ôome builders should, by all means, take advantage of the outside money baby boomers are bringing into this desirable community to have houses built for them, said Robert Fine, manager of the Central Okanagan Economic Development Commission.
But in order to have a fully multi-dimensional economy, we have to attract businesses, and jobs as well as those with money who want houses.
Fine spoke at this weekô annual general meeting of the Kelowna branch of the Canadian Home Builders Association.
Home builders are a happy lot, now.
After some tough years, during which their business dipped in the midst of B.C.ô recession, home building has rebounded spectacularly.
But it's an isolated surge because the money is coming from outside the Okanagan.
Baby boomers who have made their money in Vancouver, Alberta and even the U.S., bring it to the Valley to build or buy a time-share, recreation property, part-time home or retirement palace.
Thereô nothing wrong with fresh money making its way to the Okanagan.
After all, itô what has spurred the housing boom with ripple-effect spending in retail, services and hospitality.
However, it doesn't fix the underlying problem that the Okanagan economy still hasn't recovered fully from B.C.'s recession.
Western Star Trucks, the Valley's largest manufacturer, leaves Kelowna at the end of the month for Portland, putting 600 out of work, and Telus is eliminating more than half its 791 jobs in the Okanagan.
However, these local conditions don affect baby boomers with money wanting an expensive home in the Valley.
Let's face it, when it comes time to retire or buy a second home and you live in Alberta and you have money, you want to retire in the Okanagan, not Alberta, said Gavin Parson of Gavin Parson Homes in Vernon.
It's a case of the Valleyô natural beauty, mild climate and recreational lifestyle catching the attention of people with money.
Besides, money goes a long way in the Okanagan compared with Vancouver, Toronto or the U.S.
"We have a client right now-an avid skier who is selling his place for big bucks in Whistler and is having an equally nice place built for him at Silver Star, but he'll have tons of money leftover", Parsons said.
Parsons has seven other home projects on the go . . . five for well-off clients from outside the Valley.
There's a retiree from Missouri who is having a 6,000-square-foot, $1-million beauty built, a couple from Seattle who want a $500,000 ski chalet at Silver Star and retirees from Vancouver and Calgary ironically, one of them a Telus manager who is spending his severance money on an upscale home.
"We have the clients from Minneapolis who want a $450,000 home in Summerland and can't believe the exchange on the dollar, said Ted Ritchie, president of the Penticton branch of the Canadian Home Builders Association.
Ritchie is also the owner and operator of Ritchie Contracting & Design of Summerland.
And there's also the homes for the IBM executive from Calgary, the doctor from Edmonton and the lawyer couple from Vancouver, he added.
Successful boomers are at a point in their lives where they want and can afford a dream home.
With the oldest of the boomers approaching 55 and early retirement age, they are looking for a place that is safe, beautiful and has lots for them to do.
The Okanagan fits the bill perfectly.
That's why there's this surge in upscale homes, said Mike Ohman, past-president of the Kelowna branch of the Canadian Home Builders Association.
"It's also why homes on golf courses like Gallagher's Canyon and the upcoming Sunset Ranch are popular and why the Discovery Bay concept of vacation condos on the downtown waterfront has taken off so well.
Ohman, who owns and operates Beyond Audio-a company that installs high-end audio and video systems in homes says there will always be general subdivisions and the resale market for most buyers, but property on the golf source or lakefront attracts out-of-towners with money.
