Frequently Asked Questions
We have tried to answer some of the most asked questions about living in Parker Cove.
Q. What am I purchasing when I buy at Parker Cove
A. At Parker Cove, you receive a detached home on its own leased lot. The lease has a term for up to 49 years. If you are buying a new home at Parker Cove, your new home is built in accordance with the BC Building Code and National Building Code.
Q. Why should I lease my lot instead of owning it?
A. Leasing a lot is cheaper than buying a lot and this reduces your monthly ownership costs. This enables you to get into a beautiful custom-built home in a first-class community at a much lower monthly cost.
Q. Can Parker Cove homes be mortgaged?
A. CMHC APPROVED! Yes, we can recommend the Bank of Montreal, Scotia Bank, and most Credit Unions, as they are the most knowledgeable regarding mortgages on leased lands.
Q. How much are the monthly maintenance costs?
A. Maintenance fees are very nominal (currently $900.00 annually) paid annually and covers your water, sewage, garbage services, snow removal, maintenance of all common areas, including beach and park areas. This is significantly lower than other comparable developments.
Q. Who looks after individual yard and garden maintenance?
A. You are responsible for the maintenance of your home's yards.
Q. Who pays the property taxes?
A. Your Parker Cove home is assessed by the BC Assessment Authority and taxes are paid to the Provincial Government. Gross taxes are less than 0.5% of assessed value.
Q. How large are the homes and lots?
A. Maximum home sizes vary with lot sizes. The standard "footprint" for a regular lot would be 36' x 62'. Maximum height on interior lots is 23' with perimeter lots at 28' maximum height. The lots vary in size from 3600 to 4800 square feet, and all lots feature a private drive and are within walking distance to the beautiful Okanagan Lake.
Q. Are there any other benefits to moving to Parker Cove?
A. Yes! You will find Parker Cove a warm and friendly place to live where you are quickly welcomed as a new neighbor. A healthy active and enjoyable lifestyle awaits you. Electronic gated entry assures your peace of mind. You have the flexibility to spend your time doing what you want to do. Plus, you have peace of mind in knowing that you have made a sound real estate investment that will not only offer years of enjoyable relaxed living but an excellent return on your investment.