June 20, 2024

June 2024 South Okanagan Market Update

Spring had begun to warm up the air and the real estate market as 483 properties were listed across the South Okanagan in the month of May. This is up 4.5% over May of last year.

Year to Date there have been 2233 new listing put on the MLS® for sale which is up a full 18.46% more than same time frame last year, meaning that there is ample supply for would be homebuyers.

175 properties traded hands in the South Okanagan in the Month of May which is down 17.45% over May of last year. Year to Date Unit Sales are down 12.13% in comparison to same time period last year.

The Average Sale Price for a Single-Family Home in 2024 YTD across the South Okanagan appreciated 2.53% to $817,969.


Summerland Market

In Summerland, we had 67 new listings in the month of May which is down 4.29% over May of last year. Year to Date 293 new listings have hit the system which is up 4.27% in comparison to same time frame last
year.

The average sale price for a single-family home in Summerland YTD is $940,835, which is up 2.14% compared to last year’s sales numbers. As always, values differ from neighbourhood to neighbourhood and property to property and often depend on market conditions.





Penticton Market


Spring had begun to warm up the air and the real estate market, as 483 properties were listed across the South Okanagan in May. This is up 4.5% from May of last year.

Year to Date there have been 2233 new listing put on the MLS® for sale which is up a full 18.46% more than same time frame last year, meaning that there is ample supply for would be homebuyers.





Osoyoos Market


In Osoyoos, we had 95 new listings in the month of May which is up 39.71% over May of last year. Year to Date, 380 new listings have hit the system, which is up 26.67% in comparison to the same time frame last year.
The Average Sale Price for a Single-Family Home in Osoyoos is $1,169,488, up considerably from last year. As always, values differ from neighbourhood to neighbourhood and property to property and often depend on market conditions.

Finally, some selection for our buyer clients! Unit Sales were on par with last May at 28 Units. Year to Date we
are Unit Sales are down 25.51% over last year's numbers, as many buyers have decided to sit on the sidelines
until interest rates come down just a tad more. Even Sellers feel the pinch as they too have to often secure a
new mortgage at today's rates to pay for the new home they are moving to.


Savvy buyers will not wait for rates to adjust as they know there will be too many buyers competing at
that time, rather, they are buying now and securing variable rate mortgages that allow them to lock in
when they feel the time is right.


The Average Sale Price for a Single-Family Home in Osoyoos is $1,169,488 which is up considerably
from last year. As always, values differ from neighbourhood to neighbourhood and property to
property and are often dependent on market conditions.





As always, values differ from neighbourhood to neighbourhood and property to property and often depend on market conditions. For a check up on your homes market value, call me!

For a check up on your homes market value, call me!

For all things home, we are RE/MAX.

 

Warmest regards,

Deborah Moore

Broker Owner

RE/MAX Orchard Country

Posted in Market Updates
May 16, 2024

Have a Fling With Spring at Home

There is something special about spring. Perhaps it is because it is long anticipated during cold winter days and when it finally arrives it is like a breath of fresh air!

We are hoping that you are LOVING your Home now and invite you to join us and have a Fling with Spring at Home! As you know at RE/MAX we are all things home as we too join our clients in basking in the glory of loving where you live. Loving where you live involves investing time to nurture and enjoy the finest features of your home in each season. In the winter we hope that you are nestled by a cozy fireplace enjoying your home cocoon but now it is Spring so let’s switch it up!

Whether your home is a rental, condo or full single family home every abode deserves a special spruce up to celebrate Spring. Consider our favourite ways to usher in the season!

Curb appeal is important and now is the time to showcase this area of your home. We love an eye-popping front door colour framed with flower planters. This project is an easy DIY and is budget friendly.

While we are outside, take a quick look around to see which bushes need to be removed or trimmed as fire season is upon us and removing winter debris such as leaves and branches is a quick way to tidy up.

As REALTOR’S® we know what you like at home. We know that you like it to be bright, functional and have some flow. Consider getting your entry way ready for the new season. Put away all of those winter belongings in favour of beach bags, hats and a flip flop station. Each household has different needs whether it is a soccer station or place to put your gardening shoes/gloves.

A fresh coat of paint provides our clients with the BIGGEST Bang for their buck when it comes to home décor so do not forget to consider repainting or painting a focal wall to create drama. Adding in your furniture/desk, a plant or floor lamp create functional space and provide your with a stunning vignette and an inviting area for you and yours.

We LOVE to eat outside and know that you do to! It is time to show this area of our home living some love by washing it off, cleaning BBQ and restocking this important station for you and your crew. Today there is an abundance of affordable outdoor cushions, pillows, side tables, sundries, planters and furniture to take your space from ordinary to extraordinary.

Don’t forget all the senses! Add in water features for soothing background sound and to attract butterflies and hummingbirds. Pick up some citronella candles to keep the bugs away, fragrance your air and extend your time outside. Add in outdoor string lighting or walkway lighting to create ambiance at night.

Don’t forget to stop and smell your flowers!

For all things home, we are RE/MAX.

 

Warmest regards,

Deborah Moore

Broker Owner

RE/MAX Orchard Country

Posted in Market Updates
May 16, 2024

South Okanagan May Market Updates

You know Spring is here when the real estate market heats up!

There were 555 properties listed in the South Okanagan in April which is up 27% from April of last year. To date there have been 1752 new listings put on the MLS® System which is up 23% over 2023. In essence we have much more selection than last year.

154 properties changed hands last month which is slightly off the 165 that sold last April ranking unit sales down 6% in April and 10% year to date with 468 properties being sold

thus far.

Summerland Market Update

In Summerland 76 properties hit the market in April which is up a full 49% from April of last year.

Year to date 227 properties have hit the market this year which is up 7.5% from listing numbers last year same time period.

14 properties traded hands in April which was very quiet as many buyers sit on the sidelines and wait for some relief on interest rates. Year to date 47 properties have sold which is down a full 45% from unit sales of last year.

The Average Sale Price for a Single Family Home in Summerland increased slightly by 1.32% to $930,139. The Average Sale Price for a Single Family Home in the South Okanagan is $814,286 which is up 3% over last year.

DOWNLOAD SUMMERLAND REPORT

Penticton Market Update

154 properties changed hands last month which is slightly off the 165 that sold last April ranking unit sales down 6% in April and 10% year to date with 468 properties being sold thus far.

In Penticton 187 properties hit the market in April which is up a full 20% from April of last year. Year to date 650 properties have hit the market this year which is up 29.48% from listing numbers last year same time period. 76 properties traded hands in April which was very quiet as many buyers sit on the sidelines and wait for some relief on interest rates. Year to date 229 properties have sold which is down a full 3.38% from unit sales of last year.

The Average Sale Price for a Single Family Home in Penticton decreased slightly by 3.74% to $820,608. The Average Sale Price for a Single Family Home in the South Okanagan is $814,286 which is up 3% over last year.

DOWNLOAD PENTICTON REPORT

Osoyoos Market Update

In Osoyoos 99 properties hit the market in April which is up a full 37.5% from April of last year.

Year to date 286 properties have hit the market this year which is up 23.28% from listing numbers last year same time period.

15 properties traded hands in April which was very quiet as many buyers sit on the sidelines and wait for some relief on interest rates. Year to date 44 properties have sold which is down a full 37.14% from unit sales of last year.

The Average Sale Price for a Single Family Home in Osoyoos YTD increased by 67.3% to $992,208. The Average Sale Price for a Single Family Home in the South Okanagan is $814,286 which is up 3% over last year.

DOWNLOAD OSOYOOS REPORT

Posted in Market Updates
May 1, 2024

BC Home Flipping Tax

The BC Government has announced a new market intervention measure whichthey hope will assist with housing supply.

The government is proposing to add a tax to the proceeds of the sale if thehome is sold within two years of purchasing.

The government believes flippers are harming an overheated market.The tax is supposed to take effect January 1, 2025.

The tax will apply to income earned from the sale of relevant properties, including:

  • Properties with a housing unit
  • Properties zoned for residential use
  • The right to acquire the above properties, such as the assignment of a purchase for a pre-build condo building.

The tax will not apply to exempt property locations such as treaty or reserve lands.

There are some exemptions for life circumstances such as:

  • Death of a related individual,
  • Serious illness or disability,
  • Eligible relocation
  • Change in household membership.

You will still have to file a BC home flipping tax return,but may not have to pay the BC home flipping tax ifyou experience any of the following life circumstances and they are considered to lead to the sale of aproperty.

The BC Real Estate Association economists have studied this issue and distinguish between speculators,who are investors attracted to mere profit and real home sellers who invest their capital, time and labour toimprove the housing supply.

BCREA is concerned about unintended consequences which often follow market interventions.Our economists estimate that the flipping tax will lower sales in BC by 1.7%, but will have minimal impact onhome prices. As we all know, supply and demand are the two key factors that affect home prices.

Additionally, market insiders are concerned about the risk that the tax will cause potential sellers to delaylisting their homes. This often leads to lower resale housing supply and tighter market conditions.As market conditions tighten, we find ourselves again having too many buyers competing for too fewhomes which tends to drive up prices.

Industry experts know that flipping activity is an insignificant share of overall transactions in BC and areconcerned that this tax will apply to properties purchase BEFORE the effective date (January 1, 2025)if owned for less than 730 days unless an exemption applies.

The BCREA will continue to advocate for increased housing supply and sound policies which we know willcombat our housing crisis and make housing more affordable and accessible.

BCREA is the voice of BC’s REALTORS®. In collaboration with the province’s eight real estate boards, theywork with all levels of government to advocate for public policy that provides housing opportunities, en-sures economic vitality, protects property owners, preserves the environment, and builds better communities.

Click here for more information:BCREA Analyzing the Impacts and Consequences of the Provincial Flipping Tax

Posted in Market Updates
May 1, 2024

BC SHORT-TERM ACCOMODATIONS ACT

The BC Government has introduced theShort-Term Accommodations Act which is another market intervention implementedwith the intent to increase the housing supply.

In summary, the changes include:

  • Limiting short-term rentals to the host’sprincipal residence plus one secondary suite or accessory dwelling unit (ADU)in most major BC communities (populations of 10,000 or more adjacent communities)effective on May 1, 2024.
  • Empowering regional districts tolicense short-term rentals located outsidemunicipalities.
  • Rules requiring rental platforms to shareData for monitoring and enforcement purposes.
  • Removal of legal non-conforming use(grandfathering) of historic short-term rental use.
  • Creation of a provincial registry forshort-term rentals and an accompanying compliance and enforcement unit.

Some properties are excluded from therules such as hotels, motels, strata hotels,timeshares, timeshares, fishing lodges, First Nationsreserve lands, and modern treaty lands(unless those First Nations opt in). You don’thave to be a real estate investor or own ashort-term rental unit owner to feel the hairon your arms rise in fear. Property Ownersshould be very afraid and consequentlyshouting from the roof tops –“What everhappened to property rights!”

Many of our client’s own family property orvacation property. They have worked, saved and are fortunate enough to have acquired asecondary property so that their family can vacation during the summer. Some of ourclients elect to rent out their properties to help offset some of the costs of ownership.It has been our experience that most of these clients are not extremely wealthyclients, but rather families who have made a financial sacrifice to have this specialsecondary property and they are stretchedthin enough like everyone else.

Is it patently unfair to download theresponsibility of fixing the housing crisisto the BC Residents and expect them tobear the financial burden while having theirproperty rights stripped away. Changethe use of a property already purchasedand used for that purpose legally is unfair and is having devastating consequences.Historically, when governments make significant changes such as these thereis often thought for those who will be affected, those who already own or in themiddle of contracts to purchase that have not yet closed and exemptions are made.

Consider the introduction of the Speculation& Vacancy Tax and the Flipping Tax. I must have missed the meeting where it becamea bad thing to buy, own and fix up real estate while paying taxes on the profit andimproving the housing supply.

As REALTOR®s we know too well theaffects of the housing crisis and have been sounding the alarm bell for decades.The problem is not what you do with your home, it is that there is NOT ENOUGHHOMES TO GO AROUND! The government provincially and federally have known aboutthe housing crisis for a very long time. Their record on completed builds and use of taxdollars is abysmal. Consider the critical independent auditingreport released of BC Housing in 2022 that eventually led to the firing of the entireboard of directors by Premier Ebby.

The report identified significant problems atthe Crown corporation, including inadequate oversight over decisions and spending andunclear roles and responsibilities, potentiallyimpacting B.C. Housing's ability to managerisks. It is disappointing but not surprisingto see BC Housing is in the news once again.This time it is for conflicts of interest whichis more blatant mismanagement at the top.

Oh great! The individuals that we arecounting on to fix the housing crisis arenot paying attention to what they aredoing and how much they are spending,and no one knows what anyone is really doing. Whatever happened to a carrotinstead of a stick? Why are there notsignificant tax, development incentives,or loans for ordinary homeowners to addaccommodations to their home?

Industry insiders know that marketinterventions often come with unintendedconsequences. We ask the governmentto stop making ordinary homeownersresponsible for fixing the housing crisis as it is unfair and can often be financiallydevastating.Many legislative changes for real estatehave occurred recently that impact ourclients. Now more than ever our clientsare relying on us for strategic adviceconcerning their largest financial asset.You have questions, RE/MAX has answers.

April Market Updates

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DOWNLOAD OSOYOOS REPORT

Posted in Market Updates
March 12, 2024

A GUIDE TO MOVING WITH EASE

At RE/MAX, we're always striving to make transitions smoother and journeys more rewarding. We love helping you find that perfect place and sort through all the details that follow. With our Spring Market arriving, we wanted to take a moment to share some invaluable insights on the moving process.

Planning:

Every successful move begins with a well-thought-out plan. Start by creating a timeline that outlines key milestones leading up to the moving day. Consider factors such as lease agreements, utility transfers, and logistical arrangements.

Consider assigning tasks to members of your team or family to ensure that everyone is on the same page and working towards a common goal.

Decluttering:

Moving presents the perfect opportunity to declutter and streamline your space. Take inventory of your belongings and identify items that you no longer need or use. Donate, sell, or discard these items responsibly. Not only will this lighten the load on moving day, but it will also help you start fresh in your new location.

Packing:

Efficient packing is essential for a smooth transition. Begin by gathering high-quality packing materials such as boxes, bubble wrap, and packing tape. Clearly label each box with its contents and the room it belongs to. Pack heavy items at the bottom of boxes and fragile items with care. Consider enlisting the help of professional packers to ensure that your belongings are packed safely and securely. Create a packing count down calendar so that you do not leave everything to the last minute. It is our experience that our clients often do not allow enough time to pack or physically move their belongings so getting a jump on it is the key.

Logistics:

Coordinate logistics well in advance to avoid any last-minute hiccups. Arrange for a moving truck or professional movers to transport your belongings to your new location. If you're relocating long-distance, research reputable moving companies and obtain quotes to find the best option for your needs. Notify relevant parties such as Canada Post, utility providers, friends, family, employer, clubs, dentist, doctors, veterinarian, financial institutions, credit card companies, insurance companies and lawyer. Don’t forget to change your address on your drivers license, CRA, Health Card as well as putting in address forwarding with Canada Post.

Settling In:

Once you've arrived at your new location, take the time to get acclimated to your surroundings. Unpack strategically, starting with essentials such bedroom and kitchen. Familiarize yourself with the layout of your new space and make any necessary adjustments to optimize functionality.

At RE/MAX, we understand that moving can be a daunting task, but with careful planning and preparation, it can also be an exciting opportunity for growth and renewal. As you embark on this journey, know that we're here to support you every step of the way.

If you have any questions or need assistance with your upcoming move, please don't hesitate to reach out to our team. We're dedicated to ensuring that your next move is as seamless.

Posted in Market Updates
March 12, 2024

RE/MAX Okanagan February 2024 Market Update

The love affair with real estate in the South Okanagan continued throughout the month of February. New listing inventory was up 32.57% across the region as sellers came out of hibernation listing 403 new properties this February which is a big increase from the 304 listed same month last year.

Year to date listing inventory is improved by 13.46% with a total of 666 new listings hitting the MLS® System in the first 2 months of the New Year vs the 587 listed same time period last year.

Buyers too have come out of hibernation with savvy real estate consumers commencing their hunt now to avoid competitive markets in the spring. Our Brokerages have begun to experience competing offers as well appointed properties hit the market and smart buyers put a ring on it before someone does.

Year to Date Unit sales are just of last years mark by 2% with 179 unit sales occurring across the South Okanagan vs. the 183 reported last year. 104 properties traded hands in February just off last years February unit sales numbers of 112.

In our Summerland Market our office was a buzz with a new listing inventory increase of 15% in February with 52 new listings hitting the market vs. the 45 that hit last February. Year to date our new listing numbers are still down by 12% with 82 new listings being marketed for sale in Summerland vs the 94 same month, last year.

Unit sales were quiet in Summerland in February with 9 unit sales reported vs the 17 reported in February of last year. Year to Date Unit Sales down 21% with 18 sales reported in the first two month’s of the year vs. the 23 that were reported in the first two months of 2023.


The average sale price of a single family home pretty much held its own against the increased cost to finance as buyers adjusted their budgets accordingly. On average sellers spent $783,695 for a single family home vs $794,152 last year.

In our Penticton Market our office was a buzz with a new listing inventory increase of 48% with 172 new listings hitting the market vs the 116 that hit last February. Year to date our new listing numbers are up 41% with 287 new listings being marketed for sale in Penticton vs. the 203 same month, last year.

Hurry, hurry was the message we received from our buyer clients and unit sales resulted in a 19.57% increase in unit sales this February over last. Year to date unit sale for Penticton are up 10% with 88 unit sale reported for the first 2 months of 2024 vs. the 80 that were reported in 2023. The average sale price for a single-family residential property felt some erosion resulting in a 12% decrease from $883,107 vs $774,242 as buyers adjust their budgets to accommodate for higher borrowing costs.


In our Osoyoos Market our office was a buzz with a new listing inventory increase of 66.67% with 65 new listings hitting the market vs the 39 that hit last February. Year to date our new listing numbers are up as well by 10% with 97 new listings being marketed for sale in Osoyoos vs the 88 for the same month of last year. Unit Sales are very soft so far this year with only 16 unit sales being reported for the first two months of this year vs. the 27 reported in 2023 resulting in a 40.74% decrease to unit sales. Recreational buyers have put a pause on secondary purchases until interest rates adjust to more affordable levels.

Bank of Canada

The Bank of Canada held their overnight key lending rate at 5% for the fifth consecutive time saying it was too soon for rate cuts while underlying inflation persists. The bank first raised interest rates in March 2022, the beginning of an aggressive campaign to cool inflation that resulted in 10 rate hikes in less than two years. Many of our clients are opting for variable rate mortgages that allow them to move forward with their plans while still maintaining the option to lock in when and if mortgage rates are reduced. Industry experts are expecting a rate reduction in June. On April 10th the Bank of Canada will make their next rate announcement and release their monetary policy report.

First time Home Buyers

First-time home buyers received a little help on costs through changes to the First-time Home Buyers Program. Purchase price threshold limits will increase for Buyers effective April 1st, 2024. If all of the requirements are met, in particular you must be a first-time home buyers and this must be your principal residence Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. People purchasing newly constructed homes worth up to $1,100,000 will also see lower costs through the newly built home exemption.

Many legislative changes for real estate have occurred recently that impact our clients. Now more than ever our clients are relying on us for strategic advice concerning their larges financial asset.

You have questions, RE/MAX has answers!

Call Us First!

Posted in Market Updates
Jan. 16, 2024

South Okanagan BC Assessment Notices

Happy New Year from our home to yours! We hope that you had a fun filled & restful holiday season. While things quiet down for most businesses at the end of the year, our agents are busy getting ready to kick-off 2024! For some that might mean business planning, or goal setting or simply cleaning off their desk and getting organized for what is to come. Out with the old and in with the new they say!

In other news, the 2024 BC Property Assessment Notices are out! Nearly 500,000 properties throughout the Southern Interior should have received their 2024 assessment notices in the mail. This notice reflects the market value of the properties as of July 1, 2023.

DOWNLOAD SUMMERLAND REPORT

DOWNLOAD PENTICTON REPORT

DOWNLOAD OSOYOOS REPORT

Changes In Home Values

“Most homeowners throughout the Southern Interior can expect modest changes and even some

decreases in their assessment values,” says Southern Interior Deputy Assessor Boris Warkentin.

“With the softer real estate market, most changes in home values will be somewhere between -10% to +5% in the Thompson-Okanagan communities whereas Kootenay Columbia changes are slightly more at -10% to +10%. Lytton is the exception with larger increases as market activity recovers in the community.” 

BC Assessment office reported that the Southern Interior’s total assessments increased from $303 billion in 2023 to almost $315 billion this year. A total of almost $5.9 billion of the regions updated assessments are from new construction, subdivisions and the rezoning of properties.

If you have questions about your assessment, call us as we would be happy to provide you with a Complimentary Market Evaluation of your property. Once you are armed with information from your RE/MAX Sales Associate you may wish to contact BC Assessment Office at 1 866-825-8322.

If you think your assessment is incorrect, you may file a Notice of Complaint (appeal) for a formal hearing with an independent Property Assessment Review Panel. 

The deadline for filing a notice of complaint (Appeal) is January 31, 2024.

For More Information visit BC Assessment website. https://www.bcassessment.ca/

It’s good to have a friend in the real estate business!

Cheers to a great 2024!! 

 

Posted in Market Updates
Jan. 16, 2024

Making the Most Out of Staying Home

Now more than ever, home has become the perfect place for families to stretch their budget. If your crew is like ours, everyone is always itching to go out and do something, but as we walk in the door everyone chants in unison…

“Thank goodness, we are home!”

That’s because it’s good at home.

 

Let us share our favourite ways to make the most of our home this winter season, while keeping an eye on our household budget.

 

Consider what you spend on entertainment and snacks and drinks on the go.

HOME Hack – Set up your own coffee/drink station and just like hitting the washroom before you go everyone must hit the drink station.

 

Alternate movie nights with another family..

HOME Hack – Have fun with it and throw blankets and pillows on the floor.

Do your Intermission with Style and feature your own hot-buttered pop corn, toppings bar, refreshments and more. Have fun with it and have the kids decorate their own popcorn bowls.

 

Invite another family for a hike and a back-yard fire!

HOME Hack – Get out the lawn chairs, extra blankets, roast some marshmallows or hot dogs on a stick.

Set up a Hot Dog Bun Bar full with toppings such as hot chili, sprinkle cheese, grilled veg and condiments.

If getting your crew to put down their devices and converse as a family is your goal this year.

HOME Hack – Get those board games out of the closet and have a each family member select a game for weekly game night.

 

Doing a puzzle together as a family is another way to pass the time during cold winters.

Get everyone involved from picking out the puzzle to where it will be set up for all to view.

Puzzle play encourages team work, and helps little ones develop and strengthen concentration skills and patience.

Glue and mount your families creation with pride!

 

In the kitchen is another way our clients enjoy and make the lost of their home.

HOME Hack – Going meatless 2-3 nights a week will not only help your budget but also our planet.

Serving a flavourful soup made from vegetables with toasted bread and salad is a healthy and hearty meal in the winter.

Get the kids involved in meal planning and execution. Challenge them to find one pot wonders or recipes with at hand ingredients. We hope that our 3 favourite soup and meatless dinner recipes below will inspire you!

Check them all our at www.allrecipes.com

Happy New Year!

Posted in Market Updates
Nov. 10, 2023

South Okanagan Market Update November 2023

We hope you and your family had a nice Halloween full of fun and memories. Make sure to give yourself extra time and a little grace this week in adjusting to the time change.

Our local real estate market in Summerland saw than usually with 46 new listings put for sale which is up 21.05% from the 38 that were listed last October.

Year to date we have had 562 properties listed on the MLS System which is up 17.57% from last years listing numbers of 478. 14 properties changed hands in the month of October in Summerland which is 30% lower than October sales numbers last year. Year to date unit sales came in at 216 which is only down 5.26% from the 228 unit sales reported same time last year.

DOWNLOAD SUMMERLAND REPORT

Our local real estate market in Penticton saw than usually with 163 new listings put for sale which is up 45.54% from the 112 that were listed last October

Year to date we have had 1484 properties listed on the MLS System which is down 3.34% from last years listing numbers of 1324. 55 properties changed hands in the month of October in Penticton which is 6.78% lower than October sales numbers last year. Year to date unit sales came in at 685 which is down over 14.05% from the 797 unit sales reported same time last year.

DOWNLOAD PENTICTON REPORT

Our local real estate market in Osoyoos saw more than usual with 44 new listings put for sale which is up 22% from the 44 that were listed last October.

Year to date we have had 611 properties listed on the MLS System which is just off from last years listing numbers of 606. 17 properties changed hands in the month of October in Osoyoos which is 42% lower than October sales numbers last year. Year to date unit sales came in at 185 which is down 25.70% from the 249 unit sales reported same time last year

DOWNLOAD OSOYOOS REPORT

South Okanagan Update

The average sale price for all types of real estate in the South Okanagan fell by 5.33% year to date with the average sale price this year coming in at $642,967 vs. $679,193 last year. The Average Sale Price for a Single Family home in the South Okanagan held it’s ground against economic pressures coming in at $842,267 just a 2.17% decline from last years Average Sale Price of $860.950. The Average Sale Price for a Single Family Home in Summerland increased to $914,814 from $896,968 last year as families adjust their budgets to fund higher interest rates and other inflationary costs.

The Average Days on Market for all types of real estate in the South Okanagan has increased by over 27.34% to 74 days from 58 days as our Seller clients patiently wait for the right buyer at the right price. If you are contemplating a move now or in the spring, reach out and let us assist you by putting a plan in place to make it happen!

To the benefit of our Buyer clients, we know when our new listings are coming online and they often are sold to our clients working with their RE/MAX Agent.

Our Seller clients benefit from the MAXIMUM exposure of their property by RE/MAX. It’s good to have a friend in the real estate business!

Happy Remembrance Day,

Lest we forget

Posted in Market Updates