{"id":466865,"date":"2022-06-23T17:37:56","date_gmt":"2022-06-23T14:37:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cottage-industry-okanagan-the-million-dollar-market\/"},"modified":"2022-06-23T17:37:56","modified_gmt":"2022-06-23T14:37:56","slug":"cottage-industry-okanagan-the-million-dollar-market","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cottage-industry-okanagan-the-million-dollar-market\/","title":{"rendered":"#Cottage Industry: Okanagan, \u201cthe million-dollar market\u201d"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b01bd63261\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b01bd63261\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cottage-industry-okanagan-the-million-dollar-market\/#%E2%80%9CCottage_Industry_Okanagan_%E2%80%9Cthe_million-dollar_market%E2%80%9D%E2%80%9D\" >&#8220;Cottage Industry: Okanagan, \u201cthe million-dollar market\u201d&#8221;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cottage-industry-okanagan-the-million-dollar-market\/#Okanagan_Valley_British_Columbia\" >Okanagan Valley, British Columbia<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCottage_Industry_Okanagan_%E2%80%9Cthe_million-dollar_market%E2%80%9D%E2%80%9D\"><\/span>&#8220;Cottage Industry: Okanagan, \u201cthe million-dollar market\u201d&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n                            Surging prices, bidding wars, blind offers\u2014the search for seasonal real estate has become a battlefield. Tales from 10 of Canada\u2019s hottest vacation towns.\n                        <\/div>\n<div>\n<p class=\"p3\"><em>In the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/canadianmags.ca\/products\/copy-of-macleans-single-issue\">July issue<\/a> of Maclean\u2019s, and each week here online, recent buyers divulge what they had to do to acquire the cottages of their dreams: pool family money, send relatives for viewings, hop on the first flight to Atlantic Canada post-bubble, or buy sight unseen, sometimes from thousands of kilometres away.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Okanagan_Valley_British_Columbia\"><\/span>Okanagan Valley, British Columbia<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Average recreational property price (2021):\u00a0<\/strong>$1,302,750<\/p>\n<p class=\"p1\"><b>The Market:<\/b><b> <\/b>Thanks to its sunny climate, ferry-free access and plethora of golf courses, British Columbia\u2019s expansive Okanagan Valley is a tourist\u2019s (and retiree\u2019s) dream. A recent wave of tech firms setting up shop in Kelowna has also attracted a slew of young professionals, and with them comes a desire to snap up the valley\u2019s coveted vacation real estate. Between these two cohorts, competition for cottages and cabins is tight. In 2021, prices for waterfront properties in the central valley averaged $2.3 million; further north, they raked in upwards of $1.3 million each. Buyers are now hard-pressed to find lakeside inventory listed below the million-dollar mark\u2014but every so often, they get lucky.<\/p>\n<p class=\"p1\"><strong>The Buyers:\u00a0<\/strong>Ted Swan, a 37-year-old garlic farmer and lighting entrepreneur, and his wife, Laurel, a 37-year-old human resources adviser.<\/p>\n<p class=\"p1\"><span class=\"s1\"><b>Laurel:<\/b> My paternal grandparents, Jean and Heimo, emigrated from Finland to Vancouver in 1924. Every year, they\u2019d ski at SilverStar Mountain Resort, which is 30 minutes northeast of Vernon. I went there with my parents and my younger sister, Lisa, as a kid.<span class=\"Apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" data-sizes=\"auto\" class=\"aligncenter wp-image-1237675 size-full lazyload\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/06\/MMRVernonAFrame3091_MelissaRenwick-1-e1655948951951.jpg\" alt=\"\" width=\"3000\" height=\"1745\"\/><\/p>\n<p class=\"p2\"><span class=\"s2\">Ted and I now live in Vernon with our four-year-old daughter, James. We used to visit SilverStar almost every weekend, and in the winter, we\u2019d rent an old A-frame cabin on the grounds. At the start of the pandemic, Ted and I thought about buying a vacation property. I knew that Lisa and her husband, Eric, who live in Toronto, were interested in buying a cottage in Ontario as an investment. I asked if they\u2019d be interested in buying a cabin at SilverStar with us instead. They loved the idea.<\/span><\/p>\n<blockquote><p><strong>RELATED: Cottage Industry: Invermere, the \u201cbest-kept secret\u201d<\/strong><\/p>\n<\/blockquote>\n<p class=\"p2\">We wanted a place with at least two bedrooms and planned to spend between $500,000 and $850,000. In February, a 1960s A-frame went up for sale, which was rare. The same family had owned it for 32 years. It had three bedrooms, a porch, an open-concept kitchen with wood-panelled walls and a fireplace, all for $669,000. It was also right at the foot of a chairlift, so it was a ski-in, ski-out property. We viewed the cabin at 10 a.m. on the day it was listed and FaceTimed with Lisa and Eric while there. It already felt like home.<span class=\"Apple-converted-space\">\u00a0<\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" data-sizes=\"auto\" class=\"aligncenter wp-image-1237670 size-full lazyload\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/06\/MMRVernonAFrame2559_MelissaRenwick-1-e1655948296433.jpg\" alt=\"\" width=\"3000\" height=\"2000\"\/><\/p>\n<p class=\"p2\">We noticed business cards from four other real estate agents on the table, which meant four other showings had h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened just that morning. On the offer collection date a week later, we bid $750,000. There were seven other offers, and I was surprised there weren\u2019t more.<\/p>\n<blockquote><p><strong>READ: A homeowner\u2019s worst nightmare\u00a0<\/strong><\/p>\n<\/blockquote>\n<p class=\"p2\">One buyer included a condition that he would pay $5,000 above the top bid, but the owners turned him down because he wanted to make the cabin a full-time rental. We planned to put it on Airbnb, but we wanted to use it, too. They chose our offer. I think our family connection to the resort helped us win.<br \/>\n<img loading=\"lazy\" decoding=\"async\" data-sizes=\"auto\" class=\"aligncenter wp-image-1237668 size-full lazyload\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/06\/MMRVernonAFrame3736_MelissaRenwick-e1655948383628.jpg\" alt=\"\" width=\"2992\" height=\"1710\"\/><\/p>\n<p class=\"p2\"><span class=\"s1\">We took possession in March, and Eric and Lisa flew in to help us with renovations. We posted the cabin on Airbnb soon after, naming it \u201cHeimo Haus,\u201d after our grandfather. Reservations were slow at first, but <\/span>once we had a few reviews, the cabin booked <span class=\"s1\">up for the remainder of the ski season, which ended on April 1. <\/span><span class=\"s1\">We\u2019re planning to add outdoor storage for bikes and skis, and to install a second upstairs bathroom and a hot tub in the near future. Ted, James and I spent about nine days there this spring, just skiing, skating, sledding, enjoying dinners in town and playing board <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s by the fireplace. We always leave SilverStar with full hearts.<\/span><\/p>\n<hr\/>\n<p><em>This article appears in print in the July 2022 issue of<\/em>\u00a0Maclean\u2019s\u00a0<em>magazine. Subscribe to the monthly print magazine\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/secure.macleans.ca\/loc\/MME\/head_subscribe\">here<\/a>,\u00a0or buy the issue online\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" class=\"c-link\" tabindex=\"-1\" href=\"http:\/\/canadianmags.ca\/products\/copy-of-macleans-single-issue\" data-stringify-link=\"http:\/\/canadianmags.ca\/products\/copy-of-macleans-single-issue\" data-sk=\"tooltip_parent\" data-remove-tab-index=\"true\">here<\/a>.\u00a0<\/em><br \/>\n<img loading=\"lazy\" decoding=\"async\" data-sizes=\"auto\" class=\"aligncenter wp-image-1237505 lazyload\" src=\"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/06\/COVER_.09375_DRE-e1655330793623.jpg\" alt=\"\" width=\"366\" height=\"500\"\/><\/p>\n<div class=\"under-article-widget-nl\">\n<p class=\"under-article-widget-title\">Looking for more?<\/p>\n<p class=\"under-article-widget-description\">Get the best of <em>Maclean<\/em>&#8216;s sent straight to your inbox. Sign up for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, commentary and analysis.<\/p>\n<p>                <iframe style=\"display:none;width:0px;height:0px;\" src=\"https:\/\/www.macleans.ca\/economy\/realestateeconomy\/cottage-industry-okanagan-the-million-dollar-market\/about:blank\" name=\"gform_ajax_frame_26\" id=\"gform_ajax_frame_26\" title=\"This iframe contains the logic required to handle Ajax powered Gravity Forms.\"><\/iframe><\/p><\/div>\n<\/p><\/div>\n<p><script async defer crossorigin=\"anonymous\" src=\"https:\/\/connect.facebook.net\/en_US\/sdk.js\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.macleans.ca\/economy\/realestateeconomy\/cottage-industry-okanagan-the-million-dollar-market\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Cottage Industry: Okanagan, \u201cthe million-dollar market\u201d&#8221; Surging prices, bidding wars, blind offers\u2014the search for seasonal real estate has become a battlefield. Tales from 10 of Canada\u2019s hottest vacation towns. In the July issue of Maclean\u2019s, and each week here online, recent buyers divulge what they had to do to acquire the cottages of their dreams:&#8230;<\/p>\n","protected":false},"author":1,"featured_media":466866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.macleans.ca\/wp-content\/uploads\/2022\/06\/MMRVernonAFrame2869_MelissaRenwick-766x431.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[130633,71226],"class_list":["post-466865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cottages","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/466865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=466865"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/466865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/466866"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=466865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=466865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=466865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}