Retirees want freehold in Okanagan
A further blow to the fractional real estate industry, which has seen buyer resistance to the concept this year, is a new survey that showed 80 per cent of retirees would only consider full ownership. The survey, which polled 500 retirees in western provinces, found that, given a choice, 38 per cent would retire to the Okanagan, 26 per cent preferred Vancouver Island; and 17 per cent picked the Sunshine Coast. The survey was done by rareEarth Project Marketing of Vancouver. Its survey, conducted in late 2007 examined buyer preferences of those who are currently planning to buy recreational property.
Survey results include: - 80 per cent of buyers will only consider buying recreational real estate offering whole ownership. - 56 per cent do not have a second home currently but plan on purchasing one in the near future James Askew, president of rareEarth said the fact that 80 per cent will only consider buying whole ownership properties is an indication of a good real estate economy since that requires a greater investment than fractional ownership.
The findings are in sharp contrast to some recent speculation that the recessing US economy would hurt Canada’s recreational real estate market, he noted. “Combine the sense of urgency with the emergence of the largest and wealthiest demographic in history who are deciding the time is now to secure their dream recreational property and we have a recipe for a continued and very strong recreational property market,” Askew said. The poll was underlined by a report on province-wide sales by the B.C. Real Estate Association.
The report found that housing sales in the South Okanagan soared 23.3 per cent this year, compared to 2007, the second highest increase in the province. Sales on Vancouver Island were down 19 per cent in the same period. The average price of a house in the South Okanagan is $326,179, compared to $317,185 on Vancouver Island.
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The Kelowna Market seems to be expanding with many new developments for retirees or part time owners.