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Stories Tagged - okanagan
News
June 27, 2018 | Barb Livingstone
Up in the air
New B.C. speculation tax could prompt Albertan vacationers to look closer to home for second-property purchases
Scott Henderson has split his work time between clients in the Okanagan and those in his hometown of Calgary for the last 15 years.
Eight months ago, the marketing/communications agency owner got pre-qualified for a mortgage for a second residence in Kelowna. Then, this February, B.C.'s provincial government announced a speculation tax on out-of-province and foreign owners to discourage buy-up of housing by investors who, it claims, leave homes empty and drive up home prices. A homeowner can avoid the tax by living in, or renting out, the home half the year.
Scott Henderson has split his work time between clients in the Okanagan and those in his hometown of Calgary for the last 15 years.
Eight months ago, the marketing/communications agency owner got pre-qualified for a mortgage for a second residence in Kelowna. Then, this February, B.C.'s provincial government announced a speculation tax on out-of-province and foreign owners to discourage buy-up of housing by investors who, it claims, leave homes empty and drive up home prices. A homeowner can avoid the tax by living in, or renting out, the home half the year.
News
Sept. 07, 2016 | CREBNow
The many faces of rec
Out-of-town property market continues to evolve
Canada's recreational property market continues to transform itself, most recently the beneficiary of record-low interest rates, a new wave of retiring baby boomers and a favourable exchange rate, according to a recent survey.
The 2016 RE/MAX Recreational Property Report, which surveyed RE/MAX agents and brokers, noted the low Canadian dollar is having a positive effect on the country's recreational property markets. Canadians, mainly boomers, who bought properties in the U.S. when U.S. real estate prices were comparably low are selling them at a profit and investing in Canadian recreational markets, it said.
The RE/MAX survey signaled out Canmore and Sylvan Lake as two of Canada's top recreational property destinations. It noted retirees seeking an active lifestyle continue to be an important driver of demand in Canmore, where the median price (May 2015 to April 2016) was $533,090.
Canada's recreational property market continues to transform itself, most recently the beneficiary of record-low interest rates, a new wave of retiring baby boomers and a favourable exchange rate, according to a recent survey.
The 2016 RE/MAX Recreational Property Report, which surveyed RE/MAX agents and brokers, noted the low Canadian dollar is having a positive effect on the country's recreational property markets. Canadians, mainly boomers, who bought properties in the U.S. when U.S. real estate prices were comparably low are selling them at a profit and investing in Canadian recreational markets, it said.
The RE/MAX survey signaled out Canmore and Sylvan Lake as two of Canada's top recreational property destinations. It noted retirees seeking an active lifestyle continue to be an important driver of demand in Canmore, where the median price (May 2015 to April 2016) was $533,090.
News
Aug. 05, 2016 | Marty Hope
Kelowna continues to capitalize
Alberta's out-of-province playground still drawing buyers
Kelowna's healthy economy and population growth are driving resale home transactions up and fuelling higher levels of new home construction, suggesting a sellers' market, according to housing industry figures.
And the lure of the valley continues to draw buyers from Alberta despite the province's economic downturn.
The largest city in the Okanagan Valley of British Columbia, Kelowna has recorded nearly 3,600 sales for the first half of this year compared with slightly more than 2,700 a year ago, according to figures from Canada Mortgage and Housing Corp. (CMHC).
Kelowna's healthy economy and population growth are driving resale home transactions up and fuelling higher levels of new home construction, suggesting a sellers' market, according to housing industry figures.
And the lure of the valley continues to draw buyers from Alberta despite the province's economic downturn.
The largest city in the Okanagan Valley of British Columbia, Kelowna has recorded nearly 3,600 sales for the first half of this year compared with slightly more than 2,700 a year ago, according to figures from Canada Mortgage and Housing Corp. (CMHC).
