The Olympics

There is a lot of discussion around how the Olympics will or are affecting Real Estate in British Columbia.
There is no question that it is certainly having an impact, most assuredly in the Lower Mainland and to some extent in other areas outside. In the Okanagan there is definately a slow down on the number of listings and volumes of sales as it would appear people are putting their thoughts of purchases on hold until after the Games are over.
By the middle of March we predict an increase in activity with pent up demand, as much of the industry will have been on hold since November. As the weather begins to change in March people will begin thinking again about the Okanagan in full bloom and will want to continue to explore their lifestyle changes or their plans for that vacation home.
We are advising Sellers to begin looking at listing there home now to be ready for the upsurge in market interest and Buyers to look seriously now at properties they may be interested in as prices may begin to rise with an increase in activity.
While we all hope for increased interest from the people who have travelled to the Olympics from other spots on the globe that may not have a measurable impact for some time to come.
Meanwhile...Good Luck to all our athletes. Make Canada proud!

Movie Theatre Announced

There was exciting news in the local papers last week about the planned commercial centre across the River Channel from Green Avenue, in Penticton. The announcement centred around a movie theatre, a long awaited devlopment in the Penticton and surrounding area. It was somewhat premature however as negotiations are still underway with the Provincial Government for the construction of a bridge over the Channel. While I was Mayor in 02-05 I initiated discussions around providing sewer service to the Reserve side of the River Channel and that generated considerable development interest in this land at the time. The eventual announcement of the bridge will mean an opportunity for Locatee land holders as development interests will be looking at all the land from Highway 97 to Green Mountain Road.
This is an exciting development for Penticton and the trading area to the south as it means that services and products will be provided right here in Penticton instead of further up the Highway in West Kelowna. Eventually we will see a seamless commercial corridor extending north on the Parkway bordered by the River Channel. LandMark Cinemas' propose a six theatre complex with all the current technology, with room for market expansion to nine offerings. Additional and complimentary businesses proposed are sure to make this a 'Destination Centre' for the region.

Investing in the Okanagan

As my first blog of the New Year I will hit on my current theme and one of interest to those looking at my web site and that is the current recession and the value of investing in the Okanagan.

Inspite of the 2007-2009 international economic situation the Okanagan Valley remains a solid investment opportunity for those interested in real estate. This is for two reasons; climate and demographics.

The Okanagan with its mild winter climate and warm, sunny summers is a popular tourist destination for BC and Prairie folk. The abundant beaches on Okanagan, Skaha and Osoyoos lakes has made it a popular destination since the 1950's. That population segment is now looking to retire out of Vancouver, Edmonton and Calgary and is already purchasing a slice of that romantic childhood memory.

Add to that the burgeoning wine industry and the valley is slowly developing a more sophisticated cultural base that is appealing to people who spent there career years in urban areas. This combination of climate and demographics has served to insulate the Valley against the worst of the economic downturn.

Smart investors or lifestyle seekers will be giving a hard look to those opportunities now.

David