This is part 1 in a 3 part series, where we talk about why you should sell your home in the overheated GVRD real estate market and move to The Cottages, for far less than your current home is worth.
According to an annual report from Royal LePage, Vancouver’s real estate market remains the hottest in the country, outpacing the rest of Canada this year. This is due to an intensified market demand, driven up by a combination of low borrowing costs, a swelling number of international migrants, and an influx of foreign wealth flow encouraged by the low loonie. For those looking to sell their homes, the overheated market can be a positive thing, with metro Vancouver homes selling at unprecedented rates. However, for those looking to purchase, including young and first-time buyers, attaining a home in Vancouver’s overheated market is not necessarily realistic.
For those selling their homes – in addition to those finding themselves priced out of the Vancouver real estate market – moving out of the city and purchasing a cottage property could pose a feasible alternative.
Located under a five-hour drive from downtown Vancouver, The Cottages on Osoyoos Lake are home to a growing number of year-round residents. Management and developers at The Cottages have taken measures to set their properties apart from seasonal cottage properties, allowing buyers to be actively involved in the building and designing process. Properties at The Cottages are completely customizable and are available in 13 different floor plans, ranging from just under 1,000 square feet to over 2,000.
From a financial perspective, life at The Cottages could make better fiscal sense for property seekers. Properties at the Cottages are not subject to GST or Provincial Property Transfer Tax, saving homeowners tens of thousands of dollars in the long run. In addition, the property has recently obtained approval for mortgage insurance from Canada Mortgage and Housing Corporation, meaning that a variety of lenders will be available to provide mortgage financing if needed. And finally, the resale value of cottage properties typically reflects the pricing of homes in the local real estate market – a factor which could prove to be advantageous, should it ever come time to resell.
If that doesn’t convince you, picture what living in the beautiful south Okanagan would be like. Prime location, pleasant weather, scenic orchards, and ample winery properties a mere car ride away are amongst a few of the many enticing reasons to consider life at The Cottages.