Penticton Real Estate – A Visitor and Investors Guide

March 3, 2016

Okanagan Lake and the Kelowna Bridge

Okanagan Lake Monster

Okanagan Lake is known for its legendary sea monster Ogopogo. This lake mystery goes back centuries into native folklore. Occasionally there are sightings but so far no conclusive proof that Ogopogo actually exists.

Ogopogo has been described as a serpent with the body of a horse. There are many theories as to what he / she could be, such as a prehistoric dinosaur, or more likely a sturgeon which have been known to grow up to 12 feet in length.

Having grown up in the Okanagan I have kept my eyes peeled for Ogopogo and while I cannot provide a verified sighting I have on one occasion seen something in Okanagan lake that I couldn’t quite explain. I can tell you that it wasn’t a sturgeon – Other than that I am not quite sure what is was. When I jokingly pointed it out to my co-worker he laughed without looking and said “Yeah – He usually comes out this time of day”. When I looked backed Ogopogo was gone.

Penticton Golf

Choose from the many golf course in Penticton and the surrounding area.

Top 3 Restaurants in Penticton

With so many terrific restaurants in Penticton it isn’t easy to choose the top ones, but here are my 3 favorites:

Kettle Valley Station Pub

The KVSP is a busy pub / restaurant with a cool atmosphere with historic pictures of Penticton’s Kettle Valley Railway. Their outdoor patio is my favorite restaurant patio in Penticton. I am sure you will enjoy it as much as I do.

Theos

Theos restaurant been a fixture in the community for as long as I can remember and probably the most famous restaurant in Penticton. If you enjoy Greek food then this restaurant is one that should not be missed.

Wild Scallion

Tasty, healthy food is the dish of the day at the Wild Scallion in Penticton. This food is truly delicious and I highly recommend it even if you are not a veggie / vegan fan.

West Bench in Penticton BC

View from West Bench in Penticton B.C.

Penticton Overview

  • The population in Penticton is Aprox. 35,000
  • Retail is the largest employment sector in Penticton
  • Pensions and investments provide a third of the income in Penticton.
  • Front Street was the first road in Penticton B.C.
  • Penticton is the third largest city in the Okanagan region.
  • Penticton is the third largest retirement city in British Columbia.
  • Penticton is considered to have a semi-arid climate.
  • Rattlesnakes, bears and cougars populate the wilderness surrounding Penticton.
  • There are 44 wineries within a 20 minute drive of Penticton

 

 

 

 

Rock Climbing in Penticton

Skaha Bluffs is a famous rock climbing destination in Penticton B.C. Even if you are not a rock climber there are plenty of paths where you can spend the day hiking and enjoying the magnificent lake views.

Skaha Bluffs was only recently officially declared a park in 2010. It is 489 hectars and contains protected areas where there are species at risk, including the area around Gillies Creek where rock climbing is off limits.

Note:

  • Skaha Bluffs is open between March 1 until November 15.
  • Camping and Campfires are never permitted in the park.
  • The park has steep cliffs and can be dangerous. Proceed at your own risk.

The 3 Top Driving Forces Behind Penticton’s Real Estate Boom

There are several reasons why Penticton real estate is flourishing – Here are just a few:

#1 Lifestyle

Penticton is a wonderful place to raise a family. It is clean, safe, and has a sense of community that you are unlikely to find in a big city such as Vancouver, Calgary or Edmonton. Your kids can walk to school and you don’t have to worry as crime is minimal. It is a family oriented city with plenty of family entertainment and activities.

It is 2016 now and the demographics in Penticton are changing. Whereas it Penticton used to be primarily a retirement community it is now attracting young people who want to live and work here. Remote workers are now choosing Penticton as their home because it is cheaper to purchase real estate in Penticton than in a big city such as Vancouver (Who’s real estate prices are out of control), plus it is easier to get around and generally speaking cheaper to live in overall.

As far as recreation goes Penticton has plenty to offer. The list is endless but includes indoor and outdoor hockey, tennis, and soccer. If you enjoy working out at the gym then you will love “The Gym Eternal” in Penticton – It is well stocked with fitness equipment, spacious, and fairly quiet which means no waiting for the treadmill! With skiing and snowboarding only a short drive away at Apex Alpine winters can be just as fun as summer. The list of activities at Apex includes a tube park, an NHL sized hockey rink, cross country skiing, snowshoeing, an adventure skating loop, night skiing and more. For hockey, concerts, and other events in town check out the South Okanagan Events Center.

What article on lifestyle in Penticton would be complete without mentioning the lakes? Two amazingly beautiful lakes are at each end of Penticton, both with gorgeous beaches that would rival any Caribbean resort. At the south end of Penticton is Skaha Lake which spans the distance to Okanagan Falls. To the North of Penticton is Okanagan Lake that goes all the way past Kelowna towards Vernon. Penticton is practically a beach lovers and boaters paradise.

Golf has always been big in Penticton and with the Okanagan mild winters the golf season gets started earlier than in most places in Canada. The Penticton Golf and Country Club is right next store to Doc’s Driving Range. For the kids there is mini-golf plus lots more fun at Loco Landing near Okanagan Lake.

#2 Affordability

The price for an average home in Penticton is about $450,000. Compare that to the average price of a home in Vancouver at 1.5 million dollars. If you have the kind of job where you can live anywhere, such as a remote worker then it obviously makes a lot of sense to spend your real estate dollar in a place where it goes much, much further.

Some of the most desirable locations in the Penticton area are Naramata, which is a 20 minute drive along the east side of Okanagan lake and West Bench which is about 5 minutes away from downtown Penticton and boasts huge lots that are ideal for horse lovers. There are new construction developments in Penticton underway right now that are so much in demand that they are selling out faster than initially expected.

#3 Growth

Penticton is undergroing a tremendous amount of growth at the moment. One project that is about to have a massive impact on Penticton is the $325 million dollar renovation at the Penticton Regional Hospital. Construction begins this year and is expect to create 2,000 jobs. This renovation will make Penticton even more attractive for Doctors, Nurses, and other Health Care Technicians. Throw all the trades that will be working on construction at the hospital for the next four years into the mix and you can see that there will be a large demand for rentals and people purchasing their own homes.

Although you don’t here about it much manufacturing in Penticton is an important part of the economy. Jet Power and Controls recently created a second manufacturing plant outside of Calgary in you guessed it -Penticton. Other movers and shakers in the Penticton manufacturing industry include Peerless who manufactures truck trailers, Britco who manufactures modular units, and Structurlam who also has facilities in nearby Okanagan Falls, a 20 minute drive south of Penticton.

Agriculture has always been at the heart of Penticton. 20 years ago it was mainly peach, cherry, and apple orchards, while these days you will see more vineyards than orchards. Penticton has gone from being the “Peach City” to the “Wine Country”. This has lead to some high tech firms that cater to agriculture such as Progeny Bio in Penticton, and Mazza Innovation in nearby Summerland.

There is definitely lots of room for growth as far as technology businesses are concerned in Penticton. There is a very large pool of employees that a smart tech company would be able to put to work. It is only a matter of time before the tech sector starts to boom along with the rest of Penticton.

An Investors Guide To Real Estate in Penticton

Penticton real estate is ripe for the picking if you are a smart investor. There are opportunities to start a business or create a rental income. Here are some suggestions to help you get started investing in Penticton real estate:

Tax Incentives to Help Penticton Businesses

As an incentive to local businesses in Penticton there is the Economic Incentive Zones than can reduce your municipal property taxes for up to 20 years. This incentive is one of the reason why Penticton is one of the top 2 entrepreneurial cities in British Columbia.

Real Estate Tourism Revenue

Summers get crazy in Penticton when tourist flood the city. Of course this is an opportunity for smart investors who can cash in on the tourism revenue by investing in Penticton real estate. Basically you can buy any kind of property in Penticton and earn revenue from it by renting it out. To get the biggest bang for your buck consider building a bed and breakfast to cater to tourists seeking an alternative to boring hotel rooms. Advertising your B&B is a snap thanks to sites like Airbnb. On average you could expect to rent out your suite for around $150 per night.

Not everyone want to spend $150 a night or more so if you are adventurous you might want to be a business leader in Penticton and come up with some affordable ways for tourists to stay in the Okanagan. The campgrounds in Penticton always fill up to capacity in the summer months so there is room for more. Another idea that nobody has tried out yet is a Tiny Home village. Perhaps you could be the first to dive into this untapped market and make yourself a small fortune from small “houses”. If you are the lucky person who gets on this bandwagon first be sure to send me a cheque for the brillant idea ;-).

Finding The Perfect Realtor To List Your Home With in Penticton

An awful lot of realtors in Penticton simply list your home on the MLS and then hope and pray your home sells. Before listing your property in Penticton be sure to shop around to find a Realtor® that is going to work hard to earn that commission from the sale of your property. After all it is your money and you deserve to get the most from it. Here are some things to look for in a Realtor® when listing your Penticton property.

Quality sells! This includes top quality professional High Definition photography and videography. Most people shopping for real estate these days do it online and as the old adage goes a picture is worth a thousand words. Before you list your home find a Realtor® that uses a professional photographer. Then make sure your Realtor® uses those photos and hopefully video as well to create a virtual tour that they advertise online.

Speaking of online real estate advertising there are hundreds of sites where a Realtor® can advertise your home. Ask them if they advertise online anywhere besides their own personal website and on the MLS. The more sites they advertise on the more potential buyers your home will be seen by.

Also when selling real estate in Penticton ask your Realtor® if they have a database of buyers who are looking for a property such as yourself. Smart Realtors® that have been in the biz a while will have an active database of potential buyers and they will put together a report on why your property is a killer deal and how an investor can make a profit with it when they buy it. This means your home will sell fast and you will get top dollar!

Article by Robert Kennedy

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