Developers upbeat about Okanagan home sales

Okanagan home sales were up year-over-year in each of the first four months of 2012 and, although May statistics have yet to be released, developers ...

Okanagan home sales were up year-over-year in each of the first four months of 2012 and, although May statistics have yet to be released, developers have told Business in Vancouver that they expect the trend to continue.

Van Maren Group owner Eric Van Maren has pre-sold 16 homes at his Cottages on Osoyoos Lake project since February. Half of those sales have come since May 19, when the first of four showhomes arrived.

Van Maren will custom build each of the homes that he sells because each comes on its own lot. His grand plan is to have 284 homes built within the next eight years.

He anticipates selling out the project’s 74-unit first phase within the next two years.

“We’re seeing people who have probably wanted to retire to the Okanagan or buy a cottage here for the past several years but they’ve always been reading the newspaper or seeing news on TV and they just couldn’t convince themselves that it was safe to do so,” he said.

“People are now saying, I’m four years older than when I first started thinking about this. I’d better get on with it.”

Van Maren said hillside homes in the project start at $260,000, whereas lakeside homes start at $700,000.

His group has built 20,000 homes since he and brother Bernie Van Maren founded the venture 38 years ago.

His most recent Okanagan project was the 175-unit Aria condominium development adjacent to Two Eagles golf course in West Kelowna in 2006.

gkorstrom@biv.com

@GlenKorstrom

 

 

comments powered by Disqus

More from Real Estate

Vancouver housing market is overvalued but not overheated: CMHC

Read Article

Lottery Corp. seeks builders for new HQ; B.C. farmland values up

Read Article

Vancouver housing crash unlikely in the near term: RBC

Read Article

Housing affordability: Bold steps needed?

Ideas percolate for how to ease unaffordability in the region

Read Article

Most Canadians support foreign-buyer tax: poll

But a higher proportion of British Columbians are in favour of the tax

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×