We cant believe the first quarter of 2025 is in the books and with that said, here’s how things are shaping up for South Okanagan Real Estate. Thank you for reading.

Residential Sales for all property types in the South Okangan (excluding land sales) this March saw a increases by 25% and 139 units which is great to see. The South Okanagan Region had $88.5 Million dollars in sales volume, which is a 38% increase year over year according to the Association of Interior Realtors.  Inventory volumes were comparable with a small 1% increase and 1273 active listings giving a total of 9 months of inventory out there for those buyers out there looking.

The breakdown for the Single Family category in the South Okanagan saw more sales year over year which are up 50% at 69 properties.  Benchmark values were up by a modest 7% to $771,100, and inventory levels for single family homes came down year over year for the first time in many months according to the Real Estate Board by 5% with 511 listings.  Average days on market in this category increased by 14% at 72 days on market as shown above.

The Townhouse relm in the South Okanagan saw more sales year over year which are up 50% as well at 21 properties sold.  Benchmark values were up by a modest 6% to $529,100, and inventory levels came down for the first time in many months by 2% with 141 listings.  Average days on market in this category decreased by 23% at 81 days on market as shown above.

The Condo/Apartment category continues to be very saturated in the South Okanagan. We saw decreases in Sales of 17%, and increased inventory levels of 40% and 320 listings which is undoubtedly why Benchmark pricing dropped 4% year over year to $420,600. The average days on market for Apartment/Condos is 106 days.

As always we will continue to keep you all well informed on the ever changing market conditions and post them right here. Please dont hesitate to reach out if you have any questions about your buying/selling journey or need to know more about your properties value in todays market! 

Have a great April and Happy Easter to you all:)  

Jean and Shelly

Are you planning to sell your property this spring? Here are some tips for a successful spring sale.

• Price your home competitively — Research comparable properties in your area for what they listed and sold for and use these as a guide.

• Be prepared to negotiate on price and terms — Think about the lowest price that would be acceptable to you. • Give your home’s exterior some love — Expect potential buyers to examine the exterior more closely in the warmer months. Ensure your patio furniture is clean and wash the windows inside and outside if possible. For balconies, planters of colourful flowers go a long way. If you have a yard, clear any debris from the winter, consider putting down some fresh mulch, and tend to landscaping.

• Air out your home — Open the windows to let a cross-breeze through for fresh air. Also, consider placing some diffusers throughout your home for a pleasant scent.

• Stage seasonally — For example, since it’s springtime, setting out a vase of fresh tulips would be in tune with the season. Work with a professional stager.

• The entryway — This is your first opportunity to make a statement. Choose items that creates a lasting impression, such as a brand-new doormat, a nice framed mirror, a console and a matching bench. • Give your home a good spring clean — Depending on your region, winter can create a lot of extra dust from continuous heating. Consider hiring professional deep cleaners.

• Tend to any repairs — While this may seem obvious, depending on your region, winter can be rough on a home, so scan your home to see if you need to do any minor repairs or improvements.

• Declutter—Donate or sell anything that doesn’t have a practical or aesthetic purpose for a well-presented home.

Even if you aren’t preparing for a spring sale, many of these tips can be used to stay on top of home maintenance and keep your home humming into spring.

January 2025 is in the books and with that said, here’s how things are shaping up for South Okanagan Real Estate for the new year. 

Residential Sales for all property types in the South Okangan (excluding land sales) this saw quite an uptick in activity which is great to see and undoubtedly due to yet another interest rate drop and price adjustments since August of 2023. The South Okanagan Region saw $66.9 Million dollars in sales volume, a 69% increase by logging 105 sales an increase of 75% year over year.  Inventory is still higher than what we are used to seeing at over 10 months of inventory and 1057 active listings, which is yes antoher increase to record year over year of 16%.

The breakdown for Single Family Homes specifically in the South Okanagan saw increases in all 4 categories, sales where up 65% at 43, Benchmark values were up by 11% to $769,200, Inventory levels for single family homes grew 11% and the recorded days on market increased by 5% and 103 days on market as shown abouve.

In the townhouse relm, sales increased 78%, benchmark prices as well by 8%, and inventory came up year over year by 19%, while we saw decreases in days on market by 20%.

For the Condo/Apartment category, we saw increases in Sales 127%, and Inventory 37%, with a downward turn on Benchmark pricing by 4% at $400,700 and most definately due to the amount of active listings in this specific category recorded at 265, however the days on market also came down by 36% which is a hopefull figure if you are a seller in this category, but still patienly recording an average of 113 days on market.

We will continue to watch closely and keep you all well informed on the ever changing market conditions and post them right here. Please dont hesitate to reach out if you have any questions about your buying/selling journey or need to know more about your properties value in todays market! 

Have a great February! 

Jean and Shelly

Hello All, 

Jean and Shelly here! We have been fielding some calls this week from some of our fantastic clients and thought we should send out some important updates on the most recent changes with BC housing and the notices many of you will recieve in the mail very soon, if not already!

Effective Jan. 1, 2024, the Province expanded the speculation and vacancy tax areas to 13 new communities and those residential property owners will need to declare for the first time in January 2025. Those NEW areas include:

• Vernon, Coldstream;

• Penticton, Summerland;

• Lake Country, Peachland;

• Courtenay, Comox, Cumberland;

• Parksville, Qualicum Beach;

• Salmon Arm; and

• Kamloops.

Residential property owners in these communities will need to declare for the first time in January 2025 based on how they used their property in 2024.

 ** Exemptions include primary residences, properties with a long-term tenant and life events, such as separation or divorce and please note that more than 99% of people living in B.C. are exempt from paying the tax.

Attached here is the quick link for you to easily declare from the comfort of your homes!  You will need the numbers sent to you on the notice handy, and your SIN number. 

https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax

We are grateful and do appreciate that you all know you can call us for assistance anytime, for things real estate related or not!   

Please dont hesitate to reach out if you are still needing some assistance with these notices and talk soon. 

 Best, 

Jean and Shelly