Affordable BC Living: Skaha Hills Rancher Condos for First-Time Buyers

Earlier this spring, the average house price in BC’s housing market exceeded $900,000, further highlighting the rising costs across our province that are pushing first-time homebuyers out. These days, the average age of new home owners is approaching the mid-30s, meaning young adults have to save for a lot longer in order to break into the market. Thankfully, Skaha Hills offers a solution: affordable housing with our rancher-style condos. 

Aside from the appeal of single-level living, there are plenty of reasons why our condos are an ideal, world-class choice for first-time buyers, including plenty of smart financing options and government incentives. Pair this with our resort-style community perfect for Okanagan living, and our condos are an ideal option for those ready to finalize one of the most important purchases in their life.

What are rancher-style condos?

You might be wondering, what exactly does a “rancher-style” condo mean? Simply put, it’s designed to emulate a rancher home with seamless, efficient one-level living. Skaha Hills’ rancher-style condos all feature:

• Open-concept designs
• High ceilings
• Large windows
• A gourmet kitchen
• Superior sound mitigation
• Beautiful spacious outdoor terrace
• Amazing views
• Individual garages with solar EV charging capabilities

Most importantly, you have the choice between 1- to 3-bedroom units, and with a range between 1000 square feet to a total of 2100 square feet, so that your choice of living space perfectly matches your wants and needs. Need a 2-bedroom? Done. Want custom finishings and colour combinations so it feels exactly like you? Our team can arrange that. 

Each build includes European windows and doors, focusing on elegant designs that blend style with eco-friendly sustainability . Thanks to the abundant natural light, superior insulation, and energy-efficient appliances, residents of Skaha Hills enjoy luxurious living with a lower carbon footprint.

What makes rancher-style condos at Skaha Hills an affordable choice for BC first-time buyers? 

An average home price for a single-family house in Skaha Hills ranges from $1.1 to $1.4 million, whereas our condos range from $599K to $989K, a much more affordable option, especially paired with first-time buyer incentives. And, all of Skaha Hills’ homes qualify for the Canadian Mortgage and Housing Corporation (CMHC) insured loan, meaning you can easily finance your first home; we even offer pre-approved lending packages to make this even easier, or you may go through your own private Mortgage Broker.  

Our province mandates that buyers need a 5% minimum downpayment for the first $500K of the purchase price, as well as a 10% down payment for the amount above that initial $500k. Simply put, that means you need approximately $25,000 for the first 5%, and then an additional amount for the rest, depending on which unit you prefer. 

More importantly, because of the special type of pre-paid crown lease land Skaha Hills sits on, there are no taxes on your purchase. This means you don’t have to pay GST, Property Transfer Tax, or Speculation Tax for our condos, nor go through the hassle of applying for those grants. This is because the cost of the lease is built into the purchase price already.

This feature is incredibly beneficial for first-time buyers and helps lower closing costs.  Everything else, such as property taxes, re-sales, renovations, mortgages, private enjoyment, etc., works the same as any other fee-simple land in Canada. We just have the added benefit of no taxes on the purchase!

What federal programs support first-time buyers at Skaha Hills? 

When it comes to saving to purchase a Skaha Hills rancher-style condo, there are two federal programs that support first-time buyers: the First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan (HBP). 

In 2022, the Government of Canada implemented the FHSA , a registered plan for Canadians to save to buy or build a qualifying first home tax-free. Over a 15-year limit, you can save $8,000 per year with a lifetime limit of $40,000. Contributions to this account are also generally deductible and may be used to lower annual taxable income, further incentivizing savings in preparation for home ownership at Skaha Hills.

The federal government also implemented an RRSP Home Buyers’ Plan that allows Canadians to withdraw from their registered retirement savings plans (RRSPs) to buy or build a qualifying home with a limit of up to $60,000 in an interest and tax-free way. Furthermore, the plan allows individuals to pay back the amounts withdrawn within a 15-year period, starting from a 5-year grace period after you take out the money to purchase your first home. 

Both of these federal plans can be combined when you purchase a rancher-style condo, giving you further ease as you prepare to make Skaha Hills your new home! 

Why are rancher-style condos ideal for the lifestyle of first-time buyers in Penticton?

As the average age of the first-time home buyer moves into their mid-30s, there are so many advantages to investing in a community like Penticton. It has all the metropolitan necessities while remaining close to other small cities like Kelowna and its international airport. You also have access to the picturesque scenery, outdoor activities like mountain biking, hiking, swimming in Skaha Lake, and all the other benefits of living in the Okanagan Valley.  

Rancher-style condos are ideal for their single-level living, especially when the outdoor terraces seamlessly blend luxury and comfort to make the most of these breathtaking views. The units are low-maintenance, beautiful, and filled with abundant natural light—perfect for young working professionals!

Above all, when you invest in your first home with Skaha Hills, you also gain access to numerous exclusive amenities, such as:

• Outdoor pickleball and tennis courts
• Social clubhouse and private functions room
• Fully stocked games centre
• Pool and hot tub
• Outdoor social deck with barbecues 
• Paved walking trails
• Hiking and biking trails
• Dog parks

And the list is only growing! It’s the type of lifestyle most people dream about, and for first-time owners, it makes a world of difference. The quality of life in our community cannot be found anywhere else.  Explore more about Skaha Hills’ rancher-style condos and discover affordable, single-level living in Penticton! Contact us today to learn more.