Looking for a Home in Penticton, BC
by R. Borhi
The City of Penticton is located in the Okanagan Valley of British Columbia. It is bordered to the north and south by Okanagan Lake and Skaha Lake, and to the east and west by small mountain ranges. Many people come to Penticton for a vacation, wine tour, or to visit family and friends who have moved here. The Okanagan Valley has one of the warmest and driest climates in Canada, which makes it an attractive destination for anyone, but especially retirees who come to escape the colder parts of Canada.
Perhaps you've decided to move here, or are just looking for a second home or vacation property to visit a few times a year. Penticton home prices have shown strong increases in recent years, with no sign of letting up. This article will give you some factors to consider if buying a home in Penticton.
Do I want a home in Penticton or outside Penticton?
The first decision to make is do you want to live in Penticton, or outside the city? This is an important consideration, because it will determine how much time you spend driving and how close you are to Penticton. If you decide to live outside Penticton, to the North or South, your driving time to Penticton will be anywhere from 5 to 30 minutes each way. If you plan to make several trips per day (e.g.: for work, kids activities, sports, shopping) this driving time can add up. If you work from home or don't need to be in the city every day, this might not be such a factor in your decision.
There are many communities to choose from if you want to commute to Penticton daily (see below). Everywhere in the Okanagan Valley has been booming in the last few years, and it's expected to continue for the forseeable future. However, some communities are still less expensive than others.
Where to buy a home in Penticton?
There are many different locations and home styles to choose from in Penticton. Because Penticton is an 'older' town for BC, you can still find small homes over 50 years old near the city center. These homes tend to be in older residential areas, close to shopping and main roads. They are in flat areas close to many services, but may be too busy if you enjoy a more peaceful setting.
Newer homes have spread out in subdivisions outside the city center, up onto the hills around the city edge. These homes are located in quieter settings, and some have nice views of the town, lakes, or valley. These homes are also larger, and new construction is always going on. But because of the lakes and hills surrounding the town, few options remain for large housing developments. Condos have been going up in areas where old buildings have been torn down, which present another option for home ownership. Be careful if choosing a home near forested area on the outskirts of town. The Penticton wildfire a number of years ago caused home evacuations and some home losses and damage. However, there is now a greater fire-awareness in residential areas.
Buying a home outside Penticton
People commute to Penticton from the north (Summerland, Peachland) and the south (Ok Falls, Oliver). Because the winters are so mild, road conditions are usually good year round, though there is the odd snowfall or period of freezing weather. One advantage of buying outside Penticton is you might be able to get a larger property, which is great if you have animals or need more storage area for things like an RV or boat. You can also buy a home on the lakefront or with a lake view in other areas. Living to the north puts you closer to Summerland, Peachland and Kelowna. Living further south puts you closer to OK Falls, Oliver, Osoyoos, and the US border.
As was mentioned earlier, most towns in the Okanagan Valley are growing and expanding, so you are always somewhat close to any services or shopping you might need.
Get a home inspection
Since many homes in Penticton are older (Penticton is over 100 years old), it's a smart idea to get a home inspection. Sometimes when competition heats up for a home, buyers waive the home inspection to get the deal done. If you can't afford a nasty surprise in the way of home repairs, then make sure to get an inspection.
Future Home Sales in Penticton
Barring another severe downturn in the Canadian economy, Penticton home sales will likely stay buoyant for the next decade. Penticton is located in the center of a retirement paradise, with a major hospital, airport, concert and hockey stadium, casino, lakes, wineries, fruit orchards, golf courses, and major shopping and restaurant destinations. Every year the IronMan race takes place in Penticton, along with an Elvis festival and many wine festivals. Activities also include skiing at Apex, fishing, hunting, wine tours throughout the valley, and much more.
