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August 6, 2014
Lake Country offers benefits to the soon-to-retire
Inside
BARRY GERDING
Growing career Sam Kaplan has been invited to join the prestigious National Youth Orchestra of Canada. It’s an opportunity that will develop his talent and give him valuable experience touring the country. ...............................
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Action Steven Kosar, 8, is growing his acting career this summer, with a role on the Steven Spielberg TV series, alling Skies. ...............................
Albertans flush with money and eager to buy vacation or second homes in the Okanagan remain a huge catalyst for optimism in the Central Okanagan real estate market. So when WestJet opened up daily flight service from Fort McMurray in the northern Alberta oil patch to Kelowna, a significant shift began to appear in local real estate buyer profiles. That shift has hit home relatively quickly in Lake Country, according to Jason Koverchuk, director of sales and marketing for the Lakestone development on Okanagan Centre Road West. Koverchuk says the driving factor of the sales interest is the close proximity of the district to Kelowna International Airport, which they advertise as 16 minutes away. “That is something we’ve not seen before,”
Koverchuk said. “It’s resonating within our demographic—younger empty nesters in their mid-50s who have seen their kids grow up and are thinking now about the next chapter in their lives as they approach retirement,” he said. “They may be looking at commuting now, but in three to five years, they can picture themselves living here full-time, retired, in a place where they want to be.” The price continues to be favourable for Okanagan properties, he added. Recent reports show that in parts of Alberta, such as Sylvan Lake near Red Deer, a lakefront cabin starts at $750,000 with anything under the $1 million mark considered a bargain. As a comparison, Koverchuk says Lakestone has lake view starting prices of $195,000 and waterfront lot prices at $580,000. “For people in a place like Fort McMurray, those working in the oil
CONTRIBUTED
LAKESTONE offers an appealing great room with to die for views.
and gas sector are in a good position financially to buy a recreation or retirement property. They often work 10 to 15 days and are off for five days, so why not spend that time in the Okanagan, especially if you plan to retire here one day,” Koverchuk said. “Being mobile and living in one community and working in another is becoming increasingly common today, so the closeness of the airport really offers some advantages for living in Lake Country.”
Koverchuk says while the local real estate market is showing signs of emerging from a fiveyear lull, he wouldn’t describe the current market as in a boom cycle. “There are definitely signs of recovery out there but it’s partly due, I think, to competitive pricing. Compared to us, the real estate markets in Calgary, Edmonton and even Vancouver continue to be strong, so homeowners in those markets are looking at taking some equity out of their home and buying a lot,
with the idea of building that Okanagan dream home down the road.” Specifically for Lakestone, Koverchuk says lot buyers have two years to sit on a lot before having to start building, it’s a secure subdivision which helps alleviate concerns of safety, particularly for couples separated by work for long stretches or retired couples who like to travel, and the subdivision homes offer low maintenance appeal with regard to upkeep and yard work. Koverchuk says Lakestone is reaching out to the Fort McMurray market, advertising in WestJet’s in-flight magazine and sign advertising at both airport terminals. “It’s great for us to see the Alberta market back in the Okanagan. We’ve been waiting for it for the last five years. Last year we started seeing more Alberta buyers coming here to look, and this year they are buying.” Koverchuk said the
retiring baby boomer generation are far more adventurous when it comes to buying retirement or vacation home properties. “I think in particular with vacation homes, people are making that investment with the idea of it becoming their retirement home one day. They can spend time here during the summer and commute back and forth if necessary, and rent it out during the winter months. “The idea of purchasing a condo where everyone in the family jams into a smaller space for the summer or for a summer vacation doesn’t work as one day becoming a retirement home. “We’re seeing a demand from families not to necessarily build a huge home here, but build a downsized second home for their use a couple of months a year during the summer, with the idea of retiring there further down the road.”
Optimism fuels development JENNIFER SMITH
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Flyers ■ Jysk ■ Save On Foods ■ Shoppers Drug Mart ■ Staples ■ Summit Tools
Crack open a newspaper, listen to the radio, or pick up your mail and it soon becomes very clear—real estate in the Okanagan is on the move once more. From condos to single-family homes, commercial buildings to resorts, the talk is promising. “I think there’s a market,” said Kelowna city manager Ron Mattiussi. “…I think we’ve used up some supply and we’re starting to build. The re-
cession has passed and all those things are starting to work for us.” From build-out of the university, Kelowna General Hospital quickly becoming a medical mecca, an Innovation Centre planned for downtown and the rapid expansion of the airport, Mattiussi believes Kelowna will see steady growth moving forward. Local developers concur. They’re dusting cobwebs off large neighbourhood plans bogged down by a slow economy.
Now an influx of interest is coming from well-paid workers in the north and Prairie dwellers who want a summer that lasts for months not weeks. “Even historically, when you look back at the height of the market in ’07/08, over 60 per cent of purchasers were Okanagan residents,” said Andrew Gaucher, of G Group Developments. On July 18, his company released the first lots for a neighbourhood SEE RESURGENCE A10
CONTRIBUTED
THE Diamond Mountain residential development in Kelowna’s Glenmore area, offers the appeal of smaller lots, meaning there’s less maintenance.