BCBusiness
A look into how this luxury Okanagan condo’s penthouses sold out before completion despite a slowing market.
When Stantec’s executive vice president Leonardo Castro planned his move back to Canada, he didn’t expect to find his forever-home in Kelowna. Originally from Calgary, Castro was looking to purchase a holiday house for quick family getaways. But after spending more time in the city, Castro and his wife started to consider a permanent move.
Having spent almost 30 years living abroad in cities like Phoenix, Sydney and London, Castro describes Kelowna as “the best pieces of all [his] travels around the world.” He praises the city’s vibrant recreational scene and strong community spirit, as well as the easygoing lifestyle. “You could get up in the morning without having a prepared schedule and go for a swim, a canoe ride or visit the big shopping malls—all without even having to take your car,” he says.
Type: Apartment/Condominium
Neighbourhood: South Pandosy
Beds: 3
Baths: 3 and a half
Year built: 2025/2026
Parking: Garage, Underground
Taxes: Approximately $1,150/month
Maintenance fees: Approximately $16,000/year
Listed price: $3,425,000
Selling price: $3,425,000
The combination of Kelowna’s easygoing lifestyle and Movala’s “obtainable luxury” branding was what pushed Castro to purchase one of the eight penthouses at Movala, hailed as Kelowna’s newest luxury development. All eight of the penthouses sold before completion.
The development offers nearly 40,000 square feet of amenities including a pool, a wine cellar and a rooftop cabana. The building also caters to residents with active lifestyles with dedicated storage for paddleboards and bicycles. Homes are priced around $475,000 for one-bedroom units, while Castro’s penthouse was sold for the asking price of $3,425,000.
Taylor Musseau, Managing Director at MLA Okanagan, shares that most of the penthouse buyers have been Kelowna locals.
“We’re seeing [locals] now start to plan their moves, especially with Tower 1 almost being complete and Tower 2 about a year out,” she says. “For somebody who lives nearby in a single family home and is planning to downsize, it gives them a realistic visual timeline of when they can sell and move into the new home.”
Musseau also attributes success to Movala’s “obtainable luxury” branding. Each apartment has nine-foot ceilings, large floor-to-ceiling windows and is equipped with quartz countertops and high-end appliances. Priced around $900 per square foot, the complex is more affordable than other buildings in the area charging $1,200 to $1,400, she says.
Musseau shares that the building developer, Stober Group, understood the current real estate market well. Initially priced higher when Kelowna’s median home value was $650,000 in 2021, Movala’s prices were adjusted as the market shifted, targeting younger buyers and new demographics.
“We repositioned the project to be able to rebrand it a little differently,” Musseau notes. “We tried to speak to a different demographic and younger buyers which I don’t believe was captured before, but we’ve had a lot of success with it. We are really one of the only projects that’s selling right now.”
Although it will take another year before Castro and his wife are able to move into their new home, the new homeowners are eagerly looking forward to it.
“It takes a lot for us to be giddy, especially at our age,” Castro laughs. “But we’re giddy. We’ve never been more enthusiastic and excited to go to a place than we are next summer—and we’ve lived and travelled all over the world.”
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