The Verana Okanagan is a 4 phase/4 building luxury condominium project located in beautiful Penticton (www.penticton.ca), British Colombia (www.hellobc.com), Canada.   

This area of BC is known as the Okanagan Valley and is also branded as Canada’s wine country. Penticton is nestled between Lake Okanagan and Skaha Lake and is surrounded by rolling orchards and vineyards perfectly located for an active lifestyle, as well as for enjoying the relaxed pace of Okanagan living.

There is a Spring Sales Event for phase II of the development happening right now with prices starting at $225,000.00 and up for a limited time only. Phase II construction is completed and ready for purchase and occupancy.

Things to know:

The project was designed by Robert MacKenzie an award winning architect (www.robertmackenziearchitect.com)

·   Rivendell is a multi award winning building and design company who prides itself on quality workmanship, communication and customer service. Visit Rivendell at http://www.rivendellhomes.com/awards.html

·   Penticton is the sunniest spot on the southern tip of gorgeous Okanagan Lake. This growing community is surrounded by vineyards, golf courses, two lakes, Apex ski resort and is the host of Penticton’s annual Pacific Northwest Elvis Festival and Subaru Ironman Canada

·   Penticton’s Okanagan College campus is expanding 3 times current size to add 91000 Sq. Ft. ie) opening 278 jobs for construction, 26 fulltime positions at the college and room for almost 1000 more students. 
More students + more jobs = need a place to live!

·   Penticton has the new South Okanagan Events Centre allowing for concerts and sports events which means more exposure for Penticton

·   The 4-laning highway expansion just before Summerland (once completed) will allow the ease of traffic to flow between Penticton and Kelowna (the major hub in the valley)

·   There are direct flights from Penticton to Vancouver’s International Airport

·   The rental vacancy rate in Penticton is less than 5%. A quick look in the local newspaper shows condos that are for rent are aimed for 55+ years putting Verana in a target market for rentals (No age restriction at Verana and 6 month rental min.)

·   The Verana Okanagan is situated on the south end of Penticton and is 1 block from beautiful Skaha beach and park which includes: tennis, basketball, and volleyball courts, picnic areas and a children’s playground

·   The Verana is accelerating the production of their amenity building (start date June 09) which includes: kitchen, meeting room, exercise & change rooms/showers & recreation area. This is an important factor ultimately increasing the value of existing Verana suites by bringing the amenity online

·   70% of the Verana project site will be composed of open green spaces that include landscaped grounds, walking paths and a putting greens once the project is completed

·   Verana has incorporated a Go Green approach. They have Penticton’s first Green Roof system in place and multiple green initiatives. Verana won Fortis BC Power Sense ‘Conservation Excellence Award’ (2008)

·   Property Management is available for investors

         If the thought of owning a home or investment property does not seem feasible due to the large down payment required, it is important to note there is no longer a 25% down payment minimum. Currently dependant on your financial situation only 5% is needed to qualify for a mortgage. For example with The Verana’s Springs Sales Event the lowest condo price is $225,000. Therefore at 5% down it would be $11,250 and at an interest rate of 3.85% the mortgage payment would be $952.51. This seems quite comparable to current rental prices so why rent when you can buy? From an investment perspective you would not only have your renter paying down your mortgage your total equity gain in 5 years is approx. $76,000 which is roughly 135% per annum return on your down payment (This is based on a conservative real estate growth of 6% per annum). Not bad considering the current state of the stock market. Property pricing in Penticton is the lowest it has been in the last 6 years and interest rates are the lowest ever, putting you in a prime position to lock into the market while pricing is still at an all time low.

Please visit us online at www.veranaokanagan.com or e-mail sales@veranaokanagan.com