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        <title>Real Estate Blog</title>
        <link>https://www.kelownahomes.ca/blog/2022-11/</link>
        <description></description>
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    <guid>https://www.kelownahomes.ca/blog/vacation-home-buying-guide.html</guid>
    <link>https://www.kelownahomes.ca/blog/vacation-home-buying-guide.html</link>
        <author>info@kelownahomes.ca (Dave Kotler)</author>
        <title>How to Buy a Vacation Home: Evaluate Loans, Choose a Location, Build a Rental Strategy</title>
    <description> <![CDATA[ 


Considering buying a vacation home? If so, there are plenty of factors to consider before taking that financial (yet potentially fruitful) leap. After all, vacation homes are different from first homes. A homeowner's application will be reviewed differently by lenders. They will likely have a much better experience the second time around if they have been able to repay their mortgage steadily and consistently.


The responsibility of owning a vacation home cannot be underestimated, regardless of the purpose for which it was purchased. Some Canadians take steps to invest in property—like a single-family home or a condo, for example—to create passive income streams. For others, a vacation home away from home is all they need. Vacation homes for personal use and rental purposes have several differences. Here are some factors to consider during the process of buying a vacation home.


Evaluate Down Payments and Loans for Vacation Homes


Owning a vacation home has financial implications. Having another home means:




Taxes on another piece of property


Upkeep and maintenance of a second home


Repayment of a second loan


Upon resale, the owner must account for capital gains or losses




Canadians consider secondary residences to be taxable assets as well. Therefore, the owner should also consider long-term estate planning when making a purchase. Among the most imminent costs are mortgage repayments and property taxes, down payments required or loans needed for purchasing a vacation home. 


The owner will likely have to deal with some paperwork when the ownership of their vacation home eventually changes hands. Whether they sell their home during their lifetime or pass it on at the end of their life, a legal representative must file a deceased tax return with the CRA, at which point the estate or whoever inherits the property must pay any taxes owed. For a vacation home purchase, the buyer must ensure they are fully prepared to make a substantial down payment.


Choose a Popular Vacation Destination


It takes a lot of planning and time to find the best place and budget for vacations for most people. The location of the vacation home becomes even more important when considering purchasing one since all the homeowner's family vacations will take place there. Additionally, choosing a popular vacation spot can increase the homeowner's revenue potential. Vacation rentals can generate more revenue than long-term rentals or traditional real estate investments. Hosts can adjust their pricing throughout the year if their vacation rental is well-furnished.


If the homeowner intends to rent the vacation home, they should look into the rental market in their desired location. Check to see if the area has many rental properties. Investments in vacation rental homes may be profitable if there is a demand for them. Homeowners should aim for at least a 15 percent ROI (return on investment) when considering renting a vacation home, although closer to 30 percent would be preferable.


Decide Between Renting or Not Renting



While the revenue can be enticing, the workload can be challenging. Here are some pros and cons of renting out a vacation home:


Pros


Vacation rentals can be excellent write-offs if the homeowner speaks with their accountant about the tax implications. It is easy for owners to deduct many expenses — including depreciation, loan interest, HOA dues, private mortgage insurance, furnishings and supplies—from their income. Owning a second home involves many costs, which are generally not refundable unless it is rented out.


Homeowners can offset the cost of owning a vacation home by renting the property out. As a homeowner, one can still take advantage of their own vacation rental.


However, be aware that some provinces, like British Columbia, have short-term rental regulations that prevent renting out non-primary residences. Know your local laws before you make plans to rent out your vacation home.


Cons


Things wear out over time. If the cabin needs some reinvestment for renovation or repair, be prepared to do so. Furniture and linens that wear out should be replaced. The homeowner will have to do some work. Any personal items must be locked up before and after tenants arrive and depart. 


Renters may not always treat the cabin with the same care even after careful screening.


Make a Plan for Property Maintenance


A homeowner may be surprised at how easy it is to maintain their vacation home from a distance. By creating a property maintenance plan, you can protect and maintain a vacation home while you're away, which benefits both renters and non-renters because it ensures the safety of the property year-round. If the homeowner lives far away from their vacation home, here are some ways to maintain it:


Make Sure a Security System Is in Place


If one owns a vacation home, installing a security system is recommended. The options are virtually endless regarding front door alarm systems, cameras and window alarms.


Monitoring the home's activity will allow the homeowner to ensure that all is secure while they are not physically on the property.


Make Use of an Owner's Closet


Any personal belongings should be kept in a designated owner's closet if the homeowner regularly has guests visiting their vacation home. A waterproof bag should be kept inside the owner's closet to protect important documents. 


Make Sure Appliances Are Maintained Regularly


Last but not least, make sure all of the appliances are maintained regularly. When the homeowner plans to be away from their vacation home for months at a time, ensure the appliances are maintained. Preventative measures are always a better alternative than replacing an entire unit when it breaks down.


Be Mindful When Buying a Vacation Home


There are many benefits to owning a vacation home like a condo in Canada. One can enjoy a highly personalized vacation experience by taking advantage of the vast space Canadians have access to. Concerning finances, a homeowner must understand the implications of owning a vacation home, no matter their goals. Doing so will have homeowners ready to enjoy their vacation homes to the fullest





 ]]> </description>
    <pubDate>Wed, 30 Nov 2022 13:02:00 -0600</pubDate>
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<item>
    <guid>https://www.kelownahomes.ca/blog/vacation-home-care-guide.html</guid>
    <link>https://www.kelownahomes.ca/blog/vacation-home-care-guide.html</link>
        <author>info@kelownahomes.ca (Dave Kotler)</author>
        <title>Vacation Home Maintenance &amp; Security: How to Care For Your Second Home</title>
    <description> <![CDATA[ 


Vacation homes can be an excellent investment for those who plan to rent them out and those who intend to keep them unoccupied. Having a dedicated place like a condo to visit each year is a delightful benefit, especially if the home provides a unique surrounding to the primary residence. However, managing a vacation home from a distance is not as easy, but it can be manageable. With the following tips, owners will know what to do to maintain their vacation homes when they aren't there.


Install a Security System


Home security is a factor of the structure itself, and there are security systems homeowners can install. People can tailor their options to their goals when choosing a home security system. Common systems include:




Doorbell cameras that record who enters the property


Motion-sensor lights that turn on automatically with movement


Cameras in the home interior or backyard


Alarms that alert local authorities of a break-in


Smart home access from a remote location




Those who do not plan to visit the vacation home very often may want to choose a system they can view or maintain from a distance or ask their property manager for recommendations. Before selecting a security system, homeowners may wish to inspect the home and look for ways the structure promotes uninvited access, such as an unlocked gate or a door that will not stay closed.


Hire a Property Manager


Hiring a property manager is an integral part of the maintenance process for many vacation homeowners who can enter the property to perform regular maintenance. Their services range from occasional basic upkeep to ensure the property is not falling into disrepair to full-service options that attend to everything. The type of service homeowners need depends on their budget and how much work they are willing to do themselves.


Every property management business offers different services, so those who hire a property manager may need to research multiple companies. The right fit for the job will have many qualities, including:




Good reviews for vacation home services


Proximity to the vacation home


Providing most services the homeowner needs




For services the property manager does not offer, they may be willing to recommend partners in the area.


Use Smart Technology



Smart home automation has made managing a property remotely much easier than it used to be. These days, homeowners can use their phones to check the security or ambient temperature of a home that is hundreds of kilometres away. Depending on the technology, they may also change settings from a distance. Smart home automation applies to various devices and systems, including:




HVAC


Lighting


Security


Landscape watering systems




Smart home improvements allow homeowners to create settings to turn lights on and off for security or adjust the heating or cooling to protect the structure. Some smart systems depend on local authorities, such as electricity or water usage. Signing up for online management can help alert homeowners to a burst pipe or other problem so that they can arrange for prompt attention and repairs.


Get to Know the Neighbours


Most vacation homes have neighbouring properties, and it makes sense to get to know the people living there. Neighbours who live in their homes full-time may be able to provide an extra layer of security in addition to alerting property owners to a fallen tree or unexpected visitor. This advance notice could make it easier for owners to minimize long-term damage to the home.


After buying a vacation property, homeowners may want to get to know the neighbours on either side of the home. The goal should be to build a long-lasting friendship that can benefit all parties. While exchanging contact information is ideal, it is essential to gauge the neighbour's interest before assigning tasks. Neighbours may respond more warmly if they get something out of the arrangement.


Be Proactive in Solving Problems


Even if homeowners only spend a couple of weeks a year at the vacation home, they must be proactive about problems. Members of the household might want to spend all their time relaxing as part of a vacation, but it can lead them to overlook or ignore growing issues with the property. Even problems that would be easy for a homeowner to fix by themselves could become expensive and complicated to address from a distance.


Instead, homeowners should set aside time to inspect the home and look for signs of trouble coming. These include:




Testing out systems like plumbing, electrical, or HVAC


Checking the home's exterior for foundation issues or damage to the siding


Looking for signs of unwanted pests


Replacing batteries in smoke and carbon monoxide detectors




Homeowners may want to set aside a few days each year to attend to these concerns. Your vacation home insurance may even require regular checks in order to keep your coverage.


Make a Plan to Care for Your Vacation Home


Owning a vacation home provides excellent opportunities for relaxing in a beautiful setting but also takes work while the homeowner is away.The best approach to maintaining a vacation home depends on the property, but most people will need to employ more than one tactic. A few options can ease the challenge, like installing smart home technology or asking the neighbours to keep an eye out. Otherwise, property managers may best serve property owners by providing top-level maintenance and service.




 
 ]]> </description>
    <pubDate>Tue, 29 Nov 2022 15:26:00 -0600</pubDate>
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<item>
    <guid>https://www.kelownahomes.ca/blog/living-in-upper-mission.html</guid>
    <link>https://www.kelownahomes.ca/blog/living-in-upper-mission.html</link>
        <author>info@kelownahomes.ca (Dave Kotler)</author>
        <title>Upper Mission Guide: 4 Perks of Living in Upper Mission</title>
    <description> <![CDATA[ 


The Upper Mission neighbourhood in the city of Kelowna has a lot going for it. Uphill from much of the rest of the city, Upper Mission offers some incredible views of Okanagan Lake. From the new construction homes at the peak of the hillside to the waterfront properties next to the lake, residents have easy access to some great local parks, several wineries, and proximity to Kettle Valley Village Centre. Here are all the reasons to love living in Upper Mission, Kelowna.


Proximity to Kelowna Parks


The Woodhaven Nature Conservancy Regional Park is bordered on its west and south sides by Raymer Road in the Lower Mission community. This 30-hectare park is home to four natural ecosystems:




Black cottonwood


Douglas fir


Ponderosa pine


Western red cedar




A trail system runs through the conservancy in two directions from the parking lot in the northwest corner of the area. All regional parks are open from dawn until dusk every day, with hours shifting slightly with the seasons.


Upper Mission is also home to the largest off-leash dog beach in Kelowna. Seven-hectare Cedar Creek Park is on the shores of Okanagan Lake and features a boat launch, a beach, a swimming area, and some hiking trails.


Bertram Creek Regional Park is an excellent Kelowna park for a picnic next to the lake in Upper Mission. There are two separate parking areas at Bertram Creek, and it's open from dawn until dusk daily. This park also has several great beaches for boating and swimming. Picnic tables are available for public use, and visitors can reserve a pavilion for events. Three separate trails wind through the park's wooded areas.


Homes with Beautiful Views


Homes in Upper Mission offer stunning views. The gated homes next to Okanagan Lake overlook the water toward the West Kelowna community and Westbank neighbourhood. Homes in Upper Mission's hillside have views stretching from the wineries in the Kelowna South neighbourhood to downtown Kelowna.


The average price of homes for sale in Upper Mission is around $2.1 million, but some homes also list between $600,000 and $1 million. A more expensive modern-style estate near the top of the hillside containing five bedrooms and five bathrooms can sell for anywhere from $5 to $8 million, depending on its view. Smaller homes on the hillside tend to have more than 4,000 square feet and are fairly new, having been built between 2000 and the 2020s.


Nearby Kelowna Wineries



Anyone who drives along Lakeshore Drive in Upper Mission can look to the right and see the incredible vineyard rows of St. Hubertus &amp; Oak Bay Estate Winery. British Columbia is the wine capital of Canada, and Kelowna has temperate weather due to its proximity to the lake, creating an excellent wine-growing season for Kelowna wineries like St. Hubertus. This organic winery was first planted in 1928 and is well known for its award-winning Pinot Noir.


The Summerhill Pyramid Winery &amp; Bistro is on the hillside between Lakeshore Drive and Chute Lake Road. Visitors can look downhill from the parking lot for amazing views of the winery's vines and the lake. The Bistro serves lunch, dinner, and $7 glasses of wine daily during Happy Hour from 3 to 5 p.m. Summerhill crafts sparkling, red, white, ice, and specialty wines.


The CedarCreek Estate Winery is also just up the hill from Lakeshore Drive, and won the Winery of the Year title at the 2022 WineAlign National Awards. Its tasting room has floor-to-ceiling windows that provide unobstructed views of the lake, while there's an indoor fireplace for the colder months and two outdoor courtyards to enjoy tastings during summer. CedarCreek's Home Block restaurant provides upscale dining that includes two-course lunches with wine pairings, three-course dinners with wine, and a wide range of specialty dinners throughout the year. The menu tends to change with the seasons, so it's worth coming back again and again to try new food and wine.


Kettle Valley Village Centre


The small Kettle Valley neighbourhood is in Upper Mission, halfway between the hillside and the water. The Village Centre is the shopping hub for Upper Mission and is in the Kettle Valley area. About 20 businesses offer dining, retail, health and beauty products and services.


All of the businesses in Village Centre are locally owned. The Kettle Valley Convenience Store is a spot for light grocery shopping that people can walk to from virtually anywhere in the village. Other businesses in the Village Centre include Kettle Valley Coffee &amp; Scoops, Kettle Valley Fitness, the New You Day Spa, and the Kettle Valley Liquor Store. Restaurants include Papito's Pizza, Kettle Valley Public on Main Bar &amp; Grill, and the Dastan Kaiseki.


Kettle Valley is a designed community with seven public parks in the central part of the village. These parks and well-designed sidewalks make the Village Centre a very walkable part of the neighbourhood.


Discover Upper Mission in Kelowna


The stunning views and water activities on Lake Okanagan, combined with a laid-back lifestyle and spectacular weather, make Upper Mission a desirable place to call home. As the neighbourhood continues to develop, it will remain one of the most coveted spots in Kelowna.





 ]]> </description>
    <pubDate>Tue, 29 Nov 2022 11:02:00 -0600</pubDate>
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<item>
    <guid>https://www.kelownahomes.ca/blog/reasons-to-live-near-myra-canyon.html</guid>
    <link>https://www.kelownahomes.ca/blog/reasons-to-live-near-myra-canyon.html</link>
        <author>info@kelownahomes.ca (Dave Kotler)</author>
        <title>4 Perks of Living Near Myra Canyon in Southeast Kelowna</title>
    <description> <![CDATA[ 


Between the local hiking trails, golf courses, water recreation, natural landmarks, and wineries and vineyards, there are always many fun things to do in Kelowna. Among its landmarks, Myra Canyon is popular with locals and visitors alike. Located approximately 25 kilometres southwest of downtown Kelowna, it's home to several attractions that make it an outdoor lover's paradise. Discover four reasons why people love living near Myra Canyon below.


Myra Canyon Adventure Park


Explore the area's natural beauty high up in the trees at Myra Canyon Adventure Park with aerial courses, zip line routes, and more. This outdoor high ropes and zip line park is surrounded by gorgeous, steep-walled Myra Canyon and is less than 30 minutes from the city of Kelowna by car. With seven climbing course lines, three zip lines, 77 climbing elements, and 1.6 kilometres of climbing distance, visitors can enjoy their time here in a fun, exciting way.


Myra Canyon Adventure Park offers team-building activities for group events, bachelor and bachelorette parties, and a kinder course for adventurers as young as three. If you're looking to celebrate a special occasion such as a birthday or reunion, Myra Canyon Adventure Park offers sip and zip tours. Kids can also enjoy adventure camps during spring break and summer.


This park is not open during the winter months. Rates are based on age and activity; adult rates for aerial courses and zip lines start at $49, and for visitors under 18, rates start at $44. The kinder course is $23.


Myra Canyon Trestles Trail



One of Myra Canyon's most stunning attractions is the Myra Canyon Trestles Trail, located in the hills east of Kelowna. This incredibly scenic hiking and biking trail covers approximately 12 kilometres, including 18 trestle bridges and two tunnels. Visitors can also enjoy an &quot;elevated&quot; experience in the hills with scenic views of the canyon and Okanagan Valley on wide, flat trails.


Myra Canyon Trestles Trail was built on the old Kettle Valley Railway, a rail line that served mining operations as part of the Canadian Pacific Rail system. Built in 1915 and abandoned by the 1960s, the segment that ran through Myra Canyon was converted to the Trestles Trail and designated a National Historic Site of Canada in 2002.


The trail is noted as relatively easy to walk, with its surface made mainly of gravel and compacted soil. The bridge surfaces are made of wooden planks. With a maximum grade of 2.2, the trail is primarily flat and accommodates hikers and bikers of every age and experience level.


There are also benches at various lookout points along the trail. Several sections have minimal shade from trees, so bring sun protection and water to stay hydrated.


Meadow Vista Honey Wines


Located in the South East Kelowna community is the 5.5-acre Meadow Vista Honey Wines Farm, home to over 150 honeybee hives. The bees produce honey that is the basis of this winery's award-winning meads, described as &quot;nature in a glass.&quot; These beverages are made entirely from local ingredients and include sparkling bliss meads, still meads, and dessert wines.


Meadow Vista Honey Wines hosts various events throughout the year, including wine tastings, tours, gift shopping, and more. The winery also hosts farm experiences where visitors can enjoy gourmet snacks, mulled mead by the fire, s'mores with roasted marshmallows, lawn games, and up-close observation of their hardworking bees. There are also kid-friendly activities, so there's something to enjoy for visitors of all ages.


This destination is also popular for weddings—imagine tying the knot against the beautiful backdrop of the Okanagan Valley Meadow Vista Honey Wines offers a package that includes venues for a marriage ceremony, reception, special rates on wines, and options for setup and tear-down. Handmade wedding favors are also available and include honey, lavender, and beeswax.


Gallagher's Canyon Golf &amp; Country Club



Located east of Kelowna and surrounded by the beautiful Okanagan Valley lies one of Canada's best golf courses. Gallagher's Canyon Golf Club is an 18-hole, par 72 Kelowna golf course nestled in Myra Canyon. In addition to championship-level golf, players enjoy blue skies, expansive views of nearby orchards and vineyards, and professionally manicured fairways. The facility also includes a nine-hole Pinnacle Course suitable for players of various skill levels.


This private golf club is for members only, and the club offers memberships that require a one-time license purchase and annual dues. Memberships have waitlists at any given time. Junior memberships are available for golfers aged 13 to 18, and players younger than 13 may play as long as they have an adult sponsor. The club also hosts a Golf Academy that offers lessons and sessions with professional instructors.


Gallagher's Canyon Golf Club includes a restaurant, The Canyon Bar and Grill. It offers a seasonal menu featuring locally sourced items, cocktails, and brews. In addition to delicious meals and tasty drinks, diners can enjoy stunning views overlooking the first fairway of the main golf course.


Come Home to Kelowna


When you live near Myra Canyon, you're always close to some of the country's best outdoor offerings. No matter the season, there's something to see, do, or explore in the great outdoors of the Okanagan Valley. From heart-pounding aerial courses to easy nature strolls, wine tastings, award-winning golf courses, and more, the Myra Canyon area has so much to offer—all within 30 minutes of downtown Kelowna. Everyday explorers and weekend wanderers alike are sure to enjoy life near Myra Canyon.





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    <pubDate>Mon, 28 Nov 2022 10:55:00 -0600</pubDate>
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<item>
    <guid>https://www.kelownahomes.ca/blog/buying-investment-property-tips.html</guid>
    <link>https://www.kelownahomes.ca/blog/buying-investment-property-tips.html</link>
        <author>info@kelownahomes.ca (Dave Kotler)</author>
        <title>How to Buy an Investment Property: 3 Easy Steps</title>
    <description> <![CDATA[ 


Investment properties can be profitable, come in many forms, and are a solid addition to one's financial portfolio. These investments can establish a steady influx of cash, tax breaks, and capital appreciation.


Because real estate investment endeavours can be labour-intensive, selecting the correct route is essential. With that in mind, here are some solid tips to get started with buying your first investment property.


Consider the Common Types of Investment Properties


There are four primary properties to explore before investing:




Flip and turns


Residential rentals


Vacation rentals


Commercial properties




Here are their pros and cons to help investors go into the project with open eyes.


Flip a House and Turn It for Profit


House flipping is becoming one of investors' most popular real estate options. Homes known as &quot;distressed properties&quot; that need a cosmetic lift or renovations can be suitable investments.


Due to their condition, these properties tend to sell below market value. After the investor makes repairs, the home's resale value typically increases. Another route for investors is to buy properties at auctions or foreclosed homes that can quickly resell for a profit.


One possible drawback that may challenge first-time investors is keeping the cost of rehabbing the property low. Property flippers need to know which repairs and renovations will yield the highest resale value. Some projects cost more than the actual return on investment.


Finding distressed or foreclosed homes can be another challenge. One approach is to search neighbourhoods personally or virtually. Scouting auctions and foreclosure listings are common ways to find houses to flip for profit.


Invest in Residential Rentals


More people are renting longer these days, making residential rental properties a wise investment. Residential investors can rent out several property types, including:




Single-family homes


Townhouses


Condos


Duplexes




The tenant's rent can help cover the investor's loan costs, generate extra cash flow, and contribute to the long-term appreciation of a residential rental property. Some other things investors should keep in mind is their responsibility for handling or paying someone for maintenance and landscaping tasks. Mortgage rates for rental properties are often higher than primary residences, which is an important consideration when you're deciding whether to rent or sell.


Invest in a Vacation Rental


Vacation rentals are typically short-term rentals that can be condos, Airbnbs (or similar platforms), or bed and breakfasts. They don't have to be separate from the investor's primary residence (and in fact, British Columbia generally doesn't allow otherwise). As a perk, technology makes it easier for travellers to find these accommodations.


Ambitious investors might consider buying a vacation property near popular attractions or touristy cities. Popular locations across the country include:




Niagara Falls


Blue Mountain


Jasper National Park


Quebec City


Montreal


Vancouver




A perk for investors is not only passive income—they can have a vacation spot for themselves when the property is unoccupied. Others may opt to make the home a place to live after retirement.


In addition to the initial investment costs, owners must either self-manage or hire a property management company. Essentially, they must plan to book the unit, take in payments, perform maintenance, and clean.


Invest in Commercial Real Estate


Commercial real estate is rental property for businesses and corporations, including multi-family homes with five or more units. These properties are malls, shopping centres, grocery stores, offices, and industrial complexes.


Commercial real estate can be lucrative when fully or mostly occupied and be an excellent asset to one's investment portfolio. Additionally, it's less restricted for foreigners buying property in Canada. However, commercial property often requires a significant upfront investment that can run into the millions. The tax implications and insurance are also much higher when investing in commercial property.


How to Finance an Investment Property



The first step to determining ways to finance an investment property is whether it be commercial or residential. The next factor is whether the investment will have two to four units if it's not a single-family property. Most buildings in this category are zoned as residential. As mentioned above, properties with five or more units are considered commercial.


For multi-unit investments, owners must decide whether to live in one of the units themselves, making it eligible for an owner-occupied loan. If planning to rent out all the units, the property is considered non-owner-occupied. The primary difference between them concerns how much of a down payment will be required.


Owner-occupied properties can require a down payment between 5-10. Non-owner-occupied investments require a minimum 20 down payment, which is also the requirement for primary residence single-family homes.


Properties deemed as commercial will have to secure a commercial mortgage. Qualifying for one requires investors to meet much stricter criteria, and interest rates are typically much higher.


Investors can use the equity from a residential property with a home equity line of credit (HELOC) to secure a second mortgage for an investment property or a line of credit using the equity in their home. They give investors greater flexibility in payments versus conventional mortgages and can pay more of the principal early without penalties. However, a HELOC usually has higher interest rates than standard mortgages.


Another approach to financing an investment property is to become a private mortgage lender, which allows owners to serve as their own bank for other buyers. In other words, those wanting to profit without owning can be a financing source to give money to property buyers. Investors earn interest to recoup the loan amount over time.


Tax Considerations for Investment Homes


The Canadian Income Tax Act mandates that investors remit 25 of their gross property rental income annually. In years when rental properties incur net losses, owners can reclaim that amount from previously paid taxes. Fortunately, bank loans, taxes, mortgage payments, and certain expenses are deductible.


The two types of deductible expenses are capital expenses and current operating expenses. Capital expenses offer longer-term benefits for investors, especially for multi-family properties.


When selling, residents don't pay taxes on the capital gains if the property is a principal residence (with some nuances if it wasn't always a primary residence). Those who don't live there will pay capital gains on profits if the home sells for a higher value than the purchase price. When non-resident investors sell Canadian property, the government claims 50 percent of the sale as a withholding tax.


Discover the World of Real Estate Investment Properties


With these tips, you can be better prepared to begin as a first-time real estate investor. It's essential to understand the pros and cons to prevent taking on more than you can handle—at least until you get more experience investing in residential and commercial real estate.





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    <pubDate>Wed, 09 Nov 2022 12:09:00 -0600</pubDate>
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    <guid>https://www.kelownahomes.ca/blog/top-reasons-to-live-in-kelowna.html</guid>
    <link>https://www.kelownahomes.ca/blog/top-reasons-to-live-in-kelowna.html</link>
        <author>info@kelownahomes.ca (Dave Kotler)</author>
        <title>Living in Kelowna: 5 Reasons Kelowna Is a Great Place to Live</title>
    <description> <![CDATA[ 


Many people who come to the city of Kelowna for a vacation move here permanently—it makes quite an impression on them From sandy Kelowna beaches on Okanagan Lake to the beautiful weather and the arts and cultural destinations, the city has much to offer. The winters are warmer than in most other parts of Canada, making year-round activities possible. Nearly half of the grape vines in British Columbia are here, too, making the Okanagan Valley the &quot;Wine Capital of Canada.&quot; Here are five reasons to love living in Kelowna, British Columbia.


Easy Access to Okanagan Lake


Okanagan Lake is the center of activity in Kelowna during summer. There are several kilometres of sandy beaches on the lakeshore, with easy access for residents to get out and enjoy the water. Many waterfront homes in Kelowna are adjacent to public lake access points, allowing everyone to participate in the activities here. There are 10 beach parks in the city—and that's just on the east side of the lake


Standup paddleboarding is popular in Okanagan Lake. Rental outlets along the beach offer canoes, kayaks, inner tubes, and more. Some brave souls even head out on the lake in a wetsuit during winter for standup paddleboarding, so long as the ice is not too thick.


Boat owners can dock their watercraft at one of Kelowna's marinas. Additionally, taking a sailing charter is another great way to see the lake and the surrounding areas. There are also 11 scuba dive sites in town—the best visibility for diving in the 232-metre-deep lake is during the spring, fall, and winter. 


Beautiful &amp; Seasonal Weather



With four distinct seasons, Kelowna has some of the best weather in Canada. Okanagan Lake and the local geography ensure that temperatures rarely get bitterly cold in the winter. There are some hot days in the summer, usually around the beginning of August. The summers are hot and dry, the winters are comfortable, and the spring and fall are pleasant.


Kelowna's average high temperature during winter is 2.3° C, with an average low of -4° C. Snowfall is usually dry, which creates excellent powder conditions for skiing. Winter in Kelowna involves residents enjoying popular activities like downhill skiing, Nordic skiing, snowboarding, sledding, and snowshoeing. The interior lakes freeze over, making ice fishing possible.


During summer, the average weather in Kelowna reaches a temperature of 26.3° C, with an average low of 12.3° C. The beaches and waterparks get crowded on the hottest days Additionally, the many trails in Kelowna are full of great hiking and biking spots to enjoy during the warmer seasons.


Summer temperatures provide a fantastic growing season for Kelowna's many local orchards and vineyards. Be sure to visit the Kelowna Farmer's and Crafter's Market during the growing season


Dozens of Quality Wineries


The views of the wineries alone make it worth living in Kelowna. Residents on upper-floor condos can gaze out over kilometres of vines growing in the southeastern part of Kelowna. A couple of wineries are on the north side of town and the western shore of Okanagan Lake. Wines from growers in the Okanagan Valley have earned national and international attention, which is why this truly is the &quot;Wine Capital of Canada.&quot;


There are more than 30 wineries in Kelowna, and most of them are open year-round for events. Kelowna wine tours and tastings are very popular, and some wineries are even dog-friendly. There are five organized wine trails in the area, on which visitors can take a walk to view multiple wineries and sample the goods:




Downtown Grapes to Grains


Lake Country's Scenic Sip


Lakeshore Wine Route


Sip Southeast Kelowna


Westside Wine Trail




There are so many wineries to explore that guided wine tours are available to assist guests. They can tour with a driver/guide to several wineries or even take a helicopter ride to fly over the local wineries in the valley


Year-Round Outdoor Activities



Kelowna is a very active and outdoors-oriented city. Mountain biking is extremely popular, thanks to Kelowna's hilly terrain. The city also has more than 300 kilometres of bike lanes, so urban biking or simply commuting to work via bicycle is relatively easy. Kelowna also has more than 60 kilometres of separated bike paths throughout the city.


There are 19 golf courses in Kelowna, each individually beautiful and offering unique challenges for players of all skill levels. Ice skating is popular in the winter, with a free outdoor rink at Stuart Park. Additionally, the Big White Ski Resort and the SilverStar Mountain resort are less than an hour away for skiing and snowboarding.


Fat biking and snowmobiling are winter activities that many locals also enjoy. Hikers heading up the trail to the top of Knox Mountain Park during winter can see amazing views of the entire city.


Arts &amp; Culture Destinations


There are plenty of indoor activities to enjoy in this city, too. Also known as the Cultural District, downtown Kelowna has museums, trendy art galleries, theatres for catching a movie, a casino, and much more.


Here are five Kelowna museums to check out:




Father Pandosy Mission


Okanagan Heritage Museum


Okanagan Military Museum


Okanagan Wine &amp; Orchard Museum


Sncewips Heritage Museum




The Rotary Centre for the Arts is where locals can catch music concerts, dance acts, stage plays, and more. The Centre includes tourable artist studios, pottery studios, galleries, and a bistro. The Kelowna Community Theatre is another Kelowna performing arts theatre for music, dance, comedy shows, and stage plays.


Art lovers will want to stop by the Geert Maas Sculpture Gardens and Gallery in the northeast part of town, which displays more than 350 sculptures, paintings, and other artworks from the world-renowned Maas. It's also home to one of Canada's largest collections of bronze sculptures.


Another excellent option for art lovers is to walk around the downtown area near Water Street and Cawston Avenue, where many art galleries are available.


For those who want to try their luck, Chance's Casino Kelowna has more than 400 slot machines, table games, lottery outlets, and a bar and café.


Come for a Visit, Stay for a Lifetime


It's no wonder many visitors fall in love with and eventually move to Kelowna after vacationing here. Kelowna's weather, scenery, and attractions make it a truly unique place in British Columbia. The climate makes it possible to enjoy outdoor activities in Kelowna year-round, and there are always events to keep locals active.





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