RECREATIONAL REPORT 2006
Low interest rates and economic prosperity are the major drivers in Penticton’s thriving recreational property market. Demand remains strong in the South Okanagan, bolstered by aging baby boomers from other parts of the province and Alberta who are looking to retire in the area.
Diversity is the main attraction, with condominiums and ski cabins available for sale on Apex Mountain or Mount Baldy; waterfront properties on the shores of Canada’s warmest freshwater lakes, Osoyoos and Skaha; and vineyards just a short distance from major centres. The warm, hospitable climate and four-season lifestyle has also served to attract American purchasers from the northwestern states. The value of waterfront properties is not for the faint of heart though, with prices for a threebedroom, year-round home starting at $800,000 to $1 million on Skaha Lake.
Waterfront properties on the prestigious Okanagan Lake start even higher, at $900,000 to $1.2 million. Limited inventory levels are placing upward pressure on waterfront prices. Woodframe condominiums in Penticton offer an affordable alternative to purchasers in the area, with a two-bedroom unit starting at $175,000. Concrete and steel condominium units are more expensive, starting at $250,000 and climbing to $1 million for a lakefront unit.
Five new condominium projects, representing a total of 400 units, are planned within two blocks of Skaha Lake. Affordably-priced ski cabins on Apex Mountain, starting at between $300,000 to $350,000 and condominiums from $200,000, are attracting young, upwardly mobile professionals with families. Prices for similar product on nearby Mount Baldy are considerably less expensive.
Strong economic performance and the advent of the 2010 Winter Olympics, is expected to prop up demand and boost recreational property prices in the area in the years to come.
For a complete update on the local market, contact contact me direct 1-800-665-1455 or email me at steveburk@remax.net.
I look forward to hearing from you soon!
Sincerely,
Steve Burk
RE/MAX Crest Realty
Toll Free 1-800-665-1455
Your Recreational Property Specialist