It’s an all too familiar story for many young professionals and families in Western Canada’s biggest cities: real estate is just too expensive. According to statistics obtained by The Globe and Mail from the Real Estate Board of Greater Vancouver the monthly average price of single-family detached homes sold in May of 2015 hit a staggering $2.23-million. Quite simply, that’s just too much for most would-be home buyers.
In recent years many cautious real estate investors turned to the surrounding areas in Metro Vancouver: East Van, Burnaby and New Westminster all became prime targets. but, as demand increased, even those areas outside of the downtown core have become largely unaffordable.
But there are other solutions that not all Vancouverites are aware of. For example, a family can purchase a single detached home just blocks from the beach in the Okanagan for less than three hundred thousand. If they want new construction, there are beautiful town homes and duplexes starting from around four hundred thousand.
The benefits of living in Penticton don’t end with affordable real estate either. Many new residents are pleasantly surprised by the abundance of amazing things to do, including hiking, skiing, mountain biking and wineries. Penticton also has the luxury of being sandwiched between two of the nicest lakes in the Okanagan, providing endless pastime opportunities in the summer.
All too often people complain that’s it’s too expensive to live in Vancouver or Calgary. With expensive real estate, long commutes and a general high cost of living, these locations out an unnecessary financial burden on your professionals. And that’s where the City of Penticton can help. With a strong commitment to resources and infrastructure for virtual workers, many Canadians are finding Penticton is the place to be. If you can live and work anywhere, why not live here?