From rooftop pools to yoga studios, condo developers across Canada are doubling down on amenities to stand out in a crowded market. But are buyers really choosing homes based on the extras?

Taylor Musseau, partner at MLA Okanagan, said amenities help round out the lifestyle pitch for Stober Group’s new two-building development in Kelowna, where she is handling sales and marketing.

The development dubbed Movala, in Kelowna’s sought-after South Pandosy area, includes nearly an acre of shared spaces. Residents will have access to a pool, hot tub, al fresco dining areas, gardens, a gym, yoga room, cabanas, a bocce ball lawn, games room, guest suite and an indoor “great room” designed for entertaining.

“It’s tailored to four-seasons living here,” Musseau said.

The two-building project totals 325 homes, with the first now welcoming residents and the second set to be completed next year. Musseau said building one is nearly sold out.

Beyond the amenities, Movala’s draw is rooted in a mix of design, price and location.

The development sits near a popular Okanagan beach. One-bedrooms start in the mid-$400,000s, while two-bed, two-bath homes are priced around $580,000, figures Musseau describes as “good value” for comparable constructions in the area.

She said the extra amenities haven’t added a lot of extra expense for residents because the costs are spread out amongst so many homeowners, noting fees come in at just under 50 cents a square foot.

After an initial marketing push targeting empty nesters and downsizers, the team has shifted its focus to younger buyers and families.

“We’re looking more at young professionals, young couples, people who want to live here full-time,” she said.

Can Buyers Have It All Right Now?

Condo buyers in Vancouver are sitting in a strong position, said Adil Dinani of Royal LePage West Real Estate Services.

“We’re in a buyer’s market for most segments right now, especially condominiums,” he said. “Buyers have selection and they have time. It’s a very unique time in the market. We haven’t seen the stars align like this since pre-COVID.”

With roughly 17,000 active listings in Greater Vancouver, and about 40 per cent of them condos, buyers can afford to be choosy.

Price and location still drive decisions, Dinani said, but amenities are becoming a bigger part of the conversation.

“The amenity offering is important,” he notes, pointing to demand from active baby boomers looking for fitness facilities, pools and saunas in their buildings.

But while the lifestyle features attract attention, they also come with higher costs. “You might have a 1,200-square-foot two-bedroom and your maintenance fees could be almost 80 or 90 cents per square foot,” he said, which would total about $900 a month.

He adds that while some residents love the idea of a saltwater pool or concierge, he has learned that not everyone capitalizes on the amenities in their buildings after they move in.

Sometimes, it’s simple things like air conditioning that drive demand, he said.

“A lot of older buildings, even those built as recently as 2015, don’t have A/C,” Dinani said. “Now it’s near the top of buyers’ lists.”

Community as an Offering

Jeff Brown, executive vice president of NorthStar Development, is behind an up-and-coming project in his hometown of Port Coquitlam.

NorthStar took the project over from a previous developer who had completed the basement level, and has redesigned the building to match today’s market demands, said Brown.

Wellness and social living is at the heart of the concept for the 102-unit project called Livy.

“The desire for community is something that’s been growing, particularly post-2020, when we were all isolated,” said Brown. “There’s a growing expectation, we feel, for a curated lifestyle, which offers wellness and shared spaces that foster connection and could lead you to meet your neighbours.”

Livy’s design features more than 10,000 square feet of amenities, including an expansive rooftop space, a virtual golf simulator and high-tech wellness areas. Among the most alluring features is a Nordic-style spa with hot and cold plunges.

He said their target is first-time buyers. Junior one-bedroom units are priced at $389,000 and range up to $739,900 for two-bedroom plus den units, according to Livy’s website.

Brown said an expertly-drafted design helped offset the costs of the “extras” for residents. The spa, he said, adds an extra six cents a month to the average condo fee.

“We were able to put our heads together and execute without spending frivolously,” he said. “There’s a bit of an art to it.”

Developers Bank on Lifestyle to Attract A New Wave of Buyers by Courtney Zwicker | Real Estate Magazine