75: Penticton's Sokana Project & a Development's Reliance on Pre-Sales with Fifth Avenue Real Estate Marketing's Jamie Squires

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Welcome back to the Kelowna Real
Estate Podcast.

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I'm your mortgage broker host,
Taylor Atkinson.

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And I am your real estate agent
host, Matt Glenn.

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What is going on, Taylor?
Hi, you know, you and I were just

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talking about some of the
headlines as tourism's been kind

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of soft lately in the Okanagan.

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in the Okanagan.

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Yeah, I've been hearing that it's
soft, but then like, okay,

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yesterday I go out for lunch at
Earl's, like right downtown

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Kelowna, like it was weekday,
whatever yesterday was Wednesday,

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walk into the restaurant and we
were the only ones in the

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restaurant.

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It's like probably the most

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prominent restaurant downtown.

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And then we're looking at the lake

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and there's like a couple of boats
on the lake.

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Beautiful day.

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Like we haven't had any smoke,

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been hot this whole summer.

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I felt like yesterday should have

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been cooking downtown and it was
kind of quiet.

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That's just like totally
anecdotal.

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But what do you think?
Yeah, funny enough, we were also

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at Earl's a couple weeks ago.

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We know the good spots.

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Yeah, on a long weekend on the
patio and no reservation, walked

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right in.

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It was like 50% capacity.

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So it definitely seems to be a
legitimate concern.

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I don't think this is a hit
against Earl's.

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I think it's just a come out in
general.

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You know, Earl's is a fantastic
spot earls i think it's a just a

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clone in general you know earls is
a fantastic spot i think yeah just

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down like obviously in our world a
lot of people are blaming it on

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the short-term rentals their bnb
rules right which i think

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definitely play a factor but i
think having such a gnarly summer

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last year really turned people off
yeah so so here's a colonna now

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article yeah they say blame it on
short-term rentals, blame it on

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cool, wet June, blame it on a heat
wave, blame it on smoke and

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wildfire, fragile economy, shaky
consumer confidence, or a

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combination of all of the above,
which is, you know, it's hard to

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quantify.

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Any one of those would impact it

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right now.

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I'm sure time will tell.

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But yeah, it does seem a bit
slower.

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So we reached out to a couple of
people in the industry to have

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them on to talk about this.

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The short-term rental rental

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thing, like I don't think the
hotels are packed, right?

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Like, so I don't know if it's a
short-term rental thing.

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Like obviously if you have a
family, you're just not going to

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even look at a hotel, maybe if
there's like 10 of you.

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So I don't know, maybe they just
don't come at all because of that.

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Well, I think that's kind of part
of it, right?

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If hotels are more expensive and
they can't accommodate as many are

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more expensive and they can't
accommodate as many people, you

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are going to see less people
moving around, but probably

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economically as well.

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It's not a great time.

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Yeah.

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I think the interest rates have

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really taken a hit, not only of
the housing, but also of people

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spending money, which is what they
come to Kelowna for this time of

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year.

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Well, and the cost of service

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right now too, right?
So look out for a podcast,

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hopefully in the near future that
we bring someone on to talk about

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that.

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Relevant to that topic, our guest

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today, Jamie Squires from Fifth
Avenue Marketing.

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They're based out of Vancouver,
but they do a lot of

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pre-construction projects
throughout BC.

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They're backing Sokana out of
Penticton right now is one of the

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projects she was really talking
about.

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Talk a lot on this episode yeah so
penticton seems to be more of an

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advocate for short-term rentals
and you know supporting their

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local businesses that way so yeah
if anyone from penticton wants to

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come on and talk shop that'd be
pretty cool be pretty cool as well

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man so also do you hear in the
news the west bank first nation is

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putting a hold on new uh
short-term rental things too

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really no i did that this is
breaking news well it's not really

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breaking news it's been the last
two days but they basically paused

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new licenses so they had the two
places that allow them verona

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beach and the cove maybe the cove
but those two are allowed to have

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short-term rentals but they said
they're pausing them for now

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because they're just getting an
influx of so many people wanting

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to do that, which makes sense
given the state of everywhere else

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in the area.

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So it makes sense that they're

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doing that.

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I don't know how long it's going

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to last, but I know that it's been
talked about.

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Yeah, let's let's see how the fall
and winter shakes out.

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Maybe there'll be some changes.

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We'll have to adapt some plans to

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make sure everyone has a good
summer next year selfishly it's

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been kind of nice cruising i've
been hearing that from locals

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everyone's like man this is kind
of nice go to the beach or spots

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you can walk it around traffic
isn't wild so i have been hearing

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that from locals which is super
funny but that from locals

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everyone's like man this is kind
of nice go to the beach or spots

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you can walk it around traffic
isn't wild so i have been hearing

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that from locals which is super
funny but then if those locals own

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a business like yeah there's pros
and cons to everything yeah and

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this episode like every other
episode is sponsored by century 21

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assurance realty best brokerage in
the okanagan my brokerage where

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i've always been at where i'll
always be at if you're an agent

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looking to make a change or a
buyer or seller looking for an

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agent give century 21 a call talk
to max talk to dean talk to me

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love to hear from you enjoy the
episode right on hey welcome to

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the show jam Jamie.

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Thanks for joining us.

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Thanks for having me.

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So we like to kind of start our

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show just you connecting with our
listener.

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What's your perfect Friday look
like in terms of what do you do at

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work?
What's productive for you?

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What gives you energy?
And then leading into the weekend,

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what do you do for fun?
Okay, well, I actually usually

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wake up to my cats asking for
breakfast.

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One's laying on my chest, staring
me in the face.

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And the other one's on my night
table, actually knocking anything

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I might have on there off just to
make noise.

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And then looking at me after she
knocks anything off.

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Basically from there, I get up,
get ready for the day, come down,

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see the dogs, take them for a
walk, you know, get my energy,

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creative juices flowing, go from
there.

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And then I head into the office or
into my home office because we

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have a hybrid work.

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Everything is ready to go.

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I do try not to have meetings on
Friday.

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And if it is necessary to have
meetings on Fridays, I like to try

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to have them all scheduled before
lunch.

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Again, going into the weekend,
having time to think, catch up on

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any tasks.

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You need that thinking time to

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really be creative when you're
coming into marketing and sales.

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So that's the time to do it.

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Nice.

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So what is the company off.

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Nice.

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So what is the company that you're
with?

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So I'm with Fifth Avenue Real
Estate Marketing.

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I am the president and managing
broker, as well as Epic Marketing.

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Nice.

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Yeah.

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We Yeah.

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We had Shane Stiles on from Epic

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previously a couple years ago, and
we had Scott Brown on, I think it

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was episode 45.

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So yeah, we've spoken to a couple

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people working with you So guys.

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we've what, spoken to a couple

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people working with you guys.

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So what's exciting?

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What do you got for news for us?
I mean, you guys are basically

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like dominating the pre-sale
market, right?

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You help with projects throughout
BC, a lot kind of lower mainland

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and the Okanagan.

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Yeah.

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What's exciting for you right now?
So for for us, exciting, we have a

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project that we're actually
selling the second phase of called

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Sokana in Penticton.

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Penticton is one of the largest

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cities for the South Okanagan,
which gets extremely warm and dry

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in the summer.

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However, the great news there is

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it is cold in the winter, but
there's barely any snow on the

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roads in town, at least.

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They're very close, say a 20

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minute drive or less up to apex
mountain where they get the snow

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that you need when you want to go
snowboarding or skiing in the

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winter and we're just really
pumped about so can it's the first

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building in about 25 years in
penticton to actually incorporate

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a pool which when you have summers
where your average temperature is

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well over 40 degrees celsius
you're gonna need and want to jump

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into a pool if you're not living
right on one of the two lakes that

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is actually actually an amazing
stat there no buildings have had a

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pool in the part of the amenities
and over 25 years in penticton

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that's kind of funny and so canada
too is right at the start of the

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channel kind of where the city
beach is right at the kind of the

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entrance to penticton exactly you
can walk right to okanagan Lake

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and all the restaurants go in for
a drink or a dinner out, walk

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home.

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If you walk the other direction,

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exactly walk the other direction,
you're walkable to shops, coffee

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shops, services, banks, everything
you need that way, as well as a

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golf course.

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Couldn't be any better, right?

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Yeah.

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Yeah.

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When's the project supposed When's
the project supposed to be

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finished?
I mean, I should get a unit there.

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I want to say like 2026?
There's two There's two phases.

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So the first phase that's sold
out, I believe is estimated for

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2026.

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And the second phase we're

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estimating right now is 2028.

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Is there only two phases on

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Sokana?
Correct.

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So phase two is the final phase
that we're just starting to sell

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now.

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It also has the homes that face

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the river or the channel on
Riverside Drive there.

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Obviously, this is a bit of a
dynamic question, but this was

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originally proposed to allow
short-term rentals.

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City of Penticton has been great
at supporting that and I don't

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want to say fighting it
provincially, but have been

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supporting autonomy on usage for
property.

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Do you have any updates for that?
Obviously, I'm optimistic to be

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like, hey, it's another two years
until this closes.

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Maybe something changes.

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As of now, what does that look

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like?
So cities, especially cities like

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Penticton itself, should be
battling this.

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There are some that are oddly
enough opting in, which could be

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detrimental to their workforce and
their businesses of the town, the

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local businesses.

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These are tourist towns in the

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summer, a lot of them, especially
Penticton.

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So a lot of the businesses
actually rely on the summer

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tourists to give them that cash
capital to live on and have the

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business run for the rest of the
year when it's a bit slower.

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That said, you can also never get
a hotel in the summer.

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My husband actually grew up in
Penticton and my family lives in

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Penticton.

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So we're fairly local without

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being actually local ourselves.

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So we're very used to this.

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And you go up there and it's
booming.

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It's very busy in the summer.

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It's the place to be.

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It's got all the festivals.

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It's got the fireworks, the

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strongman.

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It's got everything or Ironman.

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And it's all busy.

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And then you come into the fall

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and the winter and it slows down.

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00:08:20,893 --> 00:08:23,734
You get a tiny little pickup at

242
00:08:23,734 --> 00:08:25,797
Christmas and that's people coming
to visit family for Christmas

243
00:08:25,797 --> 00:08:26,340
usually.

244
00:08:26,420 --> 00:08:26,940
And then that's it.

245
00:08:26,940 --> 00:08:30,552
So all of those restaurants and
businesses we just talked about on

246
00:08:30,552 --> 00:08:33,398
the beach that you can walk to
from Sokana actually rely on

247
00:08:33,398 --> 00:08:35,419
people coming to those hotels that
you are always fully booked and

248
00:08:36,159 --> 00:08:37,380
can never get in.

249
00:08:37,380 --> 00:08:39,251
Like if you wanted to go to

250
00:08:39,251 --> 00:08:43,150
Penticton right now, good luck
getting a room if you went to go

251
00:08:43,150 --> 00:08:48,192
online and book one today and if
you do it's going to be an

252
00:08:48,192 --> 00:08:50,740
exorbitant rate in fact you can't
even get a campsite if you want

253
00:08:50,880 --> 00:08:53,280
one they're probably all booked
for the summer by the end of

254
00:08:53,360 --> 00:08:57,559
january if not last year so by
banning the airbnb in a town like

255
00:08:57,559 --> 00:09:01,602
that all you're actually doing is
hurting the local people and their

256
00:09:01,579 --> 00:09:03,039
ability to have the customers
required to stay in business.

257
00:09:03,039 --> 00:09:03,260
Yeah.

258
00:09:03,260 --> 00:09:04,294
Like, are you guys selling?

259
00:09:04,294 --> 00:09:08,127
Like, are you guys selling?
Well, I guess you kind of have to

260
00:09:08,227 --> 00:09:09,876
sell phase two as like a
non-approved Airbnb.

261
00:09:09,876 --> 00:09:12,862
Like the usage has to be what's
currently provided in provincial

262
00:09:12,862 --> 00:09:13,041
legislation.

263
00:09:13,041 --> 00:09:13,340
Exactly.

264
00:09:13,340 --> 00:09:15,191
In the provincial legislation,
there are some loopholes.

265
00:09:15,191 --> 00:09:18,253
So we've actually had some
customers come in recently because

266
00:09:18,253 --> 00:09:20,907
I've actually been to the site and
helped working it for a bit with

267
00:09:20,907 --> 00:09:23,014
our sales team there over the last
month or so.

268
00:09:23,014 --> 00:09:25,171
And we've actually had customers
come in and they're more of a

269
00:09:25,171 --> 00:09:25,795
downsizer or retiree.

270
00:09:25,795 --> 00:09:27,044
And they're like, well, if I go to

271
00:09:27,044 --> 00:09:30,109
Phoenix or Palm Springs for three
or six months in the winter, or if

272
00:09:30,109 --> 00:09:33,024
I visit my daughter in Ontario for
two months, could I Airbnb it?

273
00:09:33,024 --> 00:09:35,224
And with the new legislation, you
could, because it's technically

274
00:09:35,224 --> 00:09:36,083
still your primary residence.

275
00:09:36,083 --> 00:09:38,065
So you can Airbnb your primary

276
00:09:38,065 --> 00:09:38,197
residence.

277
00:09:38,197 --> 00:09:40,533
So if you're looking at a place

278
00:09:40,533 --> 00:09:44,151
for SoCanna and you're one of
these people that are able to be,

279
00:09:44,151 --> 00:09:46,399
you know, here and there at
different times of the year, and

280
00:09:46,399 --> 00:09:48,585
it's still your primary residence
when you're home and on your tax

281
00:09:48,585 --> 00:09:52,013
returns, essentially, then you can
still Airbnb it.

282
00:09:52,013 --> 00:09:57,113
And so Canada would be the perfect
place to allow that because every

283
00:09:57,013 --> 00:09:59,840
home has a storage locker, but
there's the ability to buy the

284
00:09:59,840 --> 00:10:01,415
extra storage lockers and bike
lockers, right?

285
00:10:01,395 --> 00:10:03,351
So you could put your private
stuff down there, Airbnb it for

286
00:10:03,351 --> 00:10:05,693
the weeks you're away, and then
come back and make money while

287
00:10:05,693 --> 00:10:06,648
you're on vacation.

288
00:10:06,648 --> 00:10:07,186
Right.

289
00:10:07,186 --> 00:10:08,141
That's a good point.

290
00:10:08,141 --> 00:10:10,602
Because I mean, we're kind of

291
00:10:10,502 --> 00:10:13,974
stuck in the Kelowna mindset right
now, where the municipalities come

292
00:10:13,974 --> 00:10:17,407
out even more restrictive than the
province, stating that, you know,

293
00:10:17,307 --> 00:10:19,484
they're not going to provide any
new business licenses to operate.

294
00:10:19,584 --> 00:10:22,215
So at least with the city of
Penticton, you have that

295
00:10:22,115 --> 00:10:22,262
opportunity.

296
00:10:22,362 --> 00:10:22,655
Yeah.

297
00:10:22,555 --> 00:10:30,102
Are there other ways, you know, I
know you're kind of talking about

298
00:10:30,097 --> 00:10:31,902
fractional ownership as well in
these type of properties.

299
00:10:31,900 --> 00:10:33,850
Do you want to talk about that a
little bit?

300
00:10:33,850 --> 00:10:34,391
Do you properties.

301
00:10:34,386 --> 00:10:35,604
want to talk about that a little

302
00:10:35,604 --> 00:10:37,125
bit?
So there's other ways if you're

303
00:10:37,025 --> 00:10:40,448
not, say, a retiree or an empty
nester that can take a few months

304
00:10:40,448 --> 00:10:43,173
off a year and Airbnb your own
residence.

305
00:10:43,273 --> 00:10:46,771
Another way to get in if you're
looking for a place to have, say,

306
00:10:46,771 --> 00:10:50,460
as a summer or a winter home,
spend the Christmas there, go out

307
00:10:50,460 --> 00:10:53,834
there for the summer is to look at
buying with family or friends.

308
00:10:53,834 --> 00:10:57,470
You're not all going to be there
at the same time unless you plan

309
00:10:57,470 --> 00:10:57,938
to be.

310
00:10:57,938 --> 00:10:59,634
Of course, you can always do that.

311
00:10:59,634 --> 00:11:02,815
But, you know, if you all bought a
home together there and used it on

312
00:11:02,815 --> 00:11:05,679
different weeks of the year, then
your payments would still be low.

313
00:11:05,679 --> 00:11:09,222
You know, not as low as if you
Airbnb'd it and you're not making

314
00:11:09,222 --> 00:11:11,463
the money, but you're sharing the
cost of the home.

315
00:11:11,463 --> 00:11:14,120
But you can still access and use
it whenever you want.

316
00:11:14,640 --> 00:11:17,051
The issue with renting it out is
under the Residential Tenancy Act,

317
00:11:17,051 --> 00:11:20,333
RTA for British Columbia is, you
know, you can do a lease, but if

318
00:11:20,333 --> 00:11:22,000
they don't leave, it just
automatically goes to month to

319
00:11:24,275 --> 00:11:24,325
month.

320
00:11:24,289 --> 00:11:24,578
And then you basically can never

321
00:11:24,412 --> 00:11:24,646
get them out.

322
00:11:24,487 --> 00:11:24,720
It would take you like a year with

323
00:11:30,140 --> 00:11:31,220
a bailiff to hopefully maybe get
them out, even if they weren't

324
00:11:31,200 --> 00:11:31,557
paying the rent.

325
00:11:31,557 --> 00:11:32,181
That's a huge risk to take.

326
00:11:32,281 --> 00:11:33,043
And that's why people prefer the
Airbnb option.

327
00:11:33,043 --> 00:11:34,134
That was always the pushback with
people like renting to students

328
00:11:34,114 --> 00:11:36,318
for the year and then renting
Airbnb for the summer.

329
00:11:36,218 --> 00:11:38,706
What happens when the student just
doesn't leave at the end of the

330
00:11:38,706 --> 00:11:40,281
year?
It's a huge legal hassle because

331
00:11:40,281 --> 00:11:42,098
in British Columbia, the landlord
or the property owner doesn't

332
00:11:42,098 --> 00:11:44,551
actually have any of the rights
when they rent it out anymore.

333
00:11:44,551 --> 00:11:46,447
And our NDP government has made
that even more cumbersome.

334
00:11:46,447 --> 00:11:49,797
They're changing rules or making
it harder even to get them out for

335
00:11:49,797 --> 00:11:51,849
your own family or your own use
now.

336
00:11:51,949 --> 00:11:52,246
It's crazy.

337
00:11:52,246 --> 00:11:53,240
I actually think it's scary when

338
00:11:53,240 --> 00:11:54,781
people want to take away
individual property rights.

339
00:11:54,681 --> 00:11:56,868
And it's even scarier if the
general population thinks it's a

340
00:11:56,868 --> 00:11:57,911
good our think idea.

341
00:11:57,911 --> 00:11:59,979
There are a lot of historical

342
00:11:59,979 --> 00:12:02,213
references I could make but won't
on that.

343
00:12:02,213 --> 00:12:04,447
But some are from Russia.

344
00:12:04,447 --> 00:12:06,361
Let's put it that way.

345
00:12:06,361 --> 00:12:08,077
Yeah, we've kind of talked a lot
on both sides.

346
00:12:08,077 --> 00:12:10,329
We've gone political on the show,
we've brought on politics.

347
00:12:10,429 --> 00:12:11,631
It's been a fun conversation.

348
00:12:11,631 --> 00:12:12,047
Yeah, okay.

349
00:12:12,047 --> 00:12:13,189
Well, walk us through the pre-sale
process.

350
00:12:13,189 --> 00:12:15,602
Like just start to finish, I
guess, from a customer point of

351
00:12:15,602 --> 00:12:15,852
view.

352
00:12:15,952 --> 00:12:16,726
Yeah, how it looks.

353
00:12:16,726 --> 00:12:17,164
Perfect.

354
00:12:17,164 --> 00:12:17,539
Yeah.

355
00:12:17,539 --> 00:12:21,371
As a customer or purchaser of a
home in pre-sales, and we can use

356
00:12:21,371 --> 00:12:26,672
Socan as an example, because
they're all fairly similar.

357
00:12:26,672 --> 00:12:29,770
But basically, you can either come
in during the open hours or make

358
00:12:29,770 --> 00:12:31,584
an appointment outside those hours
with a salesperson.

359
00:12:31,545 --> 00:12:32,917
We recommend you bring your
realtor or your representative

360
00:12:32,917 --> 00:12:33,118
with you.

361
00:12:33,118 --> 00:12:34,604
If you can't, that's fine too.

362
00:12:34,604 --> 00:12:36,740
Just let our salespeople know who
they are.

363
00:12:36,740 --> 00:12:40,900
You have one so that we can make a
note of it and get in touch with

364
00:12:41,360 --> 00:12:42,846
them should the buyer be From
interested.

365
00:12:42,846 --> 00:12:46,804
they can come in there, and see we
have what's make a note of it and

366
00:12:46,804 --> 00:12:48,413
get in touch with them should the
buyer be interested.

367
00:12:48,513 --> 00:12:51,512
From there, they can come in and
see we have what's called a

368
00:12:51,512 --> 00:12:55,355
vignette set up in our show home,
so they can actually see the

369
00:12:55,355 --> 00:12:58,060
finishing details of what their
kitchen is going to look like of

370
00:12:58,060 --> 00:13:01,688
one of the color schemes, in
addition to two color boards to

371
00:13:01,588 --> 00:13:03,791
show what the alternate scheme
looks like and rendering.

372
00:13:03,791 --> 00:13:06,190
So people can actually touch the
cabinets, can see the sink, can

373
00:13:06,274 --> 00:13:09,390
see the appliances that they're
going to get with their home in

374
00:13:09,290 --> 00:13:12,416
that presentation center, which is
located behind phase one now.

375
00:13:12,416 --> 00:13:17,440
It used to be right on site, but
we had to move it in order to

376
00:13:17,440 --> 00:13:18,260
build phase one.

377
00:13:18,260 --> 00:13:19,120
That's a good reason.

378
00:13:19,620 --> 00:13:20,973
Yeah, so that's really good.

379
00:13:20,973 --> 00:13:21,821
But it's very close.

380
00:13:21,821 --> 00:13:24,000
You can actually see the crane
from our presentation center and

381
00:13:24,100 --> 00:13:28,108
walk around and get a good feel of
the neighborhood if you're in

382
00:13:28,108 --> 00:13:28,212
town.

383
00:13:28,212 --> 00:13:29,564
If you're not in town and had

384
00:13:29,564 --> 00:13:33,311
interest, just check out the
website online for Sokana and

385
00:13:33,311 --> 00:13:34,593
Penticton and register that way.

386
00:13:34,593 --> 00:13:37,186
And then the sales team would be

387
00:13:37,086 --> 00:13:38,803
in touch with you with more
information.

388
00:13:38,803 --> 00:13:40,966
And we have all the floor plans,
brochures, features, everything

389
00:13:40,966 --> 00:13:42,145
that you'd want to know about.

390
00:13:42,145 --> 00:13:43,259
And, you know, depending on what

391
00:13:43,259 --> 00:13:45,067
type of home you're interested in,
we can share that with you.

392
00:13:44,889 --> 00:13:45,101
Our strata fees are pretty good
considering we do have a pool.

393
00:13:45,062 --> 00:13:45,340
They are a little bit higher than
normal for low rise, which is

394
00:13:46,100 --> 00:13:47,314
around 52 cents a square foot.

395
00:13:47,314 --> 00:13:48,265
But that's because we're making

396
00:13:48,265 --> 00:13:50,060
sure we're working with a proper
property manager and actually

397
00:13:50,140 --> 00:13:52,562
budgeting properly for the pool
because they can be a little

398
00:13:52,562 --> 00:13:53,315
expensive if not.

399
00:13:53,315 --> 00:13:54,499
So your general low rise, just so

400
00:13:54,499 --> 00:13:57,232
you know, strata fees for low
rises without water features like

401
00:13:57,232 --> 00:14:00,667
pools and stuff generally fall in
between 42 to 45 cents a square

402
00:14:00,667 --> 00:14:01,137
foot.

403
00:14:01,137 --> 00:14:02,960
So when you add the pool, it's

404
00:14:03,380 --> 00:14:05,824
bringing it up to about 52 cents a
square foot.

405
00:14:05,824 --> 00:14:09,672
When you're in the 50 cent a
square foot range, if you don't

406
00:14:09,672 --> 00:14:11,889
have a pool, you're usually in a
high rise concrete tower, which

407
00:14:11,889 --> 00:14:13,699
has a lot more hallways and areas
that need maintenance.

408
00:14:13,699 --> 00:14:17,066
And that's why they would be
higher like that.

409
00:14:17,066 --> 00:14:19,019
more hallways and areas that need
And maintenance.

410
00:14:19,019 --> 00:14:20,559
that's why they would be higher
like that.

411
00:14:20,559 --> 00:14:23,267
Any developments that are over 50
cents a square foot and low rise

412
00:14:23,267 --> 00:14:25,462
are probably too high and
something's probably wrong with

413
00:14:25,462 --> 00:14:27,212
the and something's probably wrong
with the budget.

414
00:14:27,212 --> 00:14:27,387
Interesting.

415
00:14:27,387 --> 00:14:27,562
Yeah.

416
00:14:27,562 --> 00:14:30,561
Because 50 cents a square foot
doesn't seem too bad.

417
00:14:30,661 --> 00:14:32,038
It seems like a reasonable number.

418
00:14:32,038 --> 00:14:33,643
If you're in a concrete tower or

419
00:14:33,643 --> 00:14:36,880
have a you're in a concrete tower
or have a pool.

420
00:14:36,880 --> 00:14:37,420
Yes.

421
00:14:37,320 --> 00:14:37,920
Yeah.

422
00:14:37,920 --> 00:14:40,387
You could You could have told Matt
10 bucks a square foot.

423
00:14:40,387 --> 00:14:41,069
That's a good deal.

424
00:14:41,062 --> 00:14:42,078
I like it.

425
00:14:41,978 --> 00:14:42,972
I'll take a good deal.

426
00:14:43,072 --> 00:14:43,804
I like it.

427
00:14:43,804 --> 00:14:44,636
I'll take two.

428
00:14:44,636 --> 00:14:45,852
I've been preferring disclosure

429
00:14:45,852 --> 00:14:47,964
statements and budgets for
disclosures for a very long time

430
00:14:47,964 --> 00:14:49,380
now, a couple of decades.

431
00:14:49,280 --> 00:14:50,590
I'm pretty good at spotting those

432
00:14:50,590 --> 00:14:50,964
things.

433
00:14:51,064 --> 00:14:52,274
Sounds Sounds like it.

434
00:14:52,274 --> 00:14:54,115
What's the deposit structure for
you guys?

435
00:14:54,115 --> 00:14:56,021
And do you have any current
incentives?

436
00:14:56,021 --> 00:14:57,349
We We sure do.

437
00:14:57,349 --> 00:14:58,597
So typically it's 15% deposit.

438
00:14:58,597 --> 00:15:01,712
However, we do have a promotion
going on where we can do 10

439
00:15:01,712 --> 00:15:05,182
deposit we can take five percent
now and we can actually stagger

440
00:15:05,182 --> 00:15:09,000
the last five percent out over six
months or so if you need to help

441
00:15:09,380 --> 00:15:12,414
with that nice okay so phase one
is sold out and then how's phase

442
00:15:12,414 --> 00:15:15,685
two been rolled out how's it going
so far we launched phase two late

443
00:15:15,785 --> 00:15:18,536
last so far we launched phase two
late last summer i think in august

444
00:15:18,536 --> 00:15:21,388
we quietly launched it following
phase one because we had some pent

445
00:15:21,388 --> 00:15:23,735
up demand when phase one sold out.

446
00:15:23,735 --> 00:15:24,852
And then we just kind of took it

447
00:15:24,689 --> 00:15:25,120
off the market because we wanted
to have homes to release this

448
00:15:25,083 --> 00:15:25,120
year.

449
00:15:30,700 --> 00:15:31,398
So we've really started pushing

450
00:15:31,289 --> 00:15:32,440
that campaign as of, I would say
just this June and started the

451
00:15:32,331 --> 00:15:32,399
sales.

452
00:15:32,399 --> 00:15:33,101
We had UDI come visit.

453
00:15:32,331 --> 00:15:33,853
We did a smaller realtor event
just to showcase the homes in

454
00:15:33,848 --> 00:15:34,722
phase two and the new offering
there.

455
00:15:34,669 --> 00:15:36,680
so it's going And I think we've I
don't know the percentage off the

456
00:15:36,680 --> 00:15:36,351
top of my head, Yeah, good.

457
00:15:36,351 --> 00:15:37,419
sold, but somewhere between 40 and

458
00:15:37,519 --> 00:15:39,513
50 homes are sold, just over 100
homes in phase two.

459
00:15:39,513 --> 00:15:43,032
So we're probably close to in and
around 50% we to in and around 50%

460
00:15:41,052 --> 00:15:41,114
sold.

461
00:15:41,114 --> 00:15:41,360
Nice.

462
00:15:41,460 --> 00:15:45,580
And then what other projects you
guys are going on right now?

463
00:15:45,580 --> 00:15:49,751
We do have a few homes remaining
at our Zara at Lake Stone project

464
00:15:49,751 --> 00:15:53,675
up in Lake Country, We do have a
few homes remaining at our Zara at

465
00:15:53,675 --> 00:15:55,931
Lake Stone project up in Lake
Country, just outside.

466
00:15:55,931 --> 00:15:58,394
So that one's a very good
opportunity.

467
00:15:58,229 --> 00:16:01,921
I believe there's, I think there's
only two, maybe three homes

468
00:16:01,921 --> 00:16:04,747
remaining there, but it's well
under its way in terms of

469
00:16:04,747 --> 00:16:04,908
construction.

470
00:16:04,908 --> 00:16:06,493
And I believe the estimated

471
00:16:06,493 --> 00:16:08,910
completion is for early to mid
next year.

472
00:16:08,910 --> 00:16:11,840
So if you needed something to move
into excellent lake and or

473
00:16:11,840 --> 00:16:14,191
mountain views, again, this one
also has a pool and some awesome

474
00:16:14,191 --> 00:16:15,758
amenities for the people,
especially because you're just

475
00:16:15,758 --> 00:16:17,300
outside of town to really enjoy
those.

476
00:16:17,300 --> 00:16:18,140
So worth looking at.

477
00:16:18,140 --> 00:16:17,790
This might might be a tough

478
00:16:17,790 --> 00:16:21,220
question for you, but I'm curious,
what is the potential value that a

479
00:16:21,220 --> 00:16:25,138
pool adds in terms of the resale?
Like if you were just to sell, say

480
00:16:25,138 --> 00:16:27,758
a two bedroom, 800 square foot
unit at Sokana with or without a

481
00:16:27,758 --> 00:16:29,038
pool?
What's the appreciation to the

482
00:16:29,038 --> 00:16:30,002
unit?
Do you guys know?

483
00:16:30,002 --> 00:16:33,508
It's going to have a higher
appreciation just because of the

484
00:16:33,508 --> 00:16:34,490
lack of pools.

485
00:16:34,490 --> 00:16:36,422
So let me put it this way.

486
00:16:36,422 --> 00:16:39,707
It's kind of a double edged sword
when we talk about pools.

487
00:16:39,707 --> 00:16:43,249
So when you're in somewhere like
the Okanagan, where it gets nice

488
00:16:43,249 --> 00:16:49,260
and hot, people like to go and
hang out there in the summer.

489
00:16:49,222 --> 00:16:49,260
Those are the places you really
want those, what we call

490
00:16:49,255 --> 00:16:49,260
resort-inspired amenities, like a
pool.

491
00:16:49,326 --> 00:16:55,763
If you were down in the lower
mainland, I would say you don't

492
00:16:55,675 --> 00:16:57,213
need a pool and they can go to the
rec center because it really never

493
00:16:26,783 --> 00:16:57,162
barely gets that hot here.

494
00:16:57,129 --> 00:16:57,577
There's really no benefit.

495
00:16:57,577 --> 00:16:59,227
It's just an extra cost when the
rec center, you can probably walk

496
00:16:59,227 --> 00:17:01,388
to three of them, depending on
where you're living.

497
00:17:01,388 --> 00:17:03,624
Or anywhere in the Okanagan, you
don't have that.

498
00:17:03,624 --> 00:16:59,376
There's the lake.

499
00:16:59,376 --> 00:17:01,016
Actually, Penticton has two lakes.

500
00:17:01,016 --> 00:17:04,713
That said, and it has the channel,
they can always be very busy.

501
00:17:04,813 --> 00:17:07,778
Some people prefer a pool over a
natural swimming area.

502
00:17:07,778 --> 00:17:08,976
Some people like both.

503
00:17:08,976 --> 00:17:10,401
Some people want the convenience

504
00:17:10,401 --> 00:17:14,887
of, you know, I just got home from
work and it's really hot and it's

505
00:17:14,887 --> 00:17:19,114
46 degrees out today and I'm going
to go take a dip in the pool where

506
00:17:19,114 --> 00:17:23,859
I can cool off and get clean and
then make dinner or something like

507
00:17:23,859 --> 00:17:24,079
that.

508
00:17:24,079 --> 00:17:26,509
Or maybe they want to wake up in

509
00:17:26,509 --> 00:17:30,094
the morning and go for a quick
swim before they start their day

510
00:17:30,094 --> 00:17:31,852
just to feel a little bit more
refreshed.

511
00:17:31,820 --> 00:17:33,245
I actually couldn't imagine living
in Penticton or anywhere like that

512
00:17:33,245 --> 00:17:34,415
without a pool.

513
00:17:34,415 --> 00:17:37,088
It's like asking me to move to

514
00:17:37,088 --> 00:17:39,138
Arizona and not have a pool.

515
00:17:39,138 --> 00:17:40,474
Like who would do that?

516
00:17:40,474 --> 00:17:44,809
Yeah, I was just thinking there
must be like a thinking there must

517
00:17:44,809 --> 00:17:48,047
be like a profit margin built in
because obviously, you know, as

518
00:17:48,047 --> 00:17:50,663
you guys work with the developer,
you're not going to recommend

519
00:17:50,663 --> 00:17:52,655
installing a pool if there's not
money to be made from the

520
00:17:52,655 --> 00:17:53,422
developer side as well.

521
00:17:53,422 --> 00:17:53,643
Right.

522
00:17:53,643 --> 00:17:55,951
So yeah, I was just curious if
there was something quantifiable

523
00:17:55,851 --> 00:17:55,961
there.

524
00:17:55,961 --> 00:17:57,120
But yeah, I agree.

525
00:17:57,120 --> 00:17:58,785
I mean, obviously, I like the
amenities.

526
00:17:58,785 --> 00:18:00,327
So it's a good idea to have.

527
00:18:00,327 --> 00:18:01,560
Okay, any other projects like in

528
00:18:01,660 --> 00:18:03,986
the Lower Mainland?
a Yeah, we actually have quite a

529
00:18:03,886 --> 00:18:07,034
few going on all over the place,
depending on what you're

530
00:18:07,034 --> 00:18:07,422
interested in.

531
00:18:07,409 --> 00:18:08,869
So we have a larger scale

532
00:18:08,869 --> 00:18:10,100
development in Abbotsford called
High Street Village.

533
00:18:10,100 --> 00:18:11,720
It's about 150-ish townhomes and
nine low-rise condo buildings.

534
00:18:11,720 --> 00:18:13,728
So that one is going very well.

535
00:18:13,728 --> 00:18:15,351
We're actually working on selling

536
00:18:15,351 --> 00:18:17,860
one more townhome and then
probably closing for the rest of

537
00:18:18,000 --> 00:18:20,517
the summer and or the year because
we don't actually have any

538
00:18:20,507 --> 00:18:22,783
inventory available to sell with a
completion within five years,

539
00:18:22,783 --> 00:18:24,480
we've sold it all out.

540
00:18:24,940 --> 00:18:27,461
And now we need to build it and

541
00:18:27,461 --> 00:18:28,460
catch up to sales.

542
00:18:28,840 --> 00:18:30,792
It's a little bit harder when your

543
00:18:30,792 --> 00:18:33,371
completion is like 2030, 2032,
right to sell today.

544
00:18:33,371 --> 00:18:37,616
So we need to wait a year or two
and then we'll go there.

545
00:18:37,516 --> 00:18:38,932
I maybe talking about disclosure
statements Yeah, yeah.

546
00:18:38,932 --> 00:18:41,054
as mean, What kind of happens if
right?

547
00:18:41,054 --> 00:18:41,858
To sell well.

548
00:18:41,858 --> 00:18:43,687
So we need to wait a year or 2030,

549
00:18:43,687 --> 00:18:45,303
two and 2032, then we'll go there.

550
00:18:45,303 --> 00:18:45,512
today.

551
00:18:45,512 --> 00:18:47,689
we need two and 2032, then we'll
go there.

552
00:18:47,789 --> 00:18:48,074
today.

553
00:18:47,974 --> 00:18:48,089
Yeah.

554
00:18:48,089 --> 00:18:48,374
Yeah.

555
00:18:48,374 --> 00:18:49,289
I mean, maybe talking about

556
00:18:49,289 --> 00:18:50,146
disclosure statements as well.

557
00:18:50,146 --> 00:18:51,739
What kind of happens if a client

558
00:18:51,739 --> 00:18:54,826
buys a pre-sale expected to close
in two years, it gets pushed out

559
00:18:54,826 --> 00:18:56,561
six months, another six months.

560
00:18:56,561 --> 00:18:57,994
Generally, like you said, you

561
00:18:57,994 --> 00:18:59,109
review a lot of disclosures.

562
00:18:59,109 --> 00:19:00,441
Generally, what are the terms and

563
00:19:00,441 --> 00:19:03,006
conditions that, you know, if the
developer is not complete by a

564
00:19:02,906 --> 00:19:04,568
certain date, then the contract's
null and void.

565
00:19:04,568 --> 00:19:05,612
But what do you see as kind of the
standard policy?

566
00:19:05,612 --> 00:19:08,376
So most developers today just show
you the outside developers today

567
00:19:08,376 --> 00:19:10,274
just show you the outside date.

568
00:19:10,274 --> 00:19:11,981
We used to regularly show you

569
00:19:11,981 --> 00:19:14,654
what's called an estimated inside
date in bold that you won't rely

570
00:19:14,754 --> 00:19:15,292
on it.

571
00:19:15,192 --> 00:19:16,269
But purchasers always relied on it

572
00:19:16,269 --> 00:19:20,639
and got angry when we didn't make
it so we just took it away and

573
00:19:20,639 --> 00:19:24,098
just said this is the outside date
that you can be done on or before

574
00:19:24,098 --> 00:19:26,904
that and left it at that because
even in bold they're still relying

575
00:19:26,904 --> 00:19:30,377
on something that we're telling
them not to rely on right so just

576
00:19:30,377 --> 00:19:34,262
take it away just give it a bit
just needed it's just creating

577
00:19:34,262 --> 00:19:41,662
angst you just had to answer just
had to answer a few too many angry

578
00:19:41,662 --> 00:19:44,854
emails exactly in the end you have
to read your disclosure statement

579
00:19:44,854 --> 00:19:47,172
for whatever property you're
buying at and really read as well

580
00:19:47,172 --> 00:19:48,461
as your contract of purchase and
sale.

581
00:19:48,461 --> 00:19:51,633
So in pre-sales, the only thing
you're really allowed to rely on,

582
00:19:51,633 --> 00:19:55,060
you actually sign a clause in your
offer on your contract saying

583
00:19:55,060 --> 00:19:57,357
this, that you're only going to
rely on what's in that contract

584
00:19:57,357 --> 00:19:58,350
and the disclosure statement.

585
00:19:58,350 --> 00:19:58,847
That's it.

586
00:19:58,847 --> 00:20:01,781
You're not relying on anything you
saw on the brochure.

587
00:20:01,681 --> 00:20:02,635
You're not relying on any
renderings.

588
00:20:02,635 --> 00:20:03,521
You're not relying on any
conversations.

589
00:20:03,521 --> 00:20:04,991
So what you want to know is really
know what's in that disclosure

590
00:20:04,792 --> 00:20:04,931
statement, which is why you
actually get the extra seven-day

591
00:20:04,886 --> 00:20:04,997
right of rescission in pre-sales
and have for many years now,

592
00:20:04,947 --> 00:20:05,000
decade or more, to make sure you
have a full week to really read it

593
00:20:04,964 --> 00:20:05,000
and understand it.

594
00:20:04,987 --> 00:20:07,213
Go to a lawyer or your realtor and

595
00:20:07,186 --> 00:20:08,719
give you that seven days to really
understand it.

596
00:20:08,719 --> 00:20:13,431
That said, most have a caveat
where you can extend the outside

597
00:20:13,431 --> 00:20:13,754
date.

598
00:20:13,754 --> 00:20:16,820
Some will say they can extend it

599
00:20:16,960 --> 00:20:18,953
up to X number of days.

600
00:20:18,953 --> 00:20:21,612
Some will say they can extend it X

601
00:20:21,512 --> 00:20:23,260
number of times by Y number of
days.

602
00:20:23,600 --> 00:20:26,877
So you really have to read that
because as long as the developer

603
00:20:26,777 --> 00:20:28,748
sends an amendment to the
disclosure statement, extending

604
00:20:28,748 --> 00:20:31,812
the outside date, you've already
agreed to allow them to do that up

605
00:20:31,812 --> 00:20:34,026
front in your offer to them.

606
00:20:34,026 --> 00:20:34,026
So if you have an outside date,

607
00:20:34,026 --> 00:20:37,553
for example, and this isn't so
candid, this is just from memory

608
00:20:37,553 --> 00:20:39,115
because I read so many.

609
00:20:39,115 --> 00:20:40,615
But say your outside date is July

610
00:20:40,615 --> 00:20:41,614
31st, 2025.

611
00:20:41,614 --> 00:20:43,171
But there's a caveat in there that

612
00:20:43,171 --> 00:20:46,099
the developer can extend it up to
two times, up to a maximum of 180

613
00:20:46,099 --> 00:20:47,344
days each for each extension.

614
00:20:47,344 --> 00:20:48,341
180 days is six That's months.

615
00:20:48,341 --> 00:20:51,668
a year because they can extend it
up to two up to a times, maximum

616
00:20:51,668 --> 00:20:53,420
of 180 days each for each 180
extension.

617
00:20:53,420 --> 00:20:54,487
days is six months.

618
00:20:54,487 --> 00:20:56,457
That's a year because they can do

619
00:20:56,457 --> 00:20:56,703
it twice.

620
00:20:56,703 --> 00:20:59,494
If you haven't read that, you need

621
00:20:59,494 --> 00:21:01,110
to understand that it could be
2025, but it could also be 2026,

622
00:21:01,110 --> 00:21:04,037
as long as they send a notice or
an amendment to this disclosure

623
00:21:04,037 --> 00:21:06,515
statement to you, do it twice.

624
00:21:06,515 --> 00:21:07,115
extending that date.

625
00:21:07,115 --> 00:21:09,687
Is this happening at all?
Or for me, I feel like the

626
00:21:09,587 --> 00:21:11,631
developer's incentive would be to
finish on time or earlier,

627
00:21:11,631 --> 00:21:13,486
especially in this market when
interest rates are so high and

628
00:21:13,486 --> 00:21:14,544
they're holding this product.

629
00:21:14,544 --> 00:21:14,878
Yep.

630
00:21:14,978 --> 00:21:15,936
And they always try.

631
00:21:15,936 --> 00:21:17,811
But in my 21 years, I've had a

632
00:21:17,811 --> 00:21:20,745
whole whopping two projects
complete early ever or on time.

633
00:21:20,745 --> 00:21:22,154
There's There's too much outside
of their control.

634
00:21:22,054 --> 00:21:22,736
of their control.

635
00:21:22,736 --> 00:21:24,100
You can't control when the city's

636
00:21:24,100 --> 00:21:27,267
going gonna come and do the
inspection You city's going gonna

637
00:21:27,267 --> 00:21:30,705
come and do the inspection for the
occupancy permit or the fire

638
00:21:30,705 --> 00:21:34,260
department which is also involved
in that once you're ready certain

639
00:21:34,260 --> 00:21:36,292
things get delayed maybe your
countertops are delayed maybe

640
00:21:36,292 --> 00:21:39,652
there's a strike at the port so
you can't get your countertops for

641
00:21:39,652 --> 00:21:42,784
six months later than you thought
you know what i mean like there's

642
00:21:42,784 --> 00:21:45,042
always saying something's
discontinued so you've got to find

643
00:21:45,042 --> 00:21:48,790
a new tile or range stove or
appliance right and replace and

644
00:21:48,790 --> 00:21:52,030
you need a hundred of them it
actually seems like they get

645
00:21:52,030 --> 00:21:55,594
delayed all the time for like a
really long duration so begs the

646
00:21:55,594 --> 00:21:58,731
question why would you not pick a
date that's actually seems like

647
00:21:58,731 --> 00:22:01,338
they get delayed all the time for
like a really long duration so

648
00:22:01,338 --> 00:22:04,841
begs the question why would you
not pick a date that's more

649
00:22:04,841 --> 00:22:07,056
realistic they pick the dates that
are realistic so it usually takes

650
00:22:07,056 --> 00:22:10,467
about two years to build a low
rise from like a dates that are

651
00:22:10,368 --> 00:22:13,018
realistic so it usually takes
about two years to build a low

652
00:22:13,018 --> 00:22:16,451
rise from start to finish from
when you actually start excavating

653
00:22:16,451 --> 00:22:20,190
but how pre-construction works
with the bank loans and everything

654
00:22:20,190 --> 00:22:22,607
is most developers, the banks
require a certain amount to be

655
00:22:22,507 --> 00:22:23,955
pre-sold on what they call
de-risking the project before

656
00:22:23,955 --> 00:22:25,859
they'll fund first construction
draw to allow you to even start to

657
00:22:25,696 --> 00:22:25,847
dig the hole.

658
00:22:25,825 --> 00:22:25,986
So most developers, the banks

659
00:22:26,018 --> 00:22:26,476
right now, when I first started in
this industry, they needed maybe

660
00:22:26,405 --> 00:22:26,580
30% sold.

661
00:22:26,433 --> 00:22:27,108
Today, it's 75% to 80% for every

662
00:22:27,084 --> 00:22:27,876
client, even the big guys.

663
00:22:27,876 --> 00:22:28,974
To start the project?

664
00:22:28,974 --> 00:22:33,063
So it's got to be 75% to 80%
pre-sold or the bank is not going

665
00:22:33,063 --> 00:22:34,266
to fund the money.

666
00:22:34,266 --> 00:22:35,507
All of these pre-sales, everyone

667
00:22:35,507 --> 00:22:27,788
sees going up and think, oh, I'll
get one when it's done.

668
00:22:27,788 --> 00:22:40,380
No, you're not.

669
00:22:40,380 --> 00:22:42,100
Because it was 75% to 80% sold

670
00:22:42,200 --> 00:22:42,841
before they dug the hole.

671
00:22:42,837 --> 00:22:44,585
It took them another year or two

672
00:22:44,585 --> 00:22:45,723
or three to build it.

673
00:22:45,623 --> 00:22:47,463
They'll sell that last 25% in that

674
00:22:47,463 --> 00:22:50,994
time okay because Taylor and I
have griped on the show quite a

675
00:22:51,094 --> 00:22:54,196
few times about a new because
Taylor and I have griped on the

676
00:22:54,196 --> 00:22:59,904
show quite a few times about a new
flipping tax and about how you can

677
00:22:59,904 --> 00:23:03,121
buy the pre-sales like the
assignments and all that like have

678
00:23:03,121 --> 00:23:04,181
you seen that effect because our
point is like the people that buy

679
00:23:04,181 --> 00:23:07,000
the assignments are basically
funding the project the investors

680
00:23:07,000 --> 00:23:10,147
so to say that they're not allowed
to make any money or they get

681
00:23:10,147 --> 00:23:12,263
poo-pooed if they do doesn't make
any sense.

682
00:23:12,263 --> 00:23:14,582
It's like asking a bank to lend a
mortgage with no interest, right?

683
00:23:14,582 --> 00:23:15,729
It doesn't make any sense.

684
00:23:15,729 --> 00:23:17,068
So has that affected your business

685
00:23:17,068 --> 00:23:19,131
so far or your sales?
So A little bit.

686
00:23:19,131 --> 00:23:22,027
It affected the entire industry
when it was first announced.

687
00:23:22,027 --> 00:23:25,480
There were other projects, none of
ours, that had launched and they

688
00:23:25,480 --> 00:23:26,380
started contract writing.

689
00:23:26,380 --> 00:23:28,300
There and And this was announced

690
00:23:28,300 --> 00:23:29,852
during that seven-day rate of
rescission.

691
00:23:29,852 --> 00:23:33,364
And so they had some of the
biggest rescission rates ever seen

692
00:23:33,364 --> 00:23:34,453
because of the government
announcing that.

693
00:23:34,453 --> 00:23:29,619
Well, they still have the seven
days to rescind after contract

694
00:23:29,619 --> 00:23:29,852
writing.

695
00:23:29,852 --> 00:23:31,560
That said, we now have more

696
00:23:31,560 --> 00:23:34,029
information because it doesn't
actually come into effect till

697
00:23:34,029 --> 00:23:34,453
next year.

698
00:23:34,453 --> 00:23:36,388
They're not going to give you the

699
00:23:36,388 --> 00:23:39,602
full regulations and rules that go
with it until the end of this

700
00:23:39,602 --> 00:23:39,723
year.

701
00:23:39,723 --> 00:23:30,706
What they have released is a

702
00:23:30,706 --> 00:23:37,296
little bit more information.

703
00:23:37,296 --> 00:23:39,602
So in resale, you have to own the

704
00:23:39,602 --> 00:23:42,032
property for at least two years
for that new anti-flipping tax to

705
00:23:42,032 --> 00:23:43,689
go down to zero.

706
00:23:43,689 --> 00:23:45,790
It's 20%, just so you're aware.

707
00:23:45,790 --> 00:23:47,306
They said it will be affecting
assignments.

708
00:23:47,406 --> 00:23:48,768
However, I have new information.

709
00:23:48,768 --> 00:23:50,116
It's not completely detailed to

710
00:23:50,116 --> 00:23:54,104
the exact day of when the clock
will start, but to me it's close

711
00:23:54,104 --> 00:23:56,081
enough because it will be within a
week.

712
00:23:56,081 --> 00:23:56,339
zero.

713
00:23:56,339 --> 00:23:58,746
But basically you have to have

714
00:23:58,746 --> 00:24:00,762
owned the contract for two years.

715
00:24:00,762 --> 00:24:03,204
Because we need to get 80%

716
00:24:03,204 --> 00:24:07,020
presale, I might have been selling
for six months before I made the

717
00:24:07,020 --> 00:24:08,256
presale requirement to start
construction.

718
00:24:08,256 --> 00:24:10,586
It's still going to take me two
years to build it.

719
00:24:10,586 --> 00:24:13,077
So you've had that contract for
two and a half years.

720
00:24:13,077 --> 00:24:15,148
You've already got 0% on that tax.

721
00:24:15,148 --> 00:24:15,348
Nice.

722
00:24:15,309 --> 00:24:17,680
So that's the way to avoid it and
or ask for a later completion date

723
00:24:18,040 --> 00:24:21,598
or make sure that building's late
so you don't have to pay the tax.

724
00:24:21,598 --> 00:24:23,600
And now all of a sudden, buildings
being later, a great thing.

725
00:24:23,600 --> 00:24:24,122
Wow.

726
00:24:24,122 --> 00:24:24,420
Yeah.

727
00:24:24,420 --> 00:24:25,560
For an investor, I guess.

728
00:24:25,560 --> 00:24:27,107
For a homeowner that wants to move

729
00:24:27,107 --> 00:24:28,387
in, being delayed is not the best.

730
00:24:28,387 --> 00:24:26,360
That's the harder That's the

731
00:24:26,360 --> 00:24:26,840
harder challenge.

732
00:24:26,840 --> 00:24:27,693
So our company actually does

733
00:24:27,693 --> 00:24:28,173
construction updates.

734
00:24:28,173 --> 00:24:29,193
We usually do them every quarter,

735
00:24:29,193 --> 00:24:32,611
usually once a project's sold out
because you can't come in and ask

736
00:24:32,611 --> 00:24:34,320
questions if the sales center's
closed.

737
00:24:34,320 --> 00:24:37,164
So we actually update all of the
buyers, usually every quarter on

738
00:24:37,164 --> 00:24:41,247
all of our sites on where we're at
in construction, and depending on

739
00:24:41,247 --> 00:24:43,204
the project, which phase and
whatnot, and what our estimated

740
00:24:43,204 --> 00:24:43,780
range is today.

741
00:24:43,780 --> 00:24:45,089
And so every three months, that's

742
00:24:45,089 --> 00:24:45,689
getting updated.

743
00:24:45,689 --> 00:24:47,556
So they can kind of stay on top of

744
00:24:47,556 --> 00:24:49,245
that, right?
Or still on schedule for this

745
00:24:49,245 --> 00:24:52,743
date, or it looks like we're now
going to be in this range so that

746
00:24:52,743 --> 00:24:53,820
they're getting that ahead of
time.

747
00:24:53,820 --> 00:24:58,239
And it's not like all of a sudden
we go dark and you don't hear

748
00:24:58,139 --> 00:24:59,653
anything and you have to close.

749
00:24:59,653 --> 00:24:57,091
That's not what we're doing here.

750
00:24:59,653 --> 00:25:04,076
We are trying to create a great
experience and have happy

751
00:25:04,076 --> 00:25:05,462
homeowners move into their homes.

752
00:25:05,462 --> 00:25:07,275
Albeit there are a lot of things

753
00:25:07,275 --> 00:25:10,128
outside of the developer's
control, which is why you have

754
00:25:10,111 --> 00:25:10,887
dates written that way.

755
00:25:10,887 --> 00:25:11,481
you don't Yeah.

756
00:25:11,481 --> 00:25:14,244
Okay, well, we got to get wrapping
this up.

757
00:25:14,244 --> 00:25:18,700
So do you mind if we just fire up
some wrap up questions for you?

758
00:25:18,700 --> 00:25:18,971
Sure.

759
00:25:18,971 --> 00:25:20,862
I hope I know the answer to this

760
00:25:20,862 --> 00:25:23,535
one, but if you could buy one
property in the Okanagan in the

761
00:25:23,530 --> 00:25:26,533
next 12 months, what would it be?
Well, it would definitely be

762
00:25:26,433 --> 00:25:28,940
Sokana because I'm going to get
the warmth and dryness of the

763
00:25:28,940 --> 00:25:29,425
South Okanagan.

764
00:25:29,425 --> 00:25:31,780
As I said earlier, not a lot of

765
00:25:32,140 --> 00:25:37,034
snow on the roads in the winter,
but lots up at Apex where we want

766
00:25:36,934 --> 00:25:37,329
it to be.

767
00:25:37,329 --> 00:25:39,920
We've got a pool, which I said I

768
00:25:39,920 --> 00:25:41,824
think is mandatory in a very warm
region like this.

769
00:25:41,824 --> 00:25:43,261
I mean, you had a heat warning
last week.

770
00:25:43,261 --> 00:25:45,621
What were you, 47 degrees on
average last week?

771
00:25:45,621 --> 00:25:46,013
That's crazy.

772
00:25:46,013 --> 00:25:47,960
You'd literally be frying out on

773
00:25:48,460 --> 00:25:50,126
your deck if you had one.

774
00:25:50,126 --> 00:25:52,167
I also recently took up golfing

775
00:25:52,167 --> 00:25:54,715
myself personally so i love the
fact that i could literally walk

776
00:25:54,715 --> 00:25:57,411
or maybe even if i talked to the
penticton city and got some bylaws

777
00:25:57,411 --> 00:26:00,109
similar to palm springs i could
buy a golf cart and just cart

778
00:26:00,109 --> 00:26:03,052
myself there right have you seen
that you go down there right you

779
00:26:03,052 --> 00:26:05,742
seen that you go down there they
have like golf cart lanes instead

780
00:26:05,742 --> 00:26:08,313
of like pretty awesome that would
help sell some units for awesome

781
00:26:08,213 --> 00:26:11,551
that would help sell some units
for you for sure they help sell

782
00:26:11,551 --> 00:26:14,817
some units yeah and then i could
end my day yeah and then i could

783
00:26:14,917 --> 00:26:18,204
end my day with a nice cool stroll
by the lake or i'd have a dinner

784
00:26:18,204 --> 00:26:22,713
and a drink on the boardwalk walk
home like it's got everything i

785
00:26:22,613 --> 00:26:25,229
need i wouldn't want to be
anywhere else i could live there

786
00:26:25,229 --> 00:26:28,167
all year if i wanted to it's a
beauty spot i wanted to it's a

787
00:26:28,167 --> 00:26:31,153
beauty spot there's no doubt about
it if you could give your 20 year

788
00:26:31,153 --> 00:26:35,577
old self any advice what would it
be buy a property and buy a

789
00:26:35,577 --> 00:26:40,390
property and do it before i get a
car or try to have a wedding or

790
00:26:40,390 --> 00:26:43,146
anything else because it always
pays off in the long run and none

791
00:26:43,146 --> 00:26:45,695
of those other things ever do the
wedding wedding doesn't the

792
00:26:45,695 --> 00:26:48,338
wedding i'm gonna be honest my
husband and i eloped and we bought

793
00:26:48,333 --> 00:26:51,320
a house and we're my husband and i
eloped and we bought a house and

794
00:26:51,320 --> 00:26:53,554
we're better off than most of our
colleagues that yeah they may so

795
00:26:53,554 --> 00:26:56,500
it's a great piece of advice yeah
i mean this is colleagues mean

796
00:26:56,500 --> 00:27:00,588
this is a colonial real estate
podcast it's not great piece of

797
00:27:00,588 --> 00:27:00,638
advice.

798
00:27:00,635 --> 00:27:00,778
Yeah.

799
00:27:00,778 --> 00:27:03,125
I mean, this is a Kelowna Real
Estate podcast.

800
00:27:03,125 --> 00:27:04,025
It's not the wedding podcast.

801
00:27:04,025 --> 00:26:51,803
So that's fair to say.

802
00:27:05,480 --> 00:27:07,068
If you're in love, buy a house.

803
00:27:07,068 --> 00:27:08,517
Yeah, because you can because you

804
00:27:08,517 --> 00:27:09,842
can live and make a family in it.

805
00:27:09,842 --> 00:27:12,104
What are you going to do with a

806
00:27:12,101 --> 00:27:13,361
wedding?
Look at videos that you don't have

807
00:27:13,361 --> 00:27:14,580
a player for anymore because the
technology's changed?

808
00:27:14,580 --> 00:27:15,612
Do a lot of gossiping after.

809
00:27:15,612 --> 00:27:16,416
That's usually pretty cool.

810
00:27:16,416 --> 00:27:19,291
What is your favorite charity
charity or how do you give back?

811
00:27:19,291 --> 00:27:20,938
Well, we give back in many ways.

812
00:27:20,938 --> 00:27:23,060
I would say my favorite is

813
00:27:23,060 --> 00:27:23,766
probably Options or BC Children's
Hospital.

814
00:27:23,766 --> 00:27:25,549
I love giving back to kids at
Fifth Avenue.

815
00:27:25,549 --> 00:27:27,828
And personally, I agree with this,
which is probably why I've been

816
00:27:27,828 --> 00:27:28,968
with the company over 21 years.

817
00:27:28,968 --> 00:27:30,790
But one of our values is bringing

818
00:27:30,790 --> 00:27:31,472
people home.

819
00:27:31,572 --> 00:27:32,971
And in doing that, it's not just

820
00:27:32,971 --> 00:27:34,607
through selling homes to people.

821
00:27:34,607 --> 00:27:36,126
It's like through donating to

822
00:27:36,126 --> 00:27:37,082
places like Options.

823
00:27:37,182 --> 00:27:39,056
So my colleague and I actually

824
00:27:39,056 --> 00:27:41,451
raised $25,000 each a couple of
years ago for Options BC.

825
00:27:41,451 --> 00:27:44,784
That's $50,000 that we alone
raised towards them to do a new

826
00:27:44,784 --> 00:27:45,848
build in Surrey.

827
00:27:45,848 --> 00:27:47,125
And it shelters women and children

828
00:27:47,125 --> 00:27:47,905
fleeing violent households.

829
00:27:47,905 --> 00:27:50,458
It's a place for immigrants to go

830
00:27:50,458 --> 00:27:53,515
and get an education when they
come here, a recovery place.

831
00:27:53,515 --> 00:27:57,700
It's just an awesome way to make
people feel safe and get better.

832
00:27:57,700 --> 00:27:58,240
Actually helped Options one more
time the following year and did

833
00:27:58,240 --> 00:28:01,060
fundraising for their children's
fund where the money was going to

834
00:28:01,060 --> 00:28:01,060
help keep kids out of gangs across
the province.

835
00:28:01,060 --> 00:28:02,631
So Options BC services our whole
province.

836
00:28:02,631 --> 00:28:03,908
They actually run the youth
depression line.

837
00:28:03,908 --> 00:28:06,220
So like youth and suicide, that
helpline, they run that for the

838
00:28:04,699 --> 00:28:05,125
whole province.

839
00:28:05,125 --> 00:28:06,220
They run a lot of different

840
00:28:06,220 --> 00:28:08,227
programs that are really important
for people and making sure that

841
00:28:08,227 --> 00:28:11,384
everyone has access to shelter and
what they need in life to carry on

842
00:28:11,384 --> 00:28:12,281
and be productive.

843
00:28:12,281 --> 00:28:12,537
Cool.

844
00:28:12,537 --> 00:28:13,371
Sounds for nice.

845
00:28:13,371 --> 00:28:13,627
All right.

846
00:28:13,627 --> 00:28:15,753
How can Taylor or I or our
listener help you?

847
00:28:15,753 --> 00:28:15,810
You can spread the word the word
about Sokana.

848
00:28:15,810 --> 00:28:17,135
Again, only plays with a pool.

849
00:28:17,135 --> 00:28:18,460
We think it's the Okanagan's best

850
00:28:18,460 --> 00:28:20,860
new development out there right
now and the place to be.

851
00:28:20,860 --> 00:28:21,934
We will probably be closing for
sales.

852
00:28:21,934 --> 00:28:23,682
I'm not sure when, but we are
going to shut down towards the

853
00:28:23,682 --> 00:28:24,358
fall, most likely.

854
00:28:24,358 --> 00:28:26,181
And that's just because it's more

855
00:28:26,181 --> 00:28:27,397
of a summer market.

856
00:28:27,397 --> 00:28:28,614
And then open up again should

857
00:28:28,614 --> 00:28:31,281
there be any homes left next
summer, but we'll see how that

858
00:28:31,281 --> 00:28:31,758
goes.

859
00:28:31,758 --> 00:28:33,529
But now's your opportunity to get

860
00:28:33,529 --> 00:28:35,640
in, you know, as they say, buy
low, sell high.

861
00:28:35,640 --> 00:28:34,414
It's not going to get any lower.

862
00:28:34,414 --> 00:28:36,227
The price is going to skyrocket as

863
00:28:36,227 --> 00:28:40,187
soon as you get that price is
going to skyrocket as soon as you

864
00:28:40,187 --> 00:28:41,662
get that golf cart bylaw change
for us.

865
00:28:41,629 --> 00:28:42,087
So I'm on it.

866
00:28:38,207 --> 00:28:38,940
Okay.

867
00:28:41,670 --> 00:28:43,371
Well, thanks so much thanks so
much for joining us.

868
00:28:43,338 --> 00:28:43,880
Appreciate your time.

869
00:28:43,880 --> 00:28:44,914
And yeah, look forward to seeing

870
00:28:44,881 --> 00:28:45,297
that project complete.

871
00:28:45,297 --> 00:28:45,497
Excellent.

872
00:28:45,464 --> 00:28:46,340
Thank you very much.

873
00:28:46,340 --> 00:28:46,757
Thank you.