Aug. 14, 2023

South Okanagan Market Update | July 2023

The weather has been hot and extremely dry in the Okanagan and we hope that you and yours are making the most of it!

As always, our Agents continue to be busy assisting our clients with their buying and selling needs while playing ambassador to many of our regions visitors who are desirous of our gorgeous valley and active lifestyle. 440 properties were listed in the month of July in the South Okanagan which is up 23.60% from last July.

Year to date 2859 properties have been listed for sale which is up 3.18% from listing levels of 2022. Unit Sales across the South Okanagan were up 15.53% in the month of July with 186 unit sales reported sold vs the 161 reported sold in July of last year. The increased activity in July was not enough to combat the intended chilling effects to the real estate market that the bombardment of hammer-like interest rate hikes have had. Year to date Unit Sales have decreased 21.96% with 1112 sales reported this year in comparison to the 1425 reported last year as would be buyers delay their purchase in hopes of a return to historically low interest rates or a significant market price correction, both of which seem unlikely as evidenced by increased average sale price numbers below. The Average Sale Price for all types of real estate YTD in the South Okanagan is $648,088 which is down 6.25% in comparison to last year’s average sale price of $691,305. The Average Sale Price For a Single- Family Home in the South Okanagan YTD is $850,767 which is down 1.75% in comparison to last year’s average prices of $865,904.

Let's take a closer look at the Summerland real estate market where listing inventory has been fairly strong with 75 new listings hitting the system in the month of July which is up over 100% from the 36 listing put on the market last July. Summerland has experienced an increased unit sale in the month of July with 23 properties trading hands vs. the 16 unit sales that occurred last year. Year to Date numbers however we are just off last year’s numbers with 167 units reported sold which is a decrease of 3.47% from the 173 unit sales reported in 2022.

The average Sale Price for a Single-Family Home in Summerland YTD in 2023 is $917,019 which is down 0.32% from the Average Sale prices reported of $919,940 last year. The Average Days on Market for all types of real estate increased by 36% in July in the South Okanagan going from 54 days to 74 days. Year to Date the Average Days on Market has increased by 25% from 57 to 72 Days as the market adjusts to the new mortgage rate reality. In Summerland the YTD Average Days on Market for all types of real estate has stayed sharp at 53 days with virtually no increase in comparison to last year. That being said each property is unique and property type, location and competition often affect Average Day’s on Market.

DOWNLOAD SUMMERLAND REPORT

Let's take a closer look at the Penticton real estate market where listing inventory has been fairly strong with 146 new listings hitting the system in the month of July which is up 6.57% from the 137 listings put on the market last July. Penticton has experienced an increased unit sale in the month of July with 86 properties trading hands vs. the 74 unit sales that occurred last year. Year to Date numbers however, 497 units reported sold which is a decrease of 19.71% from the 619 unit sales reported in 2022.

The average Sale Price for a Single-Family Home in Penticton YTD in 2023 is $866,132 which is down 4.64% from the Average Sale prices reported of $908,287 last year. In the South Okanagan YTD the Average Days on Market for all property types has increased by 25.22% from 57 to 72 days as the market adjusts to the new mortgage rate reality. In Penticton the YTD Average Days on Market for all types of real estate has stayed sharp at 65 days. That being said each property is unique and property type, location and competition often affect Aversge Day's on Market Your RE/MAX Agent will use their years of experience to advise you as to what to expect for the marketing time of your property.

DOWNLOAD PENTICTON REPORT

Let's take a closer look at the Osoyoos real estate market where listing inventory has been fairly strong with 68 new listings hitting the system in the month of July which is up 9.68% from the 62 listings put on the market last July. Osoyoos has experienced an increased unit sale in the month of July with 21 properties trading hands vs. the 17 unit sales that occurred last year. Year to Date numbers however, 139 units reported sold which is a decrease of 31.86% from the 204 unit sales reported in 2022.

The average Sale Price for a Single-Family Home in Osoyoos YTD in 2023 is $846,918 which is down 1.53% from the Average Sale prices reported of $860,045 last year. In the South Okanagan YTD the Average Days on Market for all property types has increased by 25.22% from 57 to 72 days as the market adjusts to the new mortgage rate reality. In Osoyoos the YTD Average Days on Market for Single Family Homes is almost double for the same time last year coming in at 91.07 days vs. 46.14 days YTD in 2022. That being said each property is unique and property type, location and competition often affect Average Day’s on Market.

DOWNLOAD OSOYOOS REPORT

Wishing you a safe and fun summer!

RE/MAX in the South Okanagan

Deborah Moore

Broker Owner

Posted in Market Updates
July 14, 2023

South Okanagan June Market Update

Summer Is Here!

 

Summer is here and it is here to stay with this hot dry Okanagan weather! We hope you are enjoying your time making new memories in this beautiful valley we get to call home. Our Agents are busy working with their seller clients to list their properties NOW.

Summer is the most popular time for moving with the kids out of school and vacation time can be taken to settle into that new home or vacation property before the school year starts up again and the weather changes to fall.

Let’s take a look at what has been happening in the market so far this summer. 530 properties were listed in the month of June in the South Okanagan which is up 12.53% from last June.

Unit Sales across the South Okanagan are on par with last year, with 193 unit sales which is down 6.31% from the 206 unit sales reported in June of last year.

Summerland Market Report

The average days to sell a Single Family Home in Summerland for YTD in 2023 has increased to 46.8 days from last year’s 37.72 days.

In Summerland, 72 properties were listed for sale in June which is more than June 2022 by 12.5%.

Unit sales in Summerland are up 27.27% in June compared to the same time last year. Like most of the South Okanagan and BC YTD Sales are down however, only by 8.28% in Summerland, with 144 units sold so far in 2023.

Download Summerland Report

Osoyoos

The average days to sell a Single Family Home in Osoyoos for YTD in 2023 has increased to 78 days from last year’s 44 day.

In Osoyoos, 85 properties were listed for sale in June which is up 8.97% from the 78 homes listed June of last year.

Unit sales in Osoyoos, like most of the South Okanagan and BC were down 36.90% YTD, with 118 units sold so far in 2023.

Download Osoyoos Report

Penticton

The average days to sell a Single Family Home in Penticton for YTD in 2023 has increased to 56 days from last year's 36 days. In Penticton, 184 properties were listed for sale in June which is slightly more than June 2022 by 6.36%.

Unit sales in June in Penticton are down 9.28%, with 88 units sold in June 2023. YTD Sales were down 24.77% in Penticton, similarly across the South Okanagan, with 410 units sold so far in 2023.

Download Penticton Report

We continue to assist our Buyer clients in acquiring property on their journey of new home ownership. 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 advisor We are YOUR trusted advisors, with world connections!

Enjoy your summer holidays from our HOME to yours

Posted in Market Updates
June 6, 2023

Home is Where It’s At - Staycation Ideas to Vacation at Home This Summer!

Things To Do In The South Okanagan!

With the cost of almost everything on the rise and the arrival of the beautiful weather, why not consider a Staycation this Summer?

We at RE/MAX are biased about our domiciles and tend to favour them over all other things.

Remember the last time you vacation with the family? Everyone had a wonderful time but the last few days…were you ready to go home? Upon entering your home did you joyfully sigh and say it’s great to be home!

So why leave? Or Why Go Far Away?

Consider these fun staycation ideas to help your family make the most of this Summer.

  1. Camping – Nothing matches the experience of spending most of our days outside in the fresh air. Remember, you do not have to go far or for very long, even a weekend will feel like a relaxing getaway. For short trips, consider keeping it simple, plan meals and activities in advance to ensure that you have what you need and alternatively don’t pack what you don’t need.

  2. Back Yard Movie Night – Everyone loves a tricked-out backyard movie night! Comfort is the name of the game. If you do not have outdoor couches or an outdoor seating area, consider bringing those cozy couches outside for the night. String lighting, blankets, intermission featuring – popcorn with flavoured topping station and personalized bowls or make your own sundae’s.

  3. Picnic For Lunch or Dinner – What’s so wonderful about a picnic is the way being outdoors stimulates your appetite. Picnic musts – Blanket/pillow, delicious cheeses, wine, meats, breads/crackers, fruit and a refreshment. Don’t forget to pack the deck of cards, book/magazine, Frisbee/Kite and to surprise the crew with some delicious sweet treat such as their favourite pastry or cake.

  4. Bike The KV R Trail, which used to be the route of the former Kettle Valley Railway along Okanagan Lake. The railroad was decommissioned and repurposed as a recreational trail which is enjoyed by walkers, cyclists and visitors.

  5. Hiking Challenge – Let each member of the family select a local hike and be the guide. The Guide should know the difficulty level and length of the hike as well as be in charge of explaining the local flora and fauna along the way.

  6. Weekend Getaway or Road Trip – Consider exploring your own area from the perspective of a tourist by foot. If your schedule allows, save money by booking during the week!

  7. No one is Bored on Board Game Night – Jazz Up your families board game night by taking it outside or inviting another family or neighbour. Best Night Tips – ensure that there is enough games for everyone to play, have your space and games set up beforehand, allow participants to customize their game pieces, background music is nice and don’t forget the staggered snacks – salty, drink, sweet.

  8. Just Beach It – The South Okanagan boasts the most beautiful lakes and beaches! Consider day-tipping to a different beach. Click here for RE/MAX’s Hot Beach List!

  9. Stargazing Night –– Plan ahead, get a telescope and check the weather forecast. In the South Okanagan you are most likely already away from the city lights. Learn your constellations and asterisms and get help by using a stargazing app.

  10. Wine Touring – The South Okanagan has amazing, award-winning wineries and wine experiences. Do your research, find the one that suits your style and budget and enjoy. Don’t forget to sprinkle in some artisan cheeseries along the way!

Wishing you and yours a very warm and wonderful staycation this June.

RE/MAX in the South Okanagan

Deborah Moore

Broker Owner

Posted in About Your Home
May 20, 2023

Are the Bank of Canada’s Inflation Strategies Likely To Cause More Inflation

More Questions Than Answers

 

If there was a modest price adjustment any financial headway buyers would have made was swallowed up by increased borrowing costs.
If I was a Buyer who was struggling to buy my first home, I might look to my employer to make up the difference. Or as there is a labour shortage, shop myself to the highest bidder. Last time I checked, major inflation components include increased costs of wages, housing/rent, government policies and devaluation of our dollar.


If We Want To Make Housing More Affordable, Why Do We Tax So Many Components Of It?


Developer Pays Tax on Land, Components To Build/Construction & Labour.
Development Charges Fronted By Developers Are All Passed On To Buyer
Tack on a whopping 5% GST on New Home Construction Sale Price.
Property Transfer Tax When You Buy – Provincially.


What IS THIS TAX FOR?


1% of the fair market value up to and including $200,000.
2% of the fair market value greater than $200,000 and up to and including $2,000,000.
3% of the fair market value greater than $2,000,000.


Property Tax Annually When You Own – Municipal


If we took a long hard look at all of the taxes that make up the end sale price of a home and reduced or eliminated them, housing would be more affordable and perhaps incentives could be created for developers as well.


How Are We Ever Going To Solve The Housing Crisis Coupled With An Aggressive Immigration Policy?


The federal and provincial governments have been ineffectual at their own housing supply strategies.
It does not matter who needs a roof over their head, there just are not enough to go around.
Whether you are a first-time home buyer saving up for your first home, immigrant or renter,
lack of inventory is a serious problem one which goes to the root of affordability.


Is the Premier Downloading The Responsibility of Solving The Housing Crisis Back to British Columbian’s With All Of Their New Changes to The Strata Property Act?


The Provincial government has made it clear, nothing is as it used to be with the banning of rental restrictions bylaws.
If you lived in an age restricted strata, those restrictions have been removed, unless your strata age restriction is 55+.
Even 55+ strata corporations have seen significant changes to their ability to restrict who lives in their buildings,
which includes no age restrictions at all to caregivers, spouses and more.
Real estate stakeholders have more questions than answers.


Deborah Moore
Broker Owner

 

 

 

Posted in Market Updates
May 19, 2023

Real Estate Market Update April 2023 Penticton, Summerland & Osoyoos

We hope that this month’s newsletter finds you and yours well and in good health! With the spring weather finally here, the spring market is upon us as well! Our Agents are working with their clients to get their property ready to be listed for sale now that conditions allow for more time spent outdoors.

Let’s take a look at where the market is now. 435 properties were listed in the month of April in the South Okanagan which is slightly down just over 7% from last April. Unit Sales across the South Okanagan have not kept pace with listings however, we are seeing an uptick with 156 unit sales which is down 35% from the 240 unit sales reported in April of last year.

 

Summerland Update

 

The average days to sell a Single Family Home in Summerland for YTD in 2023 has increased to 46.78 days from last year’s 42.57 days. In Summerland, 51 properties were listed for sale in April which is slightly lower than  April 2022 by 26%

 

Download Summerland Report

 

Penticton Update

 

The average days to sell a Single Family Home in Penticton for YTD in 2023 has increased to 61.36 days from last year's 37 days.

In Penticton, 155 properties were listed for sale in April which is still slightly lower than April 2022 by 17.55%

Unit sales in Penticton, like most of the South Okanagan and BC were down 23.23%, with 76 units sold in April 2023.

Download Penticton Report

 

Osoyoos Update

The average days to sell a Single Family Home in Osoyoos for YTD in 2023 has increased to 74 days from last year’s 42.57 days. In Osoyoos, 71 properties were listed for sale in April which is right on par with last year, only off by 1.43%.  Unit sales in Osoyoos, like most of the South Okanagan and BC were down 45% YTD, with 67 units sold in so far in 2023.

 

Download Osoyoos Market Update



We continue to assist our Buyer clients in acquiring property on their journey of new home ownership.


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!
Love where you live!
Happy Victoria Day,
from our HOME to yours,

Deborah Moore

 

 

Posted in Market Updates
April 18, 2023

South Okanagan Market Update | March 2023

We hope that this month’s newsletter finds you and yours well and in good health! With the spring weather finally here, the spring market is upon us as well! Our Agents are working with their clients to get their properties ready to be listed for sale now that conditions allow for more time spent outdoors.

Let's take a look at where the market is now. 395 properties were listed in the month of March in the South Okanagan which is slightly down just over 6% over last March.

Unit Sales across the South Okanagan have not kept pace with listings however, we are seeing an uptick with 164 unit sales which is down 36.92% from the 260 unit sales reported in March of last year.

 

The average days to sell a Single Family Home in Penticton for YTD in 2023 has increased to 65 days from last year's 44 days.

Penticton, 144 properties were listed for sale in March which is still slightly lower than March 2022 by 7.69%.

 

Unit sales in Penticton, like most of the South Okanagan and BC were down 35.04%, with 76 units sold in March 2023.

 

READ FULL MARKET UPDATE | PENTICTON

The average days to sell a Single Family Home in Summerland for YTD in 2023 has decreased to 45.7 days from last year’s 53.8 days.

In Summerland, 65 properties were listed for sale in March which is slightly lower than March 2022 by 1.52%.

READ FULL MARKET UPDATE | SUMMERLAND

The average days to sell a Single Family Home in Osoyoos for YTD in 2023 has increased to 75 days from last year’s 46 days.

In Osoyoos, 69 properties were listed for sale in March which is still slightly lower than March 2022 by 1.43%.

READ FULL MARKET UPDATE | OSOYOOS

We continue to assist our Buyer clients in acquiring property on their journey of new home ownership.

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! Love where you live!

From our HOME to yours.

 

 

Posted in Market Updates
April 13, 2023

Tips For Getting Your Home Ready For Sale

Tips For Getting Your Home Ready For Sale

Even though it may feel a little chillier than normal, don’t be fooled the Spring Real Estate Market has already begun. If you are thinking of selling your home this spring, consider these tips to help set your home or condominium, apart from the competition.

1) Bring in your RE/MAX Agent Early

Don’t wait to bring in your RE/MAX Agent, even if you plan to do a few things to make your home sparkle before you go to market. RE/MAX Agents have the pulse of today’s buyers, and they can advise you as to what is important to them so that you can showcase that feature. Additionally, they have most likely stood in the homes that are for sale now – (your competition) and they can give you great advice on ways to set your home apart. RE/MAX Agents are also trained to be staging, decluttering experts who can give information on ROI (Return On Investment) for each home improvement repair that you are contemplating, thereby helping you focus your energies on what really matters.

2) Let’s Make It Sparkle

If you are looking for the secret sauce to get your property noticed by home buyers this spring you may wish to consider that nothing is as pleasing to a home or condominium buyer as a bright, clean, well kept, decluttered space that has updated elements to it. So, let’s break that down.

Bright – Take a look at your windows and lighting in key areas. Decorative lighting has become more common, and today’s buyers expect a little jewelry. To stand out, consider updating the mirror in your bathroom to a touch/light-up mirror or updating a statement light fixture. Wash your windows inside and out as it is surprising how much grime accumulates from the winter seaso and interior dirt such as cooking oils and dust in the air.

Clean – Buyers expect bathrooms and kitchens to sparkle. Check these 2 rooms for any signs of disrepair or to look for an opportunity to update an element in them such as a faucet. Walls, baseboards, doors and cabinets must be wiped clean. It was a good thing that you already cleaned your windows because you know that home buyers will walk over to almost every window and look out at the view.

Well kept – means repairs have been made. If the front door handle needs repair or the counter top in the kitchen has a large burn or stain, consider repairing or replacing these items. Hot water tanks that are older than 10 years create problems for real estate transactions because the buyers insurance company will often not insure properties with older hot water tanks in them as they are one of the main sources of water damage in homes and condominium buildings.

Decluttered - Your treasures are just that, yours ;) Extra boxes and over-flowing linen or clothes closets suggest to buyers that your home or condominium does not have enough storage. Perhaps the property is not the problem…no offense. If storage is an issue for you, consider renting a storage locker and packing up what you can now, so that your home or condominium is uncluttered allowing buyers to actually see the space available to them which helps them visualize their “stuff” in your property, this is a common buying step. Buyers will have difficulty envisioning themselves and their “stuff” when they are distracted by your “stuff”.

Updated Elements – Think updated counters, tile, light fixtures, flooring, gas fireplace or even a front-door. Buyers love when certain elements have been updated and they walk through a home or condominium they are considering buying and there are special updated elements and certain things have already been done for them.

Stand Out Tip - Who doesn’t like a cool new elongated rectangular, gas fireplace with sleek modern hearth and built-ins for games in their family room?

3) Pre-List Checklist

Your RE/MAX Agent knows what is coming and one of their jobs is to prepare you so that you know what to expect and therefore can make educated decisions without pressure. They will often discuss the process with you, review all of the paperwork required, which includes making a Property Disclosure Statement which is a statement of the condition of your property. They may even recommend getting a pre-listing home inspection of your home or condominium, BEFORE you go to market. The rationale for pre-list inspections is that it is better that the Seller and their RE/MAX Agent discover something than a buyer with an offer in place, therefore, giving the Seller the option to make any required repair BEFORE going to market.

The inspector will identify minor and major components of your property that may be nearing the end of their useful life which for simplicity’s sake we will call deficiencies. Buyers often discover and use these identified deficiencies to renegotiate the already negotiated purchase price of your property, and your RE/MAX Agent wants you to avoid that.

Now that we have a home selling plan in place, your RE/MAX Agent will want to discuss your home relocation plan with you.
If you are selling your home or condominium, where will you be moving to? This is all part of your plan that your Agent will assist you with.
Helping our clients from start to finish is what RE/MAX Agents do.
The fact that you already have a place to move to or need to find one are all big components of your home selling and buying plan.

Now that we have a plan, your property is Spring Market Ready and your RE/MAX Agent has all of your professional photographs and marketing materials in the ready, you can sit back and relax because you have Canada’s #1 Negotiators working for you!
We assist our clients in strategically positioning themselves so that they can maximize the returns on what is often our client’s largest financial asset.

Happy Spring!
RE/MAX in The South Okanagan

Posted in About Your Home
March 23, 2023

Things to Know When Buying a Condominium

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

 

Posted in Market Updates
March 9, 2023

Curb Appeal is The Hook

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

Posted in About Your Home
Feb. 17, 2023

South Okanagan Market Update | January 2023

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.

 

Posted in Market Updates