than 2,250 homes in Kelowna.