Blue chip Penticton
Photo: Contributed
Penticton may be one of the best places in Canada to invest in real estate.
In the most recent release of its annual property forecast, Canadian Real Estate Wealth Magazine listed Penticton as one of its blue chip picks for real estate investment.
The magazine’s editors pointed to the city’s amenities, as well as its six-month home price index growth of 4.7 per cent, as major drivers of their decision.
They also said the upcoming expansion of Penticton Regional Hospital should lead to job opportunities that will likely attract highly skilled residents.
“We’re very pleased to be spotlighted as a prime spot in Canada for home ownership and investment,” said Anthony Haddad, Penticton’s director of development services.
He said the city has seen a lot of growth in residential housing over the past year, due in part to “land that has become available for development and significant infill redevelopment.”
Last year the number of new residential units in the city jumped to 387, up from 144 in 2015. Those new units were valued at $66.7 million, an increase of 150 per cent from the 2015 building permit value of $26.4 million.
The average house price in Penticton is $469,900.
Developers in the city also report sellouts of units prior to final construction.
Skaha Hills, a $250 million master planned community in the city, reported a $12-million sellout of their Phase 3 in a single day last summer.
“Our efforts in recent years to reduce barriers for development and plan for sustainable growth has enabled the city to support new development at record levels in our community,“ said Haddad. “We’re very busy at the building department and, with the vacancy rate under one per cent, we’re expecting to see a similar pace in new building permits this year.”
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