Okanagan Insider Report

2009-02-25T14:08:00.000-08:00

Mystical Statistical!

2008-05-15T09:01:00.000-07:00

After my last column I exchanged a few emails with a reader who was querying the most recent board stats. I had heard rumours that the sky is falling (again!) in the Okanagan and look at the Board stats. On reviewing the stats, I did not see anything else other than an affordability issue and lack of inventory in the lower levels of the market place (sub $400,000) and above that, I saw an active market that was running approximately 12% -15% up on last ears comparable numbers in most of the pricing categories. Well thanks to Dan who reads the column regularly and who did a fantastic amount of research and number crunching, he came to the same opinion also. Thank you Dan!

It remains to be seen what will happen for the rest of the year, but when oil is running at $120-$130 per barrel and natural gas is now trading in the $11 range, one might expect that Alberta’s resource heavy market place might be purchasing some more real estate this year, despite the state of the housing market in some parts of Alberta.

So far we are seeing some typical spring trends with waterfront buyers starting to show up on weekends and by all accounts, the slightly increased amount of listed inventory is still not satisfying the buyers tastes very well which will buoy prices in this slightly sluggish market.

Recreational Property Financing

Two notable areas of change in the finance markets are development project financing and recreational real estate financing. In many instances, complicated title arrangements ensure that a main street bank may shy away from financing a recreational purchase. This alone is very good reason for developers to work with realtors prior to the launch of their product since the inclusions in the disclosure statement can be restrictions to retail financing. Whilst many recreational purchases are made with existing home equity, some purchasers prefer to actually mortgage their property. Recently we have been referring some buyers to a unique product that allows purchasers to access self directed RRSP funds to acquire recreational property.

Several years ago, I wrote an article titled “FUN-vesting”. It was published in a journal called the Canadian Rockies Resort Forecast and it talked about the ability to buy recreational property using RRSP funds. At that point in time that was no easy feat for the developer with several layers of bureaucracy and legal filings required prior to sale and complications on the back end with bank financing!

Last year I had the pleasure of meeting the President of a fund that will organize the ability for you to move self directed RRSP funds into a bond that will then lend you the money for your purchase at a reasonable mortgage interest rate whilst also depositing a bond level of return into your RRSP account. Our clients have so far been very happy with the results and with the stock markets continuing to be as volatile as ever, it makes sense to many people to move their investment into real estate. Once the Harper government follows through on it’s commitment to remove any capital gains on real estate investments, you can expect this very popular product to really take off.

Feel free to contact us to find out more about this innovative product.

BCResortHomes is a Coldwell Banker Horizon Realty Team that routinely qualifies in the top 25 teams in Canada. This article can be used for other distribution services but must carry credit for BCResortHomes.com at the foot and if electronic, a hyperlink to www.BCResortHomes.com.

Is Kelowna the 13 most expensive real estate market in the world?

2008-02-25T18:53:00.000-08:00

Like me, that is probably what you were left thinking after a recent news report. So much so, that time and time again in coffee shop discussions I have heard the statement “We are now the 13th most expensive city for housing in the world”. It sure left me confused, and it was interesting to see the reaction of people, which ranged from horror to glee that their houses might be worth so much on a global scale.

Since I have been touting the line that Kelowna offers some of the best value resort real estate in the world, I though it was time to go digging.

Firstly, whilst Kelowna is indeed a City and whilst the Economic Development Commission have done a fantastic job of creating economic diversity within the region, there is no doubt that Kelowna will transition into a full service resort region with strong retirement and pre-retirement demographics. Straight away, one of the first things that came to mind is why did we not consider resort markets in this comparison instead of major urban centres? Certainly, Kelowna cannot be considered a major urban centre although if you have lived here for your whole life, you may not be comfortable with the changes and size for the City today. Taking a comparison within a similar real estate market will give us a very different glimpse of the world. If we were to look at Whistler, Canmore, Telluride, Aspen, Palm Springs, Puerto Vallarta, Carmel, Cannes, Majorca and other world renowned resort destinations, there is no doubt at all that Kelowna is one of the least expensive regions to offer one of the most fantastic retirement lifestyles.

That thought made me realize that I should study the actual survey in more detail. Perhaps it was in fact categorizing us unnaturally, at least in my opinion. Then I started to think about international City’s, like Perth Australia, New York, London, Dublin, Paris, San Francisco, Los Angeles, San Diego. Just a short list of cities, that if I travel to, makes me think twice about moving there because of the cost of housing in the urban areas. What was I missing? In short, the detail behind the study!

The survey, The Demographia International Housing Affordability Survey actually defined it’s criteria as “ median house price divided by median household income to assess housing affordability”. Now I felt I was getting somewhere, because perhaps you, like me simply read (and heard on the radio!) “Kelowna ranked as Canada’s least affordable community”. That is not true, I just moved from Canmore Alberta and I have friends who live in Whistler… lets talk about affordability.

Clearly, with this data, the context of the report was very different to that portrayed in the headlines we all read. In relation to the average income in Kelowna, housing is less affordable. Does that mean we have the most expensive housing in Canada. NO!

It does indicate that most people moving here are less concerned about finding a job. That would match the demographic we have been talking about for a few years in our articles. It does mean that many people are making recreational property investments as we have been talking about for a few years. It also means that there is a challenge in inviting a labour pool to the community because of the relative affordability of Kelowna. That would be the reason that Mr. Robert Fine, from the Economic Development office, spends so much time on aircraft heading to other destinations and promoting Kelowna as a great place to live, work and set up business. Interestingly, those destinations are likely to have more expensive housing than Kelowna which is why we can say, on a global scale, Kelowna offers tremendous value to the property investor, retiree and pre-retiree and we don’t see that changing in the near term.

One good reason to work with a professional realtor is to have someone explain the ramifications of the statistics that can at first appear confusing or can be used by an overly aggressive media to create a headline that takes your breath away… it did mine!

Interestingly, in that same month as that report was released, the local real estate board issued a media release announcing continued growth in the real estate market in the month of January compared to the same month last year. What does the rest of the year hold… we’ll tell you more as we get into it.

Mark Jennings-Bates is a realtor with Coldwell Banker Horizon Realty and a resort development consultant for international resort projects. His website www.BCResortHomes.com allows visitors to sign up for eZines and market updates with accompanying analysis. Together with Sally Hollingsworth, Mark offers real estate advice and services to buyers and sellers in the Okanagan region of British Columbia. Reproduction of this article is allowed providing that credit is given to the author, Mark Jennings-Bates and an active hyper-link is created to www.bcresorthomes.com.

2008 Predictions

2008-01-20T18:38:00.000-08:00

2008 Predictions

You have probably seen enough of them already, but I would be remiss if I did not add my thoughts to this column so that you can take all the information you have gathered and process it.

In a recent discussion with some other REALTORS® on a local volunteer Board, I was discussing the fact that my crystal ball seems a little foggy this year and that is not usually how I start the year off. It has been a more than interesting 2007 with all kinds of records broken for real estate transactions, interesting dynamics with the Canadian dollar strength, inflationary pressures induced by the energy sector causing rising mortgage rates that are now receding as we discover that the inflation may not in fact be a true hard core read on the strength of the economy,

So what do we have to look forward to in 2008? CMHC has told us to expect high single digit appreciation in the housing sector. As this applies to the whole of BC, what can we expect for the Okanagan? In my opinion, slightly better performance than that. We are still positioned in the market place to be dealing with inbound pre-retirement and retirement migration. Lots of people, lots of money and as of today, not a great selection of inventory. That simple equation will keep upward pressure on housing prices.

The change I believe will be in the aggressiveness of the buyers. I believe we will see some more caution applied to the real estate purchase. Buyers likely will shy away from multiple offer environments rather than be willing to push the envelope to get that dream home they desire. More caution is already being seen with the buyers in the market place today. Early reports indicate very busy REALTORS® with buyers holding back from making offers in great numbers, but that is a seasonal trend in the valley.

Notwithstanding, we have found ourselves very busy at this time of year and I suspect many offices are still seeing a high volume of transactions.

We predicted last year that developer sell-outs on first day will diminish and likely not be the sales process of choice. Of course, in any market place, the developer will weigh up the pent up demand for the type of product he is going to be selling. If the pent up demand is high enough, the program will see success. The public however is tiring of the inability to dispose of the asset after purchase.

Lets look at that last statement in more detail and it reflects exactly what we have been talking about for the past few years. The true market for real estate consists of end-users and renters, not investors who don’t have ample access to renters! Ozzie Jurock, the famed Vancouver real estate guru talks about defining what type of purchaser you are, shark, flipper or investor. The investor will hold property, knowing that it will cash flow and appreciate over time. The flipper wants, in and out, the shark trolls around courtrooms looking for great deals! What we experience to large degree is many clients who call themselves investors yet truly are flippers and they are being enticed in to projects in large numbers with a false promise of a fast exit. A quick scan of the MLS system will show vast quantities of brand new, unused inventory in buildings like Centuria, The Verve, Aria and others. There is no end user in a short time frame for this amount of inventory.

If you consider yourself a “flipper” to use Ozzie’s lingo, consider carefully what you are getting into and what predictions you can think about for disposition of the property. Today if you purchase in a 200 unit condo development, you may find there are 100 more people with your same appetite, leading to an overly competitive market on the back side of your investment!

Where is the upside for this year? We maintain, that it is an increase in branded tourism accommodation infrastructure such as Hyatt, Hilton, Sheraton, etc, all of whom will be looking closely at this market place. Coupled with the airport runway expansion, that will allow us to transition very nicely into a tourism market that brings international buyers to the area. Those buyers are conditioned to the values of recreational real estate globally, and everything we have to offer in the Okanagan competes very handsomely with any resort you can find overseas.

Overall, we expect a very positive 2008 with a little more sanity. If you are planning on selling a property this year, talk to your REALTOR ® about a marketing plan that can demonstrate the value of your purchase and be aware that our feeling is that buyers will be that little more cautious in their approach to making an offer.

Mark Jennings-Bates is a realtor with Coldwell Banker Horizon Realty and a resort development consultant for international resort projects. His website www.BCResortHomes.com allows visitors to sign up for eZines and market updates with accompanying analysis. Together with Sally Hollingsworth, Mark offers real estate advice and services to buyers and sellers in the Okanagan region of British Columbia.

Off-season recreational property purchase

2008-01-20T18:36:00.000-08:00

Buying a recreational property in the off season

The demand for cottages has increased over the years, and what was once a relatively low cost alternative for a family getaway has now become a significant financial investment. One way to get good value for your money is to consider buying a cottage in the off season.

All things being equal in terms of lot size and square footage, its features and general state of repair, there are three important factors that will tend to determine a cottage’s value compared with other similar properties. These three factors should be given careful consideration when choosing a cottage:

* its commuting distance from a major urban center
* its proximity/convenience to leisure activities (either waterfront for summer, ski hills in winter or both), and
* its accessibility/ability to be used throughout the year.

A cottage that can be used in winter as well as summer will have the broadest appeal, and usually has more amenities to suit its many usages. That can also translate into a higher asking price. However, a year-round property also tends to offer a better potential to increase in value over time for the same reasons.

If you’re considering a year-round cottage, winter is an ideal time to view the property. It will give you a realistic idea of how accessible the roads are and how long it will take to get there under challenging road conditions. If the roads to the property are not plowed in winter, that may result in the property only being accessible by snowmobile or ATV. That will have a major impact on its selling price and future resale value. Viewing the cottage in winter also lets you see the heating system in action. Wood stoves and fireplace inserts do a far better job of heating a space than just an open fireplace, but few people would find them adequate to meet all the demands of a cold Canadian winter. If there’s no back-up heating system in place -- either electric baseboards or a furnace -- you may want to allow for the expense of installing one as part of your budget. Remember that if you plan to add baseboard heaters, they draw a lot of power, and you’ll need to be sure the cottage wiring has the hydro capacity to handle the demand.

The best news about viewing a cottage in winter is that there are usually fewer buyers around to compete with your offer – especially if the cottage’s primary usage is just as a summer getaway. If the property is water access only, then the seller’s options are seriously limited. The seller may not be looking forward to carrying the expenses until next summer approaches, so an offer now could have a great deal of appeal. This could be just the right time to make your move. Ask your REALTOR® how to turn the winter season into your buying advantage!

As the season comes to an end, it would appear the Okanagan sales have been at a record pace again with almost a billion dollar increase of last years sales volume.

Have a very merry Christmas and happy New Year. I wish you all the best for a significant 2008.

Mark Jennings-Bates is a realtor with Coldwell Banker Horizon Realty and a resort development consultant for international resort projects. His website www.BCResortHomes.com allows visitors to sign up for eZines and market updates with accompanying analysis. Together with Sally Hollingsworth, Mark offers real estate advice and services to buyers and sellers in the Okanagan region of British Columbia.
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Fall 07 Report

2008-01-20T18:32:00.000-08:00

As the mercury drops a little into the fall, so does the temperature of the real estate market. The edge has disappeared a little in the past few weeks, although often this time of year, there is a lag between kids going back to school and Mum and Dad home shopping again. I would expect activity to pick up a little into October before we see most people hunker down for the end of the year.

In our last Insider Report we beat up a little on reacting to news in the short term, and we are happy to report that stock markets are recovered from the crash that was so gloomy to so many, interest rates have not been adjusted and the dollar is the strongest it has been for 30 years!

The local Real Estate board has been reporting increases in sales volume both dollar and unit wise for the fall on a month over month comparison last year. CMHC is predicting housing prices will continue to rise at a calmer rate than we have seen and the sun continues to shine on the Okanagan.

In the mean time, the out of town investors looking at purchasing resort property in the Okanagan, buoyed by all these stats often find it hard to get accurate information to make their decision such as… What are rentals like at that resort? How does the strata corporation manage their affairs? What facilities are available at that resort? Who do I talk to, to get certain information?

In response to these questions and comments, and many others, we have recently launched a new web forum designed for Western Canadian resort home-owners, purchasers and investors. The web forum, www.ResortForum.ca will provide you with the ability to get those answers and dialogue with like-minded people about the Western Canadian Resort market place.

Forums on the internet can be complex affairs at first, but once you have found your way around them and understand how simple they are to participate in they can be invaluable. In many instances, if I am doing research, I will turn to a forum and look for the person on the ground in the area that I am researching who appears to be knowledgeable and writes a lot of posts to that forum. Our hope is that this will become a familiar place to consumers, realtors, developers and strata and property managers alike who can share information on their resort.

As the forum grows in demand we will add in more locations and break out forums into more detail. We hope it will be a useful resource for you,

With regards to new developments this year, Waterscapes stole the show with a very successful launch of their product and now the lakefront homes at La Casa are front and centre, attracting a lot of attention (www.LaCasaYachtClub.com). In our next article we will start to assess the upcoming ski season and some of the expectations we have for local ski resorts and development opportunities, in the mean time we don’t want to wish the summer away too quickly, so enjoy the fall wine festival and thanksgiving over the next few weeks.

Mark Jennings-Bates is a realtor with Coldwell Banker Horizon Realty and a resort development consultant for international resort projects. His website www.BCResortHomes.com allows visitors to sign up for eZines and market updates with accompanying analysis. Together with Sally Hollingsworth, Mark offers real estate advice and services to buyers and sellers in the Okanagan region of British Columbia.

Interest Rate Jitters!

2007-08-21T09:29:00.000-07:00

In the past month we have seen moves by the Bank of Canada to soften the ever-charging Western Canadian economy. There have been many conversations I have had in the past month about the affect that will bring to bear on the real estate markets here and I would like to reinforce last years comments… very little.

Whilst the impact will be felt mostly by first time home buyers and immigrant workers moving to the region from other provinces, that is not what is fueling our housing market here.

It is noticeable to me at least that the resource market success of Alberta is now strong in Edmonton as well as Calgary. Whilst Edmontonians have always sought retirement properties in the Okanagan, more recently, many of my conversations have been with Edmontonians looking for recreational properties here. In the resort market place we typically draw a four to hour drive time around our region and look at that as our primary market for drive in traffic. Whilst some Edmontonians choose to fly, many are defying that “rule of thumb” and are driving with their families to this beautiful part of the world.

Hungry for recreational property, today’s buyer is undeterred by interest rates and more concerned for prime lakeview, lakefront or ski-hill locations. This is certainly the case with other strong market segments such as international markets. Whilst the UK investor has always had a strong affinity with Canada, heightened awareness of opportunities in Canada, coupled with a strong sterling exchange rate and a switch to a more left leaning government in the UK are all indicators of increased appetite here. Sadly, we do a pretty bad job of promoting our product to the UK and rely on the inbound visitors to drive our market. With a more sophisticated approach, the Okanagan could be taking the real estate market to the UK with great success (which we will be doing this fall) and letting them know what a beautiful region this is and what great value it represents and how accessible it is on an increasing basis.

The south Okanagan continues to attract much attention and in particular, Mount Baldy, which is currently installing it’s new lift to the summit of Sugarlump as well as servicing a new subdivision and commencing construction on two new real estate projects. This gem of an opportunity is attracting tremendous interest from investors as far away as the UK and Chiccago. Contact us for more information on what opportunities exist there and are anticipated in the future.

In general, the Okanagan still struggles with high competition for limited quality listings and the market is definitely in sellers mode and will likely continue that way into the near term future. Whilst the next forecast 0.25% interest hike may dampen the spirits of locals getting into the market or upgrading their homes, it will do nothing to soften the appetite of the out of province buyer. The local real estate board media release for June indicated an almost 60% increase in sales volume over June last year as well as a 27.11% increase in the number of units sold with only a 12.86% increase in listings (a net deficit over last year!). These are strong indicators in a market that has been hot for some time. Whilst the market could benefit from some softening, don’t expect a radical change anytime soon.

The ability to demonstrate how far your dollar will go here compared to Whistler, Canmore, Park City, Utah, Vail, Aspen and Telluride Colorado is very simple. Do some research for yourself, and you decide if you need to invest further in recreational property or liquidate some assets. It is a personal choice and the systematic risk is easily managed in today’s climate.

Enjoy the summer.

Mark Jennings-Bates is a REALTOR® with Coldwell Banker Horizon Realty in Kelowna and a resort development consultant for international resort projects. His website www.BCResortHomes.com allows visitors to sign up for eZines and market updates with accompanying analysis. Together with Sally Hollingsworth, Mark offers real estate advice and services to buyers and sellers in the Okanagan region of British Columbia.

2007-06-09T17:40:00.000-07:00

Okanagan Lakefront is still an option for buyers

If you’ve heard there are no more lakefront properties available in B.C.’s spectacular
Okanagan, don’t believe it.
In truth, the resale market for
several of these highly-desirable
shorefront homes remains as
brisk as ever, particularly on a
fractional-ownership basis.
Nor is there any truth to the
rumour that over-heated resort
property markets are on the
verge of cooling down in
Canada’s vacation wonderland.
Mark Jennings-Bates, one of
the most accomplished and
experienced professionals on the
scene, thinks otherwise.
“Our steadfast belief is that
we’re seeing the start of a very
long retirement trend in this area,
which is likely to last another 15
years,” notes Jennings-Bates,
whose opinion counts for plenty in
the Okanagan.
A licensed real estate agent
working out of Horizon Realty
in Kelowna (the No. 1 Coldwell
Banker real estate office in
Canada), Jennings-Bates has
put together a sparkling track
record as a consultant and
resort developer in the Central
Okanagan.
Together with his associate,
Sally Hollingsworth, Jennings-
Bates has virtually cornered the
market on expertise, savvy and
trust in luxury real estate circles.
Not many professionals
understand their market as
well as this dynamic duo.
Both these acknowledged
experts have built up an enviable
fund of specialized expertise
relating to fractional ownership,
which is why clients seek them
out in ever-increasing numbers.
In fact, Jennings-Bates and
Hollingsworth have attracted a
large inventory of available listings
of resort properties.
These are extremely luxurious
fractional-ownership opportunities,
giving browsers the chance to pick
and choose from a broad listing
inventory, including lakefront,
starting as low as $125,000.
“We’re focused on serving the
kind of discerning buyer who’s
looking for the unique Okanagan
experience, which most frequently
seems to be tied to lakefront
property,” Jennings-Bates
explains.
“Don’t let anyone tell you
lakefront is no longer an option
for buyers. There’s an active
resale market in fractional
lakefront properties.”
Of course, there’s a reason why
Jennings-Bates and Hollingsworth
maintain an important edge over
the competition.
Few realtors have developed
such in-depth and specialized
knowledge of the fractional and
strata-type lifestyle market.
Both these seasoned pros
understand the ins and outs of
this complex business, with a
thorough understanding of such
intimidating issues as division of
titles and leasing programs, for
example.
“These matters can be
confusing to a buyer and even
to their banker,” points out
Jennings-Bates.
“It’s important for buyers to work
with someone who realizes the
difference between a managed
rental pool and an optional rental
program, for example.”
Their proficiency gives
Jennings-Bates and Hollingsworth
an advantage over competitors
whose experience has been
limited solely to traditional
residential units. Naturally, it
gives their clients an important
edge too.

For more information, please
stop by the realtors’ website:
www.bcresorthomes.com and/or
call this toll-free number:
1.888-892-1897.

Or email Sally Hollingsworth
(sally@bcresorthomes.com)
and Mark Jennings-Bates
(mark@bcresorthomes.com).
Okanagan
real estate
experts can find
the home for you

The Okanagan shows signs of continuing strength

2007-02-12T22:29:00.000-08:00

Housing Prices Soar

by Wayne Moore - Story: 26662
Feb. 12, 2007 / 10:00 am

The cost of purchasing a home in the Central Okanagan continues to rise.

According to figures released by the Okanagan Mainline Real Estate Board, the median house price in the Central Okanagan has climbed nearly 8% in the past month.

The median house price is $406,000, compared to $379,500 in December, 2006.

Meantime, the number of homes sold in January dropped, while the total value of those homes and the number of listings increased, in comparison to January, 2006.

Home sales dropped 6.7% in January, however, the dollar amount increased more than 9% and listings increased better than 11%.

Mobile home prices nearly doubled over the past year. Townhouses increased almost 45% while acreages showed a 37% increase.

Figures cover the area from Peachland to Lake Country.

BC Housing economy strong

2006-07-19T11:35:00.000-07:00

Great article from Castanet.net today...

Home Sales Strong

by Press release - unedited - Story: 20395
July 19, 2006 / 11:00 am

With summer in full swing, home sales continued to flourish in June, as year-to-date dollar volume and unit sales could lead to new records for 2006.

The British Columbia Real Estate Association (BCREA) reports 10,349 homes, worth more than $4.13 billion, were sold across the province on the Multiple Listing Service® (MLS®) in June 2006. This represents a 9.53 per cent increase in dollar volume and a 9.51 per cent decrease in the number of units sold during June 2005.

“June 2005 saw the highest monthly unit sales total ever recorded in BC, which is important to remember when making a comparison with June 2006,” says BCREA President Kelly Lerigny. A record 11,437 homes were sold in June 2005.

Despite the dip in the number of units sold last month, 2006 year-to-date figures indicate unit sales are on pace with the totals seen in 2005, with a difference of only 549 homes—less than one per cent. Year-to-date dollar volume figures are also up over 15 per cent from last year (see below).

“The combination of June sales in excess of 10,000 homes and a strong year-to-date showing is a clear indication of the market’s continued strength,” says Lerigny. “As British Columbians continue to enjoy the fruits of the real estate market, REALTORS® are committed to serving their housing needs.”

A study prepared by Clayton Research Associates Limited found the average BC home sold on the MLS® between 2002 and 2004 triggered nearly $28,000 in additional spending, including legal fees, moving expenses, furniture and appliance purchases and taxes. Using that figure, BC homes sold on the MLS® in 2006 have already generated more than $1.5 billion in additional spending.

BCREA represents 12 member real estate boards and their nearly 15,500 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, government relations, required post-licensing courses and continuing education. To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports growth that encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods.

top of page

2006-06-21T08:31:00.000-07:00

New today...

Luxury Home Sales Surge

by Press release - edited - Story: 19579
June 21, 2006 / 6:13 am

Affluent Canadians are fuelling unprecedented demand for luxury homes from Vancouver to Halifax this year, according to a report released today by RE/MAX.

“The surge in upper end sales can be directly attributed to three factors,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Existing homeowners cashing in on substantial equity gains to re-invest in the top end of the market strong economic performance across the country and solid consumer confidence levels. Limited inventory has further served to underscore the intensity of the marketplace.”

The RE/MAX Upper End Report found that luxury home sales rose to new heights in 12 out of 13 markets in January to May 2006 compared to one year ago, with percentage increases ranging from eight per cent in Halifax/Dartmouth to as high as 177 per cent in Edmonton. Only Windsor, Ontario, where
concerns over the future of the automotive industry are having an impact on real estate in general, reported a decline in sales.

“Million dollar home sales are climbing at a rate never before seen in major centres across the country,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “The Canadian love affair with residential real estate is far from over. If the market continues at this pace, existing sales records for all types of real estate, including upscale properties, will be shattered by year end.”

Rising values and renovation have been major factors in the upper-end of the market, redefining price points and reclassifying residential neighbourhoods across Canada. Infill is occurring in virtually every older, established community located in close proximity to the downtown core – creating new upper end enclaves.

Limited inventory levels in areas like Vancouver, Calgary, and Toronto are placing serious upward pressure on prices in ‘blue chip neighbourhoods,’ with many properties now selling in multiple offer situations.

Local buyers, including young professionals, corporate executives, and entrepreneurs are behind the push for upscale homes and condominiums. More and more Canadians are reaching millionaire status and that position is often reflected in their choice of a home.

2006-04-20T14:12:00.000-07:00

This just published today on Castanet.net

Recreational Property

The full impact of an aging baby boom generation is hitting recreational property markets across the country, according to a report released today by RE/MAX.

The RE/MAX Recreational Property Report, which highlights activity in 40 major Canadian centres, found that older boomers are fueling unprecedented demand for major recreational properties in 67 per cent (27) of markets surveyed during the first quarter of 2006. Never before have those aged 50 plus been such a strong segment of the recreational property market.

Boomer demand has also sparked an upswing in starting prices for three-bedroom, winterized recreation properties on waterfront lots. Virtually every market surveyed reported an increase. Once again, the most expensive markets are found in the West, with Whistler ($1.1 million), Salt Spring Island ($1 million), Shuswap lake ($1 million), Kelowna (Lake Okanagan - $1 million), Penticton ($800,000 - $1 million), Sylvan lake ($800,000 - $850,000) and Vernon ($800,000) represent the top seven. Ontario's Bala/Port Carling area in Muskoka ($500,000 - $550,000) is the most expensive recreational property market in Ontario-Atlantic Canada. Some of the most affordable oceanfront properties can be found on Canada's east coast, where starting prices are under $200,000.

Highlights:

International purchasers from Europe, Asia, Australia, and New Zealand are fueling demand for big-ticket recreational properties in Salt Spring Island, Whistler, Sylvan Lake, Bala/Port Carling and Newfoundland.

Americans, particularly those in the northern U.S. states, continue to play a major role in the sale of recreational properties across the country. The higher Canadian dollar has done little to dissuade buyers as prices for recreational properties in the U.S. reach peak levels.

Condominium units on the water's edge and the slopes continue to gain in popularity. The promise of a turnkey, low maintenance property, with full-time security has really truck a chord with today's purchasers.

Affordability is an issue in many recreational property markets. Some purchasers are looking at more reasonably priced back log properties (some with deeded access to the water), second and third row homes, and raw acreage as an alternative to waterfront. Purchasers willing to make real concessions are considering remote properties on smaller lakes and rivers without hydro.

2006-04-10T08:44:00.000-07:00

The evolution of Fractional Real Estate

My family always gets a thrill out of watching the Olympics. This year was more special than others since many of the winter Olympic athletes were from our hometown of Canmore, Alberta. In fact, one of our baby sitters managed to claim a gold medal. I love the fighting spirit exhibited by these pedigree athletes that know only one thing… they came to take the gold medal home. I love the victory speeches, young adults paying homage to the unconditional support of their families and communities. The values that these young athletes represent are indicative of a transition in our society back to core family values, and with that, an evolution of the types of real estate products we see evolving in our resort areas. In this post 911 era, socio economic values are continuing to return to that of a more deeper-rooted set of family values. As I have written about before, travel experts have documented the need for suite type accommodation and units with “lock-off” capabilities. The new generation of traveler does not just simply bring the children with them, but often has extended family and a nanny. The desire to seek out safe and secure destinations that allow the family to develop closer relationships is fuelling much of the tourism and real estate demand we see at the moment.

Several years ago, I had the opportunity to work with the parents of Jennifer Hiel, our Olympic gold medalist freestyle athlete. Randall, her father wanted to put together a fractional real estate project in Canmore that at that time was a very new product in Canada. The relationship came about from my experience in that area from the mid 1990’s. At that time only three or four fractional programs had run their course, Montabello and Horstman House at Whistler, the Borgatta Lodge in Kelowna and Lizard Creek Lodge in Fernie.

Fractional real estate has evolved since the 1970’s when one of the first fractional projects was marketed in the US. Since then the fractional concept has gained rapid market share in many luxury goods and real estate markets. I recall writing an article in 1999 advising developers to look at this product as part of their mix. At that time, very few took me seriously, most neglected to research it and simply watched as other people diversified their product lines successfully and created a more balanced marketing mix. Still, there is that saying that there are three types of people in the world; those that make things happen, those that watch things happen and those that say what happened?

Many people associate fractional with timeshare, partially correctly. In fact timeshare is a form of fractional real estate, fractional real estate is not timeshare. Timeshare is a wonderful product, evidenced by its continued success around the globe and the many purchasers who own multiple weeks and continue to add to their personal inventories. It is not, and never will be an investment. The complexities involved in dividing a title 52 ways simply make it impossible for it to be viewed as true real estate. The person who buys it probably has predictable travel patterns and times of travel, likes a little more luxury than normal, is not interested in an investment but can see that with some planning they can save money on future vacations.

Fractional however, is the evolution of a very natural concept - friends and family getting together to share in the cost and ongoing ownership of an asset that they know they will not use all of the time. For instance, as the market in Canmore accelerated and prices became difficult for the average buyer to afford, we noticed that they purchased in groups. As an example, think of four golfing buddies getting together and purchasing a duplex, however, three years later they were often not friends. Perhaps one ran into trouble with a company and could not afford to pay his share of the fees for a few months. Another wanted out, but the other three could not agree to sell at the same time, and maybe another broke the TV and put a cigarette burn in the couch without admitting to it leaving costs for the others, deemed unnecessary. All of these circumstances led to the evolution of formalized fractional ownership programs and management structures, which alleviated the challenges with the informalised relationships. You see you the consumer created the concept, and then you, the consumer come to us, (the realtors, or developers) and tell us you don’t quite understand it. Give the developers some credit for a change; they listened to you.

The industry is not new, not at all. Neither is it small. Take for example the fractional Executive Jet industry. Operations like FlexJet ( http://www.flexjet.com ) and NetJet
( http://www.netjet.com ) are enormous. In fact they comprise the fastest growing segment of the aviation sales market. So successful are they, that warren Buffet purchased one of the market leaders, Net Jet, because he believed in the business plan so much (after being a client for several years). On the West Coast, one of my businesses joined some colleagues in starting a similar venture with high-end luxury yachts (both power and sail) and is now flourishing. Sailors that realize that they can’t rationalize buying the whole boat for themselves when they only use it 2 weeks out of the year are purchasing One4 Yacht Fractions ( http://www.one4yacht.com ).

So here is the clincher… usage statistics are no different for a second home. The average 2nd home owner gets approximately 2 to 3 weeks use out of their vacation property yet pays for the costs of ownership year round. One of the options is to buy a condominium unit with a rental management program, but as we wrote about last month, we may be subject to the negative market forces of supply and demand as an excess of units are developed and rental management programs take a few years to mature. The other option is to reduce the necessity for requiring rental income by only purchasing part of the property. Typical fractional buyers will purchase their property for several reasons, including:

1. More available luxury than they could afford in a whole unit.
2. First class service that makes life simple and helps them feel as if they truly own the whole unit.
3. High class exchange program that guarantees beautiful properties around the world of a similar caliber.
4. The ability to benefit from market appreciation
5. Reduced costs of ownership
6. Flexible use programs with added discounts on last minute available inventory
7. Rental management program for unused ownership weeks.
8. Frills, lots of them!

In Canada, many mistakes have been made with fractional programs based on the inexperience of developers. For many, it is used simply as a method to reduce the cost of entry in to property ownership, without accounting for the fact that marketing costs are typically higher and as you can see from the above, the buyer motivations do not necessarily fall in line with that philosophy. However, as the market place evolves, expect to see more sophisticated fractional programs evolving that truly serve the clients needs.

Fractional usually occurs in market places where barriers to entry are created by escalating housing prices. It is a natural product to consider in these types of environments. The spin off however, is that it often buoys the rest of the market values. One of the places where this happened back in the 1990’s was Deercrest Valley
( http://www.deercrest.com ) in Utah near Park City. As real estate prices climbed higher and higher, people had their doubts that values per square foot could be sustained, however, fractional programs supported the markets desire to continue to purchase in this beautiful area and the added values of the fractional real estate propped up the values, as we know, a rising tide floats all ships.

The same will happen in the Okanagan I believe, as offerings become more sophisticated. The developers I talk to daily are aware that the market is heated and spend a good deal of their time looking into how sustainable the market is and how to plan their future developments carefully. The true extent of the labour shortage has not been felt in our market place yet, but will no doubt have an effect on real estate prices over the next 12-24 months. Coupled with higher interest rates and surging demand, we are sure to see these product lines diversified and buyers whose core motivations become more oriented to personal use and not just investment.

Lets talk about values in this market place and the evolution of the fractional real estate product. I remember when I first researched this product, back in 1995 prior to the launch of one of Canada’s first true fractional real estate developments, that I was astounded at the values in the market place. At that time, the hot area was Telluride, Colorado, a small mining town, rapidly transforming into the next Aspen.

One of the first products there was the Franz Klammer Lodge (http://www.franzklammerlodge.com ), a beautiful property, catering to a very wealthy clientele. $160,000US I recall was the cost of ownership, which I thought was pretty good value until I realised it was for 1/10th of a hotel suite. Now it was a beautiful hotel suite, not very large, but beautiful. It was then that I realized that I should research this product even further.

The challenge, as these product lines evolve, is that the professional real estate community often lags behind in product knowledge. In order for natural market appreciation to occur, there is a required velocity of resales that are necessary to illustrate true market values to consumers. In Telluride, Colorado for instance, several years after fractionals were introduced, realtors were still hesitant to list the product and hence, market values struggled to be supported in the market place. Not because buyers did not want the product, but because the real estate industry was nervous to promote the product because of their own lack of education and product knowledge. The same cycle will occur in the Okanagan as a few brave souls venture into the world of complicated Prospectus filings, rental management agreements, head lease and sub lease arrangements and schedules of use (no two of which are ever the same!). However, as reported in Vancouver last week, in a mature market where the real estate sales profession has become accustomed to the product, appreciation of fractionals is in line and can sometimes exceed the rest of the market place because of the desirability of the product.

As our demand for luxurious retirement living increases and we believe we have earned our crust so to speak, the developers feel the pressure to rearrange the product line somewhat and offer a new level of fractional real estate. Hence we are seeing the evolution of “Private Residence Clubs” ( http://www.bellhavens.com )in North America. In markets where the bragging rights of the wealthy used to be “whether they owned a second home” have been replaced by “how many second homes they own”, we see a rapidly evolving concept called “Private Residence Clubs” or in some instances “Private Equity Clubs”.

In some of the most glamorous parts of the world, Puerto Vallarta, Whistler, Bahamas, Cayman Islands, Baja Peninsula, Whistler and yes, Kelowna ( http://www.royal-kelowna.com ), this concept is evolving and showing that once again, if we design the right product, the public will appreciate the value. The value however is considerably different to traditional real estate.

In studies by leading fractional experts across the globe, people like Dick Ragatz
( http://www.ragatzassociates.com )who annually produces a timeshare/resort property study for RCI, the largest timeshare exchange company in the world, notes that typical fractional real estate program are selling on average for $500US per square foot. Sticker shock for many, perhaps, however, a ski hill condo at Silver Star just sold for $650 per square foot this very week and the owners found value in their purchase. Private Residence Clubs are selling on average around the globe for approximately $800 per square foot. The challenge we have as realtors/appraisers and consumers is that our comparable real estate is often local and yet, as indicated by the purchase at Silver Star, our consumers are global. They look at Cabo san Lucas, Whistler and Okanagan, and decide that the Okanagan offers them the best value.

The reason that Private Residence Clubs command this kind of value is that they offer quality, luxury and service at a 5 star level. Consumers are buying this product more and more because of their desire to have their hard work turn into quality relaxation and enjoyment. In some instances, Private Equity Clubs are structured very similarly to a golf club membership. Perhaps a $250,000 initiation fee with perhaps $20,000 to $50,000 annual dues to allow you several weeks access to luxurious units in different and beautiful parts of the globe. For the right person, this is a great product; no ownership of real estate is sometimes a simplicity that the wealthy truly appreciate.

In Private Residence Clubs, structures similar to the Royal Private Residence Club that has recently been selling in the Okanagan, are very similar, in fact identical to a typical fractional ownership structure. However, the similarity often ends there since the added benefits and quality of interior trim and furnishings are beyond compare.

The local Private Residence Club has been offering it’s units for sale for as much as $1,000 per square foot and units have been selling. So how can we have homes a short walk away from The Grand hotel selling for $200 a square foot and luxury lake-view units selling for $1,000 per square foot? Read the above article again and make sure that as you compare values, you are looking in the same market place. When I checked last a Kia automobile and a BMW automobile, both of which can be purchased in Kelowna and both of which get you from A to B, look very similar, but command a very different price tag, comparing apples to oranges in many instance displays an ignorance that can be fixed with research.

In my next few articles, I will take a look at more traditional real estate discussions but focus on specific market segments and review them in detail. In the meantime, the Okanagan continues to set records and attraction much attention as a destination of choice for many people.

Record Okanagan Condo sale

2006-02-27T18:10:00.000-08:00

Silver Star Record Sale!

A luxury penthouse in the new Snowbird Lodge at Silver Star Mountain Resort near Vernon, BC, has set a record – over $1.5M - for the highest amount ever paid for a strata-title condominium at a ski resort in the BC's Thompson-Okanagan. Snowbird Lodge consists of fifty-four fully-furnished mountain homes ranging in size from 800 to 2300 square feet. Currently, 75 percent of the project is sold out. Snowbird Lodge has been developed by Schumann Resorts, owners of Silver Star Mountain Resort and Big White Ski Resort.

According to sales specialist Peter Berzins of Silver Star Mountain Homes, the purchaser is a very successful Australian financial planner and business owner who has skied around the world, and whose wife and three children have visited Silver Star for three years in a row. Berzins says, "After a solo jaunt to Whistler a few years ago, this gentleman flew out to the Okanagan and instantly realized that Silver Star was a tremendous place to bring his family. He believes fully in the exciting new direction that Silver Star is taking under the direction of the Schumann family, and wants to be a part of the resort's exciting future."

More than just a great investment, though, Berzins adds, "he used one word – legacy – to describe why he purchased a Snowbird Lodge property. He sees Silver Star and Snowbird Lodge as a great place to watch his family grow, and to eventually pass on to his grandchildren." Great snow quality, tremendous on-slope location, and first class luxury and amenities also figured into his decision. "He was greatly impressed by the service and attention to detail given by the project managers."

The 2300 square foot penthouse unit consists of three bedrooms and three bathrooms. There will be a custom media room, a master suite with four-piece ensuite and private deck and hot tub, gourmet kitchen, twenty foot loft ceiling in the living room, with a floor to ceiling solid maple fireplace and a flush-mounted LCD television. To enjoy the great North Okanagan weather, there is an additional 1900 square feet of deck space – fully furnished with an outdoor barbecue kitchen and a unique 'extreme hot tub' with built in LCD television, stereo sound, and high-speed Wi-Fi internet connectivity. In addition, all members of the family and their guests will be able to use the fitness and entertainment amenities found in Club Snowbird.

Schumann Resorts have invested in excess of $54 million in infrastructure and new accommodations since purchasing Silver Star Mountain Resort in 2001. On March 4, Silver Star Ski Resort Ltd. will orchestrate the first sales of new lots in ten years with the release of forty-nine fully-serviced lots in the Alpine Meadows subdivision. Alpine Meads is located just a short walk above the charming Victorian village centre at the base of the freestyle jump and on the Attridge ski runs.

FROM castanet.net

2006-02-07T11:52:00.000-08:00

Hi folks,

Here is some excellent information from the Canadian Real Estate Associations website - 30 million x 16% you figure the numbers!!!

"Canadians consider investment properties
More than 16 per cent plan to buy within next two years

Recent gains in average price are attracting a growing number of investors to major markets across the country. A report recently released by RE/MAX found that one in six Canadians plans to buy an investment property in the next 12 to 24 months.

Based on on-line interviews conducted in December 2005 with 1,200 homeowners across Canada, the report highlights developing interest in residential real estate as an investment. Close to 30 per cent of respondents already owned one or more investment properties and about 18 per cent indicated that real estate represented more than 51 per cent of their total investment portfolio.

“We believe purchasers view residential real estate as a simple, sound and safe investment – something that is very familiar to them,” says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. “The risk factor is greatly reduced compared to other financial vehicles.”

The RE/MAX report also found that investors were younger than anticipated. Forty-three per cent of those who intended to invest in the next two years were under the age of 40. Once tagged “Generation X,” these individuals supposedly rejected more traditional values like owning a home.

“Certainly, the promise of continued upward trending in housing values is a major factor influencing these investors, particularly in British Columbia and Alberta,” says Elton Ash, Regional Vice President, RE/MAX of Western Canada. “Over the past five years, residential prices have appreciated close to 10 per cent on average, nationally. That's a fairly impressive return on investment.”

In recognition of residential real estate's potential for long-term growth, 50 per cent of investors indicated they plan to hold their properties for 10 or more years. If an investor were to realize a tidy profit in the interim, however, he or she may be inclined to move on to the next income property, adds Ash."

2006-02-06T08:08:00.000-08:00

Posted from www.castanet.net

Condo Development Skyrockets

2005 could be called the "Year Of The Condo" in Kelowna.

72% of all residential building permits issued in 2005 were for multi-family dwellings, including condos and townhouses and apartment complexes.

This is the highest percentage of multi-family units ever recorded in the city, far outpacing the previous high of 55% in 2004.

The figures are part of the 2005 Development Statistics Report which city council will review today.

Part of the reason for the large increase in multiple unit permits could be the large increase in Development Cost Charges, the fees paid by developers for infrastructure such as roads, sidewalks and sewers.

1,094 units were issued permits in November and December of 2005, representing 36% of the years activity---that is compared to 11% of the years value in November and December of the previous year.

DCC fees increased January 1st, 2006.

A majority of the multiple housing permits were issued in the Glenmore/Dilworth area (664 units, 30%), South Pandosy/KLO area (629 units, 29%), Rutland (375 units, 17%) and Central City (291 units, 13%).

In all, 3,055 new unit residential permits were issued in 2005. The five year average from 2000-2004 was 1,200 annually.

In the city's Official Community Plan, the long term goal is for a gradual increase in development toward a 53% multiple unit, 47% single unit split by 2020.

Building permits for commercial development totaled 416,621 square feet. Business development was focused primarily in the City Centre area (68%) and Glenmore/Dilworth area (16%).

Industrial development permits totaled 487,201 square feet. Industrial construction permits were issued primarily in the Highway 97 sector (82%).

Posted: February 06 / 5:00 am
Story# 16006 / Wayne Moore

The truth behind resort condo's

2005-11-28T14:12:00.000-08:00

As a professional in the resort real estate industry, one of the areas of discussion that we have to deal with time and time again is the false expectation created by many developers' sales and marketing teams that an investment unit is going to cash flow positively.

Typically in most resort environements, real estate is selling upwards of $250 per square foot. Some exceptions exist, but lets use this example for illustration. The challenge for the buyer is walking into a sales presentation with a pre-conceived notion that they are going to buy a unit and never have to put any cash into it because after all the folks at the presentation told me I could make a 20% return on my money!

First of all, lets be honest, if a developer could make a 20% return on his money with ongoing cash flow, why is he selling it to you? Secondly, who showed you what figures? In some of the most mature hotel markets in the world, occupancies are running around 60%, often a far cry from the 90% occupancy rate some slick sales person told you in that emerging resort market place with one hotel!

The truth is that on average, condo rental programs rarely deliver much more than twelve to fifteen weeks of rental anually because of the conflict presented by owner's personal use and booking terms surrounding that use. Then we need to look at the average daily rate in the area since with yield management programs in the hotel industry, your very luxurious and large condo may only rent for the same as a one bedroom unit in the local hotel because occupancy rates aren't there!

So in what way is buying a resort condo a good investment?

There are several very good and profitable reasons to buy a resort condo/home:

1. The resort market places you are contemplating buying in are some of the most pressured and heated real estate markets you can find, and will likely remain that way for the next ten to fifteen years.

2. The opportunity to benefit from first phase pricing allows you as a buyer to develop a "lift" from the pre-programmed price increases that a developer will often work into their programs.

3. The rental revenue can contribute greatly to your costs of ownership and financing, which means you can build your asset base faster with less effort.

4. Buying overseas can allow you to make timely exchange rate profits too, albeit very carefully.

5. By leveraging your purchase you could stand to make very serious short term ROIs - for instance, if a buyer purchased a $400,000 unit at the early phase pricing and put down $100,000 as a deposit, financing the rest, the developer increase in price list and the market dynamics could perhaps allow that investor to sell the unit in twelve months time for $500,000, this would be $100,000 in and $200,000 out with some carrying costs in the intervening time frame that would have largely been covered by the rental program.

Now if your stock broker offered us that kind of a stock play in the markets, you would be all over it. The challenge with real estate is that the due diligence required is significant (in fact in recent years the same is true of stock market investments) and requires a trusted relationship with some form of brokerage that you allow to do that homework for you.

The bottom line is that while the opportunity to profit is great, the place you need to look for profit is often not where that slick sales person may be taking you!

Why will the Okanagan keep on truckin'

2005-11-25T16:35:00.000-08:00

Excerpt from Castanet news article

"Canada’s resale housing market remains on track for its best year on record, according to a revised forecast prepared by The Canadian Real Estate Association (CREA).

CREA predicts 484,025 properties will be sold through the Multiple Listing Service in 2005 – up 5.0 per cent from a record 461,112 sales in 2004 and its fifth consecutive annual record.

Exceptionally strong sales in the second and third quarters of 2005 will also push MLS home sales to new annual records in British Columbia, Alberta, Manitoba, Ontario, Quebec and New Brunswick. Seasonally adjusted national MLS homes sales hit 126,890 units in the third quarter of 2005 – their highest quarterly level on record and up 3.3 per cent from the 122,860 units sold in the second quarter of 2005.

“Sales momentum picked up during the third quarter, setting a new monthly record for sales activity in August. Transactions are still running exceptionally high, but small interest rate increases are beginning to bring sales activity back to earth in a number of major markets,” said CREA’s Chief Economist Gregory Klump.

“Sales activity is forecast to gradually trend lower as interest rates creep higher next year. Even though transactions through the MLS® are forecast to ease, they are expected to reach their third-highest annual level on record in 2006,” predicted Klump.

“The housing market will become more balanced as additional expected housing price and interest rate increases cause sales activity to edge lower next year. Price gains will be more modest in 2006 as the market becomes more balanced,” he added.

The CREA forecast estimates the annual MLS average home price in Canada will be $256,200 in 2005, up 13.2 per cent from 2004. This is its biggest annual increase since 1989 and its seventh consecutive annual record. The annual MLS average home price will increase by a further 5.0 per cent to $269,000 in 2006.

“Mortgage interest rates are expected to remain within one per cent of current levels in 2006, so many homebuyers will still be able to finance more expensive home purchases,” added Klump."

Good news eh! We think so and here's why. We look forward to seeing your feedback on this too! Our belief after working in many exciting resort destinations, not unlike the Okanagan is that in most instances a somewhat protected real estate economy forms in these environments.

Does that mean that they can't crash.. heavens no. There has been more than one occasion when you could have picked up a Condo at Whistler by taking over the payments! Will that happen again, the answer is surely...NO.

With authors like Harry Dent, a well respected futurist predecting an end to an unprecedented "housing bubble" (after writing a book 6 years ago on the unprecedented and long term boom!!... then again he recently forecast that by spring oil would be $25 per barrel!) the media is picking up on this frenzy and suggesting cautious plans for real estate investments and using a very wide brush to paint "all" sectors of the housing market.

So why are we so confident that the Okanagan valley real estate opportunity is so strong. Because short to medium term demand is very strong and largely unshakeable. Take a wealthy oil services company owner from Red Deer for example, who has made enough money to slow down and live his dream here in the Okanagan. What happens to this persons desire to buy here when interest rates go up a few points? Nothing, because he has already planned for the event.

The rapidly increasing housing values in the Okanagan are luring a higher net worth individual to the Okanagan who is less impacted by external influencers than urban blue collar markets! From an investment perspective, the Okanagan remains an outstanding and well marketed destination to which many families will continue to flock. Talk to hotel owners in Osoyoos and they will tell you of Albertan families who have NEVER missed their annual family vacation in the same hotel, often in the same room EVERY YEAR!!!

Can the unpredictable happen! Yes, we are not sure what it is, but interestingly enough, when the unpredictable does happen, there is no place better to be than the Okanagan. That is why we believe it will KEEP ON TRUCKIN!

Welcome

2005-11-23T18:39:00.000-08:00

Welcome to BCResortHomes.com BLOG space. We wanted to be able to post interesting articles on local BC real estate issues here for our clients, past present and future, as well as bringing in some content from our experience on overseas projects.

We welcome your comments, which in this technological world are designed to keep us honest and give you real time feedback on the local market place and the quality of our service.

We look forward to posting articles of interest here, both from our team and outside contributors and hope that will assist you in completing your own personal research with regards to purchasing a real estate asset in one of the most beautiful corners of the world, Canada's real vineyard region... The Okanagan