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KELOWNA, B.C. – September 4th, 2019. Residential sales across the region of Revelstoke to Peachland were 2% higher for August compared to this time last year clocking in at 725, although less than July’s 810 sales, reports the Okanagan Mainline Real estate Board (OMREB).


“While the number of sales across the region may have dipped compared to July, this is the second consecutive month that sales have had an upswing compared to this time last year. This is a promising sign that market recovery could be on the horizon,” observes OMREB President Michael Loewen.


The overall average residential price in August showed a 4% decrease from July’s average price yet crept over last year’s price by 2% at $521,766. Comparing this average price to last year by housing category shows single-family residences rose almost 11% to $643,457, with the average price for condominiums up 8%. Pricing for townhouses remained the most consistent compared to last year with a moderate increase of 2%.


New listings remained relatively on par at 1,246 compared to July’s 1,257 and 1,292 this time last year. The supply of homes for sale, or overall active listings, also stayed steady for the time of year with only a moderate decline of less than 2% from July’s 4,527, yet up almost 4.5% compared to a year ago.


“Characteristic for the time of year is a general slowdown of new listings which, not surprisingly, creates a slight upward pressure on prices,” comments Loewen, noting that the local market continues to attract buyers. “It will be interesting to see if this momentum sustains for the rest of the year.”


The average number of days to sell a home nudged slightly from July’s 75 days to 79 days in August, and only a fraction over the 78 days for this time last year. It’s important to note that OMREB reports an average of days on market and that the indicator will vary depending on home type and sub-region.


Given the high stakes on such a significant financial transaction, both homebuyers and sellers can benefit from the knowledge and skills of a practiced REALTOR®.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


For more information, please contact:

Board-wide statistical information: Email media@omreb.com

Province-wide statistical information: Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 88 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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KELOWNA, B.C. – August 2nd, 2019. Residential sales across the region of Revelstoke to Peachland increased 11% from June’s 725 sales, totaling 810 sales in July, which meant a 9% increase over this time last year, reports the Okanagan Mainline Real Estate Board (OMREB).


The average residential price in July of $543,587 was only slightly higher than last month’s average price with a 3.5% increase yet stayed below last year’s at just 3% lower. A closer look shows single-family home average price fairly constant with last year, whereas the average for condominiums rose 9.3%. The average price for townhouses clocked-in 3.5% higher than last month.


“While sales prices have experienced a moderate climb throughout the year, inventory has plateaued as potential sellers in the region could still be holding back waiting for the market to fully recover,” says OMREB President, Michael Loewen.


New listings were 1,257 compared to June’s 1,439 and 1,461 this time last year. The supply of homes for sale, or overall active listings, shows a moderate decline of 2%, currently at 44,527, yet up almost 7% compared to a year ago.


“With a record number of new build construction across the province, most of which are apartment units, inventory could be affected going forward,” notes Loewen, adding “these new constructions are still being completed and have either not yet been listed, or pre-construction buyers have not yet listed their old homes.”


In keeping with summer market activity, the average number of days to sell a home decreased in July to 75 days versus June’s 84 days.


“It will be interesting to see if demand will slowly normalize. If so, days on market should get back to normal towards the latter part of the year.”


Given the high stakes on such a significant financial transaction, home sellers can benefit from the knowledge and resources a local real estate professional can bring to bear in marketing the property on MLS® and across multiple real estate portals. Buyers can benefit from a professional’s knowledge in evaluating properties for sale and establishing offers to purchase with appropriate conditions and terms. Both buyers and sellers can benefit from the skills of a practiced REALTOR®.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


For more information, please contact:

Board-wide statistical information: Email media@omreb.com


Province-wide statistical information:

Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist

cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 88 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s

statistics.


For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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KELOWNA, B.C. – July 3rd, 2019. Residential sales across the region of Revelstoke to Peachland totaled 725 in June, a decline from May’s 780 sales, and 9% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


June’s average price of $525,303 was only marginally less than last month’s pricing at just 3% lower and clocked-in at 4% less than last year’s average. A closer look shows single-family and townhouse pricing constant with last year while condominium pricing showed a decrease of almost 3%.


“While sales levels have maintained momentum more than in other markets, we continue to see the fallout of federal mortgage policy creating pent-up demand,” says OMREB President, Michael Loewen.

The number of new listings in June were down 17% from last month and 14% fewer from last year this time, yet the number of homes available rose 12% over this time last year. “


We typically see the market slow as compared to the busy spring months and this past June was no different. This, coupled with an increase in housing supply helped move the market closer to balanced conditions,” notes Loewen, adding “despite muted demand and growing housing inventory, prices continued to remain buoyed.”


“What we really need is for government to focus on creating more favourable conditions to facilitate builders and developers to bring housing projects to market faster in order to better respond to increases in demand.”


The average time it took to sell a home was 84 days in June, higher than May’s 71 days and last June’s 60 days.

Given the high stakes on such a significant financial transaction, home sellers can benefit from the knowledge and resources a local real estate professional can bring to bear in marketing the property on MLS® and across multiple real estate portals. Buyers can benefit from a professional’s knowledge in evaluating properties for sale and establishing offers to purchase with appropriate conditions and terms. Both buyers and sellers can benefit from the skills of a practiced REALTOR®.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


For more information, please contact:

Board-wide statistical information: Email media@omreb.com

Province-wide statistical information:

Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson,

Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com


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KELOWNA, B.C. – June 4th, 2019. Residential sales across the region of Revelstoke to Peachland totaled 780 in May, up from April’s 707 sales yet 5% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“The local market continues to attract buyers, even though consumers may not have the purchasing power they did prior to January of 2018,” comments OMREB President Michael Loewen.


Noting the chronic shortage of housing supply that has plagued the region for years, Loewen suggests that buyers are still having to wait for inventory to catch up to the demand for affordable housing particularly first-time home buyers and millennials.


“Buyers are being left on the sidelines or having to revisit their financial options to adjust for more stringent stress test requirements.”


May’s average price of $541,611 crept over last month’s pricing at just 2% higher yet stayed below last year’s at just 2% lower. A closer look shows single-family and townhouse pricing tracking slightly under last year with condominium pricing showing an increase of 7% over this time last year.


“A shift from previous months, we’re seeing average condominium pricing that is higher than this time last year, despite the influx of new, smaller-size and more affordable condominium product to the market,” says Loewen.

“The increase in condo average pricing could simply be the make-up of product sold in May. While too early to tell, it could also be a shift towards condominiums located in areas that are more affordable and where the speculation tax doesn’t apply,” notes Loewen.


With new residential listings constant with last May at just 1% fewer, a 6% increase over last month suggests a potential upward trajectory of housing supply heading into the warm summer months. Similarly, the number of homes available for purchase rose 20% over this time last year. The average time it took to sell a home was 71 days in May, marginally fewer than April’s 78 days, yet more than last May’s 69 days.


Given the high stakes on such a significant financial transaction, home sellers can benefit from the knowledge and resources a local real estate professional can bring to bear in marketing the property on MLS® and across multiple real estate portals. Buyers can benefit from a professional’s knowledge in evaluating properties for sale and establishing offers to purchase with appropriate conditions and terms. Both buyers and sellers can benefit from the skills of a practiced REALTOR®.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


For more information, please contact:

Board-wide statistical information: Email media@omreb.com


Province-wide statistical information: Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


For comprehensive Board-wide statistical information, please visit our local public site:

www.Omreb.com

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KELOWNA, B.C. – May 2nd , 2019. Residential sales across the region of Revelstoke to Peachland totaled 707 in April, up from March’s 545 sales and just 5% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“While spring is usually hustle and bustle, we were curious about what would happen in the market this year, given the relatively slow lead-up and government measures to cool demand,” comments OMREB President Michael Loewen, adding “April’s indicators suggest our market may not be dampening as much as markets elsewhere.”


April’s average price, at $531,105 was just 4% higher than March and 3% lower than this time last year. A closer look shows single-family pricing tracking at just 4% lower than this time last year, with townhouse pricing pretty much on par and condominium pricing at 15% lower.


“It’s not surprising to see the largest price shift occurring in the condo market, given how much new product has come on-stream and the focus on delivering compact, affordable units,” says Loewen. Days on market, or the average time it takes to sell a home, was 78 days in April, fewer than March’s 92 days, yet more than last April’s 65 days.


Housing supply continues to be chronically short, despite new listings helping achieve a 26% increase in the amount of homes available for purchase over this time last year.


“We are in dire need of a sustainable supply of affordable housing, as continued shortages hurt the rental market when potential buyers are forced to stay renting and add unnecessary market volatility,” contends Loewen.


“Governments can play a significant role in solving the affordable housing problem by focusing on more than just cooling demand and, instead, helping facilitate responsive development of a range of housing to suit a variety of population needs.”


Loewen notes growing sentiment that the stress test may now be doing more harm than good, but points to measures such as the Canadian government’s recent budgetary measures to help first-time buyers as indication that government has some awareness of the problem.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


For more information, please contact:
Board-wide statistical information: Email media@omreb.com


Province-wide statistical information:
Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist
cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke).
The Board is dedicated to providing leadership and support to its members in their pursuit of
professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s
statistics.

For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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Indicators Mixed as Residential Real Estate Market Heads into Spring KELOWNA, B.C. – April 2 th , 2019. Residential sales across the Revelstoke to Peachland region rose to 545 in March, up from February’s 407 yet 13% fewer than March of last year reports the Okanagan Mainline Real Estate Board (OMREB).

While Mother Nature is taking her time with the outward signs of spring, the market is rising to the occasion with more activity. In line with a typical spring busier market was an average price of $510,435, just 4% above February and 2% lower than last March. “

Interestingly, average days on market, a gauge of how long it takes for homes to sell, rose to 92 days from February’s 88 days and last March’s 79 days, comments OMREB President Marv Beer. “Usually, when activity increases we see the average days indicator shorten, yet here we’re seeing the opposite.”

Also of note and despite a 44% increase in new listings over the previous month, the supply of homes for sale decreased 12% over February’s inventory.

“Despite steady increases in new listings over the past several months, housing supply is light as we head into the spring market, which is concerning and points to a problem we’ve been stressing for a while: a generalized lack of housing supply,” says Beer. With government solely focused on dampening housing demand through measures such as stricter mortgage rules, higher interest rates and even the speculation tax, there’s been little to no attention paid to helping assure a sustainable supply of affordable housing. “There are troubling trickle-down effects with these one-sided government policies, especially for young families trying to put a roof over their heads,” contends Beer.

If millennials, currently the largest first-time home buying group, can’t buy, they will likely stay renting longer, spelling bad news for rental markets already facing plenty of competition for few vacancies. If housing supply stays low, those who still qualify under the new stricter mortgage rules may find increased competition for scarce housing, often a catalyst that drives up pricing.

Those hoping to upgrade, which could free up an affordable home for sale, may find their own difficulties. Prospective purchasers may be chased away by stricter mortgage rules under which they no longer qualify. Even if buyers can be found, starter home owners may be challenged to find an upgrade they can now afford, as they face the same challenges (harder mortgage qualifying rules; higher interest rates; competition for scarce suitable homes) as their prospective buyers. The seller of the affordable home may opt to stay put and no starter home opens up to a first time buyer.

“At the end of the day, the answer likely lies in governments doing things differently and its likely a basket of actions to fuel creation of a spectrum of affordable housing to accommodate a range of population requirements,” says Beer.

OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.

For more information, please contact:

Board-wide statistical information: Email media@omreb.com

Province-wide statistical information: Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796

OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.

DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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KELOWNA, B.C. – April 2 th , 2019.


Residential sales across the Revelstoke to Peachland region rose to 545 in March, up from February’s 407 yet 13% fewer than March of last year reports the Okanagan Mainline Real Estate Board (OMREB).


While Mother Nature is taking her time with the outward signs of spring, the market is rising to the occasion with more activity. In line with a typical spring busier market was an average price of $510,435, just 4% above February and 2% lower than last March.


“Interestingly, average days on market, a gauge of how long it takes for homes to sell, rose to 92 days from February’s 88 days and last March’s 79 days, comments OMREB President Marv Beer. “Usually, when activity increases we see the average days indicator shorten, yet here we’re seeing the opposite.” 


Also of note and despite a 44% increase in new listings over the previous month, the supply of homes for sale decreased 12% over February’s inventory.


“Despite steady increases in new listings over the past several months, housing supply is light as we head into the spring market, which is concerning and points to a problem we’ve been stressing for a while: a  generalized lack of housing supply,” says Beer.


With government solely focused on dampening housing demand through measures such as stricter mortgage rules, higher interest rates and even the speculation tax, there’s been little to no attention
paid to helping assure a sustainable supply of affordable housing. “There are troubling trickle-down effects with these one-sided government policies, especially for young families trying to put a roof over their heads,” contends Beer.


If millennials, currently the largest first-time home buying group, can’t buy, they will likely stay renting longer, spelling bad news for rental markets already facing plenty of competition for few vacancies. If housing supply stays low, those who still qualify under the new stricter mortgage rules may find increased competition for scarce housing, often a catalyst that drives up pricing.


Those hoping to upgrade, which could free up an affordable home for sale, may find their own difficulties. Prospective purchasers may be chased away by stricter mortgage rules under which they no longer qualify. Even if buyers can be found, starter home owners may be challenged to find an upgrade they can now afford, as they face the same challenges (harder mortgage qualifying rules; higher interest rates; competition for scarce suitable homes) as their prospective buyers. The seller of the affordable home may opt to stay put and no starter home opens up to a first time buyer.


“At the end of the day, the answer likely lies in governments doing things differently and its likely a basket of actions to fuel creation of a spectrum of affordable housing to accommodate a range of population requirements,” says Beer.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com

.

For more information, please contact:
Board-wide statistical information: Email media@omreb.com


Province-wide statistical information:
Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and
89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke).


The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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Media Release


Residential Market Runs True to Form for Time of Year


KELOWNA, B.C. – March 4th , 2019. Residential sales for the region of Revelstoke to Peachland rose to 407 in February, up from January’s 310 and December’s 324, yet 19% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“Despite a cold snowy February, the market behaved true to form for the time of year, picking up from the last couple of months,” comments OMREB President Marv Beer. Other indicators further signifying a shift away from the strong sellers’ market of the past several years include an increase in new listings, a growing inventory of homes for sale and lower average pricing.


New listings were 965 compared to January’s 913 and 912 this time last year. The supply of homes for sale continues to climb, currently at 3201 compared to about 2300 a year ago. Average price, at $490,760, was on par with January at just 2% higher and 4% lower than last year. In keeping with more activity, the average number of days to sell a home was 88 versus January’s 102 and last year’s 89.


Comparing this February’s average price to last year by housing category shows single family residences averaging $596,372, just 1% lower than last year, whereas the average price for condominiums was 10% lower. Pricing for townhouses averaged 4% higher.


“It’s not really surprising to see the largest price movement in the condominium category, given the volume of new condos that continue to come available and the shift towards construction of smaller, more affordable condo units,” says Beer. “The increase in townhome pricing could be due to sales of new, more upscale units or competition for relatively scarce units of this type, or a combination of both factors.”


“I imagine no one is surprised that single family unit pricing has, so far, stayed stubbornly consistent. Despite two-parent families with children consistently the largest group of home buyers in the region, we’re still lacking a supply of affordable single home units to meet their needs – a need that won’t be met through more government housing-related tax and stricter mortgage rules,” Beer contends.


It’s important to take steps to protect your interests and reduce risk when making a financial transaction as significant as buying or selling a home. Home sellers can benefit from the market knowledge and resources a local real estate professional can bring to bear in pricing the property and executing a marketing plan, including appropriately positioning the property on MLS and across multiple real estate portals. Home buyers can benefit from a local professional’s knowledge in evaluating properties for sale and ensuring an offer to purchase includes appropriate conditions and terms. Both buyers and sellers can benefit from a real estate professional’s skill and practice in negotiation.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


For more information, please contact:

Board-wide statistical information: Email media@omreb.com


Province-wide statistical information:

Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

Read full post

I'm sure you have heard about the B.C Speculation and Vacancy Tax that is now in place. Below are a few things you need to know about this tax and how it impacts you as a homeowner.

1. What is the B.C Speculation and Vacancy Tax?

The tax is part of the government's 30-Point Plan to make housing more affordable in B.C. It targets foreign and domestic buyers who own property in B.C but do not pay taxes here. If you own residential property in the designated taxable region, you are required to complete an annual declaration.

2. What regions does the tax apply to?

Taxable regions are:

  •  Municipalities within the Capital Regional District (excluding Salt Spring Island, Juan de Fuca Electoral Area, and the Southern Gulf Islands)
  • Municipalities within the Metro Vancouver Regional District (excluding Bowen Island, the Village of Lions Bay and Electoral Area A, but including UBC and the University Endowment Lands)
  • The City of Abbotsford
  • The District of Mission
  • The City of Chilliwack
  • The City of Kelowna 
  • The City of West Kelowna
  • The City of Nanaimo
  • The District of Lantzville

3. How can I know if my property is included?

If you own residential properties in any of the above areas, you will receive a letter in the mail from the B.C government. The letter will be sent to you at your mailing address on file with B.C Assessment by mid-February. Your declaration letter will list all the properties you own affected by the tax.

If you own residential property in a designated taxable region, you will need to complete a declaration. Even if you won't be required to pay the tax, you need to complete a declaration to claim any relevant exemptions.

4. As a B.C Resident, do I have to pay the tax?

Most residents of the province are expected to be exempt from the tax. Owners are exempt if the property is their principal residence, they rent it at least six months of the year (only three months is required in 2018), they are disabled, the property was just inherited, it’s valued under $150,000, or a person was away and it was vacant due to medical reasons, residential care, work or spousal separation.

5. How do I complete my declaration?

Your declaration can be completed online or by phone. Further instructions will be provided in your declaration letter. It is important to note that if your property has more than one owner, even if the owner is your spouse, a separate declaration must be made for each owner. Declarations must be completed by March 31st, 2019. 

6. What happens if I don't declare by March 31st?

If you do not complete your declaration for exemption by March 31 you will receive a tax notice in April, with payment due July 2, 2019. You will need to make the payment and request a refund.

More information can be found on the B.C government website: 
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax

April

www.reddoormortgage.com 

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By now, most households in those communties being affected by BC's speculation and vacancy tax should have received their letter explaining how and where to go to register their declaration to whether they are eligible to exempt themselves or not.  For more information regarding this tax and the link to "Declare" yourself. Please go to:


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


Zach Pashley and Brian Stephenson from Pushor Mitchell LLP in Kelowna came to a recent Coldwell Banker Horizon Realty meeting and shared some information regarding the Speculation Tax.  Here are the links to the presentation and a brochure with some more information.

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Media Release


KELOWNA, B.C. – January 3rd, 2019. Residential sales posted to the Multiple Listing Service (MLS®) for the Peachland to Revelstoke region declined to 324 in December, a 29% decrease from both the previous month and this time last year.


“No surprise, the market is doing what it tends to do this time of year with all indicators pointing to a generalized slow-down,” says OMREB President Marv Beer, adding “Unlike last December, both average price and days on market stayed on trend with average price lower and days on market higher than last month and last year.”


Average price, at $504,581, was 3% lower than November’s price and 3% lower than this time last year. Average days on market increased to 99, compared to 91 in November and 79 last December. New listings were 426 compared to 465 last December, contributing to an inventory of homes for sale that remains 35% higher than this time last year.


“Looking to 2019, we can expect that the market will continue to moderate, as compared to recent years, with all signs pointing to more balanced conditions where buyers and sellers are benefitted more equally. Demand is dampening as a result of government policies that erode affordability and purchasing power, yet these effects are continuing to be offset by relatively strong economic performance,” comments Beer.


Beer makes note of the impending speculation tax as another shift on the horizon for 2019. While the tax only affects homes in Kelowna and West Kelowna at this time, it is expected to impact about 1800 Kelowna properties and 600 in West Kelowna.


The relative make-up of home buyers in the region stayed constant with those from within the area comprising the largest group at 59%, followed by those from the Lower Mainland/Vancouver Island at 20% and those from Alberta at 11%. Contrary to what many believe, foreign buyers remain a consistently small percentage at just 2%.


“First time buyers continue to be a strong contingent at 17%, just behind those moving to a similar property type at 21% and those moving up at 20%. In terms of family dynamic, couples with children top the list at 30% of buyers, following by childless couples at 24% and empty nesters or retired at 21%,” says Beer.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.

For more information, please contact:
Board-wide statistical information: Email media@omreb.com
Province-wide statistical information:
Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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Media Release
KELOWNA, B.C. – December 4th, 2018. November saw residential sales posted to the Multiple Listing Service (MLS®) drop to 459 for the Peachland to Revelstoke region, a 28% decline from the previous month and 24% fewer sales than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“Last month, we waited to see how the market would react to the Bank of Canada’s latest interest rate hike and the BC government’s tabling of their speculation tax and while the market traditionally slows this time of year, we are also likely seeing the effects of these actions,” comments OMREB President Marv Beer.


Influencing market demand can be tricky and with two levels of government continuing to tinker independent of each other. Outcomes could quickly shift from balanced conditions that favour both buyers and sellers to a situation that could precipitate a market slide, which would benefit no one.


“While one might anticipate that a sharp shift towards a strong buyers’ market might be positive, the reality is that the BC economy is so tied to real estate values that these conditions could result in job losses, mortgage foreclosures, and the like,” contends Beer, asserting “It’s never ideal when markets take steep shifts in either direction and government can do a lot to lessen the peaks and valleys, including a focus on not just dampening demand, but also fostering development of housing that reflects the needs and wants of those wishing to buy.”


A much-needed supply of homes for sale was bolstered by a 20% increase in new listings, boosting inventory to 34% over November last year. Average price stayed consistent with the previous month and this time last year, at just 2% and 3% respectively. Average days on market, another key market indicator, rose to 91 in November as compared to 81 in October and 87 this time last year. The Shuswap/Revelstoke area bucked the trend towards more days on market recorded for the region as a whole with a 13% drop from 187 days this time last year to 163 in November.


“Even within a local real estate market, conditions can differ by region or by housing type, which is why the public is advised to consult a Realtor familiar with the area or product of interest for more in-depth market data and professional analysis and interpretation of that information,” says Beer.


Contrary to public perception, foreign and out-of-province individuals continue to be a small percentage of those purchasing homes in the region at 1-3% of the buying population. Buyers from Alberta continue to hold at about 11-12% and those from elsewhere in Canada at less than 1%. The largest buying group by far continues to be those who already live in the area at around 55-60% any given month.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.

For more information, please contact:
Board-wide statistical information: Email media@omreb.com
Province-wide statistical information:
Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.
DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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KELOWNA, B.C. – November 1, 2018. Residential sales posted to the Multiple Listing Service (MLS®) for the Peachland to Revelstoke region rose to 639 in October, 9% over September, but 13% fewer than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“Interestingly, more homes sold in less time than September but average price was 5% less than September and 4% less than this time last year,” comments OMREB President Marv Beer, cautioning not to take too much stock in the price drop just yet, as the mix of properties sold in the month may be a factor.


New listings continued to climb along with the inventory of available housing, with 14% more listings than this time last year contributing to an inventory of homes that is now 33% higher than October of 2017. The average number of days it took to sell a home dipped slightly to 81 from September’s 90 days and last October’s 83 days.


“Growing housing supply is a strong indicator of continued movement towards a balanced market where sellers and buyers are favoured more equally,” says Beer, noting that more supply offers benefits for prospective buyers, those looking to rent and even those considering selling.


“While a market where there are fewer homes for sale to a larger pool of buyers, a description that has applied to our market for several years, can be attractive for those considering listing, it can also pose challenges for those same sellers when they look to find new homes at prices they can afford.”


Even within a local real estate market, conditions can differ within sub-regions or housing types. Buyers and sellers are encouraged to consult a local real estate professional to ensure they have comprehensive data and professional analysis and interpretation of that data to inform their decsion making.


“It’ll be even more interesting to see what next month brings, as the Bank of Canada followed through with another interest rate hike in October and the BC government tabled their speculation tax,” comments Beer, noting adjustments made which, if the tax is voted in, will mean Canadians residing within and outside of BC will pay a lower rate than previously outlined.


Looking at buyers of homes in the region, it’s worth noting that foreign and out of province buyers continue to be a small percentage of the buying population.


“It’s surprising how many people are convinced the speculation tax is needed in Kelowna and West Kelowna to curb foreign and out of province buyers. While this may be the case elsewhere, I can tell you that for the eight years OMREB has been tracking buyer data, foreign buyers have remained 1-3% of our buying population, buyers from Alberta at 11-12% and buyers from elsewhere in Canada less than 1%."


The largest buyer group, by far, continues to be those who already live here at about 55-60% any given month, followed by those who live elsewhere in BC. Also likely different than what people generally assume, first-time buyers are a strong buying group that vies for first place with buyers looking to move up and those relocating to a similar property type. Two-parent families with children generally head the buyer group, followed by couples without children and empty nesters or retired.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


For more information, please contact:


Board-wide statistical information: Email media@omreb.com


Province-wide statistical information:

Cameron Muir, BCREA Chief Economist, or Brendon Ogmundson, Economist

cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796 


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of

professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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"You have reason to be a little bit nervous because there's certainly a tide of anti-development sentiment that's building in the market today," Ferreira told about 800 members of the real estate and development community at UDI presentation.


Shifting political winds could exacerbate an already-softening Metro Vancouver housing market buffeted by recent government policies and higher borrowing costs, said an industry analyst at the Urban Development Institute’s annual real estate industry outlook on Tuesday.


Michael Ferreira, principal of Urban Analytics, warned that a number of Metro Vancouver municipalities could take on an anti-development slant after the Oct. 20 election.


“You have reason to be a little bit nervous because there’s certainly a tide of anti-development sentiment that’s building in the market today,” Ferreira told about 800 members of the real estate and development community at the UDI presentation.


“I think a lot of the candidates are looking to take advantage of that and are catering to populist rhetoric.”


Across Metro Vancouver, housing affordability and density are key issues for many municipalities, with some candidates and parties critical of densification and some calling for a “pause” on development, which, argued Ferreira, would be misguided.


“Just when we are getting to the point of seeing more supply come on the market and potentially put downward pressure on pricing, that’s when some of the candidates are suggesting they’re going to cut back.”


Other candidates and parties have also expressed commitments to create more affordable and market rental housing as a solution to the housing crisis.


Ferreira said an infusion of rental housing would have an immediate impact on price. But he warned that campaign promises of a rent freeze or tying rent increases to a unit, instead of a tenant, could make some projects in the pipeline “unviable.”


He was also critical of the NDP’s provincial task force which recommends tying annual increases to inflation.


“It may win political points in the short term,” he said of the NDP’s plan, but will result in lower rental supply and make developers less inclined to build.


Ferreira said there was a sense of frustration among rental developers. Many projects were bogged down by a slow approval process, with one developer estimating it’ll take five years to complete a rental project, while some projects get scrapped or put on hold because the city demanded such unfavourable terms the developer couldn’t make the project work, he said.


“They feel like the city is just not interested in facilitating new rental development even though we have sub-one per cent vacancy rate throughout the region.”


Ferreira, who crunches data on new condos, highlighted some bright spots for the industry.


The pre-sale market remains healthy, with large projects such as Gilmore Place in Burnaby, Linea in Surrey and smaller projects along the Cambie Corridor and at UBC reporting strong demand.


These projects were done by local, experienced developers who know their market and priced their products right, Ferreira said, noting that Onni priced units at The Gilmore’s first tower at just under $1,000 per square foot, less than the $1,100 per square foot price of a nearby project that had launched earlier.


The re-sale market, however, is a different story.


The Real Estate Board of Greater Vancouver reported 1,595 sales in September, a 43 per cent drop compared to the same month last year. Sales-to-listings ratio have also dropped, particularly for condos and townhouses, which are now in a balanced market. So far, this hasn’t translated to price drops.


“We haven’t seen a lot of actual declines in prices,” Ferreira said. “But we’ve seen some softening in the form of incentives being offered to buyers” such as decorating allowances worth between $30,000 to $60,000, reduced deposit requirements, or in the case of one Langley condo project, an offer to pay the buyer’s first year’s mortgage.


“If we continue to see softening in demand and increase in supply, we are going to see a drop in buyer urgency and likely start to see more softening in prices,” said Ferreira.


“But I don’t anticipate a huge drop in prices, not a massive correction that we’ve seen in the past.”


 Cheryl Chan Updated: October 17, 2018


https://vancouversun.com/business/real-estate/urban-development-institute-hosts-annual-event-on-real-estate-industry-outlook





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Tax ranges from 0.5% on secondary homes left vacant by B.C. residents, to 2% on foreign-owned properties

CBC News · Posted: Oct 16, 2018 1:10 PM PT | Last Updated: October 16


B.C.'s finance minister has introduced legislation to move ahead with a controversial speculation tax on vacant or underutilized properties.


The bill ends months of speculation about how the province planned to use the new levy to help deal with runaway housing prices in some B.C. communities, outlining a range of tax rates from 0.5 to two per cent and a number of exemptions.


If the legislation is passed, the new tax will apply to all properties in designated regions of B.C. These include most parts of Metro Vancouver and the Capital Regional District (excluding the Gulf Islands), along with Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo and Lantzville.


Homeowners who live at their properties — or rent them out — will receive an exemption by filing an annual declaration form.


    Higher taxes no solution to Vancouver's real estate crunch, says study



For the remaining properties, a tax rate of 0.5 per cent of the assessed value will apply for 2018.


In 2019 and subsequent years, B.C. residents with vacant or underutilized properties will continue to pay that rate, while Canadian citizens or permanent residents who are not B.C. residents will start paying one per cent.

Foreign homeowners will pay more


Foreign homeowners or "satellite families" who make 50 per cent of their income outside B.C. will pay two per cent on all properties, unless they rent them out.


The goal is to prevent housing speculation and help turn vacant properties into rentals, said Carole James, B.C.'s finance minister.


    B.C. municipalities ask for power to opt out of speculation tax, finance minister says no


"As a government, we have a responsibility to act, to make sure that people can afford a home in the communities where they live and work," she said. "The speculation and vacancy tax is a critical piece if we want to moderate our overheated housing market."


Some opposed mayors in regions where the tax is set to apply had called on the finance minister to allow an opt-out clause, but James declined.


"When you face a major provincial crisis, it is the responsibility of the provincial government to act, not to let municipalities pick and choose about whether they want to address affordable housing," James said.

'NDP arrogance and hypocrisy'


However, the opposition Liberals say the tax punishes people in B.C. who want to have a retirement home and it will do little to improve housing affordability.


    Opinion

    Layers of B.C. taxes and fees add up to 26% 'tariff' on new home costs


"This is the height of NDP arrogance and hypocrisy," said Liberal leader Andrew Wilkinson.


"Our goal is to defeat this bill because it is a phony tax. It accomplishes nothing except to grab revenue for the NDP."


Green Leader Andrew Weaver, who has been critical of the tax in the past, said he's still reviewing the fine print to determine if his concerns have been addressed, and any changes that may be necessary.


"I still have concerns that Canadians are not being treated equally and that there is an insufficient role for local governments in determining what happens in their communities," Weaver said in a statement.

Exemptions


The legislation also includes a number of exemptions for what the province calls special circumstances, including major home renovations and divorces.


Properties that are under development or renovation are also exempt — something that will keep the tax from discouraging more housing to come online, James said.


It's estimated that more than 99 per cent of people in B.C. won't pay the tax, James said.


https://www.cbc.ca/news/canada/british-columbia/speculation-tax-tabled-by-bc-government

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KELOWNA, B.C. – October 2, 2018. Despite slower sales activity of 585 residential sales in September compared to 709 the previous month and 740 last year, average price across the region of Revelstoke to Peachland inched up 5% over August and 8% over last September, reports the Okanagan Mainline Real Estate Board (OMREB).


“We’re seeing a shift across the region with all signs, save average price, pointing to a market continuing to transition from a sellers’ market to one that would favour buyers and sellers more equally,” comments OMREB President Marv Beer.


“While average price, at $534,943, crept past both the previous month’s pricing and this time last year, houses are sitting on the market for longer so it’s likely only a matter of time before we start to see downward pressure on price,” says Beer. Beer was quick to note that average price can swing from month to month, depending on the mix of higher and lower-priced homes that sell in that timeframe.


Other indicators of a normalizing market include an increase in the time it takes to sell homes, with 90 average days on market for September, compared to 78 last month and 78 last year. Rising housing inventory is another signal, now 29% higher than a year ago with more supply slated to come on-stream within the next year or two.


“More supply means buyers have more choice and, as a result, tend to become more discerning. This can ultimately can affect price, however real estate markets are never quite that simple, as other factors are also at play,” says Beer.


Already checked by higher interest rates, the market may react to predictions of more hikes, now more likely with the US Federal Reserve’s most recent rate increase and the Bank of Canada’s pledge that rates will rise in October. Government policy changes, such the proposed speculation tax slated to be voted on in October can also have a dampening effect. Conversely, the market is bolstered by strong provincial economic fundamentals such as low unemployment and demographics that include millennials ready to purchase their first home.


Looking at buyers of homes in the region, the latest results from home sales closing in August reveals a strong showing of first-time buyers at 16%, although two-parent families with children topped the list at 30% of buyers. Those buying for revenue or investment purposes were 14%. Typical for the region, the largest buyer group, at 56%, comprised those who already live in the area, with the next largest groups being those from the Lower Mainland/Vancouver Island at 21% and those from Alberta at 12%. Foreign buyers were just 1%.


Beer notes that buyer profiles for the region have remained consistent over the eight years of data collection. “While the BC government would have us believe that speculation by foreign buyers and those from other provinces is making homes here less affordable, the reality is that at 84%, the vast majority of buyers in this area are BC residents, and that figure changes only slightly year over year” says Beer adding “Clearly, the solution to greater affordability lies elsewhere.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


Media Release


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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Persistent Cooling Trend For Okanagan Housing Market


KELOWNA, B.C. – September 5, 2018. A cooling trend in home sales continues across the region of Revelstoke to Peachland, with 709 sales posted to the Multiple Listing Service (MLS®) in August, a 5% drop from the previous month, yet 20% fewer sales than this time last year reports the Okanagan Mainline Real Estate Board (OMREB).


“We are now six months into a cooling trend, with a curb in demand arising from natural market shifts, but intensified by government intervention in the form of tougher mortgage rules, higher interest rates and the threat of a possible speculation tax,” says OMREB President Marv Beer.


Of note is an increase in average days on market, now at 78, up from 65 days the previous month and 69 last August. “While we are not seeing it as yet, downward pressure on price typically tends to occur when days on market lengthen,” says Beer, noting that average price in August was $511,916, an 8% drop from the previous month, but 5% higher than this time last year.


Moderating demand is helping ease a chronic shortage of housing supply, with active listings contributing to an inventory of available homes that is now 27% over this time last year. A pullback in demand coupled with an increase in the number of homes for sale is moving the region’s housing market towards balanced conditions, which typically means more selection for those in the market to buy, less likelihood of competing offers and, if it continues, downward pricing adjustments.


“Unfortunately, government intervention has also had the effect of making homes less affordable, as the new mortgage rules and higher interest rates mean that the buyer’s dollar doesn’t go as far as it used to,” comments Beer, noting that the effect is heightened in certain parts of the region where housing affordability was already challenged.


Keeping in mind the millennial generation, a group that comprises many of today’s first-home buyers, Beer suggests that housing affordability could be better resolved through measures that help deliver the type of housing that buyers want and need to market more quickly and efficiently rather than penalizing those hoping to buy.


Pointing to a provincial forecast by the British Columbia Real Estate Association that projects a 21% decline in residential sales this year, Beer suggests that further checks on demand may not be required. “Clearly, this is not the environment to introduce a so-called speculation tax that would have minimal effect on actual real estate speculators and, instead, punish long-time homeowners who are primarily BC residents,” contends Beer, noting that such a tax could have wide-spread unintended consequences. With the government vote on the speculation tax pending this fall, members of the public are urged to register concerns about the proposed tax with government at scrapthespeculationtax.ca.


OMREB serves three diverse markets within the region: the Central Okanagan Zone (Peachland to Lake Country), the North Zone (Predator Ridge to Enderby) and the Shuswap- Revelstoke Zone (Salmon Arm to Revelstoke). For detailed statistics, by zone, visit www.omreb.com.


OMREB is a member-governed not-for-profit association representing more than 1300 REALTORS® and 89 real estate offices within the southern interior region of British Columbia (Peachland to Revelstoke). The Board is dedicated to providing leadership and support to its members in their pursuit of professional excellence.


DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month. Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.


All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com

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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.