Phase I

There are only a few suites left in Phase I, available "For Sale". Please contact the sales office for an updated list as changes are occuring daily. Possession has been re-scheduled to July 31, 2007. Construction continues at a fantastic pace as the final pieces of the puzzle are put into place to meet this new possession date.

Phase II

Construction is well under way! We are pouring the walls for the ground floor and have pre-built many of the walls for the second floor, allowing the building to go up very quickly. Please visit our webpage at www.veranaokanagan.com for up to date photos of the site "Under Construction".
Sales and interest are moving along very nicely. As previously mentioned, all suites are on a "First Come, First Served" basis, the prime suites are going fast - we only have two left on the podium level which have the highly coveted walk out gardens.
To avoid disappointment, please make your selection early. As an extra incentive for a limited time only, we are offering a free appliance upgrade - a savings of $3100.00!

Rental Market

Recently on the front page of the Penticton Western News Advertiser, they ran an article concerning the availability of rental suites in the Penticton area "...the Canadian Mortgage and Housing Corporation released a report indicating a continual decline in the supply of rental housing in the Peach City - and the rest of the province - combined with a continued upswing in rental costs. During the six-month period between October 2006 and April 2007, the vacancy rate for one-bedroom rentals dropped to 0.6 per cent from 1.4 per cent, according to the Rental Market Survey." It goes on to state "The vacancy rate of two-bedroom rental units dropped to 0.2 per cent in April from 2.1 per cent in October, while three-bedroom suites have had no vacancy during that same period."
It certainly emphasizes the shortage of available rental suites in our area. We are in the process of compling a list of prospective renters for The Verana Okanagan. This list will be made available to the Purchasers in Phase I who wish to rent their suites or to the Property Management Company of their choosing. We have been working with Realty Executives here in Penticton, contact Trudy Jeeves at 250-493-4372 or email tj@realtyexecutivespenticton.com, please contact them directly if they can be of service to you.

GST Rebate for Rental Property

It has recently been brought to our attention by our accountant Marielle Brule of White*Kennedy Chartered Accountants that the Federal Government now offers GST rebates on rental properties providing they are leased for a minimum one year period. Please feel free to contact Marielle at mbrule@whitekennedy.com or go to the link for the Guide directly at http://www.cra-arc.gc.ca/E/pub/gp/rc4231/README.html for more information.
Don't forget for those of you who are planning on using The Verana Okanagan as your permanent residence, you are also eligible for a GST rebate on the construction of your new home. For more information, please visit http://www.cra-arc.gc.ca/E/pub/gp/rc4028/README.html.