Q. Is Cadence at The Lakes freehold property?
A. Yes. Cadence is a freehold strata title property, which means you own your lot and your home in their entirety. It is not leasehold, nor is it First Nations property.
Q. What is a bare-land strata? Do I pay fees for this?
A. A bare land strata is governed by The Strata Property Act and refers to the subdivision of land into strata lots and common property. In a bare-land strata development, each lot is individual and, in our case, features a self-contained, single-family dwelling. This is unlike a conventional strata development, where all of the lots share the land and buildings, as well as the common property.
The common property at Cadence is the recreational facility that all residents will have the exclusive right to use. Because this property is shared between the homeowners, a monthly strata fee will need to be charged in order to cover the ongoing cost of maintenance. However, since the fees for bare land strata do not need to cover the expense of maintaining all the individual dwellings in the development, they are significantly lower than conventional strata property fees.
For more information on what else your strata fees will cover, please refer to the Maintenance Free section of our website.
Q. How stable are the monthly fees? Will these increase when the recreation centre is built?
A. The fees are based on the budget provided by the Developer in the Disclosure Statement and costs for maintaining the recreation center are already included.
Q. Do I pay for geothermal heating and cooling? Do I have any options?
A. You have two options for paying your geothermal costs. One option is to become a customer of TerraSource Geothermal Utility Services and pay a fixed monthly fee (usually around $77.00) for unlimited heating and cooling. This rate is linked to the Consumer Price Index in British Columbia and increases only if the Consumer Price Index increases. Your other option is to purchase your entire geothermal system outright. By doing this, you will own your own ground loops and would never have to pay another monthly fee. This is why it is common to hear that geothermal energy pays for itself in about 8-9 years.
For more information, please refer to the Geothermal section of our website or visit TerraSource Utility Services.
Q. What if I want to first be a Terrasource Geothermal Utility Services customer and then purchase my geothermal system at a later date?
A. No problem. You can purchase your system outright at any time. The customer cost for this option is equal to the current Monthly Loop Access Fee multiplied by the Early Termination Multiplier (109).
Q. When will the recreational centre be built? What does it mean that it’s been “bonded for”?
A. Due to its location, the recreation facility will be built with the third phase of Cadence at The Lakes. When you hear that it has been “bonded for,” it means that the funds to build the facility have been secured with a letter of credit in favour of the District of Lake Country. As such, there is no risk that the recreation facility will not be constructed.
Q. Is this a gated community?
A. Cadence at The Lakes features an attractive perimeter fence and landscaped boulevard, but does not have an actual gated entrance. This is because the District of Lake Country will continue to be responsible for maintaining the roadways, sewer system, light standards, and fire hydrants within the development. Consequently, because these costs do not need to be accounted for in the Strata budget, the savings are passed on to residents in the form of lower monthly strata fees.
Q. Is there an age restriction at Cadence?
A. No. Cadence at The Lakes offers maintenance-free resort style living for all ages.
Q. Is Property Transfer Tax (PTT) payable on the lot and home?
A. At Cadence at The Lakes, we offer a purchasing package that is unique to most developments. When you purchase at Cadence, we will allow you to separate the contracts of the lot and home so that you can buy your lot in a separate transaction from the purchase of your home. If you decide to pursue this option, you will only have to pay property transfer tax on the value of the lot. This could save you approximately $4500 - $8000 depending on the price of your home.
For more information, please visit http://www.sbr.gov.bc.ca/individuals/Property_taxes/Property_Transfer_tax/ptt.htm
Q. Are Cadence at The Lakes and The Lakes the same entity?
A. No. Cadence at The Lakes is a community being built within the already established neighbourhood of The Lakes. We are a bare-land strata development offering home and lot packages for those seeking a maintenance free lifestyle. The Lakes itself sells lots for either builders or purchasers to build their own homes and is not stratafied.
Q. How close are you to the airport and UBCO? What is the distance to Vernon or Kelowna?
A. We are just 13 KM from the Kelowna International Airport and 15 KM from UBCO. Cadence is 20 minutes south of Vernon and 20 minutes north of Kelowna.
Q. What style of homes do you offer and how are they priced?
A. Cadence at The Lakes offers rancher-style single family homes with seven different floorplans to choose from and a wide range of finishing options. Prices for house packages vary depending on the size of the lot and the style of the floorplan; however, all of our prices include the house, lot, landscaping, and exposed aggregate driveway. Packages at Cadence can range between $379,900 to $549,900* and can be built to suit almost every budget.
* Subject to availability.
If you have any other questions about Cadence at The Lakes, please feel free to email our friendly Sales Team - they're always happy to help!
