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Media Coverage
Calgary Herald, September 6, 2008
World discovering valley's 'small sister' By Kathy McCormick It's been a bit of a sleeper as far as attracting recreation and investment buyers -- but that's changing big time. Vernon, the first of the three larger centres on the north end of the Okanagan Valley, has been the smaller sister to the big-city powerhouse of Kelowna to the south. But it has grown up and has been discovered, says Kim Flick, manager of planning and building with the City of Vernon. It's just a question of why it took so long, says Flick. "The world has discovered the Okanagan in the last few years and Vernon has more than its fair share of lake property and lake views, so it offers spectacular recreation opportunities." Some larger developers have moved in with huge, attractive developments, which have certainly caught the buyers' attention, she says. "The developers -- such as those building Predator Ridge and The Rise -- have made the most of the scenic settings." If she had her druthers, Flick would be sitting in the large soaker tub in the latest show home in The Rise, drinking in the fabulous views of the lake far below. "I was on a tour of the latest show home there and I stood in the master ensuite with my mouth wide open, looking through that picture window to the lake below," she says. "I could see myself there." So, too, could many other people, say Vernon statistics. Already approved by the City of Vernon, more than 2,000 recreation housing units are on track to be built for The Rise and Predator Ridge developments, alone. "Smaller areas, too, are growing, designed to maximize the land's settings," says Flick, mentioning properties such areas as Bella Vista West, which includes Adventure Bay and Canadian Lakeview Estates. "We're also looking at other lands to consider for additional development opportunities." Like Calgary, the Okanagan's housing market is currently operating at a slower pace than it has been in the past, but "Vernon has been somewhat sheltered," says Flick. "Housing (construction) starts have dropped somewhat, but to a smaller degree compared to double digit decreases we see elsewhere," she says. "It's an ideal time for second-home buyers to do their shopping because it is a good opportunity now." From January to the end of June, there were 129 construction starts of single-family homes, down slightly more than 12 per cent from the same period last year, says Canada Mortgage and Housing Corp. Construction starts of multi-family homes stayed steady at 80, down slightly from 86 in 2007, says CMHC.
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Reprinted from Calgary Herald |
