B.C. builders take small comfort from interest rate downturn

The B.C. condo market has slowed significantly in the last eight months, enough that developer Rocky Sethi acknowledges that it was a “brave” move launching the first phase of the city of Penticton’s first master-planned community.

The 10-acre site is also the first project for Mr. Sethi’s new Stryke Group development company after he spent 16 years working for other companies, including Adera Development. In partnership with his father’s Tien Sher Group, Mr. Sethi chose the former Britco manufacturing site because it’s across the street from Penticton Regional Hospital. They are building office, retail, recreational and moderately priced condos with the hospital worker in mind. The Okanagan city has seen population growth of more than 9 per cent in the past few years.

Presales are underway for the first condo building, with 127 units. But first, there are the out-of-pocket expenses, such as the large Danish-style presentation centre to give consumers an idea of what’s to come.