KELOWNA, B.C. – January 7th, 2019. Residential sales for December across the region of Revelstoke to Peachland greatly exceeded December 2018’s sales by 23%, however came in shy of November’s 527 sales showing a decrease of 24%, reports the Okanagan Mainline Real Estate Board (OMREB).

The rebound in residential sales should help to mitigate the recent declines in property tax assessments experienced by many homeowners in centers across our region.

“While activity was subdued during the first half of the year, the last
couple of months saw a strong push towards market recovery”, says
OMREB President Michael Loewen, adding that “as we head into 2020, it’s
great to see demand remains robust as market conditions have pulled ahead of previous forecasts.”

The overall number of active listings dropped over last month’s inventory of 3,205 coming in at 2,715; down 4% from the same time in 2018. The average number of days to sell a home increased slightly to 102 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region.

The post Local Okanagan Real Estate Market Rings In New Year Ahead Of Forecasted Pace appeared first on Okanagan Shuswap Real Estate Specialist.

Did you know that foreclosures are not all they are stacked up to be? In recent years in the Okanagan, Shuswap Real Estate markets, foreclosures have become increasingly popular. However, they can also be a buyer’s nightmare. There is a concept called “As is,Where is” that is built into a foreclosure. This means that you get what you get. If there was a fridge and stove in the house when you saw it there is no guarantee that it will be there when you take possession. Nothing is guaranteed, not even the light fixtures or the door knobs.

But what about the price? Are foreclosures not always a great deal? Absolutely not. Many times there are multiple people when the foreclosure goes to court that believe that the property is under priced just because it is a foreclosure. These people are now in a bidding war and very often the sale price is above the list price and often above what the house is worth. The court’s job is to  get the highest price possible for the house. They do this by creating competition.

The post Did you know buying a foreclosure is very risky? appeared first on Okanagan Shuswap Real Estate Specialist.

In 2019, overall prices inched up a bit in the Shuswap and the North Okanagan and inched down a bit in the Central Okanagan.  Also as predicted that buyers have more to look at as inventory rose slightly. That happened in all 3 zones. Inventory is up 5 to 10% depending on the zone. Sales were predicted to be flat as well. Sales are up very slightly in the North Okanagan and down slightly in the Shuswap and the Central Okanagan. The absorption rate (% of total residential inventory that sells on a monthly basis) decreased slightly in all 3 zones as well. As you can see the market has been flat with a very slight downturn in some statistics and a slight upturn in others. 

What will happen in 2020? Basically, we will see more of the same with one slight change. The forces driving the market are changing slightly. There is uncertainty in the US government, the Canadian government and the BC government that is keeping consumer confidence down. However, the banks are counteracting that negativity. Interest rates are historically low again. The first-time buyer program that was rolled out in September is being used aggressively and Toronto and Vancouver have gone into the recovery leg of their cycle. We are still influenced by the increased buyer activity from the failing Alberta market and people cashing in from the west coast. We will see a relatively flat market in 2020 but instead of summarizing it as a soft correction it is summarized as a soft recovery. Prices, absorption and sales will rise slightly, and inventory will remain relatively constant. It will be a good market but nothing spectacular.

The post Okanagan Shuswap Real Estate Year in Review appeared first on Okanagan Shuswap Real Estate Specialist.

The Okanagan Shuswap is continuing to go down the path of a mild correction or a flat market. While the Central Okanagan and the Shuswap sales are down about 10% and prices are down about 4% year to date, the North Okanagan has sales slightly up 4% and prices up about 5%. Some people would say that this is a declining market at least in the Central Okanagan and the Shuswap. However, compared to what Alberta is going through we are simply flat. Also our markets are still substantially higher/better than the 10 year averages in all 3 zones. One of my pat phrases these days is the market is a good, balanced market, not boom or bust. The interesting thing to take note of is what is continuing to happen in Toronto and Vancouver. Both these 2 giants are continuing to show promise and positive gains in their lower end markets. To give you an idea of how much statistics from Toronto and Vancouver affect the overall averages of the country consider this. There are about 108,000 REALTORS® in Canada. About 62,000 of them are in Toronto and Vancouver. This explains why when the media is reporting Canadian Real Estate statistics it really has nothing to do with the market that your home is in unless you live in Toronto or Vancouver. The market in the Okanagan Shuswap will remain in this steady as she goes format going into 2020. Keep in mind that the market will follow it’s usual annual trends. In other words the last quarter of each year and the first quarter of the following year are always the slowest quarters of every year. For now it is steady as she goes.

The post Okanagan Shuswap Real Estate Update for Fall 2019 appeared first on Okanagan Shuswap Real Estate Specialist.

KELOWNA, B.C. – November 6th, 2019. Residential sales across the region of Revelstoke to Peachland totaled 625 in October, down from September’s 652 sales and just 2% fewer compared to the 639 units sold in October 2018, reports the Okanagan Mainline Real Estate Board (OMREB). New listings dropped below last month’s 1,046 by 10.5% resting at 936 new units listed this month. The supply of homes for sale, or overall active listings, also dropped slightly coming in at 3,650 over last month’s inventory of 4,150; down 3.5% from this time last year.

“With the holiday season approaching it’s not unusual for consumers to have other financial priorities on their mind, perhaps putting home purchases on the backburner until the new year,” says OMREB President Michael Loewen, adding that “typically, we see less market activity as we head into the colder months as those that are not in a rush to move prefer to do so when weather conditions are more agreeable.”

October’s average price of $516,940 was down 6% from September’s average price, yet 5% higher than this time last year. A closer look by housing category shows single-family properties and townhomes’ average pricing both tracking at 5% higher than October 2018. The condominium category saw the largest shift in average pricing coming in at 14% less over September’s average price and down 5% from this time last year. “It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or merely just a case of construction of more compact and affordable units having caught-up to consumer demand creating competitive market conditions,” says OMREB President Michael Loewen. The average number of days to sell a home increased to 93 days over September’s 81 days. It’s important to note that OMREB reports an average of days on market for the entire Board region and that the indicator will vary depending on home type and sub-region.

When finding a real estate agent to work with, it is important that you consider working with a REALTOR®. Unlike regular agents, REALTORS® are professional members of The Canadian Real Estate Association who have the knowledge and experience to make the home buying or selling process as simple for you as possible. Given the high stakes on such a significant financial transaction, both homebuyers and sellers can benefit from the knowledge and skills of a practiced REALTOR®.

The post After Strong Recovery, Residential Real Estate Market Flattening Out Ahead of Winter appeared first on Okanagan Shuswap Real Estate Specialist.

KELOWNA, B.C. – October 3rd, 2019. Residential sales across the region of Revelstoke to Peachland totaled 652 in September, down from August’s 725 sales, yet 11% higher than this time last year reports the Okanagan Mainline Real Estate Board (OMREB). On par with markets across the province, new listings took a slight dip from last month’s 1,246 with only 1,046 new inventory reported this month. The supply of homes for sale, or overall active listings, remains at a healthy 4,150; barely less than this time last year.

“The local real estate market is following typical seasonal changes, suggesting normal market conditions are very much in play despite the downturn earlier this year,” says OMREB President Michael Loewen. Comparing this September’s average price to last year by housing category shows single-family residences averaging $552,189, nudging 3% higher than the same time last year, with the average price for condominiums 11% higher. Average pricing for townhouses saw a 2.5% increase over September 2018.

“With Kelowna’s robust population of renters it will be interesting to see what, if any, is the potential uptake of the new first-time homebuyer incentive that was recently introduced,” says Loewen, adding that “It’s unlikely that many people will want to share equity – in the biggest purchase of their lives – with the government.”

The average number of days to sell a home nudged over August’s 79 days to 83 days, yet down 8% over last year’s average days on market. It’s important to note that OMREB reports an average of days on market and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, both homebuyers and sellers can benefit from the knowledge and skills of a practiced REALTOR®.

The post Local Residential Real Estate Market Staying The Course For Autumn appeared first on Okanagan Shuswap Real Estate Specialist.

KELOWNA, B.C. – September 4th, 2019. Residential sales across the region of Revelstoke to Peachland were 2% higher for August compared to this time last year clocking in at 725, although less than July’s 810 sales, reports the Okanagan Mainline Real Estate Board (OMREB). “While the number of sales across the region may have dipped compared to July, this is the second consecutive month that sales have had an upswing compared to this time last year. This is a promising sign that market recovery could be on the horizon,” observes OMREB President Michael Loewen. The overall average residential price in August showed a 4% decrease from July’s average price yet crept over last year’s price by 2% at $521,766. Comparing this average price to last year by housing category shows single-family residences rose almost 11% to $643,457, with the average price for condominiums up 8%. Pricing for townhouses remained the most consistent compared to last year with a moderate increase of 2%.

New listings remained relatively on par at 1,246 compared to July’s 1,257 and 1,292 this time last year. The supply of homes for sale, or overall active listings, also stayed steady for the time of year with only a moderate decline of less than 2% from July’s 4,527, yet up almost 4.5% compared to a year ago. “Characteristic for the time of year is a general slowdown of new listings which, not surprisingly, creates a slight upward pressure on prices,” comments Loewen, noting that the local market continues to attract buyers. “It will be interesting to see if this momentum sustains for the rest of the year.”

The average number of days to sell a home nudged slightly from July’s 75 days to 79 days in August, and only a fraction over the 78 days for this time last year. It’s important to note that OMREB reports an average of days on market and that the indicator will vary depending on home type and sub-region.

Given the high stakes on such a significant financial transaction, both homebuyers and sellers can benefit from the knowledge and skills of a practiced REALTOR®.

The post Residential Real Estate Market Showing Promising Sign of Recovery appeared first on Okanagan Shuswap Real Estate Specialist.

The biggest change in most industries in the last 30 years is the internet. Real Estate is no different . 30 years ago people came to Realtors and said,”I want you to find me a house”. Today people come to a Realtor and say, “I want to see these houses”. That is a fundamental change in the process of how we as an industry help people buy and sell houses.

30 years ago, to sell our listings  we put an ad in the newspaper, a sign on the lawn and if it was priced right another Realtor would go into the Multiple Listing Service of our board find the home and sell it to their buyers. Today that is still a very effective part of the selling process. But it is not everything. Today, long before Buyers contact a Realtor they are searching on YouTube, Facebook, Instagram, LinkedIn, Realtor.ca, Zillow, and a host of other online portals for Realtors to portray their listings.

30 Years ago Realtors did not do much in the way of marketing. Today, the marketing is vital to not only a successful sale but also the price at which a property sells at. Studies have shown that the more people a property is exposed to the higher it will sell for. When you choose your Realtor to sell your house look at their marketing plan. Are they going to expose your home to as many buyers looking on the web as possible. That is the way to get the most money and the fastest sale. 

The post Did you know the home buying process has changed? appeared first on Okanagan Shuswap Real Estate Specialist.

KELOWNA, B.C. – August 2nd, 2019. Residential sales across the region of Revelstoke to Peachland increased 11% from June’s 725 sales, totaling 810 sales in July, which meant a 9% increase over this time last year, reports the Okanagan Mainline Real Estate Board (OMREB). The average residential price in July of $543,587 was only slightly higher than last month’s average price with a 3.5% increase yet stayed below last year’s at just 3% lower.

A closer look shows single-family home average price fairly constant with last year, whereas the average for condominiums rose 9.3%. The average price for townhouses clocked-in 3.5% higher than last month. “While sales prices have experienced a moderate climb throughout the year, inventory has plateaued as potential sellers in the region could still be holding back waiting for the market to fully recover,” says OMREB President, Michael Loewen.

New listings were 1,257 compared to June’s 1,439 and 1,461 this time last year. The supply of homes for sale, or overall active listings, shows a moderate decline of 2%, currently at 44,527, yet up almost 7% compared to a year ago. “With a record number of new build construction across the province, most of which are apartment units, inventory could be affected going forward,” notes Loewen, adding “these new constructions are still being completed and have either not yet been listed, or pre-construction buyers have not yet listed their old homes.”

In keeping with summer market activity, the average number of days to sell a home decreased in July to 75 days versus June’s 84 days. “It will be interesting to see if demand will slowly normalize. If so, days on market should get back to normal towards the latter part of the year.”

The post Residential Real Estate Inventory Plateaus While Market Is Slowly Recovering appeared first on Okanagan Shuswap Real Estate Specialist.

The Real Estate market changes very slowly when compared to the stock market. The market is flat this year. It is a “good flat” but still flat.  The North Okanagan seems to be doing a little better than the Shuswap and the Central but not much.

All 3 zones are having a pretty good year as far as sales are concerned. They are down from the last 3 years but they needed to come down. Prices are inching down in the Shuswap and Central Okanagan and inching slightly up in the North Okanagan. There is more evidence that the markets, locally and nationally, are inching towards a modicum of positive energy.

CMHC has now dropped their qualifying rate for the Stress Test to 5.19%. Interest rates continue to inch down. The CMHC first time buyer’s equity plan rolling out on September 2 is now allowing some exceptions to what they call a  “First Time Buyer”. This will allow more people to utilize the program.

For the first time in months Toronto and Vancouver are reporting a slight increase in sales and prices of certain property types. Locally we continue to reap the benefits of the crash in Alberta and Vancouver as they push home buyers and early retirees into the Okanagan Shuswap. In general the market is strong (Not booming) and sustainable at least for the rest of 2019. 

The post Okanagan Shuswap Real Estate Update for Summer 2019 appeared first on Okanagan Shuswap Real Estate Specialist.