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Stories Tagged - kelowna

B.C.’s new speculation tax will impact several real estate markets in the province, including Victoria, Kelowna and Metro Vancouver.
Getty Images
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.

Tracey Hodgson and her husband wanted a home in a vibrant inner-city community that accommodated their active lifestyle, so a condo in historic Inglewood was a perfect fit.
Andrea Cox / For CREB®Now
News

Aug. 30, 2017 | Andrea Cox

Centre of the action

Tracey Hodgson secured her ideal lock-and-leave lifestyle with a new Inglewood condo

At 55, Tracey Hodgson is on the cusp of retirement. She and her husband are winding down their business commitments (she owns a beauty supply company) and plan to cycle between periods of work and play. They recently purchased a strata-type lake property in Kelowna and a condo in Las Vegas, and have listed their home in Chestermere. Their vision is to float between the two homes. But with three grown children and a grandchild in Calgary, they wanted a touchstone in the city – a place where they could park themselves at the centre of the action while visiting family. They found what they were looking for in the heart of Inglewood at AVLI on Atlantic Avenue, a collection of 64 condominiums, garden terrace designs and live/work townhomes designed by Jeremy Sturgess of Sturgess Architecture.
The Okanagan Valley is seeing more 
buyers from the Lower Mainland and Vancouver Island tan east of the Rockies. CREB®Now file photo
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.

Housing demand in Kelowna, B.C., continues to be robust despite fewer Albertans picking up properties in the Okanagan city. Photo by Jamie Zachary/CREB®Now
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).

According to Statistics Canada, Calgary and Edmonton posted identical population gains of 2.4 per cent between July 1, 2014 and June 30, 2015. Illustration Statistics Canada.
News

Feb. 26, 2016 | CREBNow

Alberta cities still among fastest-growing centres in Canada

Calgary, Edmonton tied for second

Calgary continued to be one of Canada's fastest-growing cities in 2015.

Growing in size even in the face of a struggling energy sector, Calgary tied with Edmonton as the second- fastest-growing cities in all of Canada.

According to Statistics Canada, Calgary and Edmonton posted identical population gains of 2.4 per cent between July 1, 2014 and June 30, 2015, placing the two centres behind only Kelowna, B.C. as the fastest-growing cities in Canada.

The average growth nationwide was 1.2 per cent, with five centres (Thunder Bay Ont., Peterborough Ont., Saguenay Que., Sudbury Ont., Saint John NB) posting populations declines over the surveyed period.


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