Penticton, a city nestled in the heart of the Okanagan Valley, is quietly emerging as the next sought-after development destination. With its serene surroundings and a growing number of new housing projects on the horizon, Penticton is capturing the attention of homebuyers and investors alike. Boasting an array of approved and proposed housing developments, including the expansive North Gateway area and the Wiltse Flats subdivision, Penticton is set to welcome approximately 4,400 new homes. Unlike its bustling neighbour, Kelowna, Penticton offers a more tranquil and relaxed lifestyle that appeals to those seeking a peaceful haven.
Furthermore, Penticton's relatively affordable housing market, compared to Kelowna, has further fueled its allure. As interest also shifts south to neighbouring communities like Oliver, Okanagan Falls, and Osoyoos, Penticton's attractiveness continues to grow. With upcoming developments such as the Avery Industrial Park, which aims to attract major employers, Penticton is poised for an exciting future as the next Okanagan development destination.
Rapid Growth and Development
"The city of Penticton has adopted development plans focused on sustainable growth, infrastructure improvements, and economic diversification," said Taylor Musseau, Managing Director and Partner at MLA Okanagan. Penticton has experienced significant growth in recent years, and is projected to grow by 275 people annually for the next 25 years. The region is preparing for this growth through its official Community Plan, also known as the OCP.
Updated in 2019 following a public engagement process, the OCP aims to ensure the best use of land and infrastructure while protecting the natural environment. The plan focuses on four strategies to manage predicted growth. The first strategy emphasizes adding density and development in existing urban areas, with guidelines to encourage responsible densification without compromising the character of these areas. The second strategy aims to create complete and accessible communities that offer a high quality of life. The third strategy involves directing growth to areas with existing services and amenities, making the best use of available assets and infrastructure.
Lastly, the OCP emphasizes responsible development that respects the natural surroundings, including hillsides, creeks, lakes, and wildlife corridors. These strategies will decrease the land required for growth, increase density in service-rich areas, and promote a strong economy. The OCP also includes policies for commercial and industrial growth, primarily in existing areas. Proposed amendments to the plan are carefully reviewed by the city's planning department to ensure they align with the OCP's objectives.
Investment Opportunities
One of the most enticing aspects of Penticton for investors is the absence of restrictions on platforms like Airbnb. This freedom presents an excellent opportunity for investors to capitalize on the growing tourism industry in the region. As Musseau pointed out, "Unlike Kelowna, Penticton also has yet to tighten restrictions surrounding short-term rentals, which is a huge driver. Having the zoning that allows short-term rentals is like a golden ticket. It dramatically increases the value of the home when you go to market it." The city's popularity as a tourist destination, combined with its relaxed regulations, makes it an ideal place to invest in vacation rentals and other short-term accommodations.
Influx of Developers
As MLA Canada, we have been captivated by Penticton's allure, much like other developers throughout Canada. Our team recognizes the immense opportunities present in this region, and we are proud to be actively engaged in shaping its future. One of our notable endeavors is Beach House, which exemplifies our commitment to Penticton's development.
The growing interest from developers seeking to enter this market is a clear indication of Penticton's rising prominence. We receive numerous inquiries from fellow developers eager to explore the city's potential and contribute to its growth. This fervor surrounding Penticton showcases its reputation as a highly sought-after destination for development ventures. Musseau highlights, "For Penticton specifically, developers are drawn to the area because being a tertiary market, the cost of land is still less than larger markets like Kelowna."
Proximity to Lakes and Wine Region
Penticton's advantageous location between two picturesque lakes, Skaha and Okanagan, adds to its appeal as a development destination. The lakes provide residents and visitors with ample opportunities for recreational activities, including boating, swimming, and fishing. Furthermore, Penticton's close proximity to the renowned Naramata wine region adds a touch of sophistication and leisure, making it an attractive place to live and visit.
As Penticton continues to evolve and flourish, it is primed to become a sought-after destination for those seeking a vibrant community, breathtaking scenery, and exciting development prospects. Whether you are looking to invest, build a home, or enjoy a thriving lifestyle, Penticton is undoubtedly a city to watch in the Okanagan Valley.
