AS WE approached the lakeside property, Melvyn Reeves, the owner, felt above the door frame and found the key to open the door to his C$1 million (£468,000) home. “It’s not normally locked, but friends have been staying here and they locked up before they left,” he explains.

This is very common in the Okanagan Valley of British Columbia in western Canada. “No one locks their doors here,” confirms Reeves, the chief executive officer of My Second Home Developments. Canada is known for its easy-going and trusting spirit; that and its political and economic stability are encouraging investors to return to this dependable, well-established property market. They are being rewarded by steady annual gains of 9.8 per cent across the country.

British Columbia is leading the way in the revitalised market and parts of the Okanagan Valley have experienced some big returns. “Penticton, in the valley, has seen some of the best price gains in the last couple of years,” Harry Lewis, project manager at Hamptons International, says. “There has been an increase of anything from 25 per cent up to 50 per cent for lakeside property in the area.”

My Second Home Developments has recognised that growth and is building a C$300 million hotel and spa development in the town. There will be 450 flats at the Skaha Beach Club and Spa and the venture is now being offered to British investors. “It has sold well to the Canadian market. We now want to share our secret with international buyers,” Reeves says of the only five-star hotel in the valley.

And what a secret it is: 150 miles east of Vancouver, the Okanagan Valley lies between the long Okanagan Lake and the sandy shores of Skaha Lake, bordered by vine-covered hills, making it a recognised wine touring destination.

One British couple, Iain and Samantha James, visited the Okanagan Valley on their honeymoon and vowed that they would move there one day. Eight years and two children later they found their ideal home in Okanagan Falls and moved there this year. “It’s absolutely perfect for bringing up a young family and the weather is superb,” says Ian James, an electrician from Waltham Abbey, Essex. “We have a great life out here, and with the strength of the British pound to the Canadian dollar we have managed to buy a couple of properties for investment purposes here too. Something that would have been laughable to consider in the UK.”

For the latest news and views on investing in a home abroad, go to: timesonline.co.uk/overseasproperty

CANADA

Southern areas of British Columbia are popular for investment property and retirement because of benign climate and natural beauty.

Southern Ontario, and Calgary and Edmonton in Alberta, are attractive to job-seekers from abroad because of their booming economies.

Property prices are very dependent on location: family homes can be had for C$250,000 (£117,327) to C$400,000 in the larger cities. In smaller towns, similar properties cost from C$150,000 to C$250,000.

No estate agent fees when buying a property. Conveyancing and registration fees come in at less than C$1,000, but overseas residents may have higher legal fees.

Property management fees are quite low: usually a percentage of rent, in the 5-7 per cent range.

Lenders are keen to give loans, although overseas investors and new immigrants usually have to pay a 35 per cent down payment on their loan.

FORSALE

Skaha Beach Club and Spa, Penticton, Okanagan Valley: This five-star hotel has apartments starting from £148,800 for a 375 sq ft studio to £548,800 for a 1,200 sq ft two-bedroom apartment with 1,100 sq ft terrace. All for sale through Hamptons International, 020-7758 8447.

To search for properties in Canada on propertyfinder.com click here

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