Right Sizing Winter 2018

november/december 2018

Ski Town Living

10

Best Purpose-built Communities for Semi-retirement

What $700K buys

The Rules of Foreign Ownership l Tech Centres and Co-Working Spaces l Last Impression: Kitimat

— VICTORIA, BC —

You can have it all.

Canada’s finest urban resort community.

GOLF INITIATION FEE ($60,000 VALUE) IS INCLUDED WITH YOUR HOME PURCHASE. The contemporary design of the Villas at Cypress Gates is the perfect complement to the pristine, natural environment of Bear Mountain.

Each of these eighteen homes enjoys stunning views of Mount Finlayson and offers its discerning owners the prestige of living in one of our most desirable gated communities.

B E A R M O U N TA I N . C A / L I V E H E R E V I S I T O U R P R E S E N TAT I O N C E N T R E IN THE WESTIN, OR CALL: 250.391.6100

LOTS TO EXPLORE wilden.ca New hillside neighboorhoods just minutes from downtown Kelowna and airport, surrounded by stunning nature and views.

Register for updates on wilden.ca Showhomes open daily 1-5 pm except Fridays.

1454 Rocky Point Drive ¡ Kelowna 250.762.2906 • sales@wilden.ca

The Or www.panabode.com 1.800.665.0660

Original

Celebrating 70 Years of Building Family Memories Together

D i s c o v e r y

D r e a m

H o m e s . c o m

D i s c o v e r t h e e n d l e s s p o s s i b i l i t i e s . . .

1.866.395.5647

1.877.823.5639

802.445.3007

Central/East

West Coast

North/East USA

TABLE OF CONTENTS November/December 2018

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November/December 2018

Up Front 10 Publisher’s Letter

Feature: Find Your Perfect B.C. Ski Town

14 Dispatches

46 Introduction

18 7 Towns Under $700,000

48 No. 1 Rated Ski Town: Whistler

20 Cool Eateries

48 Best Ski Town for Entrepreneurs: Rossland/Trail

Departments

50 Best Mountain Town: Fernie 52 Best Ski Town for City Access: Kelowna

23 Energy Efficiency with Stunning Results

54 Best Emerging Community: Sun Peaks/Kamloops

26 Tech Hubs: B.C. Tech Sector Spreads its Wings

56 Best Ski Town if You Want to Open a Winery: Penticton

30 B.C.’s 10 Best Communities for Semi-retirement

58 Best Ski Town in Which to Live Cheaply: Golden

42 The Rules of Foreign Ownership

59 Best Ski Town on Vancouver Island: Courtenay/Comox

44 What $600,000 buys in Arizona and Hawaii

60 Best Ski Town for Hard-core Ski Bums: Revelstoke

62 Reverse Mortgages Become Popular 64 B.C. Real Estate Comparison 66 Last Impression: Kitimat

Photo courtesy of Fernie

November/December 2018

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Publisher, Founder

Steve Dietrich

Editor

Lynn Mitges

Designer

Amélie Légaré

Online Design

John Magill

Copy Editor

Lisa Manfield

Digital Media Manager Charity Robertson

Wow! A recent study prepared for the Vancouver Board of Trade reports that almost half of the current residents in Greater Vancouver and one-third of Lower Mainland businesses are actively considering moving to another community due to traffic congestion and high real-estate prices.

To explore this further I attended a recent conference and trade show called Outlook 2019 organized by Vancouver entrepreneur and real-estate advisor Ozzie Jurock and which focused on real-estate investment. The attendance totalled more than 500 people of all ages who listened throughout eight hours to 12 enlightened speakers. What struck me most was that even in Vancouver’s slowing real estate market the attendance was busier than ever. The underlying message was that the decreasing Vancouver home prices soon will stabilize. And in addition to talk of the inevitable mortgage increases, investing in smaller communities (anything outside of Vancouver and Calgary) showed the most growth potential in terms of investment appreciation, livability and new development opportunities.

I am regularly asked: “Steve, so where do you think the best place is to move and/or invest.” So we endeavour to present many options. In our first issue, May/June 2018, we talked about 21 Cool Communities as well as towns where you can purchase a home for less than $200,000. In our July/August issue we featured towns with homes for less than $300,000, followed by our Sept/Oct issue in which we featured properties for less than $500,000. In this issue we explore homes for less than $700,000. Of course, we also get into the amenities and community lifestyle attributes.

In this issue you can choose between living close to a beach or a ski hill (or maybe both). Or are you looking to spend your winters down south or in the mountains, to flip a property, start a new business or find a less stressful job?

We hope you’ll find answers and be inspired to explore your options. We encourage you to call or email some of the contacts and advertisers who specialize in your areas of interest. I guarantee you that they will be keen to respond. Alternatively, send us an email with any questions and or stories that you would like us to cover.

So keep reading because we will continue to feature many options for varying budgets and personal interest. I’m constantly amazed at what value can be found in smaller communities.

Writers Robin Brunet, Michelle Hopkins, Gail Johnson, Lisa Manfield, Kirsten Rodenhizer, Steven Threndyle Advertising Sales VP Sales Steve Dietrich, sdietrich@rightsizingmedia.com, 604-787-4603 Sales Manager Harry deHaas, Harry@rightsizingmedia.com, 250-681-1696 Account Manager Brian Heighington, Brian@rightsizingmedia.com 250 418-0093 Account Manager Tibor Antal, tibor@rightsizingmedia.com, 604-762-7812 Head Office 187 Rondoval Crescent, North Vancouver, BC, V7N 2W6. 604-787-4603 Accounting Inquiries Iva Dietrich, Iva@rightsizingmedia.com Letters to the editor info@rightsizingmedia.com.

Letters may be edited for length and clarity.

Subscriptions rightsizingmedia.com/magazine/subscribe Distribution To The Globe and Mail subscribers within Vancouver, the Lower Mainland and Calgary, Air Canada Lounges, select realtor and brokerage offices, select newsstands.

To distribute Right Sizing magazine in larger quantities within your location please call 604-787-4603.

Printer tc – Transcontinental, Canada.

Right Sizing magazine, established 2018. The magazine will be published six times per year by Publimedia Communications Inc., established 1996. All rights reserved. The opinions expressed in this publication do not necessarily reflect those of the publisher, or the staff. All editorial is deemed reliable, but not guaranteed.

The publisher is not responsible for any liability associated with any editorial or products and services offered by any advertiser.

Editorial submissions will be considered, please send them to the publisher. Copyright © 2018 Publimedia Communications Inc. Reproduction without permission is prohibited. The publisher and printer will not be responsible for any typographical errors, mistakes, misprints, spot colouring or any misinformation provided by advertisers Website www.RightSizingMedia.com

Steve Dietrich Publisher

Cover Image Photo by Kelly Funk courtesy of Sun Peaks

PRINTED IN CANADA 10

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November/December 2018

C O M I N G E A R LY 2 0 1 9 FOUR-LEVEL LUXURY TOWNHOMES

2300 ft2 interiors | 1000 ft2 of private deck & rooftop space Prime riverside property in downtown Penticton’s West End. The right amount of urban, without the speculation tax.

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riversidepenticton.com 236 422 1332 | info @ riversidepenticton.com

A Z U R A M A N A G E M E N T ( K E L O W N A ) C O R P . This is not an offering for sale. Any such offering can only be made by way of disclosure statement. E.&O.E. Rendering is conceptual. Any specifications in this depiction may change at the developer ’s sole discretion without notice.

This is city living in wine country.

Find your place, Riverside.

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Completely updated Prospect Lake view home

Rare Unobstructed Lake Views from this custom Westhills home

Conveniently located 2 bedroom 2 bathroom condo

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Call or text The Neal Estate Team at 250.386.8181 for FREE consultation when Buying or Selling Real Estate in Victoria and on Vancouver Island.

RonNeal.com

HomesonVancouverIsland.ca

Dispatches

Langley residents are first in line to taste the next big thing in craft brewing—whether it’s hazy IPAs, session ales or sours— thanks to the Kwantlen Polytechnic University (KPU) Brewing and Brewery Operations Program. The program, which got off the ground in 2014, teaches the fundamentals of making and marketing beer and offers the only diploma of its kind in B.C. It’s a boon to budding brewmasters who want to hop into the craftbeer sector where opportunities abound, especially in smalltown B.C. But it’s also a perk for locals who can drop in Fridays from 1 p.m. to 6 p.m. to taste student creations, tour the facility or fill a growler.

>>

>>

By Kirsten Rodenhizer

Hip to Hops, Langley

Rolling in Style, Vancouver Island Food trucks take trendy eats to the streets and now a fashion truck is bringing the latest clothing trends from L.A. to residents of central Vancouver Island. Launched in June 2017, Haute Wheels Mobile Boutique is the brainchild of local fashionistas Niki Parker and Tashe Vitaly, who stock their shelves with such brands as Love Stitch, Emma’s Closet and Just Black Denim. “I feel like we have a truck full of cute tops right now and flowy maxi dresses,” says Parker. “The feel is pretty casual.” The truck is bookable for private shopping parties and also appears at local events and markets.

Nordic and Proud, Smithers >> Smithers is the undisputed cross-country-ski capital of northern B.C. Some 52 km of groomed nordic trails wind among pine, spruce and fir trees in the Wetzin’kwa Community Forest west of town along with 5 km that are lit for night skiing, plus 10 km designated as dog-friendly. It’s all maintained by the Bulkley Valley Nordic Centre, which boasts a ski club with 550 members—or around 10 per cent of the town’s population—along with a packed roster of community events and races. “Once people start skiing at our centre, they just fall in love with it,” says head tracksetter Brant Dahlie. “Because it’s so close [to town], you know you can zip up there, and our trails are open 24 hours a day.” The fluffy snow, 3,840-square-foot wood lodge and peekaboo views of snow-dolloped peaks don’t hurt either.

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Photo courtesy of KPU Brewing

Photo courtesy of Bulkley Valley Nordic Centre

B.C.’s Secret Ski Spots

>>

While hordes on boards clog the popular ski destinations of the Okanagan and Lower Mainland, residents of B.C.’s smaller centres are living it up with wide-open runs, pristine powder and affordable lift tickets on smaller peaks across the province. Here are three they probably wish we wouldn’t mention: MURRAY RIDGE SKI AREA: “Big heart, small prices” is the slogan at this happy little hill 15 km north of Fort St. James with 22 runs and where bluebird days are many and lineups are scarce. A bonus 20 km of trails await cross-country skiers.

POWDER KING MOUNTAIN RESORT: With 1,250 cm of snow each year (trumping Whistler’s 1,170), this hill north of Prince George really lives up to its name. One chairlift and two towbars access 37 runs named after Beatles songs.

SHAMES MOUNTAIN: This family-friendly hill, 35 km west of Terrace in the Shames Valley, is home to 28 groomed runs, 1,600 feet of vertical and copious natural glades where skiers can glide on 1,200 cm of annual snowfall.

Photo from Andrew Strain courtesy of Shames Mountain

Heads-up in Nanaimo >> Nanaimo’s revitalization and development carries on with the announcement of the issue of a development permit for Riverstone Place, a proposed six-storey, 90-unit condominium undertaking located on Barsby Avenue.

Once completed, Riverstone Place will feature nine unit types ranging from 570 to 900 square feet, a gazebo, underground parking and a recreation area.

It bodes well for an area that is witnessing a massive airport expansion that was announced earlier this year. The $15-million project to expand Nanaimo’s Air Terminal Building will also pump business, job creation and investment into one of Canada’s fastest growing airports. The expansion will add 14,000 square feet and increase the terminal building’s size by nearly 60 per cent. The departure lounge will be increased as well, doubling the current number of seats. More than 390,000 people are expected to pass through the airport in 2018 alone. — Staff

>> Photo courtesy of Sharalee Prang

Sprucing up Abbotsford When Lily Ellis and her business partners founded Spruce Collective in Abbotsford’s historic downtown quarter in 2012, they had no idea they’d spark a neighbourhood renewal. “We were pretty much just focused on what we were trying to do, but it’s been awesome to see,” she says. The eclectic store on Montrose Avenue specializes in curated collections of local items, along with vintage treasures, boutique clothing and stationery. At first, empty buildings and for-lease signs surrounded them. But slowly a cluster of hip shops and eateries began to appear. Heritage buildings sprang back to life and a flurry of foot traffic followed. Among the newcomers: The Habit Project, an artisan juicery; Duft & Co. bake house and pizzeria; Old Hand Coffee; The Polly Fox gluten-free bakery; Bureaux Modern Mercantile; Montrose & George General Store and more. Ellis credits a spirit of community among merchants. “We work together to build up each other’s businesses and I think people really find that refreshing,” she says.

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>>

Once a single-industry mill town, Powell River has been quietly cultivating a new crop of local businesses and creative projects.

“A lot of the new businesses were started by entrepreneurs who came from Victoria, Vancouver and Squamish, and have helped revitalize the local economy,” says Paul Kamon, executive director of Sunshine Coast Tourism. Kamon relocated from Vancouver with his family in 2011. He points to the expat-founded Culaccino Italian Kitchen, Townsite Brewing and 32 Lakes Coffee Roasters, among others. Part of the draw is affordable real estate, he says (single-family homes sell for an average $370,000) and amenities that rival larger centres, like an airport with five flights a day to Vancouver, and blistering Internet speeds courtesy of fibre-optic cable. The other part is natural appeal. “We’re surrounded by forests and eight freshwater lakes and also right on the ocean,” he says. “Cycling, mountain biking, paddleboarding, kayaking, fishing, hiking—it’s all available.” – Staff

Photo courtesy of Tourism Powell River

Former Whistler Blackcomb COO David Brownlie Tapped for Top Revelstoke Job

The New Powell River

>>

The relatively insular world of ski resort management was shaken up this fall when Revelstoke Mountain Resort (RMR) announced the appointment of David Brownlie, former Whistler-Blackcomb COO, as president of the resort.

In July 2017, Brownlie stepped down after 29 years with the Whistler operation.

Starting out as Blackcomb’s director of finance in 1996, the Burnaby-born chartered accountant left his mark on just about everything, from the corporate merger with Whistler and real estate development to the landmark 60-year Master Development Agreement with Squamish and Lil’wat First Nations.

In a press release issued by the resort, Brownlie said: “The natural attributes of the mountain, the consistent snowfall, and the many outdoor activities in the region combined with a vibrant and authentic community uniquely positions RMR to become a leader as a year-round destination mountain resort.” — Staff

Photo courtesy of Revelstoke Mountain Resort

>>

Custom Service at Predator Ridge Predator Ridge is the only residential/resort community in the area with its own ski shuttle service. The shuttle launches on Silver Star’s opening day—scheduled for Nov. 22—and will take reservations for the service from both homeowners and resort guests. Every Thursday during the season—which is homeowner day at the ski hill—is reserved for Predator Ridge owners.

As well, discounted lift tickets are on offer as well. — Staff

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Campbell River

Pemberton

Campbell River has

This winter wonderland is

long been touted

close enough to the resort

as the salmon

municipality of Whistler but

capital of the

with properties that are not

world with trophy

as expensive. Winter features

fishing — but that

not only skiing and snowmo-

is being eclipsed by the Vancouver Island community’s

biling, but also cross-coun-

reputation as not only a place for outdoor pursuits, but

try skiing and winter fishing. Recent listing: A three-bedroom,

as a wonderful place to work and raise a family. Recent

two-bathroom townhouse in a central location features 1,400 square

listing: A newly updated rancher with ocean views sits

feet and views of Mt. Currie. $639,000

on a half-acre and features more than 2,000 square feet of living space. There are three bedrooms, two bathrooms, plus an ensuite with a jetted tub. The backyard has ocean views, fruit trees and a triple driveway that’s big enough to park an RV. $689,800

Powell River Located on the popular Sunshine Coast, Powell River is a playground for outdoor adventure along with its increasingly vibrant cultural amenities. Spend your day kayaking, canoeing, rock climbing, golfing, boating, fishing, hiking or stop by one of the cultural events or festivals. Recent listing: This Paradise Valley home sits on more than two hectares and is just minutes from town. The home has four bedrooms, two full bathrooms and a master bedroom walk-in closet. The kitchen features new stainless steel appliances and a large pantry with French doors that lead into the family room and an adjoining new deck. $680,000

Nanaimo Nanaimo is located on the eastern shore of Vancouver Island—one of the longest shorelines in Canada. The burgeoning craft breweries and restaurants are adding to a growing list of attractions, including this city’s proximity to hiking, fishing and winter sports. Recent listing: With almost 2,500 square feet of living space, this four-bedroom, three-bathroom home in Hammond Bay has spectacular views of the Georgia Strait. The property is close to shopping, schools and restaurants. $674,900 18

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November/December 2018

7 Towns Under $700,000

By Right Sizing Staff

Whether it’s a condo, a townhouse or a rancher set on a sprawling acreage—here are a few options For direct links to all listings go to rightsizingmedia.com/700

Kelowna Big White, Silver Star and Apex are three resorts within a short drive from Kelowna—and that’s

Wasa Lake

just for winter activities. Kelow-

Wasa Lake

na is a large centre surrounded

has a rep-

by wineries, spas and shopping.

utation for being the

Recent listing: The second tower for One Water Street is selling

warmest lake

and this new development features resort-style amenities such as an outdoor swimming pool, hot tub, fire pits, health clubs and an

in the East Kootenay. Close to the Fort Steel

entertainment room. Floor plans range from studios to three bed-

heritage site and with sandy beaches, Wasa

rooms. Many units range between $500,000 to $700,000

Lake is touted for its water activities—and its local community. The nearby larger centre of Cranbrook is about 30 minutes away. Recent listing: A rustic, rancher-style waterfront home has three bedrooms and two bathrooms, vaulted ceilings and a wraparound deck with views of Wasa Lake, which is located north of Cranbrook, B.C. The home is also right next to Wasa Lake Provincial Park. $679,900

Penticton Penticton is well known for its beaches and water activities, but nearby Apex Mountain offers winter-season options that include night skiing, a tube park and an NHL-sized skating rink. Penticton is also attracting buyers escaping the high cost of living in the Lower Mainland. Recent listing: A three-bedroom, four-bathroom home in the popular area for Uplands School has many upgrades including new deck railing, rewiring and painting. The home sits on a lot of more than 10,000 square feet and has a large backyard with a pergola that has been wired. $679,000

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INTRODUCE YOURSELF TO COOL EATERIES Farm-to-table creations featured on numerous B.C. menus

By Gail Johnson

Masala Bistro, Osoyoos Osoyoos is known for its desert-like landscape, sunny summers, surrounding wineries and juicy produce. Indian food may not be the first thing that comes to mind, but it’s a new draw in its own right to the Okanagan Valley.

Masala Bistro is the family-run restaurant at Kismet Estate Winery.

Sukhwinder Dhaliwal first came to Canada in 1989 from Rama, India, with a borrowed $5 in his pocket. His brother, Balwinder, later joined him and the siblings turned their rice-growing knowledge into a grape-growing business. They’ve become one of the top growers in the region and launched Kismet in 2013, which is named after the Sanskrit word for destiny.

After getting requests from visitors and locals alike, the family began serving authentic Indian cuisine a few summers ago. People couldn’t get enough of their curries, samosas and other traditional dishes, so Masala Bistro was born.

The restaurant serves crab pakoras, butter chicken, lamb vindaloo, chickpea masala and pani puri chaat—a roadside snack with chickpeas, potato and crispy fried bread with tamarind sauce. Each dish can be paired with one of Kismet’s wines, and all of them are served with a view of grapevines and rolling hills.

Birchwood Restaurant, Invermere It’s no exaggeration to say that Invermere is one of the prettiest places in B.C. Situated where the Purcell and Rocky Mountain ranges meet in the Kootenay River valley on the edge of Windermere Lake, it’s close to glacial peaks, provincial parks and hot springs.

Invermere’s main street evokes equal parts small-town charm and indie spirit with artists’ studios, galleries, cafes, boutique shops and eateries.

The Birchwood Restaurant features a wine list that leans heavily toward B.C. selections. These can be paired with dishes such as ahi-tuna poke nachos, a vegetarian bowl with farro, quinoa and black beans in a cashew-coriander-lime dressing, or mussels Provençale, baked cheese fondue, Spanish paella, Vancouver Island king salmon or a triple-A sirloin steak with lobster mac and cheese.

Photo courtesy of Masala Bistro, Osoyoos

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Salted Vine Kitchen and Bar, Squamish For decades, eating out in Squamish offered little in the way of variety or excitement.

Barring a few locals’ favourites such as the Sunflower Bakery Café, Zephyr Café, the pub at Howe Sound Brewing and the riverside Watershed Grill, the restaurant scene has been largely dominated by fast-food chains.

That’s changing with the mountain community’s growth. Along with an influx of residents have come new dining options.

Photo courtesy of Birchwood Restaurant, Invermere

Bistro 694, Qualicum Beach

The Salted Vine Kitchen and Bar stands out not only for its menu—focusing on local, seasonal and sustainable ingredients—but also its ethos: situated in the town’s oldest building that dates back to 1910, the restaurant prides itself on being the first to offer upscale dining in the outdoor recreation capital of Canada.

Think custom-milled maple-wood serving platters, original paintings on the walls, a sommelier-curated drinks list and attentive service. Add in dishes like fresh oysters, Wagyu beef, ling cod, Humboldt squid and fine cheeses, and you’ve got a meal out to match the magnificence of the Stawamus Chief itself.

Qualicum Beach celebrates all things sea-related: It holds a national sand-sculpting competition every summer and offers yearround boating, paddling and fishing. This is the place for a B.C. vacation that doesn’t involve a pricey flight.

For a small beach town, Qualicum’s dining scene is impressively varied and includes Thai, Cantonese, Japanese, British, Italian and Pacific Northwestern cuisine.

Bistro 694 is all about international flavours.

Chef and co-owner Tony Szeles draws inspiration for his menu from his global travels.

Lemon and roasted garlic add depth to velvety hummus. Jasmine rice is studded with wild prawns and seasonal vegetables in a Balinese coconut curry. Kashmiri butter chicken, linguine prosciutto, seafood crêpes: the dishes are gustatory postcards.

Making up these multicultural menu items are ingredients from Vancouver Island farmers, fishers and cheese producers—making this place a food lover’s destination.

Nancy and Tony Szeles of Bistro 694. Photo courtesy of Bistro 694

A sample of the fall menu at Salted Vine Kitchen and Bar, Squamish. Photo courtesy of Salted Vine Kitchen and Bar

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SPARKING CONVERSATION Project tracks energy efficiency in two homes with stunning results

By Robin Brunet

The Home of Tomorrow in the foreground. Photo courtesy of kodiakbc.com

The Wilden Living Lab project is a pioneering initiative.

In partnership with FortisBC, the University of British Columbia, Okanagan College, AuthenTech Homes, and the National Science and Engineering Research Council of Canada (NSERC), the project consists of two identical houses that were constructed in Kelowna.

The first, known as the Home of Today, was built to current code requirements; the second, aptly named the Home of Tomorrow, exceeds code standards with its superior building envelope and the installation of energy-efficient components (see sidebar).

“The project was the result of UBC and its engineering department sitting down with us and brainstorming. Together, we came up

with the idea to create a living laboratory that would help researchers analyze the energy performance of both homes over three years under normal living conditions,” says Karin Eger-Blenk, director of Blenk Development Corp. and marketing manager for Wilden Real Estate, which is responsible for the ongoing development of the Okanagan’s largest master-planned residential community.

FortisBC’s advanced meter infrastructure tracks and transmits information regarding total electricity use. “Fortis also gave us considerable input as to the many applications— from HVAC systems to appliances—that should be installed in the homes,” says Eger-Blenk.

After families moved into the homes in the spring of 2017, results show that as

of September 2018 the Home of Tomorrow has achieved more than a 95 per cent reduction in greenhouse gas emissions, an energy savings of 61 per cent and annual cost savings of 35 per cent compared to the Home of Today.

And overall, according to Natural Resources Canada’s EnerGuide test, the Home of Tomorrow is 53 per cent more efficient than a home built in compliance with the current building code.

“That means the Home of Tomorrow is expected to use only 47 gigajoules of energy per year compared to a typical new Canadian home, which uses on average 99 gigajoules per year,” says Nicole Bogdanovic, corporate communications advisor for FortisBC.

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CLOCKWISE, STARTING TOP LEFT Blower door test with college class; putting together a foundation; the homes from the rear; a thermal scan. Photos courtesy of kodiakbc.com

Shahria Alam, the lead researcher on the project, says that while these results are hardly surprising, “providing homeowners and homebuilders with this type of analysis gives them the tools to make more informed decisions about what approach they wish to take in the future.”

Home of Tomorrow Versus Home of Today The Home of Tomorrow is built with familiar energy-efficient building systems and appliances that include: •

Insulated concrete form foundation walls at the basement level

•

QuikTherm two-inch styrofoam wall system

•

R-20 batt and R-50 blown-in ceilings

•

Solar panels connected to a Fortis net meter

•

Geothermal heating

“We’re getting hard numbers from real-life living con-

•

A gas direct-vent fireplace

ditions that we hope will go a long way in interesting

•

Water-saving toilets and faucets

contractors and home buyers.” — Nicole Bogdanovic

•

Vinyl, triple-glazed windows with Low-E coating

•

LED lighting

•

Appliances include induction range, double oven with Energy Star-rated hood fan, and five-door fridge.

Moving forward, Alam and his colleagues will develop an energy simulation model that will “provide us with energy usage predictions based on several factors, including different components, materials, system efficiency, climate and usage.” They will also look at the long-term performance management and the life-cycle costs between the two homes.

For FortisBC, the Wilden Living Lab is proving invaluable. “We’re getting hard numbers from real-life living conditions that we hope will go a long way in interesting contractors and home buyers,” says Bogdanovic, adding that while many of the energy-efficient components in the Home of Tomorrow are readily available, having them all functioning and then analyzed in one place is unprecedented.

FortisBC’s partnership with Wilden goes beyond this particular project.

“All Wilden show homes will be built to Energy Star standards to be a minimum of 20 per cent more efficient than the current code.

FortisBC supports this program by providing builders and developers with a $2,000 rebate through our New Home Program,” says Bogdanovic. “We provide a variety of incentives for builders to construct homes above standard, and we’re striving to build interest within the development community about what’s going on in Wilden because at the end of the day, the numbers speak for themselves.”

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November/December 2018

The Home of Today is built with minimum code requirements that include: •

HVAC: 92-per-cent efficiency; 60,000 BTU natural-gas furnace

•

Standard appliances and plumbing fixtures and a 60-gallon electric hot-water tank

•

Vinyl, double-glazed windows with 180 Low-E coating

•

Insulation: R-22 batt walls, R-40 blown-in ceilings, two-pound sprayed joist ends

•

Incandescent lighting.

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B.C.’S TECH SECTOR SPREADS ITS WINGS Vancouver may be considered the centre of B.C.’s tech sector, home to the majority of big company head offices and successful startups, but growing tech hubs are no longer just the domain of the big city. In fact, emerging tech centres throughout the province are changing the nature of work—and work/life opportunities—all over B.C.

By Lisa Manfield

Kelowna’s tech scene is booming with several startups and significant growth in existing companies.

Photo courtesy Accelerate Okanagan

PRINCE GEORGE

TRAIL

It’s no surprise Prince George’s growing tech sector is centred on resources-based industries. “We have drone companies, control system companies, fuel generation companies,” says Allan Stroet, executive director of the Innovation Central Society. “A lot of ideas are coming from noticing pains in the core economic drivers.” And a lot of people are coming to Prince George to escape pains in other regions. “Your lifestyle doesn’t have to be you at work, you in your car and you in bed,” Stroet says. “The City of Prince George is really pushing its recreational activities, affordable lifestyle and lack of traffic. We’re not as established as Vancouver or Kelowna, but the parts are there. We have the university, plenty of fibre, which allows people to work from anywhere, and you can still buy a house for $300,000.”

Trail literally has the Midas touch when it comes its emerging tech sector. The new MIDAS (Metallurgical Industrial Development Acceleration and Studies) facility in Trail is an MIT-certified fabrication lab that is gaining national recognition for its metallurgical expertise.

“We do research and prototyping for clients and we’re experts in 3D printing, metals and woodworking equipment,” says Don Freschi, executive director of the Kootenay Association for Science and Technology (KAST). “When we first opened two years ago our clients were mostly local, but now there’s a big demand and larger companies are taking advantage. We have over 200 clients that come in and do their own prototyping, and six major corporate memberships. School districts are also training kids in here; it’s really blowing up.”

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Trail is home to MIDAS, an MIT-certified fabrication lab that is gaining national recognition.

PHOTO COURTESY MIDAS

KELOWNA It’s one of the fastest growing tech regions in Canada, and a recent economic impact study shows just how much Kelowna’s tech scene is booming, anchored by successful startups like Bananatag and GetintheLoop. “We’ve had very consistent growth over the last five years,” says Accelerate Okanagan’s CEO Raghwa Gopal. “We’ve seen a lot of companies starting business this year, but where we’re really seeing a lot of growth is in companies doing half a million to $1 million in revenue. They’re doubling revenues and employee counts.”

And we’re attractive to freedom-loving people, whether they’re remote workers or creating a startup on their own.”

The newly released Economic Impact of the Tech Sector report shows year-over-year economic growth of 15 per cent in the region since 2013. The Okanagan tech sector is estimated to contribute $1.67 billion to the region’s economy and comprises 693 businesses and 12,474 workers. “We’re starting to be noticed, so much more money is coming into our region,” Gopal says. “We’ve had more venture capital coming into Kelowna, and a huge community support system. Seven or eight years ago we were more focused on early-stage companies, but now we’re more focused on mentorship of growth-stage companies; more connections to markets and money outside of Kelowna and the Okanagan.”

With UBC Okanagan and Okanagan College increasing seats in electronics and computer science programs, more skilled graduates are entering the labour market with ideas for tech startups too. “Our partners at Okanagan College and UBC Okanagan have a keen interest in bringing an entrepreneurial mindset to the student body,” says Austin. “At CoLab our efforts have focused around events that accelerate the culture of entrepreneurs. We’re a community-first co-working space and it’s not just a buzzword for us. A lot of organizations push community and collaboration, but we really help build people up and make connections that matter. We see a company or person doing great things and we’ll do everything possible to support them.”

Shane Austin, co-founder of CoLab in Kelowna, a co-working space focused on building community, describes Kelowna’s culture as creative, optimistic and forward-thinking, with a passion for creation. “We’re one of the most entrepreneurial cities in Canada,” he says, “with a higher than average number of self-starting businesses. When you have a growing city you have to have a lot of entrepreneurial people.

Austin cites Yeti Farm Creative as one of its success stories. The animation studio, which started as one freelancer working remotely at CoLab, has grown into a 7,000-square-foot state-of-the-art 2D/3D animation studio creating work for shows like Angry Bird Toons. “Most new people here are looking for the opportunity to take the steps toward change in their life,” Austin says. “We are at the frontline of that.”

One of the driving forces behind the influx of freedom seekers is the housing situation in the Lower Mainland. “We see it on a daily basis,” says Gopal. “We also get a lot of people coming from Calgary, and even the Prairies—Saskatchewan and Manitoba—but now our No. 1 source of people is Vancouver,” he says.

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WHISTLER/SQUAMISH With technology entrepreneur Jack Crompton as the new mayor of Whistler, you can bet the region is poised to become even more attractive for tech startups. Already known for tourism tech startups like Guestfolio and Ridebooker, the region currently attracts a lot of online marketing entrepreneurs and remote workers, says Michelle Martin, co-organizer of the Whistler Entrepreneur Alliance and a serial entrepreneur who travels regularly between Vancouver, Squamish and Silicon Valley. “There’s a real mindfulness vibe here. It’s a bit different than the usual startup hustle. A lot of entrepreneurs are here to have an amazing lifestyle.” But with housing affordability a key issue, many are settling in Squamish and Pemberton, and commuting within the region or into Vancouver. Co-working spaces like Space in Whistler’s Function Junction, as well as the Aligned Collective and the Common in Squamish are providing support for remote workers and events for the startup community.

A new movement of the “Brain Gain” hits smaller communities

CITY OF PENTICTON

REVELSTOKE

PENTICTON Penticton, which once suffered a continuous loss of young people seeking greener pastures, is now touted as the “Brain Gain” centre that is home to an ongoing exodus as one in four buyers in the South Okanagan region come from the Lower Mainland, according to the South Okanagan Real Estate Board. Plus, young people originally from the area are returning with their higher education and their young families in search of opportunities for a more affordable lifestyle. Penticton’s population grew by 6 per cent last year, compared to just 1 per cent growth in B.C. overall, as the city undergoes key improvements ranging from $6 million in airport upgrades and $300 million in hospital improvements, according to Jennifer Vincent, economic development specialist at the City of Penticton. Local entrepreneurs and remote workers have access to Cowork Penticton, which offers meeting room and hot desk rentals, as well as permanent workspaces. As well, there are several shared workspaces in town—one official coworking space that offers meeting room rental and hot desking as well as permanent workspaces and offices, plus another hub of small firms and entrepreneurs sharing a common work environment.

VICTORIA Victoria’s tech sector punches well above its weight: with 8 per cent of B.C.’s population, Victoria houses 9 per cent of its tech companies and produces 15 per cent of its tech revenue —over $4 billion last year, according to Dan Gunn, CEO of VIATECH (Victoria Innovation, Advanced Technology and Entrepreneurship Council). Chalk it up to an attractive lifestyle, a growing body of post-secondary students and grads, and a culture in which those who make it stick around to help those on the rise. “Successful founders become advisors and mentors here,” says Gunn. The city counts among its tech successes AbeBooks, which was purchased by Amazon, Power Measurement, which was acquired by Schneider Electric, and software firm MediaCore, purchased by Silicon Valley’s Workday. Up and comers include MetaLab, the user experience and design shop that created the design for Slack, and LlamaZOO, with expertise in 3D data visualization.

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Revelstoke may attract people for its balanced lifestyle, but it’s keeping them with its innovative approaches to business. “We moved to the Kootenays because we love the earth and want balance in life,” says Jean-Marc La Flamme, Founder of Mountain CoLab and vice chair of the City of Revelstoke’s Tech Team. “We’re hell bent on trying to integrate Smart City components, coworking and fabrication labs.”

And tech startups will soon benefit from the region’s new regional investment co-op. “We’re focused on economic and environmental sustainability, and on companies that have the capacity to grow from local to global.”

NANAIMO Nanaimo’s tech sector has been growing by leaps and bounds, and not just because it’s an easy launching pad for those still bound to the Lower Mainland. “In the past five years we’ve seen phenomenal aggregate growth on our KPIs new jobs, investment and revenues have grown by 2,600 per cent,” says Graham Truax, interim executive director at the Innovation Island Technology Association, which offers a Venture Acceleration Program to help early-stage entrepreneurs with growth. Despite reported squabbles at the city level, the startup scene is thriving, due in part to the city’s ability to attract talent based on its affordability, lifestyle amenities, and proximity to the mainland.

TECH HUBS SUPPORTING ENTREPRENEURS AND SMALL BUSINESSES THROUGHOUT BC Campbell River: Innovation Island innovationisland.ca Cranbrook: Cranbrook Workspace cranbrookworkspace.com Ground Floor Coworking Space groundfloorcowork.ca Fernie: Columbia Lake Technology Center https://cltc.tech Kamloops: Built in Kamloops builtinkamloops.ca Kamloops Innovation kamloopsinnovation.ca Rossland: Kootenay Association for Science and Technology kast.com Salmon Arm: Salmon Arm Innovation Centre Terrace: Tec Space tec-space-terrace.cobot.me Vernon: Cowork Vernon coworkvernon.com

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Predator Ridge steve asking for winter images

The Glass Half Full B.C.'s Best Purpose-Built Communities for Semi-Retirement

By Steven Threndyle It says something about our youth-oriented culture that retirement has become such a loaded word. Semi-retired just sounds so much better. Some cash out early and devote their lives to chasing powder or to running a philanthropic foundation. Others might continue to work in their field as consultants or even partners with an eye to cutting back their hours to suit their travel or recreational dreams.

One thing is certain: real estate developers are keeping a wary eye on what tomorrow’s seniors are looking for, and are tailoring their offerings based on the most accurate demographic data and creative branding they can muster. There’s a lot at stake, especially for smaller communities that might not be well prepared for an onslaught of newcomers. The most progressive developers are the ones who are investing in the long game and know the timeline for creating a successful community is measured in decades, not years. Here are the up-and-comers.

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Photos by McKinley Beach

Close to nature, yet close to the city Many people considering downsizing want it all; they want to live in a remote natural location yet still be connected to a city or decent-sized airport. North of Kelowna, McKinley Beach and University Heights will appeal to two very different demographics. McKinley Beach is a single-family home subdivision with a kilometre of shared waterfront on Okanagan Lake. Almost 365 ha in size, McKinley will be restricted to fewer than 300 homes, all of which offer views of Okanagan Lake. McKinley is less than a half-hour from downtown Kelowna.

Located adjacent to the University of British Columbia Okanagan (UBCO) campus, University Heights is marketed to a broad range of home buyers; it’s the perfect step up from a starter home for young families and packs a lot of value for downsizing empty-nesters who still want space for entertaining and hosting grandchildren.

Still selling in Phase 1, University Heights will eventually be one of

many neighbourhoods surrounding the campus, and is attractive to both UBCO and Kelowna International Airport employees.

beyond golf Many developments are anchored by some kind of recreational experience. But recreational amenities alone aren’t enough to ensure community longevity, especially if they are located too far from the nearest town or city. Ironically, a high percentage of people who purchase golf-course property don’t even play the game, they simply enjoy the built-in sense of community. Predator Ridge, 17 km outside of Vernon, established a reputation by providing an outstanding golfing experience with new activities anchored by a state-of-the-art fitness centre and on-site events that run year-round.

A population explosion over the past decade in the Comox Valley has necessitated a variety of housing options at Crown Isle, a multi-phase residential community near the Comox Airport.

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Retirees continue to explore new sports, such as kayaking, when they reduce their work schedules. Photo by Fairwinds

(Courtenay/Comox owes much of its second home boom to easily accessible flights from Calgary on WestJet). Like Predator Ridge, golf anchors the recreational aspect, but this 352-hectare master planned residential community is a thoughtful blend of residential lots, new and re-sale single family homes, condominiums, low-rise patio homes and commercial complexes such as Costco and a new Thrifty Foods.

however, is its community hall. On any given day, residents will gather for line-dancing, yoga, spin classes, pool/snooker, bridge, quilting and even inter-denominational church services.

Increasingly, privately owned community centres are seen as holding the key to developing bonds between homeowners. Like Crown Isle and Predator Ridge, Fairwinds in Nanaimo started as a golf resort but has major plans that go well beyond. A 350-berth marina has broadened Northwind’s appeal and in its next stage, The Landing at Fairwinds will feature a  new community hub with a 40,000-squarefoot waterfront building. Established over 25 years ago, Fairwinds is located 20 minutes north of Nanaimo. The community is already home to more than 1,000 residents, while approvals are in place to allow for an additional 2,000 homes to be built. Shuswap Lake Estates near Blind Bay sold its first vacation lots back in 1971, years before its golf course was built. Almost 50 years later, 526 hectares of property have been developed with more than 1,000 home sites and an 18-hole golf course. The true heart of Shuswap Lake Estates,

The idea of a retirement community is anathema to baby boomers who feel that they will stay forever young and vibrant. Recognizing that people are semi-retiring at a younger age, new developmentssuch as Cadence on the Lakes in the Okanagan’s Lake Country community have dropped their age of ownership from over 55 to over 45. Some age-restricted developments have a higher level of building maintenance that sees to snow removal, lawn cutting and even gardening chores.

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Freedom 55 (or is that 45?)

Come for the scenery, stay for the friendship Prospective purchasers who visited the site of what would become the Cottages at Osoyoos Lake back in 2012 were wowed by the

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Photo courtesy of Cadence on the Lakes

Photos courtesy of Crown Isle Resorts

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location; a rugged desert wilderness bordering the placid waters of one of Canada’s warmest lakes. Since the 28-hectare master planned community has evolved, it’s been the friendships and camaraderie that residents rave about the most. Communal bonds are strengthened through regular interaction on the walking trails or by the swimming pool, or from planned activities that take place at the 7,000-square-foot clubhouse.

you are downsizing, looking for your first home or searching for space for your kids to run free, Southlands is both sustainable and accessible.

Country living in a larger community Perhaps the most innovative communities are those that are being developed in existing suburban neighbourhoods that older people don’t want to leave; places like North and West Vancouver, Tsawwassen/White Rock, Victoria and Kelowna. Seniors don’t have to change their doctors or pharmacists and can remain close to friends and family.

In Tsawwassen, the Century Group’s Southlands community pays tribute to Tsawwassen’s farming tradition; future plans call for a vibrant market district to socialize with new neighbours. This project is in the planning stages with presales scheduled for 2020. Whether 34

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Searching for sustainability One way in which developers promote community spirit is by looking at how a neighbourhood streetscape can be altered to encourage chance encounters between residents. This philosophy is guiding the planning and development of The Ridge in Nanaimo, where local hiking trails and natural features are integrated into the neighbourhood as well. Creative parking solutions diminish the amount of asphalt used and encourage the planting of native vegetation.

Cost conscious in the Kootenays In the heyday of Alberta’s booming energy industry, tens of thousands of Calgarians were purchasing property in Invermere and Radium Hot Springs. Fairmont Hot Springs has been popular with

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The outdoors is calling to anyone who’s traded in the office life for new recreational pursuits.

campers and vacation-home owners since the late 1940s. It’s located within a rugged wilderness that borders the placid waters of one of Canada’s warmest lakes. Since the 28-hectare master planned community has evolved, it’s been the friendships and camaraderie that residents rave about the most. Communal bonds are strengthened through regular interaction on the walking trails or by the swimming pool, or from planned activities that take place at the 7,000-square-foot clubhouse.

In the Works: Two Waters on Esquimalt Lagoon When it comes to making money on a second home or retirement property often it’s the early bird who reaps the biggest profits.

While there’s not much to see at Two Waters on Esquimalt Lagoon in the city of Colwood on Vancouver Island right now, what makes this an interesting investment is the fact that current housing in the area is scarce. This master planned community will have a broad variety of housing options to appeal to both young Victoria-area professionals, mid-career dual-income families and downsizers from all parts of Canada. Environmental sustainability and wetlands with riparian preservation will be at the forefront of this progressive new neighbourhood just a 20-minute drive from Victoria. Pre-sales will be with Rennie Marketing Systems.

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TOP Crown Isle Resorts. BOTTOM Fairmont Hot Springs. Photo by Kari Medig/Destination BC.

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industrial business park that attracts high-paying jobs,” says Pratt.

stand why he describes it this way, given the increasing number of people who are flocking to this southeastern city of 19,500 people.

Local government is hardly alone in its pro-business initiatives as $10 million was recently invested in the College of the Rockies to create a new

Cranbrook is witnessing a larger influx of new residents from Vancouver

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Like many resource-dependent locales, Cranbrook’s policy makers have

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The Cranbrook region of 2018 is as well known for its superb bike trails, ski hills and fishing as it is for being a major service hub for the forestry and mining industries. Hunting, camping, showshoeing—virtually every type of outdoor activity can be enjoyed and this is enhanced by the fact that, according to Environment Canada, Cranbrook has the most sunshine hours of any B.C. city (2,190.5 hours annually). “Golf is another sport strongly associated with us,” says Pratt. “We have 20 courses within a 100-kilometre radius.”

“An average single detached home here costs about $330,000.”–Mayor Lee Pratt Additionally, Cranbrook has an active arts community with its 600-seat Key City Theatre, the Western Financial Place multi-purpose recreational facility and a 4,500-seat arena that’s home to the champion Kootenay Ice hockey team.

And then there’s the icing on the cake: the reason compelling Vancouverites young and old to move to Cranbrook. “An average single detached home here costs about $330,000,” says Pratt. “We’re affordable in so many aspects and we’re busy building new residences to keep up with the demand.”

So why does Pratt—who says that throughout the decades he’s had plenty of chances to live elsewhere—call Cranbrook an undiscovered B.C. locale?

Primarily because he believes the living and business opportunities have only begun. “Our new industrial park will be a huge game changer for our economy, and our popularity will continue to build. One example is our Canadian Rockies International Airport, which is the second fastest-growing airport in all of Canada,” he says.

While Pratt and his colleagues are proud of the gains Cranbrook has made, they’re focused far more on the strengths to come.

“Between new industry, our existing status as a service center, our strong tourism sector and our reputation as the transportation hub of southeastern B.C., we’re moving forward quickly,” he says. “New residents have a lot to discover and enjoy here.”

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THE RULES OF FOREIGN OWNERSHIP Seeking advice from a professional will help streamline a purchase

By Robin Brunet

COSTA RICA Canadians’ love of adventure is not only fuelling their penchant for travelling abroad, it is also causing them to invest in foreign real estate—in some cases merely for eventual profit on the dollar exchange, but mainly to have a vacation home.

So where are they buying? Unsurprisingly, many head south to the U.S., which has seen a 20 per cent increase in Canadian investment this year, according to Royal LePage, making Canadians the second biggest buyers of American real estate after the Chinese.

Costa Rican laws weigh heavily in favour of Canadians wanting to buy property. Buyers can own property outright in their own name or in that of their corporation. They also don’t need a local partner, except in cases of beachfront concession property, where special rules apply.

Additionally, Costa Rica has a central land registry that confirms if there is clear title to a desired property and whether there are any restrictions on the property before a deal goes through.

Mexico is also a hotspot, as is Costa Rica, which unlike many other countries, extends the same purchasing rights to outsiders as it does to locals.

Also attractive are Costa Rica’s property taxes: one quarter of one per cent annually, according to Remax, which means a home with an assessed value of $200,000 requires property taxes of only $500 annually.

In fact, researchers at Point2Homes this year list Mexico, the U.S. and Costa Rica as the top three buying destinations for Canadians in that order. Belize is in fourth place and the Dominican Republic is fifth.

As for transactional costs, closing costs containing the notary’s fee are 1.5 per cent from the first million Colones (the local currency), and 1.25 per cent on the balance. Land transfer tax, legal and additional fees are about 2.56 per cent of the declared property value.

However, although property purchase is easy, Remax suggests forming a corporation with the help of a lawyer and then purchasing property through that corporation, for three reasons. First, it may be beneficial to have income or capital gains taxed within a Costa Rican company instead of as personal income. Second, it allows for simplified estate planning. Third, if the buyer ever decides to sell, he or she can avoid paying property transfer taxes a second time by simply transferring the shares of the corporation to the new owner.

Tamarindo, Costa Rica. Photo of Zachary Shea/Unsplash

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MEXICO All foreign transactions have hurdles that need to be surmounted and Mexico is a prime example. Although housing in Mexico is considerably more affordable than in Canada, with the average home price of $52,325 according to Point2Homes, Canadians wanting to own real estate must consider that Mexico maintains a restricted zone of 100 km along the border or 50 km along the coast.

“Outside the restricted zone, a foreigner corporation can acquire any type of real estate as can any Mexican national, holding the property in fee simple as a direct owner with Mexican law,” says Stephan Rill, a realtor with Century 21 Seaside Realty Ltd. “Within the restricted zone, a foreigner or a foreign corporation may obtain all the rights of ownership, but it must be in a bank trust, known as Fideicomiso.”

The trust is a legal substitute for fee simple ownership. As a beneficiary, the individual who has purchased the property has the right to sell without restriction, as well as transfer his or her rights to a third party or pass it on to named heirs. Trusts cost about $500 to set up and a similar amount yearly thereafter to maintain.

Toluca, Mexico

U.S. According to the National Association of Realtors, Canadians bought $19 billion worth of U.S. residential property from spring 2016 to spring 2017, but experts stress that residency rules must be considered for any purchase as they affect tax exposure, immigration status and health coverage—and the rules can be complex depending on the location.

BMO suggests that potential buyers first seek legal and tax advice at home from experts who know the Canadian regulations— and that working with a bank that has a partner U.S. branch is important because it will be able to consider the buyer’s credit standing and help determine whether the U.S. home should be financed in Canada or south of the border.

The process of obtaining a mortgage in the U.S. is much longer and more complex than in Canada, typically taking over a month and requiring plenty of documentation. Additionally, all-in costs in the U.S. are higher than in Canada due to third-party expenses such as taxes, titling and certain insurances that vary state to state.

Venice, Los Angeles, United States. Photo by Jaredd Craig/Unsplash

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SOUTHERN DESTINATIONS FOR LESS THAN $700,000 Whether it’s beach or desert, properties abound

By Right Sizing Staff

We’ve all asked ourselves the same question when on vacation at a sunny resort or in the desert: Why can’t we just cash in and do this all the time? Or for six months a year? The urge to leave a northern climate and the daily stressors of working life is overshadowed only by whether or not we think we could pull it off. Turns out, there are properties for sale at numerous price points, which makes the dream more of a reality. Here are a few (all prices are in U.S. dollars):

SAN JOSE DEL CABO is on the tip of Mexico’s Baja Peninsula with white-sand beaches that stretch endlessly. This resort city is a beacon for sun lovers and features Spanish colonial architecture and galleries that showcase works from local artists. Nearby is the San José Estuary nature reserve.

A remodelled beachfront condo at Las Mananitas with three bedrooms and three full bathrooms is steps to the beach. The complex has three heated swimming pools, onsite management, a gym, tennis court and 24-hour security. Downtown San José del Cabo is within walking distance. $685,000. https://bit.ly/2q2qkgi

California’s PALM SPRINGS has the enviable desert climate that draws tourists and part-time vacationers from all over the world.

The vibe is a mix of old-world money and new-world chic. Throw in some exceptional dining and shopping and it’s easy to see why this place has been a draw for more than a century.

A 2,500-square foot home with five bedrooms and four bathrooms has been remodelled and features cathedral ceilings as well in-law quarters. A full-sized pool is surrounded by a mature privacy hedge just made for endless sunny afternoons. $539,000. https://bit.ly/2R48Zzf

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PUERTO VALLARTA is one of the most popular warm-weather destinations for Canadians and Americans. With gorgeous beaches, a historic centre and active cultural scene, PV, as it is commonly called, has a rich heritage, first-class dining and lively night life.

This home is a multi-level Spanish-Style villa with four bedrooms, six bathrooms, three full kitchens and a heated pool and hot tub. It’s a private, open-air villa with terraces on all levels with views of the mountains and ocean. $599,000. casasandvillas.com/listing/mls_11002/

HAWAII never seems to lose its appeal. The warm water, pristine beaches and compelling culture of every community and city on these islands beckons to those who want to live in a sunny climate.

Maui remains one of the most popular islands, and this condo is located close to all the amenities and the historic area of Lahaina.

An oceanfront 456-square-foot studio has views of the white sandy beach. The Mahanna complex is private and tucked away at the end of Kaanapali Shores. Amenities include tennis courts, swimming pools, shuffleboard, spa and barbecue area. $649,000. mauirealestate.net/mls-380177.html

ARIZONA is home to thousands of winter vacationers who are drawn to the warmth and who likely fall in love with that desert light, which bathes everything in muted colours. Eloy is about an hour south of Phoenix.

This home has more than 2,700 square feet with three bedrooms and four bathrooms and a custom kitchen with wine cooler and granite countertops. Outside is a large space for entertaining, plus an outdoor kitchen and fire pit. $544,500. https://bit.ly/2yqijqd

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FIND YOUR PERFECT B.C. SKI TOWN Choose from places with epic snowfall or communities geared to entrepreneurs, to less expensive locales in which to live the dream

By Steven Threndyle

Rossland at night. Photo by Ashley Voykin courtesy of RED Resort.

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T

here is something life-changing about strolling through a ski town with big white snowbanks and rooftops covered in snow on a cold winter evening. At the end of your walk you look forward to putting another log on the fire—you feel refreshed and can’t wait to see how much snow will come down the next day. And as you make your way from the lifts to change for dinner, you walk past a realtor’s office and see photos of dreamy ski cabins with exposed timber beams and glowing fireplaces. And you think: what if you could pull this off? What if you could live slopeside at Big White, Sun Peaks or Silver Star, or semi-retire to Nelson, Rossland, Fernie, Whistler, Revelstoke or Golden?

Thanks to high-speed internet and proximity to airports, living the dream is not as far-fetched as it used to be. Some cities have gained a measure of critical mass in population in the past 10 years and have attracted major investments in transportation, health care and schools. Here are a few choices.

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NO. 1 RATED SKI TOWN: WHISTLER

Photo courtesy of Tourism Whistler/Robin O’’Neill

RESORT: WHISTLER BLACKCOMB In a speech at the Greater Vancouver Board of Trade in September, Rob Katz, CEO of Vail Resorts, Whistler Blackcomb’s corporate parent, described the mountains as an iconic experience as skiers from around the world head to this destination resort. And it’s not difficult to see why. Two separate lift systems—connected by the world’s longest gondola, the Peak to Peak—provide speedy access to a massive spider-web of trails that plunge from expansive alpine summits to deeply forested glades and immaculately groomed cruising runs. No mountain resort in North America offers the variety of activities for non-skiers that Whistler does. Even sightseers are included in the on-mountain action and can ride the new lifts to gain access to alpine vistas.

TOWN: RESORT MUNICIPALITY OF WHISTLER “There’s only one Whistler,” was a famous advertising slogan for this four-season destination resort. What’s equally surprising is the youthful, vibrant number of city dwellers who have either purchased second homes here or who are living here full time in retirement bliss. Whistler is home to an increasing number of entrepreneurs and telecommuters who work all around the world in virtual fashion.

You have to embrace the town’s energy and spirit in order to get the most of it and know where and when to draw the line between work and play. Ironically, most Whistler residents—even part timers and semi-retirees—don’t live in Whistler Village because the condominium and strata hotels were set up to encourage long-stay vacationers, while owners are restricted in many cases to use of just 28 nights per year.

WHISTLER REAL ESTATE SAMPLES Resort: Open-plan two-bedroom, two-bathroom corner unit within easy walking distance to the village and lifts, yet secluded in a quiet forest. Fully furnished, with unlimited owner usage and access to rental revenue. MLS®R2303795. $1,349,000 Town: A 1,033-square-foot 1973 cabin is in the Alpine Meadows family friendly neighbourhood, close to the rec center, Whistler Secondary, and the Valley Trail. MLS®R2282151. $1,499,000 48

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BEST SKI TOWN FOR ENTREPRENEURS: ROSSLAND/TRAIL NEARBY RESORT: RED MOUNTAIN RESORT Skiing and mining history combine on the flanks of Red Mountain where the silver miners of the previous century have now been replaced with skiers and snowboarders. Red actively markets itself as an alternative to corporate resorts focused exclusively on the bottom line—and that makes it particularly attractive to hard-charging rebels in search of a return to a simpler time when lifts were slower, snow was deeper and skiing was cheaper. Red Mountain Resort boasts over 1,164 ha of pristine skiing and receives 7.6 m of snowfall annually. Of greatest note is the tremendous treed and gladed skiing, where passing storms hold fresh snow for days on end.

TOWN: ROSSLAND You can operate a home-based business or start a software company from pretty much anywhere, but it certainly helps if your housing expenses are kept to a minimum. And it would be hard to beat Rossland and Trail as low-cost home bases, since you can actually purchase a small house in the working class part of Trail for less than $200,000. Perhaps the best example of Rossland’s entrepreneurial, innovative spirit is found in the sales tech company Adventure Engine. The online booking agent started here in 2004 and 13 years—and a couple of software innovations—later, it’s still thriving. Trail and Rossland recently installed lightning-fast broadband to attract tech businesses.

ROSSLAND/TRAIL REAL ESTATE SAMPLES Resort: Slalom Creek features a two-bedroom, two-bathroom condo with access to a fitness club and cinema/games room. MLS®2432029. $379,000 Town: 1,300 square feet of functional living space in new units in Rossland’s Sourdough Row neighbourhood. Prices available at sourdoughrow.com

Photo by Don Conway

Rossland: A Four Season Ski Town!

Rossland is a small ski town located in the beautiful Kootenay region that offers both summer and winter charm. The area is home to Red Mountain Ski resort with one of the largest total ski terrain areas in Western Canada—and as of fall 2018, the ski area will feature a brand new boutique hotel, The Josie Hotel and The Nowhere Special Hostel and the 18-hole, Les Furber-designed Red Stone Golf course. Rossland is a mecca for outdoor enthusiasts and a great place to raise a family.

Real estate values were flat for many years but have been increasing dramatically over the past two years. More buyers looking for a better quality of life at more affordable prices are now relocating from the coast of B.C. as well as from Eastern Canada. The area offers a good selection of vacation homes near the ski hill base and a wide range of homes near town. If you are looking to relocate to an established community where your playground is minutes away, look no further!

Originally from Montréal, Marie-Claude Germain’s adventure in Rossland started in 1990 when she discovered this charming little town with a fantastic outdoor playground. With a background in design and marketing, her experience includes international real estate sales and working with Intrawest Playground in Québec.

As the only bilingual agent in the area—and a successful realtor since 1992—Marie-Claude knows the market well and can provide you with the most recent information so you can make the best informed and educated real estate decision. She is passionate

Sponsored by

Marie-Claude 250.512.1153 mcgermain@shaw.ca

about travelling and is an outdoor enthusiast who loves to share the secrets of a town like no other. Marie-Claude is the manager and operator of Fair Realty in Rossland and she welcomes you to stop by her downtown location or email her at mcgermain@shaw.ca or call her at 250.512.1153. Ask the experts for more info!

market info Population: 3,500 Hours from vancouver: 8

Number of Rossland homes on the market in October 2018: 47

Address 2115 Queen Street, Rossland List Price $390,000 Size 3110 sq feet

Here is an opportunity to own one of Rossland's prestigious landmark! The "old Firehall Wine Bar "was once a successful business and entertainment venue. This commercial space is turn key and it includes a full kitchen, a bar, and all its content. The interior seating allows for approximately 90 seats and approximately 45 more seats are available on the exterior patio. This brick building has been beautifully restored to take advantage of all the historical features including the striking arched doors, built-in stage and concrete heated floors. Let your dreams come true!

Your Rossland Expert since 1992! mcgermainrealty.ca

BEST MOUNTAIN TOWN:

FERNIE

NEARBY RESORT: FERNIE ALPINE RESORT The manicured trails and wild alpine bowls of Fernie Alpine Resort are visible from town and it only takes 10 minutes to drive to the base of the ski area. Like the town, the resort has a cool laid-back vibe and there are investment opportunities here, where ski-in and ski-out properties are particularly prized. Last winter, Fernie Alpine Resort received a choking 13 m—nearly five storeys—of Rocky Mountain powder. Fernie’s a wide-open mountain, with more than 1,000 acres of skiing spread across five separate bowls, plus scores of trails through the trees. Known for steep and deep conditions, Fernie attracts freeriders from all over the world.

TOWN: FERNIE Tucked away in a sub-range of the Rocky Mountains called the Elk Range, Fernie blends well-preserved history with its lovingly restored storefronts and interiors on Second Avenue, with high-paying mining jobs and world-class fly-fishing, skiing and snowboarding. From hockey and mountain biking to fine dining and art galleries, Fernie has a personality that led Rolling Stone magazine to name it the Coolest Town in North America. Real estate here moves in fits and starts as it’s influenced by the health of Calgary’s energy industry. Montane—a new neighbourhood on 242 hectares of developable land and park space—is attracting a lot of buyer interest right now.

Downtown Fernie. Photo by Henry Georgi

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FERNIE REAL ESTATE SAMPLES Resort: Spacious two-bedroom, two-bathroom, ski in/ski out property can be divided and locked off to maximize revenue potential.

MLS®2431111. $275,000 Town: 1,603 square foot, three-bedroom, two bathroom home close to downtown in The Annex neighbourhood. MLS® 2429107. $479,000

Build your dream home in Fernie’s newest Mountain Community.

Buy now and be living the dream by Christmas 2019 Buy and build solutions available or work with a builder of your choice.

Put your home at the heart of Fernie’s amazing trail network.

www.montanefernie.ca | 250-423-4136 | info@montanefernie.ca This is not an offering for sale. Lots are sold under a disclosure statement. Certain photographs may not have been taken at the site and views are not from a particular lot.

BEST SKI TOWN FOR EASY CITY ACCESS: KELOWNA

Photo courtesy Big White Ski Resort

RESORT: BIG WHITE SKI RESORT The success of the second-most visited resort in B.C. boils down to fundamentals; reliable, dry snowfall, a pedestrian village with more than 15,000 beds and all of them are ski-in and ski-out, mellow to moderate terrain that skiers and boarders love. Less than an hour east of Kelowna, frequent storms roll in off Okanagan Lake and blanket Big White with more than 8 m of snow annually. And it’s that world famous Okanagan champagne powder.

TOWN: KELOWNA It’s safe to say that one reason people flee the city is their dislike of traffic, but living in a more rugged mountain environment means sacrificing decent air access. Not so in Kelowna, where the international airport receives flights through Seattle, Vancouver, Edmonton, Calgary and even directly from Toronto. As the major engine for economic growth in the Thompson Okanagan, Kelowna has a thriving, diverse combination of both private businesses and major public funding.

With more than 20 vineyard in the surrounding area, Kelowna has built a reputation for being a more affordable centre with an enviable lifestyle that is attracting numerous buyers from the Lower Mainland as well as Calgary. The climate is a big draw—particularly for winter sports but also summer activities that have everything to do with the lake and the non-stop sunshine that makes this area a destination spot for tourists.

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Wilden neighbourhood in Kelowna, 40 minutes from the hill. Photo courtesy of Wilden.

BIG WHITE/KELOWNA REAL ESTATE SAMPLES

Resort: A three-bedroom, two-bathroom plus ensuite ski-in/ski-out townhouse in the village with mountain views and a private one-vehicle garage.

MLS®10169806. $499,999 Town: The Prospect at Black Mountain features a three-bedroom, two-bathroom condo with patio and hot tub. MLS®10168427. $439,000

find All Copies Online + Small Town – Property Search tool

BEST EMERGING COMMUNITY: SUN PEAKS/KAMLOOPS

Photo courtesy of Sun Peaks

RESORT: SUN PEAKS Boasting a terrific variety of skiing in three separate zones: Tod Mountain, where the original trails were cut; Sundance, near the pedestrian-only village; and Mountain Morrissey, Sun Peaks Resort is the second-largest ski resort in Western Canada in terms of skiable acreage. True to its name, the mountain is blessed with sunny skies and the snow remains light and fluffy thanks to crisp winter temperatures. Virtually all of the accommodation is ski-in and ski-out. One major difference is Sun Peaks’ evolution into a community with full-time residents; not just wealthy early retirees but managers and staff who live and work on the mountain.

TOWN: KAMLOOPS Kamloops is a First Nations name meaning “gathering place,” a nod to the fact that it’s close to the confluence of the North and South Thompson Rivers. Similarly, the city is also at a junction of three major highways—including the north-south Highway 5 (Yellowhead Highway), the east-west Highway 1 (the Trans Canada) and the four-lane Highway 97 (Coquihalla).

Kamloops’ economy is as diverse as the changing colours on the sage covered hills. The traditional B.C. resource industry is made up of logging, forest products processing, ranching and mining, and still employs thousands of workers, but so does Thompson Rivers University, Interior Health, Horizon Manufacturing and the tourism sector. The award-winning Rocky Mountaineer even stops here for the night on its famous Jasper to Vancouver trip.

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Photo courtesy of Destination BC/Reuben Krabbe

SUN PEAKS/KAMLOOPS REAL ESTATE SAMPLES Resort: Spacious lot on Lookout Ridge, perfect for building a custom home. Zoning allows for a two-bedroom revenue suite with views over the golf course, ski trails and village. MLS®16974. $339,000 Town: The Station attracts a younger crowd that needs a low-cost/ high-value living space. Ground-floor commercial space gives way to a variety of housing options above, including 34 micro suites of about 400 square feet. Prices upon request: info@suitelifestyle.ca

SUNPEAKSCOLLECTION.COM

SUN PEAKS MOUNTAIN RESORT MUNICIPALITY FAST FACTS •

Sports Centre - Just Announced

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New Chairlift 2018

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Year round activities including 18 hole golf course, downhill & cross country mountain biking, summer concerts & farmers markets

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Lift access hiking and downhill mountain bike park

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Vibrant year round community with ski through village and nestled between three mountains.

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Second largest ski area in Canada, 4,270 acres of skiable terrain

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Minimal lift lines

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Year round K-12 school; new medical centre

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40 minutes to Kamloops

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4 hours to Vancouver

\ For more information visit

sunpeaksresort.com

LIVE SUN PEAKS Your best life begins with a home that inspires you.

$3,499,000 gst applicable 4121 Sundance Drive, Sun Peaks, BC

$839,000 2447 Fairways Drive, Sun Peaks, BC

BEDS: 5 BATHS: 4.5 3,557 SQ. FT. MLS# SIRC22465

BEDS: 5 BATHS: 3.5 3,127 SQ. FT. MLS# 147098

Slopeside chalet in Canada’s 2nd largest ski area provides owners & guests the exclusivity of returning from Apres Ski or the village on the Platter Lift.

This custom chalet boasts massive, curved spanning timbers combined with use of real rock, copper, rich hardwood flooring & oil rubbed bronze. Double garage, top quality furnishings & hot tub.

Liz Forster 250.682.2289

Newly painted & carpeted, this bright, airy home in Canada’s 2nd largest ski area is ready for you & your family to move in. Short walk from the Village, ski-in access from Mt Morrisey & mountain, golf course & village views. Dramatic vaulted ceiling & direct access to both a spacious sundeck with spectacular views, & a unique, park-like backyard.

Liz Forster 250.682.2289 QUA RT E R OW N E RS H I P

$295,000 5334 Lookout Ridge Drive, Sun Peaks, BC 12,131 SQ.FT. MLS# 147089

‘NEW LIFT’ for 2018. Build your dream home on this gently sloping residential building lot walking distance to restaurants, shopping and entertainment. Southern exposure, underground services, paved & curbed street and ski-in/out to 2 chairlifts. Crown Land trails at your backdoor, and nearby lakes for fishing and swimming. sunpeakscollection.com Mike Forster 250.571.3759

$97,000 gst applicable 1413 C The Residences, Sun Peaks, BC BEDS: 2 BATHS: 2 833 SQ.FT. MLS# 143675

Quarter Ownership. Fully managed spacious apartment, in the heart of Canada’s 2nd largest ski area, allows you & your family to enjoy room service, indoor/outdoor pool, hot tubs, gym, ski concierge & more. Fully furnished, this bright, top floor ski-in/out, 2 bedroom, 2 bath apartment offers granite countertops, in-suite laundry & private sundeck. True ski-in/out.

Liz Forster 250.682.2289

For more information contact:

NOW SELLING

Sotheby’s International Realty Canada, Sun Peaks

2 & 3 bedroom condo, townhouse & commercial development

t. 250.578.7773 tf. 1.877.578.5774

P E A KSW E ST.C A

The developer reserves the right to modify or change plans, specifications, features and prices without notice. Materials may be substituted with equivalent or better at the developer’s sole discretion. All dimensions and sizes are approximate and are based on architectural measurements. This is not an offering for sale and such offer can only be made by Disclosure Statement E.&O.E.

LOCAL EXPERTISE, GLOBAL CONNECTIONS.

sunpeaks@sothebysrealty.ca #9 - 3250 Village Way, Sun Peaks, BC

SOTHEBYSREALTY.CA

Sotheby’s International Realty Canada, Independently Owned and Operated. E.&O.E.: This information is from sources which we deem reliable, but must be verified by prospective purchasers and may be subject to change or withdrawal.

BEST SKI TOWN IF YOU WANT TO OPEN A WINERY: PENTICTON

The Adventure Skating Loop. Photo courtesy of Apex Resort

RESORT: APEX RESORT It’s truly surprising to go from balmy weather down in the valley to fullon ski mode at Apex Resort as clouds seem to stay put and dump snow on Mount Beaconsfield. Apex is patronized mostly by local residents as opposed to destination resort skiers. There are numerous steep glade runs and the snowfall is so reliable that you can pretty much point your skis down the fall line and let them run.

Apex isn’t the only ski area in the south Okanagan. Located 45 minutes east of the twin towns of Oliver and Osoyoos, vacationers travelling on Highway 3 are likely curious about the lone peak that juts out of the arid forested landscape. That’s the aptly named Mount Baldy, which may well be one of the Okanagan’s best-kept secrets, has lifts running to more than 2,000 m and regularly gets more than 7 m of fluffy powder.

TOWN: PENTICTON It’s difficult to believe that a place that receives fewer than 50 cm of rain annually can be so close to a mountain that regularly receives over five 56

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metres of snow. Penticton is indeed such a place. In the summer, daytime temperatures will often reach the high 30s, while winters in town are somewhat cloudy due to the proximity to Okanagan Lake. Wineries surround the city because the rich, well-drained soil and reliably hot weather produce some of B.C.’s most outstanding wines at Misconduct (now renamed DaSilva), Poplar Grove and the fabulously contemporary Painted Rock. The economy is a mix of agriculture, tourism, education and health care with a couple of small forest-product manufacturing facilities.

Other towns worth considering for a combination of affordability and low-key lifestyle include Oliver, Osoyoos, Okanagan Falls and Naramata.

APEX REAL ESTATE SAMPLES

Resort: A 2,100-square-foot ski in/ski out half-duplex has a hot tub on the deck. Pets are permitted and strata fees are $257.30 monthly. $449,900 Town: Overlooking Skaha Lake, 18-ha Bighorn Ridge has 8.4 ha of arable land currently planted with cherry trees but easily converted into a productive vineyard. $3,950,000

PENTICTON BUSINESS TOOLKIT YOUR LOCAL DATA PORTAL

YOUR WEBSITE FOR LIFE AND WORK IN PENTICTON & SOUTH OKANAGAN

Ski-in ski-out residences, Photo Courtesy of Marlon Chambers

BEST SKI TOWN IN WHICH TO LIVE CHEAPLY: GOLDEN RESORT: KICKING HORSE MOUNTAIN RESORT Serviced by one of Canada’s longest high-speed gondolas, Kicking Horse Mountain Resort offers mind-boggling, high-alpine skiing down massive bowls in perfect powder. Its relatively remote location and Golden’s small population mean there are never lift lines—even on the busiest days. Lunch at the Eagle’s Eye restaurant is not to be missed and it’s difficult to determine what’s better: the stupendous mountain scenery or the inspired, eclectic menu.

TOWN: GOLDEN Nestled between no fewer than four mountain ranges and six national parks, Golden serves as a jumping-off point for some of B.C.’s wildest outdoor recreation. The trails and bowls of highly underrated but sensationally situated Kicking Horse Mountain Resort are visible from many viewpoints in town and along the Columbia River. Logging, railroad jobs and tourism are the mainstays of the economy. Much of the commercial action occurs along the gas stations and fast food outlets on either side of the Trans-Canada Highway. Indeed, major transportation projects are on the drawing board for the next several years as bridge upgrades continue across the roiling rapids of the Kicking Horse River.

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Homes for approx. $1,300,000 rent for about $1,000/night.

KICKING HORSE/GOLDEN REAL ESTATE SAMPLES Resort: Affordable, fully furnished two-bedroom, two-bathroom ski in/ski out condo located in Palliser Lodge. One bedroom locks off to become a revenue-generating hotel room. MLS®2432450. $309,000 Town: An upgraded three-bedroom, three-bathroom home with more than 3,000 square feet on one-third of an acre lot. MLS®2429214. $499,000

BEST SKI TOWN ON VANCOUVER ISLAND: COURTENAY/COMOX TOWN: COURTENAY/COMOX

Photo courtesy of Ryan Williams

RESORT: MOUNT WASHINGTON Mount Washington Alpine Resort lies in a convergence zone where storms blow in heavy wet snow off the Pacific Ocean and where light dry powder similar to that in the B.C. Interior falls when blizzards move across the Strait of Georgia. In a good year, more than 11 m of snow can blanket the mountain. Indeed, the resort made international headlines in 2017 when so much snow fell in a 72-hour period that homeowners had to be dug out of their cabins and condos. Investing in real estate should be a slam dunk, especially if you already live in Nanaimo or Victoria.

This locale checks off virtually every outdoor activity box that you can think of. On particularly sublime spring days, you can go sea kayaking or standup paddle boarding in the Strait of Georgia and then drive up to Mount Washington just as the sun’s rays are softening up the deep snowpack. The salmon fishing is world-class, as are the nearby mountain biking trails in Cumberland. About 65,000 people live in the Comox Valley Regional District and there are numerous entrepreneurial opportunities aside from those connected to the new regional hospital. There are direct flights from the local airport to Calgary—which is why your neighbours might be working in Alberta’s resource sector.

COMOX VALLEY/MOUNT WASHINGTON REAL ESTATE SAMPLES Resort: Located only seconds from the parking lot, this spacious ski in/ ski out three-story chalet offers incredible views of Strathcona Park.

MLS®437169. $339,000 Town: This 1,200-square-foot, two-bedroom, two-bathroom condo is located in a hip, modern building in the Comox Valley.MLS®443569. $344,900

Snowsheing at Mount Washington Alpine Resort. Photo courtesy of Destination BC

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Photo by Steve Shannon courtesy of Revelstoke Mountain Resort

BEST SKI TOWN FOR HARD-CORE SKI BUMS: REVELSTOKE RESORT: REVELSTOKE MOUNTAIN RESORT For skiers in western North America, the revitalization and massive redevelopment of Revelstoke Mountain Resort remains one of the most significant events in the last 20 years. A tiny regional ski hill with barely 1,000 feet of vertical was transformed with more than 5,000 vertical feet—even more if you count the short, 300 vertical climb to the summit of the sub-peak. Immediately, the international ski media began riffing on the “stoked” theme—and for good reason. On big powder days, the whole town empties out for the first gondola up the mountain. Thigh-burning vertical, steep chutes and alpine bowls (Revelstoke mountain hosted several freeride, or extreme ski, competitions) during the day carry over to a lively après ski scene that has rejuvenated downtown Revelstoke as well.

TOWN: REVELSTOKE Downtown Revy was revived in the 1990s and then word got out that a new ski area would be developed—and real estate prices shot up. Some amazing old historic buildings were restored and soon occupied by new businesses. Indeed, all the essentials for mountain adventure are here, including Mount Begbie Brewing—one of B.C.’s top craft breweries—plus a wide selection of restaurants that would not be out of place in Vancouver or Whistler. And, of course, some damned fine places to get a cup of coffee.

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REVELSTOKE REAL ESTATE SAMPLES Resort: One-bedroom, one-bath condo in Sutton Place Lodge features a master bedroom and living room with access to a private deck overlooking the Monashee mountains. MLS®172869. $449,900 Town: Located between downtown and Revelstoke Mountain Resort, Mackenzie Village’s Phase One sold out quickly in 2017 and Phase Two will be released by the time the snow flies. www.mackenzievillage.ca

Royce Sihlis photo courtesy of RMR

Revelstoke Recap: A Summit View of the Past Decade It’s hard to believe that it’s been 11 years since the opening of Revelstoke Mountain Resort, a gigantic ski and snowboard playground with the most vertical in North America. While locals and hard-core skiers loved it, the town and the resort were dramatically

market info •

are listed for sale and ten of those are currently under

affected by the 2008/2011 recession.

Revelstoke’s real estate market declined over seven years with

contract.

•

For builders, 45 lots/vacant land is available from $200,000 - $1.15 million

higher properties decreasing in value by about one percent per month. It took until 2015 for the trend to reverse itself. In the

As of October 2018, only 43 single family residences

•

Price trend for single family homes:

past four years, the single-family home sale price jumped from

2015 $345,101

$345,000 to $540,000.

2016 $376,931 2017 $486,708

There is a smaller, yet existent market attracted to trophy properties (helicopter landing pad included), but entry-level buyers have very little product to choose from. Developers are starting

Current Listing

to recognize that Revelstoke needs condominiums or townhomes

819 Victoria Road

that are attractive, functional living spaces and affordable, to fit

List Price $549,000

the needs of both local buyers and those wishing to relocate and

MLS® #10168476

downsize, to enjoy a smaller home with less maintenance and the

Size 4 beds 2 baths,

real attraction, the great outdoors.

The beauty of the mountains, glaciers, and rivers will outlast any recession. Revelstoke is still a place that can dish out as much action as you can handle—winter, spring, summer and fall—it’s a community that truly offers something for every season.

2,362 sq. ft Perfectly suited for the lower maintenance and enjoyable Revy life.

Fully renovated over the years. Tons of light. Both Mt. Mackenzie (RMR) and Mt. Begbie views. Awesome sunroom entrance. Walk right to La Baguette on a snowy morning for coffee and catch the RMR Shuttle.

Ask the experts for more info!

Sponsored by Emily Beaumont REALTOR® 300 Mackenzie Ave, Revelstoke, BC c: 250.837.1162

o: 250.837.9544

www.royallepagerevelstoke.ca

REVELSTOKE

REVERSAL OF FORTUNE Reverse mortgages are gaining popularity, but they service a very specific consumer

By Michelle Hopkins

Last year, Fred and Merle Parlby bought themselves a two-bedroom bungalow with ocean views in Campbell River. The couple, both in their mid-seventies, initially took out a small, short-term private mortgage to purchase this retirement home.

Then Fred heard about reverse mortgages and consulted with HomEquity Bank, one of only two national providers of reverse mortgages. (Equitable Bank began offering reverse mortgages in January 2018.)

“In 2013, we sold our family business in Saskatchewan. We decided to come back to British Columbia to retire,” says Fred.

Their new home was evaluated at $402,000 and they qualified for a $172,000 CHIP Home Income Plan reverse mortgage, which they can access in monthly, quarterly or annual increments, or in additional lump sum payments as necessary. With no mortgage payments due, the couple is able to live the rest of their retirement in their home.

When the couple wanted to pay back their private lender—a longtime family friend—they went to their bank for financing.

“We sold our trailer and used the proceeds to pay back the loan, but it wasn’t enough to pay it back in full,” says Merle, who says they soon learned they didn’t qualify for a conventional mortgage because of the federal government’s new stress-test regulations that took effect this year.

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“The whole process was completely stress-free. We paid back our small mortgage and still have money to use as we see fit,” says Fred, a former truck driver. “We only pay interest on the balance when we sell our home and we don’t have to use all of the $172,000.

This CHIP mortgage has afforded us the opportunity to travel and live quite comfortably on our pensions.”

Yvonne Ziomecki, executive vice-president at HomEquity Bank, says this scenario is playing out all across the country.

Reverse mortgages Pros:

“For couples like Fred and Merle, a reverse mortgage is a great option,” she says, adding the typical clients are couples in their early 70s. “The purpose of the reverse mortgage is to allow seniors who might be cash poor but equity rich to draw on their home equity, which allows them to maintain a comfortable living for their remaining years.”

The whole process was completely stress-free.

We paid back our small mortgage and still have money to use as we see fit. — Fred Parlby

•

Seniors get to stay in the home they love.

•

No mortgage or interest payments until the loan is retired.

•

Freedom to do what they want with their money, such as use it for repairs or renovations of their home, as a down payment for a vacation property, or for investment in another area or to pay for travel.

•

There is the option to make payments of interest and/ or principal.

Cons: The Parlbys aren’t alone. A new IPSOS survey commissioned by HomEquity Bank (June 2018) cites 93 per cent of Canadians aged 65 and older want to stay in their current home throughout their retirement.

•

Accrued interest is added to the loan balance and the mortgage steadily grows.

•

The interest rate is higher than conventional mortgages (as of July 2018 the rate is 6.59 percent for a five-year term).

•

If a borrower receives a windfall or inheritance, there is a pre-payment penalty to pay it off within the first three years.

“Research findings confirm what we have known for a very long time: older Canadians want to retire at home on their terms,” says Ziomecki, adding that inquiries from seniors about reverse mortgages doubled between 2016 and 2017. “They often get pressured to move and sell and we want them to know they have options.”

Equity takeouts

Reverse mortgage versus equity takeout

•

Low rate of interest (typically prime plus half).

•

Lower fees than reverse mortgages.

•

The takeout doesn’t cost anything until it’s needed.

A reverse mortgage is for those aged 55 and older who have equity in their home and want to remain in their home instead of moving.

With such a mortgage, borrowers can potentially access up to 55 percent of the value of their home. The mortgage only comes due when the borrower dies, sells the home or moves out permanently.

“If you keep your home in good condition and pay your taxes, we won’t call the loan,” Ziomecki adds. “We also won’t call the loan if one of the spouses dies and the remaining spouse wants to live out their years in the home they know.”

Meanwhile, an equity takeout is a loan taken either through refinancing, a second mortgage or a home equity line of credit. The interest on a line of credit must be paid monthly, whereas with a second mortgage or a refinance both principal and interest must be paid monthly. Like other lending products, an equity takeout requires borrowers to qualify and prove that they can service the debt. It is common for a home-equity loan to be the second lien on a house, after a first mortgage.

“When seniors make financial plans for their retirement, they often find they won’t have sufficient income,” Ziomecki explains. “Or they are helping their grown children purchase a home or pay for a child’s wedding, so they come to us to explore their options.”

Unlike a traditional mortgage, regular mortgage payments are not required with a reverse mortgage.

“The other great thing about using a reverse mortgage is that it can increase a senior’s cash flow,” she adds.

Pros:

Cons: •

The interest rate fluctuates with a bank’s prime lending rate.

•

The bank reserves the right to call your loan at any time.

However, not everyone believes a reverse mortgage is the right solution for seniors.

“In my opinion, the only people who should look into a reverse mortgage are those who have significant equity in their homes, little to no income or investments, and are absolutely set on staying in their homes until they pass away,” says Harry Howard, a Mortgage Centre Interior mortgage broker based in Penticton. “It should only be considered as a last resort because it can quickly erode the equity in your home.”

Howard recommends that people approaching retirement should qualify themselves for a “healthy home equity line of credit” that costs them nothing until they use it.

“So, when a major life event occurs, such as wanting to help children or grandchildren buy a home, take a once-in-a-lifetime trip or a they have a medical issue for which treatment isn’t available in Canada, they have immediate access to inexpensive money,” Howard explains. “The line of credit is secured by your home and the rates can be as low as prime plus a half.

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A NUMBERS GAME Real estate prices throughout B.C. track the economic changes of the past decade.

And it’s not over yet as average 2017 prices show an increase

By Gail Johnson

A lot can happen in a decade. Consider the factors affecting the B.C. real estate market in the past decade: the 2007-08 financial crisis; the ensuing recession; changes in mortgage policies and interest rates; and the soaring home prices in Vancouver that have affected everyone from millennials to retirees seeking affordability.

Here’s a closer look at how the market has shifted over the years, with the most recents statistics from the British Columbia Real Estate Association (BCREA).

80%

2007 TO 2017 AVERAGE INCREASE IN HOME PRICES BY REGIONS CHANGE IN 2017 ONLY

70% 60%

50% 40% 30% 20% 10% 0%

E O EY K H N N OS M NI E Y E R I A E R E Y ST PS RT AT EA GE KE PE ITIM D AR EOR S LA NAIM ALL LICU LBER ALL RIV CTOR OUV ALL IWAC AMIS ERTO INLIN TICTO OYO COA LOO U V V V A L L G R U S A I C B A M K E A N L V A N E R HIL S Q E M M P E N O M N OX Q U T E / OR CH A N P BE N HIN K A S A R IN C E IL L I A S V C P M E IN C S A R A / R O L R P I E P N R AG C V IL P W FR W CAM TE SU ITH TLE K AN CO EA KS S R I SM R O G PA WH Source: Kootenay Real Estate Board

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Prince Rupert has gone through a 70 per cent average increase in home values between 2007 and 2017. Photo courtesy of Destination BC/Andrew Strain

The northern region of Prince Rupert, Kitimat, Smithers and area, plus Prince George and Williams Lake is changing rapidly with enormous increases in property values. Specifically, Prince Rupert is home to one of the largest increases with a 70 per cent rise in average home prices (second only to Greater Vancouver’s increase of nearly 81 per cent).

“Prince Rupert, Kitimat and even Smithers have had very significant changes in prices,” says Brendon Ogmundson, deputy chief economist at the BCREA, the professional association for about 23,000 realtors that works with the province’s 11 real estate boards.

“Prices were low, then were driven higher by speculation related to LNG projects.

“A lot of those areas in the north really ramped up pre-2014 and then were fairly soft after oil prices crashed,” he adds.

“We’re starting to see a lot of markets in the north start to pick up over the last year, a kind of rebound story. The north is particularly strong right now at a time when a lot of other markets are starting to weaken.”

On Vancouver Island, Ogmundson says it’s a retirees’ story in places such as Parksville and Port Alberni, which also includes Tofino and Ucluelet. “A lot of that is retiree demand spreading out from Metro Vancouver and looking for more affordable housing. It’s drawing recreational home buyers as well.

As for the eastern side of the Island, Ogmundson says Nanaimo has had a pretty big run in recent years, but it’s cooling down, especially with new mortgage rules.

“The slightly larger markets that have had a big run-up in price are going to be really affected by the new mortgage rules,” he says.

And it seemed that almost any place outside of Greater Vancouver witnessed a monumental shift.

“After 2014, markets were favouring new homebuyers, especially young families buying homes for the first time and moving out of Vancouver for more affordable housing,” Ogmundson says. “Places like Chilliwack especially saw gains because they’re still

close to Metro Vancouver. Nanaimo, and even Victoria and Prince George to some extent, saw some of that demand: the push for people leaving the Lower Mainland for more affordable housing.”

And that push also extended to the Interior where retirees, but also millennials and young people, looked to put down roots.

“They’re looking for affordable housing.,” says Ogmundson. “A lot of the increases you’re seeing in that 10-year period in the Okanagan or the island happened after about 2014,” he says. “Prices were basically flat for about seven years right after the financial crisis. There was a ton of supply on the island and in the Okanagan in the period before the financial crisis; there was a lot of construction and then demand went to zero almost overnight after the financial crisis and the recession. And that meant a huge overhang of supply, especially condos, and prices didn’t go anywhere. Most of the uptick has been since 2014; prices really ramped up.”

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LAST IMPRESSION: KITIMAT Northern district in the spotlight with announcement of an LNG project

By Steve Threndyle

Photo courtesy of District of Kitimat

In case you haven’t noticed, the town of Kitimat has been in the news lately with the announcement of a revived $40-billion liquefied natural gas (LNG) project. After decades of planning and a two-year delay due to unfavourable market conditions, a consortium of resource companies headed by Royal Dutch Shell will build a 480-kilometre Pacific Trail Pipeline from the vast natural gas fields in Northeastern B.C. to Kitimat. The proposed LNG plant will pressurize the natural gas for transportation via Douglas Channel aboard special container ships bound mainly for Asia.

Right now the scattered population of Kitimat-Stikine is around 8,000, but close to 10,000 new workers will descend on the District of Kitimat during the plant’s construction phase. The name Kitimat refers to the local Haisla First Nation and translates as “people of snow” in the Tsimshian language, but to Canadians it may well mean boomtown.

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In the 1950s, the federal and provincial governments combined forces with the Aluminum Company of Canada (Alcan) and created one of the most magnificent social and industrial experiments ever attempted. Kitimat is nestled in the Coast Range mountains where the Kitimat River flows into Douglas Channel—precisely where Alcan built the world’s largest aluminum smelter and the hydroelectric station that powered it. The Kitimat-Kemano project, as it was dubbed, was an impressive engineering project and one of the most ambitious in Canadian history.

Just as remarkable, the thousands of Canadians who were housed in a master-planned community that is studied by urban geographers to this day largely because the design, at the time, was a leap away from previous military-style barracks to house workers.

Since the LNG announcement, reports are that realtors are being inundated with

calls—and bidding wars for properties are escalating. Although most workers will be housed in camps similar to those built for oil sands workers near Fort McMurray, Alberta, Kitimat’s apartment vacancy rate—at 42 per cent in 2017 according to Canadian Mortgage and Housing Corp. data—will likely plunge.

Like the Alcan smelter, the LNG project will bring lots of new money to town. What will these newcomers do in their spare time?

They’ll be able to trophy fish for gigantic salmon. They can motor or sail down the protected waters of Douglas Channel alongside dolphins and killer whales. They’ll be able to ski at Shames Mountain, one of the snowiest ski hills in B.C. They’ll experience one of the most vibrant and positive First Nations cultures in the adjoining Haisla village.

Joining past and present, the new arrivals can even tour the Alcan—now called Rio Tinto—smelter, which is still in operation and scheduled for further modernization.

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