Okanagan Condo or House

We often get questions about the difference of condominium ownership vs single-family ownership as many of our clients consider buying a condominium as opposed to a traditional single-family home.

We wanted to share with all of you what we tell our client so that you too can make the most informed of decisions.

Considering that last year in the South Okanagan, there were almost 1800 unit sales of residential property in the area and out of all of those sold units almost 19% of those were condominium sales!

Condominiums Are Popular

That is almost 1 in 5 unit sales! The gaining popularity of condominium living is no surprise as condo living can be a wonderful way to get into home-ownership without worrying about all of the maintenance that comes with single-family homes and sometimes it can be more affordable. But benefits can sometimes come with trade off’s which is why it is important to fully understand the ins and out, so to speak, of condo ownership and living.

You are Buying Into a Corporation

Let’s start at the beginning shall we...with one of the largest distinguishes of free-hold single family ownership and condominium ownership which is that when you buy a condominium you buy into a corporation. When you buy a single-family home you have control over your domicile including expenditures whereas when you acquire a condominium you become part owner in a corporation with shared rights and responsibilities. This means that it is important for Buyers to do some research prior to investing into the corporation.

This is why it is common practice for REALTORS® to request the financial statements, budgets and confirm strata fees for their clients as part of their assistance to helping buyers perform due diligence when acquiring condominiums.

Each Condominium Has It’s Own Personality

Every strata corporation has it’s own set of ByLaw’s & Rules & Regulations detailing how the strata corporation operates and the responsibilities of both Strata Lot Owners and the Strata Corporation. It is important for Buyers to review the ByLaw’s & Rules to ensure that the lifestyle offered at the strata matches the one desired by the Buyer.

Strata Meeting Minutes Is A Great Way To Get To Know A Strata

Every Strata is legislated by the Strata Property Act which requires Annual General Meetings. Strata Corporations have regular Strata Council meetings, which all Strata Lot Owners are invited to. The business of the strata corporation is conducted and minutes are taken. REALTORS® commonly request 2 year’s worth of meeting minutes for their Buyer clients to review as they know that this is the best way for their clients to become familiar with what has been transpiring in the corporation they are considering acquiring an interest in.

A Special Assessment Is Not Always So Special

Special Assessments are voted on by Strata Corporations and if approved run with the Strata Lot meaning that even if a Strata Lot is sold the debt/special assessment is owed by the Strata Lot. Strata Corporations approve Special Assessments to pay for expenditures that are not provided for in the Budget and that the Contingency Reserve Fund cannot. Don’t get us wrong, special assessments can be a valuable mechanism whereby strata corporations make significant improvements or repairs and we kind of like the pay as you go model!

RE/MAX Agents just want to ensure that our Buyer clients buy in an informed fashion and know if there are currently any special assessments or if there are any planned. Additionally, your RE/MAX Agent will insert a provision into your Contract of Purchase & Sale requiring the Seller to pay any Special Levy passed after the Contract of Purchase & Sale is accepted but before closing.

To Amenity or Not To Amenity

That is The Question Amenities such as roof top terraces, lap pools, business centers, club houses, BBQ areas, security, and concierge services rock! Nothing better that coming home from a hard day’s work, picking up your delivery from the concierge before hitting the lap pool and then head up to the common area terrace to throw a steak on. But that pool, terrace and BBQ need to be cleaned, maintained/repaired and replaced at some point and all of those features have costs associated with them and you now are a part Owner.

You have questions, we have answers! RE/MAX

Curb Appeal is The Hook!

Your exterior says a lot about how your home is maintained both inside and out. 

When buyers see an attractive exterior, they will be eager to stop and darn right excited to view the interior as well!

Getting Your Home Ready For Sale

• Make a list of major repairs that are needed such as roofing, siding and lighting.

• Make a list of minor repairs needed such as painting or minor landscaping, and repair as many

• items as possible.

• Make as many of these repairs as possible BEFORE going to market.

• Sweep or shovel walkways, driveways and patios/decks (salt in the winter).

• Maintain front, back and side yard. 

• Ensure lawns are mowed, shrubs are pruned and flower beds are weeded.

• Place flowers or winter arrangements on your front porch and/or in front of the garage.

• Remove all festive lights and decorations.

• Call RE/MAX!

RE/MAX Helping You Showcase Your Home!

Our agents are here to assist you along the way, give us a call!

RE/MAX Orchard Country | 250.494.8881

RE/MAX Penticton Realty | 250.492.2266

RE/MAX Realty Solutions  | 250.495.7441

Don’t let anyone fool you, 2023 will be a better housing market than many industry experts are predicting. While the housing market is clearly affected by the end of historically low mortgage rates, which as intended, dampened the appetites of buyers caught up competing in the home buying frenzy of 2020/2021 there is much to be optimistic about!

We do anticipate decreased unit sales in comparison to the unprecedented market of the last few years. Some buyers will delay and remain renters which will put continued pressure on rental accommodations and rates.

Those Buyers who enter the market will feel the advantage of increased inventory and more options in 2023 but will not feel any significant price deceleration. Buyers will adjust their budgets to the reality of higher interest rates, astutely recognizing that housing pricing continues to escalate and that the artificially low rates of yesteryear were just that – artificial.

Often when we discuss the real estate market collectively, we often analyze it as an investor would but, these are not the needs or views of our clients.

Our clients are getting married, starting, or expanding families, downsizing, moving into a more maintenance free lifestyle, or relocating for a career opportunity every single day here in BC.

And if all of that is not enough to think about Gen Z and Millennials will enter the housing market in 2023 and 2024 creating even more demand.

When you consider that in the 2021 Census of 23,957,760 Canadians in the working population, 33.2% were Millennials, 29.5% were Gen Xer’s 19.7% were Baby Boomer and 17.6% were Gen Zer’s,

That is a lot of home buyers! We anticipate that in order to meet their budgets, these First-Time Home Buyers will opt for a condominium or townhomes as an alternative to a single-family first-time home.

We are optimistic about the 2023 Spring selling season in light of the easing of supply chain shortages and the continued signs that inflation is decreasing. We will be watching the labour market closely as unfortunately strong labour markets have the potential to drive up interest rates.

All in all we anticipate that the housing market will stay stable over the next 3-5 years which is exactly what industry insiders have been wishing for! As interest rates move down affordability will improve and demand will increase.

Each client, property and market is unique.

Call your RE/MAX REALTOR® for knowledgeable real estate advice. We are your experienced, local market experts with world connections.

Deborah Moore Broker Owner

RE/MAX Orchard Country 

RE/MAX Penticton Realty 

RE/MAX Realty Solutions

We hope that this month’s communication finds you and yours well in good health! As tribute to this month of love we would like to thank you for allowing us to serve you in the past. We LOVED being part of your journey!

280 properties were listed in the month of January in the South Okanagan which is up almost 21% over last January.

Unit Sales across the South Okanagan however have not kept pace with new listings and kicked off the New Year off with an extremely cold start with only 66 unit sales which is down 56% from the 153 unit sales reported in January of last year.

That being said, January of last year had an inordinately strong start with one of the strongest Q1’s in years.

The average amount of days it takes to sell a property in the South Okanagan has increased by 2%, meaning it is taking a little longer to sell property…unless you are selling a single family home, which has decreased from 85 to 74 days.

In Penticton 84 properties were listed for sale in January which is just 3% off last January’s listing numbers.

Unit sales in Penticton, like the entire South Okanagan and BC were down significantly as the market adjusts to the higher interest rates.

Today, in Penticton there are 308 properties available for sale.

While some of our Buyer clients continue to work through new challenges in qualifying for higher interest rate mortgages many of them are reporting the benefits of more selection and a less competitive market.

Our Seller clients continue to realize valuable returns on their investment when they sell and are also often choosing to port their existing, low rate mortgages to new properties when they move.

As always, we are here to provide you with timely information and assist you in making smart investment decisions.

We are YOUR trusted advisors, with world connections!

In Osoyoos 49 properties were listed for sale in January which is up 36% more than those that were listed in January of 2022.

Unit sales in Osoyoos, like the entire South Okanagan and BC were down significantly as the market adjusts to the higher interest rates.

Today, in Osoyoos there are 263 properties available for sale.

The average days to sell a property has decreased to 113 from 121 days last year as Buyers decisively put a ring on well appointed properties in advance of crowded spring markets.

In Summerland 49 properties were listed for sale in January which is more than double the amount that were listed in January of 2022.

Unit sales in Summerland, like the entire South Okanagan and BC were down significantly as the market adjusts to the higher interest rates.

Today, in Summerland there are 90 properties available for sale. The average days to sell a property has decreased to 41 from 60 days as Buyers decisively put a ring on well appointed properties in advance of crowded spring markets.

Your home is a reflection of you, and having this space should make you happy! Having a space that reflects who you are, impacts many aspects of your life with designs and furniture that you love is more import than most people think. 

1. Keep spaces organized – clutter creates a cluttered mind, and causes stress and feeling overwhelmed

2. Use colours that make you happy! Happy colours keep that mood positive.

3. Add plants or bring home fresh flowers. What doesn’t brighten your day more than the smell of flowers or seeing new blooms on a plant?

4. Let that sunshine in! Natural light is guaranteed to lift your mood.

5. Don’t keep things that don’t make you happy!

6. Stay up to date – make efforts to update a piece of your home regularly. Whether it be a new tap, new appliance or a full room makeover. Just as you change your style of clothes with changes to the weather or age, so should your home!

You deserve to LOVE your home!

We hope that this message finds you excited and energized for the New Year!

114 properties were listed on the MLS® in the month of December in the South Okanagan which is up 6.5 % over December of last year.

YTD 4216 properties have been listed which is down almost 1% in comparison to 2021 when 4251 properties were listed for sale.

Out of these newly listed properties, 47 of them were listed in Penticton which is up 9% in comparison to December of last year.

90 properties traded hands in the South Okanagan in the month of December which is down 10% from December of last year.

YTD 2022 properties have been reported as sold through the MLS® which is down 38% from the same time in 2021.

This IS a normal real estate market in comparison to sales reported in previous years.

You will notice that the entire South Okanagan is still experiencing price appreciation with the average sale price for a single-family home increasing by more than 8% over last year and 10% for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single-Family home in Penticton is $881,547 and $659,105 for all types of real estate.

If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection, and more time to decide.

The next scheduled date for the Bank of Canada to announce changes to its overnight rate is January 25th.

If you are contemplating a purchase, you may wish to take advantage of the winter months, beat the next interest rate increase and avoid the crowded spring market of 2023.

If you are a Seller, don’t worry, we’ve got you covered!

RE/MAX Sales Professionals are skilled at assisting you in selecting competitive asking prices that helps you MAXIMIZE the return on one of your biggest assets.

Thank you for honouring us with your trust in 2021.

We loved serving you and look forward to doing so in the New Year!

Happy New Year!

For all things home.

RE/MAX

The Right Agents for Today’s Market

PENTICTON

Out of these newly listed properties, 47 of them were listed in Penticton which is up 9% in comparison to December of last year.

YTD our listing level in Penticton is down 5% almost with a total of 1637 properties being offered for sale in 2022.

There are currently 301 properties available for sale in Penticton.

In Penticton 44 properties traded hands in December and 887 YTD which is also down 38% from 2021.

You will notice that Penticton and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home increasing by more than 8% over last year in Penticton and 10% for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single-Family home in Penticton is $881,547 and $659,105 for all types of real estate.

READ FULL MARKET UPDATE | PENTICTON

SUMMERLAND

Out of these newly listed properties, 4 of them were listed in Summerland which is down 63% in comparison to December of last year.

YTD our listing level in Summerland is down 3.73% with a total of 501 properties being offered for sale in 2022.

There are currently 60 properties available for sale in Summerland.

YTD 2022 properties have been reported as sold through the MLS® which is down 38% from the same time in 2021.

In Summerland 6 properties traded hands in December and 247 YTD which is also down 30% from 2021.

Conversely, you will notice that while Summerland and the entire South Okanagan are experiencing a unit sales decline these areas are still experiencing price appreciation with the average sale price for a single-family home holding its own with a minor decrease of 3.95%

YTD in Summerland and 10% increase for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single-Family home in Summerland is $883,072 and $756,014 for all types of real estate.

READ FULL MARKET UPDATE | SUMMERLAND

OSOYOOS

Out of these newly listed properties, 20 of them were listed in Osoyoos which is down 4.76% in comparison to December of last year.

YTD our listing level in Osoyoos is down 2.5% with a total of 664 properties being offered for sale in 2022.

There are currently 259 properties available for sale in Osoyoos.

YTD 2022 properties have been reported as sold through the MLS® which is down 38% from the same time in 2021.

In Osoyoos 13 properties traded hands in December and 274 YTD which is also down 47% from 2021.

Conversely, you will notice that while Osoyoos and the entire South Okanagan are experiencing a unit sales decline these areas are still experiencing price appreciation with the average sale price for a single-family home increasing by 1.89%

YTD in Osoyoos and 10% increase for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single-Family home in Osoyoos is $889,309 and $616,726 for all types of real estate.

READ FULL MARKET UPDATE | OSOYOOS

We hope that this message finds you well and that you and yours are safe and warm during this very cold start to December.

Like the weather, unit sales have cooled considerably across the South Okanagan.

270 properties were listed on the MLS® in the month of November in the South Okanagan which is up 31% over November of last year.
YTD 4098 properties have been listed which is down 1% over the same time in 2021 when 4144 properties were listed for sale.

103 properties traded hands in the South Okanagan in the month of November which is down 52% from November of last year. YTD 1930 properties have been reported as sold through the MLS® which is down 39% from the same time in 2021.

This IS a normal real estate market in comparison to sales reported in previous years.

If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection, and more time to decide.

The next scheduled date for the Bank of Canada to announce changes to its overnight rate is December 7^th.
The Bank will publish its next full outlook for the economy and inflation on January 25^th.
If you are contemplating a purchase, you may wish to take advantage of the winter months and beat the crowded spring market of 2023.

If you are a Seller, don’t worry, we’ve got you covered!
RE/MAX Sales Professionals are skilled at assisting you in selecting competitive asking prices that helps you MAXIMIZE the return on one of your biggest assets.

 

Out of these newly listed properties, 149 of them were listed in Penticton which is up 60% in comparison to November of last year. YTD our listing level in Penticton is up 67% with a total of 1590 properties being offered for sale in 2022. There are currently 418 properties available for sale in Penticton.

In Penticton 45 properties traded hands in November and 842 YTD which is also down 39% from 2021.
You will notice that Penticton and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home increasing by 9% over last year in Penticton and 12% for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single-Family home in Penticton is $884,686.

READ FULL MARKET UPDATE | PENTICTON

Out of these newly listed properties, 12 of them were listed in Summerland which is down 47% in comparison to November of last year. YTD our listing level in Summerland is up 5% with a total of 496 properties being offered for sale in 2022.

There are currently 106 properties available for sale in Summerland.

You will notice that the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home increasing by 12% for all types of real estate. In Summerland the Average Sale Price for a Single Family Home has held its own and is just off last year's average, down 1.5%.

The Average Sale Price YTD for a Single-Family home in Summerland is $888,369.

READ FULL MARKET UPDATE | SUMMERLAND

Out of these newly listed properties, 37 of them were listed in Osoyoos which is up 27% in comparison to November of last year.  YTD our listing level in Osoyoos is down 3% with a total of 640 properties being offered for sale in 2022.  There are currently 317 properties available for sale in Osoyoos.

In Osoyoos 10 properties traded hands in November and 260 YTD which is also down 48% from 2021. 

You will notice that Osoyoos and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home increasing by 3% over last year in Osoyoos and 12% for all types of real estate in the South Okanagan. 

The Average Sale Price YTD for a Single-Family home in Osoyoos is $907,290.

READ FULL MARKET UPDATE | OSOYOOS

We hope that this message find you well and that you and yours are hunkering in during this early snowfall.

Like the weather, unit sales have cooled considerably across the South Okanagan. 289 Properties were listed on the MLS® in the month of October in the South Okanagan which is down 2.36% over October of last year. YTD 3826 properties have been listed which is down 2.84% over the same time in 2021.

142 properties traded hands in the South Okanagan in the month of October which is down 38.53% from October last year.

YTD 1825 properties have been reported as sold through MLSreg; which is down 38.16% from the same time in 2021. This IS a normal real estate market in comparison to sales reported in previous years.

The Average Sale Price YTD for a Single-Family home in Penticton is $896,815. If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection and more time to decide.

While interest rates are rising with 1 more announcement date still ahead of us this year, interest rates are still very affordable. If you are contemplating a purchase, you may wish to take advantage of the fall/winter months and beat the crowded spring market of 2023.

If you are a Seller, don't worry we've got you covered!

RE/MAX Sales Professionals are skilled at assisting you in selecting an accurate asking and subsequent sell price that helps you MAXIMIZE the return on one of your biggest assets.

For all things home.

The Right Agent's for Today's Market!

Out of these 289 properties, 113 of them were listed in Penticton which is down 5.83% in comparison to October of last year. YTD our listing level in Penticton is down 9.09% with a total of 1441 properties being offered for sale in 2022. There are currently 309 properties available for sale in Penticton.

In Penticton 60 properties traded hands in October and 797 YTD which is down 38.26% from 2021. You will notice that Penticton and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home appreciating 11% over last year in Penticton and 12.87% for all types of real estate in the South Okanagan.

READ FULL MARKET UPDATE | PENTICTON

In Summerland 20 properties traded hands in October and 228 YTD which is down 30.28% from 2021. You will notice that Summerland and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home on par with prices last year in Summerland and up 12.87% for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single Family home in Summerland is $896,968. If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection and more time to decide.

READ FULL MARKET UPDATE | SUMMERLAND

Out of these 289 properties, 43 of them were listed in Osoyoos which is down 2.27% in comparison to October of last year. YTD our listing level in Osoyoos is down 4.75% with a total of 601 properties being offered for sale in 2022. There are currently 288 properties available for sale in Osoyoos.

In Osoyoos 12 properties traded hands in October and 249 YTD which is down 46.91% from 2021. You will notice that Osoyoos and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home up 3.62% compared to same time last year in Osoyoos and up 12.87% for all types of real estate in the South Okanagan.

The Average Sale Price YTD for a Single Family home in Osoyoos is $908,913. If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection and more time to decide.

READ FULL MARKET UPDATE | OSOYOOS

We hope that this message finds you well and you’re enjoying this spectacular fall weather we are having. With family and friends this weekend, remember to get outside and partake in a few more outdoor activities we are so lucky to enjoy living in the South Okanagan. Let’s see what the market is doing as we change seasons. While unit sales have slowed to a normal market pace, don’t let anyone tell you any different, the real estate market is always desirable in the South Okanagan which is evidenced by the continued price appreciation we are experiencing across the region.

354 properties were listed on the MLS® in the month of September in South Okanagan which is up 2.61% over September of last year. YTD 3532 properties have been listed which is down 3.02% over the same time in 2021.

107 properties traded hands in the South Okanagan in the month of September which is down 59.23% from September of last year. YTD 1677  properties have been reported as sold through the MLS® which is down 38.35% from the same time in 2021. This is a normal real estate market in comparison to sales reported in previous years.

Summerland

Out of these 354 properties, 35 of them were listed in Summerland which is down 31.37% in comparison to September of last year. YTD  our listing level in Summerland is up 4.22% with a total of 445 properties being offered for sale in 2022. There are currently 104 properties available for sale in Summerland.

Penticton

Out of these 354 properties, 144  of them were listed in Penticton which is up 7.46% in comparison to September of last year.

YTD  our listing level in Penticton is down 9.56% with a total of 1325  properties being offered for sale in 2022. There are currently 323 properties available for sale in Penticton.

Osoyoos

In Osoyoos 11 properties traded hands in September and 237 YTD which is down 45%  from 2021. You will notice that Osoyoos and the entire South Okanagan are still experiencing price appreciation with the average sale price for a single-family home appreciating 5% over last year in Osoyoos and 16.56%  for all types of real estate in the South Okanagan. The Average Sale Price for a Single- Family Home in Osoyoos is $922,906.

If you are a Buyer, this IS the real estate market Buyers have been waiting for, less competition, ample selection and more time to decide. While interest rates are rising with 2 more announcement dates still ahead of us  this year, interest rates are still very affordable. If you are contemplating a purchase, you may wish to take advantage of the fall/ winter months and beat the crowded spring market of 2023.

If you are a Seller, don’t worry, we’ve got you covered! RE/MAX Sales Professionals are skilled at assisting you in selecting an accurate asking and subsequent sale price that helps you MAXIMIZE the return on one of your biggest assets.

For all things home. Happy Thanksgiving

from our Home to Yours.

The Right Agent’s For Today’s Market! 

250.495.7441

What Is Happening in the South Okanagan?

We hope that this message finds you well and you’re enjoying what is promising to be an extended summer! While unit sales have slowed to a normal market pace, don’t let anyone tell you any different, the real estate market is always desirable in the South Okanagan which is evidenced by the continued price appreciation we are experiencing across the region.

399 properties were listed on the MLS® in the month of August in the South Okanagan which is up 2.84% over August of last year. YTD 3179 properties have been listed which is down 3.58% over the same time in 2021.

Let’s take a look at what the market is doing right now. 472 properties were listed for sale in the South Okanagan for the month of April, which is down 5.6% from the 500 properties listed in April of last year. 188 of these properties put on the market for sale were located in Penticton.

We currently have 3.96 months of supply of housing in comparison to last year when we had 3.28 months of supply which is up more than 20.7%! 233 properties traded hands in the South Okanagan in April with 99 of these sales occurring here in Penticton. Sales in the South Okanagan are down 44% from April of last year.