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New property listed in Penticton

I have listed a new property at 63 201 Highway 97 Other in Penticton. See details here

Enjoy all the advantages of living at the top of the hill in Riva Ridge MHP, including one of the best views of Skaha Lake and city, with excellent privacy. This comfortable three bedroom home with cozy gas fireplace and central air conditioning, features a roomy country kitchen with recent updates, new bay windows overlooking the lake and mountains. Other improvements include roof recoating (2019), electrical upgrades (2018), flooring and bathroom updates and HWT - all in 2024. In addition, there is an excellent stand alone 21 x 12 workshop/storage building separate from the house for all your hobby projects and ideas. Beautiful private yard space, a closed in sun room and back patio area to enjoy your secluded corner of the park and outdoor living. Call for a package of details and to book your showing today! (id:2493)

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BC House Speculation and Vacancy Tax

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

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New property listed in Naramata

I have listed a new property at 3018 Debeck Road in Naramata. See details here

Stunning, panoramic lake and mountain views from almost every room of this spectacular custom built home in perfect privacy, with over 1000 sq ft of deck and a half acre lot to entertain your friends and take in the lake, valley and mountains. This beautifully designed home measures over 3400 sqft with soaring vaulted ceilings, skylights allowing plenty of natural light, hardwood floors, a wall of windows offering ever changing vistas to gaze upon morning, noon and night, a chefs' kitchen, eating area, formal dining room, living room and luxurious master suite with full ensuite and walk-in closet. The rec room has stunning views including a cozy fireplace to relax by on cool winter nights, and a second kitchen for guests below. The top level is level entry from the backyard for convenience in addition to the massive 45 x 25 insulated 4 car garage with a 15 ft overhead door to park your motorhome and all your toys. All this in close proximity to the best wineries the Okanagan has to offer. A must see! Call today. (id:2493)

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Open House. Open House on Saturday, January 25, 2025 10:00AM - 11:30AM

Please visit our Open House at 1160 Moosejaw Street in Penticton. See details here

Open House on Saturday, January 25, 2025 10:00AM - 11:30AM

This charming and well maintained one level home measures 1100 sqft, with 3 bedrooms, 1 bathroom and has a great open floor plan. Special features include a tasteful kitchen renovation with quartz countertops, stainless steel appliances and island for entertaining, new paint throughout, new roof and HWT in 2020, cute character defining built-ins, new fencing, and updated 200amp service. The large .178 acre lot has a cozy covered patio and firepit area for family and friends, zoned R4-L and borders two laneways as well as the main street allowing for many future development possibilities. In addition, the single garage and covered carport provides great storage, ample parking, and a workshop. Enjoy all the Okanagan has to offer in this desired central location close to parks, shopping, transit, OUC and amenities. A great opportunity here. Call today for a listing package or to book a showing. (id:2493)

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With declining interest rates and new lending rules, demand for housing in markets across Canada picks up in Q4

Activity gained momentum in the final quarter of 2024, resulting in moderate price gains and setting the stage for a brisk spring marketDespite economic and political uncertainty – both in Canada and south of the border – a revival of our national real estate market is underway thanks to lower interest rates, changes to mortgage lending rules, and renewed buyer demand. Strong activity through the final months of 2024 in most major regions from coast to coast resulted in moderate price gains, nationally. 

According to the Royal LePage® House Price Survey released today, the aggregate1 price of a home in Canada increased 3.8% year over year to $819,600 in the fourth quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price remained essentially flat, rising a modest 0.5%. While activity began to flourish again in the final months of 2024, following sluggish demand in most major markets over the summer,  home price appreciation remained in check last quarter. 

“There are several converging factors revitalizing Canada’s real estate market and making home ownership more attainable,” said Phil Soper, president and CEO, Royal LePage. “Interest rates have fallen sharply in recent months, with further reductions expected in 2025. We believe the Bank of Canada could lower rates by another 100 basis points by year end, steadily improving affordability. At the same time, new mortgage rules are already helping younger Canadians by increasing borrowing power and reducing monthly carrying costs.

“While geopolitical uncertainty and concerns over the Trump administration’s proposed trade policies may weigh on consumer confidence, residential real estate remains largely insulated from such external pressures in the short term. Canada’s housing market is fundamentally driven by domestic factors. With strong full-time job growth, improving housing supply in key markets, and more accessible financing, we expect healthy activity levels to persist, even as broader economic challenges unfold,” said Soper.

When broken out by housing type, the national median price of a single-family detached home increased 4.9% year over year to $855,900, while the median price of a condominium increased 1.5% year over year to $592,700. On a quarter-over-quarter basis, home prices remained virtually flat, with the median price of a single-family detached home increasing a modest 0.6%, and the median price of a condominium rising just 0.4%. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

Canada is headed for a federal election on Sept. 20 | CBC News

What impact will a federal election have on the housing market?

An early federal election has become all but certain following the resignation of Prime Minister Justin Trudeau and the prorogation of government on January 6th. When the House of Commons resumes in late March, an immediate confidence vote is not expected to pass, triggering an election by mid-spring. The Liberal party is expected to select a new leader by March 9th.  

“With a federal election campaign at home and an aggressive stance on trade expected from the new U.S. administration, Canadians will be understandably nervous. That said, the critical need for housing in Canada transcends political cycles. The next government must prioritize addressing the supply crisis, which affects millions of Canadians seeking affordable shelter and stability for their families,” Soper commented. 

“For more than three decades, we’ve been underbuilding in Canada, a challenge worsened by the pandemic and our rapidly growing population. As we approach the federal election, housing access and affordability will undoubtedly be among the most pressing issues voters will demand candidates address.”

Bank of Canada raises key interest rate by 0.75%, says rates likely need to  go higher - Lake Country Calendar

Revised mortgage policies and lower lending rates

New lending regulations came into effect at the end of 2024, aimed at improving accessibility for both first-time buyers and existing homeowners. Changes include the expansion of eligibility for 30-year amortizations on insured mortgages to all first-time homebuyers and all buyers of newly constructed homes, an increase from the previous 25-year maximum. Additionally, the mortgage insurance cap rose from $1 million to $1.5 million, enabling buyers who put less than 20 per cent down to consider higher-priced properties. This change is particularly significant in Canada’s most expensive real estate markets, where average home prices exceed $1 million. And, for those with mortgages renewing, the removal of the stress test requirement for uninsured borrowers switching lenders will allow Canadians greater choice and likely better rates, as banks will offer more competitive options in order to retain and attract clients.

“These regulatory changes mark a significant shift in improving access to home ownership for Canadians,” said Soper. “By expanding amortizations and raising the mortgage insurance cap, first-time buyers and those in high-priced markets will find it easier to purchase a home. Additionally, the removal of the stress test requirement for existing homeowners switching lenders will give Canadians greater choice and likely better rates, as financial institutions compete more aggressively to retain and attract clients.

“While extending the life of a mortgage may result in higher overall interest paid, the reduction in monthly carrying costs will help address one of the most immediate barriers to affordability. These new policies will make the dream of home ownership attainable for more Canadians,” he concluded.

Read Royal LePage’s fourth quarter release for national and regional insights. 

Fourth quarter press release highlights:

  • Greater Montreal Area’s aggregate home price increased 8.2% year over year, while the greater Toronto and Vancouver markets recorded more modest gains of 2.3% and 0.7%, respectively. 

  • For the third consecutive quarter, Quebec City recorded the highest year-over-year aggregate price increase (11.3%) in Q4 among the report’s major regions.

  • Housing policy and affordability expected to be key ballot box issues shaping voters’ decisions in this year’s federal election.

  • Royal LePage is forecasting that the aggregate price of a home in Canada will increase 6.0 per cent in the fourth quarter of 2025, compared to the same quarter in 2024.

https://www.royallepage.ca/en/realestate/news/rates-regulations-and-renewed-demand-driving-revival-of-canadas-real-estate-market-despite-economic-and-political-uncertainty/

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South Okanagan Real Estate Statistics December 2024

We cant believe 2024 is over!  With that said December 2024 is in the books and here’s how things are shaping up for South Okanagan Real Estate currently. 

Residential Sales (all property types excluding land sales) this December 2024 saw an uptick in activity which is great to see and undoubtedly due to interest rate drops and price adjustments since August of 2023. The South Okanagan Region saw $46.1 Million dollars in sales for December, a 33% increase by logging 83 sales another increased value of 43% year over year.  Inventory is still higher than what we are used to seeing at over 10 months of inventory and 1045 active listings, which is a 9% increase as compared to this time last year.

The breakdown for Single Family Homes specifically in the South Okanagan saw increases in Sales as well by 18% and 33 units while we also saw a slight increase year over year in Benchmark values by 5% to $760,500. Inventory levels for single family homes grew 11% and the recorded days on market dropped by 26% as shown abouve.

In the townhouse relm, all categories saw increases. A modest .3% for benchmark prices at $499,900. 100% in sales easily by recording only 5 more sales than December of 2023 at 10 and a bigger leap by 20% in inventory at 103 active listings.

For the Condo/Apartment category, we saw increases in Sales(46%), Inventory(43%) and days on market(5%) with another 9% decrease in Benchmark Value year over year at $415,900 and most definately due to the amount of active listings in this specific category recorded now at 252 listings, putting downward pressure on pricing, so it’s nice to see more sales year over year recorded in this area the last few months.

We will watch closely and keep you all well informed on these ever changing figures and post them right here as always. 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 January and Happy New Year to you all!

Jean and Shelly

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New property listed in Naramata

I have listed a new property at 14 650 Ellis Avenue in Naramata. See details here

Immaculate townhome minutes to parks, school and beaches in the heart of Naramata Village. Ideal for couples or families with over 2000 finished sq ft, including family/theatre room in basement, 2+ bdrms and 3 bathrooms, den and convenient laundry on second level. Open concept main floor with feature gas fireplace, newer flooring and paint, eating bar and more. Above you will find a spacious master bdrm with walkin closet and 3 pce bath, den/office, 4 piece bath, laundry and guest bdrm. Family room and single garage have custom cabinetry, plus large storage room in basement for sports equipment, canning and wine. Workshop and central vacuum included. Patio off dining room has gas barbeque hookup and is close to the complex playground. Private south facing end unit overlooking wooded area. Very affordable strata fees, 1 cat and 1 dog, additional off street parking, no short term rentals. Don’t miss this opportunity to become part of this unique south Okanagan community. (id:2493)

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South Okanagan Real Estate Statistics November 2024

We cant believe 2024 is near over!  With that said November 2024 is in the books and here’s how things are shaping up for South Okanagan Real Estate. 

Residential Sales (all property types) this November 2024 saw an uptick in activity which is great to see and undoubtedly due to interest rate drops and price adjustments since August of 2023. The South Okanagan Region saw $68.4 Million in November in 121 sales which is an increase of 61.3% year over year.  Inventory is still higher than what we are used to seeing at 10 months of inventory and 1192 active listings. (Image below)

Single Family Homes in the South Okanagan saw increases in Sales as well, by an outsanding 74% and 54 units while we had slight decreases in Benchmark values and Days on market at 8%. (Image Below)

Townhouse properties in the South Okanagan saw increases in Sales(75%), Inventory(5%) and Days on market(25%) and decreases in Benchmark Value at 3%. (Image Below)

Similarily to the townhouse stats, Condo and Aprtments in the South Okanagan also saw increases in Sales(57%), Inventory(43%) and Days on market(134%) with a decrease in Benchmark Value at 9%.

With some of the recent interest rate changes, buyers are back and feeling far more comfortable again which will absolutely create both upward presure on home values and bring inventory levels down.  We will keep you all posted right here in our blog and as always, 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!

Jean and Shelly

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December Events in Penticton

No matter the time of year, there is always something happening in Penticton. Home to over 30 annual major events and festivals, there is a variety to experience from cultural showcase, world-class sporting events, beer and wine festivals, live entertainment, seasonal fairs and markets, and so much more. Check out the events this December in the link below.

https://www.visitpenticton.com/event/

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New property listed in Penticton

I have listed a new property at 1160 Moosejaw Street in Penticton. See details here

This charming and well maintained one level home measures 1100 sqft, with 3 bedrooms, 1 bathroom and has a great open floor plan. Special features include a tasteful kitchen renovation with quartz countertops, stainless steel appliances and island for entertaining, new paint throughout, new roof and HWT in 2020, cute character defining built-ins, new fencing, and updated 200amp service. The large .178 acre lot has a cozy covered patio and firepit area for family and friends, zoned R4-L and borders two laneways as well as the main street allowing for many future development possibilities. In addition, the single garage and covered carport provides great storage, ample parking, and a workshop. Enjoy all the Okanagan has to offer in this desired central location close to parks, shopping, transit, OUC and amenities. A great opportunity here. Call today for a listing package or to book a showing. (id:2493)

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New property listed in Penticton

I have listed a new property at 610 Vedette Drive in Penticton. See details here

Escape to this private oasis on the West Bench just minutes to downtown Penticton! This 2400 sqft character home sits on a fully fenced .54 acres with inviting white picket fence, mature trees, large pond w/ waterfall and detached double garage. A large family kitchen highlights the main floor with plenty of cupboards and a massive island. Three good sized bedrooms, two bathrooms, dining room, living room and a peaceful sunroom complete the main floor. Lots of room for your car collection/RV with the paved circular drive and double garage plus the multiple storage sheds that help complete this package. A short walk to Mariposa park and KVR trails - call for a tour today. (id:2493)

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Bank of Canada makes second consecutive rate cut, lowers overnight lending rate to 4.50%

For the second time in a row, Canada’s central bank has cut its overnight lending rate. 

In its pre-scheduled July 2024 announcement, the Bank of Canada dropped the target for the overnight lending rate by 25 basis points to 4.50%. 

While inflation remains above the Bank’s 2% target, it is expected that inflation will continue to ease as the global economy expands into 2026, bolstering the Bank’s decision to continue lowering rates. 

In his opening remarks to reporters at a press conference following the announcement, Tiff Macklem, Governor of the Bank of Canada, cited that the risk that inflation continues to grow must be balanced against the risk that the economy and inflation could weaken.

“Looking ahead, we expect inflation to moderate further, though progress over the next year will likely be uneven. This forecast reflects the opposing forces affecting inflation. The overall weakness in the economy is pulling inflation down. At the same time, price pressures in shelter and some other services are holding inflation up,” said Macklem. “We are increasingly confident that the ingredients to bring inflation back to target are in place. But the push-pull of these opposing forces means the decline in inflation will likely be gradual, and there could be setbacks along the way.”

What does a second rate cut mean for homebuyers?

Despite the highly-anticipated rate cut made in June — the first drop to the overnight lending rate in four years — the slight decrease to lending rates last month did not encourage as many homebuyers back to the market as expected. However, with a second consecutive rate cut now in the books, a 50 basis-point-drop to lending rates may coax more homeowner hopefuls to reignite their purchase plans. 

According to a recent Royal LePage survey, conducted by Leger,1 51% of Canadians who put their home buying plans on hold the last two years said they would return to the market when the Bank of Canada reduced its key lending rate. Eighteen percent said they would wait for a cut of 50 to 100 basis points, and 23% said they’d need to see a cut of more than 100 basis points before considering resuming their search.

“Our research shows that many buyer hopefuls have been waiting for a concrete signal from the Bank of Canada that the economy is moving in the right direction. A second cut to the overnight lending rate indicates just that, and with mortgage qualification thresholds continuing to come down, sidelined buyers may have the confidence they need to make their return to the housing market,” said Karen Yolevski, COO of Royal LePage Real Estate Services Ltd. 

“We expect this will prompt a slight boost in activity in the short-term, followed by more robust buyer demand in the fall. In the meantime, some much-needed inventory has been building in major markets over the last few months, giving buyers more options to choose from. In addition to lower rates, this may also encourage more buyers to re-enter the market in the near future.”

The Bank of Canada will make its next announcement on Wednesday, September 4th. 

Read the full July 24th report here.

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