Phone: 250-212-2654

cecile@cecileguilbault.com

Canadian home sales edge up from September to October



Ottawa, ON, November 15, 2022 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales edged a little higher in October 2022.

HIGHLIGHTS
•    National home sales were up 1.3% on a month-over-month basis in October.
•    Actual (not seasonally adjusted) monthly activity came in 36% below October 2021.
•    The number of newly listed properties edged up 2.2% month-over-month.
•    The MLS® Home Price Index (HPI) declined by 1.2% month-over-month and was down 0.8% year-over-year.
•  The actual (not seasonally adjusted) national average sale price posted a 9.9% year-over-year decline in October.

Home sales recorded over Canadian MLS® Systems fell by 3.9% between August and September 2022. From May through August, month-over-month declines have been progressively smaller. The September result marked a slight increase in the current sales slowdown that began with the Bank of Canada’s first rate hike back in March. (Chart A)

While about 60% of all local markets saw sales fall from August to September, the national number was pulled lower by the fact markets with declines included Greater Vancouver, Calgary, the Greater Toronto Area (GTA) and Montreal.

The actual (not seasonally adjusted) number of transactions in September 2022 came in 32.2% below that same month last year and stood about 12% below the pre-pandemic 10-year average for that month.



“In October, sales across the country increased for the first time since before interest rates started to rise last winter,” said Jill Oudil, Chair of CREA. “Of course, we’ve known the demand was there, so it’s just been a matter of some playing the waiting game as borrowing costs and prices have adjusted. Moving into 2023, sellers and buyers will likely continue coming off the sidelines, but it’s a very different market compared to just one year ago. As always, for information and guidance about how to navigate the current marketplace, your best bet is to contact your local REALTOR®,” continued Oudil.

“October provided another month’s worth of data suggesting the slow down in Canadian housing markets is winding up,” said Shaun Cathcart, CREA’s Senior Economist. “Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row."

The number of newly listed homes was up 2.2% on a month-over-month basis in October, with gains in the Greater Toronto Area (GTA) and the B.C. Lower Mainland offsetting declines in Montreal and Halifax-Dartmouth.

With sales up by a little less than new listings in October, the sales-to-new listings ratio eased back to 51.6% compared to 52% in September. The long-term average for this measure is 55.1%.

There were 3.8 months of inventory on a national basis at the end of October 2022, up slightly from 3.7 months at the end of September. While the number of months of inventory is still well below the long-term average of about five months, it is also up quite a bit from the all-time low of 1.7 months set at the beginning of 2022.

The Aggregate Composite MLS® Home Price Index (HPI) edged down 1.2% on a month-over-month basis in October 2022, the smallest decline since June.

The non-seasonally adjusted Aggregate Composite MLS® HPI edged down 0.8% on a year-over-year basis in October. (Chart B)


The actual (not seasonally adjusted) national average home price was $644,643 in October 2022, down 9.9% from the same month last year. The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets.

Excluding these two markets from the calculation cuts almost $125,000 from the national average price.

Read full post

 
Central Okanagan Real Estate
October 2022


Single Family
Sales 126
New Listings 368
Current Inventory 1009
Sell/Inv. Ratio 12.49%
Days to Sell 46
Average Price $1,091,603
Median Price $922,500

Townhouse
Sales 45
New Listings 126
Current Inventory 319
Sell/Inv. Ratio 14.11%
Days to Sell 53
Average Price $671,290
Median Price $666,150

Lots
Sales 7
New Listings 27
Current Inventory 173
Sell/Inv. Ratio 4.05%
Days to Sell 62
Average Price $877,000
Median Price $379,000

Condo
Sales 94
New Listings 167
Current Inventory 460
Sell/Inv. Ratio 20.43%
Days to Sell 54
Average Price $525,020
Median Price $470,000


Ratio of Sales vs Inventory 14.25%
Read full post

The legislation on housing targets, Housing Supply Act, is likely to face backlash from some B.C. mayors who have previously warned that running roughshod over municipal land use laws could spark a legal challenge.

On his first day in the Legislature, is B.C. Premier David Eby announcing two pieces of legislation that would remove rental and age restrictions in strata buildings and set affordable housing targets for municipalities, with the promise to overrule municipalities if they're failing to hit the benchmarks. PHOTO BY DARREN STONE /Times Colonist files

On his first day in the Legislature as premier, David Eby announced two pieces of legislation that would remove rental and age restrictions in strata buildings and set affordable housing targets for municipalities, with the promise to overrule those that fail to hit the benchmarks.

The legislation on housing targets is likely to face backlash from some B.C. mayors who have previously warned that running roughshod over municipal land-use laws could spark a legal challenge.

The housing announcement just three days after Eby was sworn in as B.C.’s 37th premier is an attempt by the former attorney general and housing minister to make good on his promise to move quickly on the housing reforms that were a key plank of his leadership campaign.

Amendments to the Strata Property Act, if passed, would remove all rental restrictions from all B.C. strata buildings, which Eby estimated would turn thousands of empty units into homes for renters.

It would also make it illegal for strata to have 19-plus age restrictions that force out young families when they have a child. “Seniors only” strata will still be allowed.

“It is simply unacceptable that a British Columbian who is searching Craigslist for a place to rent can’t find a home and somebody who owns a condo is not permitted to rent that home to that individual,” Eby said at a press conference in the rotunda of the legislature.

“It is equally unacceptable that a young couple that lives in a condo and decides to start a family has to start searching for a new home because that strata has a rule that everybody who lives in the unit has to be 19 years of age or older.”

Eby said there are approximately 2,900 strata units that are sitting empty because of rental restrictions, data based on owners who applied for exemptions to the speculation and vacancy tax.

The new law will apply to condos built before 2010. Buildings constructed in 2010 onwards are subject to new rules that prevent newer buildings from capping the number of rental units.

The government is hoping to pass the Strata Property Act before the end of the fall session on Thursday and will take effect immediately.

The second piece of legislation is the Housing Supply Act which aims to increase the supply of housing in B.C. by establishing targets for municipalities where affordable housing is in short supply.

The targets will be set based on the housing needs reports that local governments are already required to create every five years.

The government said the targets will initially be applied to eight to 10 municipalities, determined by community plans and growth projections based on census data. The premier’s office said work is already underway to identify those municipalities.

If the province determines a municipality is not taking actions to meet the targets, it can step in to force compliance through three options:
1.    An adviser appointed by the housing minister can review municipal processes to determine what’s stalling housing starts.
2.    The housing minister can issue a directive for the municipality to take specific action.
3.    As a last resort, the province can issue an order-in-council allowing it to override the municipality to force through new housing projects.

“My hope is we never have to use it,” Eby said of the provincial override powers. “(The Act) does have teeth and it needs to have teeth to make sure we’re meeting those goals.”

The legislation aims to speed up municipal zoning approval processes, which Eby says are outdated and slow down the construction of new buildings and redevelopments. If passed in the house this week, the legislation will take effect in mid-2023.

Eby, the MLA for Vancouver-Point Grey, has been candid in his frustration with municipal governments that block the rezoning of affordable housing developments because of minor issues such as parking and he’s called out “NIMBYism” by neighbourhood groups that oppose density.

However, several B.C. mayors told Postmedia News in September, when Eby released his housing platform, that the plan to override municipalities will face significant backlash and they would rather see the province use the “carrot approach” of offering more financial support and incentives instead of wielding a stick.

Victoria Mayor Marianne Alto applauded the legislation and said other municipalities should, too.

She said municipalities must accelerate the building of affordable housing and they can’t do it alone.

“We need the province to support to push us and push all local governments to (build) … more affordable homes in every neighbourhood in every municipality across B.C,” she said.

B.C. Green party leader Sonia Furstenau said she was disappointed Eby didn’t make announcements about increasing the supply of below-market housing for low-income renters. She also said the legislation does not include protection against Real Estate Investment Trusts which allow investment groups to redevelop strata housing to increase shareholder profits.

“We need to ensure that speculators and investors are not profiting from increased supply,” Furstenau said in a statement. “This problem has been made worse by a lack of federal and provincial government investment in non-market housing.”

There are several aspects of Eby’s housing platform that have not yet been acted on.

Eby’s platform called for a flipping tax that will apply to the sale of a residential property. The tax rate, which was not specified, will be highest for those who hold properties for the shortest period of time and goes down to zero after two years.

He also wants to legalize secondary suites in every region in B.C. and allow developers to replace a single-family home with up to three units in major urban centres.

The housing overhauls are complex and take time, Eby said, but he promised work is underway.




Read full post

The Canadian Federal Government & BC Provincial Government plan to introduce 2 pieces of legislation in January 2023 which will affect some BC Real Estate Buyers and Sellers.

Here are some basic details, so that you can check whether they affect you!


Ban on Foreign Buyers of Residential Real Estate in Canada

From January 2023 the Federal Government plans to impose a temporary ban on Non-Canadians purchasing various types of residential real estate, for 2 years. This is featured in the Prohibition on the Purchase of Residential Property by Non-Canadians Act 2022

There is a fair amount that we don’t know yet, for example, have they finished creating exemptions.

So all Non- Canadian Buyers who are thinking of making a purchase, make your purchase before the end of December!

Buyers should also speak to their Canadian Real Estate Lawyer, about the implications of this Act, and how it may affect them, to avoid any nasty surprises or fines.

Full details of the proposed Act are shared in the link below.


BC Home Buyers Rescission Period

This legislation is expected to come into practice from January 2023. It will bring into force a ‘Cooling Off’ period for Buyers. This will allow a Buyer who has an Accepted Offer in place to be released from the deal within 3 business days. The 3-day period starts the day after the Contract is signed.

This will apply to Residential & Manufactured Homes, and there will be a fee for triggering the rescission of the Real Estate Contract. All other conditions will not be affected.

A Buyer who uses this right to rescind will be subjected to a 0.25% fee. This will apply to any transactions made using a Real Estate Agent and ‘For Sale by Owner’, and will be payable to the Seller.

There are some exceptions – E.G certain forms of Lease Land, Assignments of Contract, Court ordered sales and sales via Auction.

Each Buyer will also receive a Disclosure from their Real Estate Agent detailing the Rescission Fee.

Read full post

KELOWNA, B.C. – February 2nd, 2022. Real estate professionals continue to support buyers and sellers in navigating lack of inventory in residential real estate markets across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.

Residential sales for the entire Association region for January 2022 saw a 10% decrease compared to the same month last year with 701 units sold this month and 782 units sold in January 2021.

“The persistent lack of inventory on market makes for challenging times for buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “not only are new buyers frustrated at finding a home, but sellers are frustrated at the lack of active supply hindering their ability to move on to a new property as well.”

“The value of working with a professional real estate agent really does make a difference in navigating the complicated buying and selling process, under any circumstances, but especially during these challenging conditions,” says Heizmann.

The supply of active residential listings dipped 38% across the Association region compared to the 2,787 active listings in January 2021 coming in at 1,721 this year. New listings also saw a down tick with 824 new listings for January 2022, compared to 1,094 units during the same month last year.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions continued their upward double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories.

In the South Peace River Region, where benchmark pricing is not available, the average price for single-family homes hit double-digit increases while inventory in the same category saw a double-digit decrease of 43% in year-over-year comparisons.

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.

The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.

The Association is a member-based professional organization serving over 1,700 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.


Read full post

KELOWNA, B.C. – January 5th, 2022. Residential real estate across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region finished off the year with record high sales, reports the Association of Interior REALTORS®.


Residential sales for the entire Association region for December 2021 saw a down tick of 25% over December 2020, clocking in at654 units sold while still surpassing the previous recorded historical high.


“Even with a typical seasonal slowdown, sales across the region surpassed 2016’s record high,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the lack of supply continues to be a challenge for buyers as inventory lags behind demand.”


The supply of active residential listings saw a drop of 40% across the Association region compared to the 2,894 active listings during December 2020, with new listings also showing a 24% decrease over December 2020’s 695 units.


“The number of active listings continues to fall short of buyer’s demand at historical levels, making it unlikely for buyers to see a softening on prices as we head into the new year,” says Heizmann.


The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke region sclosed the year with double-digit percentage increases in year-over-year comparisons across all home categories.


In the South Peace River Region, where benchmark pricing is not available, the average price for single-family homes and mobile homes increased 44.5% and 56.9% respectively.


Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.


The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.


The Association is a member-based professional organization serving over 1,700 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.


For more information, please contact: Association statistical information: Email media@interiorrealtors.com Province-wide statistical information: BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca (mailto:media@interiorrealtors.com)


About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends by using benchmark pricing rather than median or average. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.


The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).

Read full post

Media Release

KELOWNA, B.C. – November 4th, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region remain strong ahead of the slower winter season, reports the Association of Interior REALTORS®.

“Demand is still strong despite chronically low supply, but we are seeing a healthier environment for buyers and sellers compared to what we saw in 2020 and earlier in the year,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “sales are transpiring at a good, healthy pace.”

Residential sales for the entire Association region decreased 18% over the same month last year, clocking in at 1,115 residential sales in October. This was a slight increase compared to September’s 1,067 sales.

The inventory, or supply of active residential listings was down 39% across the Association region compared to the 4,308 active listings during October 2020, while new listings slipped 12% over last year October’s 1,372 units.

“As we head into the final months of the year, we can see that this supply drought or lack of new listings has really become the main theme of the year. It will be interesting to see if this trend maintains or changes in 2022,” says Heizmann.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions are continues showing double-digit percentage increases in year-over-year comparisons in all home categories.

In the South Peace River Region, where benchmark pricing is not available, average sale prices for single-family homes increased 11% but decreased 13.8% in the condominium category.
Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.

The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.

The Association is a member-based professional organization serving approximately 1,700 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.

For more information, please contact:
Association statistical information: Email media@interiorrealtors.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca

About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends by using benchmark pricing rather than median or average. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).
Read full post

KELOWNA, B.C. – April 6th, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region are still seeing the effects of the pandemic, reports the Association of Interior REALTORS®.


Residential sales for the month of March were up 146% with 1,763 units sold compared to March 2020’s 708 units. The South Peace River and the Shuswap/ Revelstoke regions saw the highest increase of sales with a 225% and 223% upswing compared to the same time last year.

“With economic recovery underway, low mortgage rates and the persistent pandemic effect of buyers looking for more space, it’s no surprise that local real estate is still seeing a boom,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “while the pandemic has increased demand it also created a huge shock to the supply side of things that will take a long time to get back to a healthy inventory level.”

The total number of active residential listings for March from Revelstoke to Peachland was down 46% compared to March 2020’s listings of 1,814. In the South Okanagan region overall listings dropped 52% over last March’s 1,255, while the South Peace River saw a 16% decrease compared to last year’s 345 listings.

“Buyers are struggling to find homes and the lack of supply is putting upward pressure on pricing,” says Heizmann. “It is really important to work with a local REALTOR® who not only understand the market but also that buyers are looking for homes for their families, not just a house to live in.”

The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw double-digit percentage increases in year-over-year comparisons in the single-family and townhomes categories.


In the South Okanagan, where benchmark pricing is not yet available, average sales prices were also up year-over-year in all home categories with single-family homes seeing the highest percentage increase of 42%. The average sale prices for single-family homes in the South Peace River increased 27% in comparison to March 2020 prices.

The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.

The Association is a member-based professional organization serving approximately 1,600 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.

For more information, please contact:
Board-wide statistical information: Email media@interiorrealtors.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca

About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends by using benchmark pricing rather than median or average. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).

Read full post

KELOWNA, B.C. – March 2nd, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region continues to outperform forecasts with another record high month, reports the Association of Interior REALTORS®.

The total number of sales in February was up 116% with 1,212 units sold compared to February 2020’s sales of 561. The South Okanagan region, stretching from Summerland to Eastgate Manning Park saw the highest increase of sales with a 130% surge compared to the same time last year.

“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “due to COVID-related travel restrictions and limitations more and more inter-provincial buyers are taking the opportunity to create vacation opportunities within B.C.”

Active residential listings for February from Revelstoke to Peachland was marginally down with 1,763 compared to January’s 1,776 listings and far below February 2020’s inventory of 2,996. In the South Okanagan region overall listings dropped 4% over January’s 666, while the South Peace River saw a 2% decrease compared to January’s 304 listings.

“Shortage of supply is still an issue with inventory struggling to meet demand, particularly when it comes to single-family homes” says Heizmann.

The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons with single-family homes seeing the greatest increase for another consecutive month.
In the South Okanagan, where benchmark pricing is not yet available, average sales prices were up year-over-year in the townhomes and single-family categories, while average sale prices for single-family homes in the South Peace River increased 8% in comparison to February 2020 prices.

The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.

The Association is a member-based professional organization serving approximately 1,600 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.

Board-wide statistical information: Email media@interiorrealtors.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca

About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends by using benchmark pricing rather than median or average. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).
Read full post

KELOWNA, B.C. – February 3rd, 2021. Residential real estate sales once again hit a record high in the first month of 2021 across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.


The total number of sales in January was up 60% with 796 units sold compared to January 2020’s sales of 497. In the Shuswap and Revelstoke region property sales where up 50% from 40 units in 2020 to 60 in January 2021. The South Okanagan region, stretching from Summerland to Eastgate Manning Park saw the highest increase of dollar volume with a 136% hike compared to the same time last year.


“Hikes in sale dollar volume is another impact of COVID-19 as buyers are seeking out larger spaces to improve their living conditions,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “larger homes naturally also come with a larger price tag. However, we are still seeing an upward pressure on pricing driven by a shortage of inventory that is unable to meet consumer demand.”


Active residential listings for January from Revelstoke to Peachland remained on par with December 2020’s listings but remained short 37% compared to January 2020’s inventory of 2,806. In the South Okanagan region overall listings remained low as decreases were noted in all housing categories. Inventory for condominiums remains low in the South Peace River region with a 27% decrease compared to the same period last year.


“A chronic shortage of new condominium developments in areas such as the South Peace River region or Revelstoke makes it even harder for inventory to meet demand, particularly when such areas are driven by recreational property purchases,” says Heizmann.


The benchmark price for single-family homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons with the most notable increase being in 14% in the single-family category.


In the South Okanagan, where benchmark pricing is not yet available, average sales prices showed double-digit increases year-over-year, while average sale prices for condominiums in the South Peace River are rose 69% in comparison to January 2020 prices.


The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.


The Association is a member-based professional organization serving approximately 1,600 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.


Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.

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


BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca


About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends by using benchmark pricing rather than median or average. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.


The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).

Read full post

Media Release

KELOWNA, B.C. – January 5, 2021. High demand drove the real estate market to finish the last month of 2020 on a high note with unexpected and exceptional sales volumes across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.

Residential sales for December in the region of Revelstoke to Peachland increased 65% compared to December 2019’s residential sales, coming in at 661. The South Okanagan region, stretching from Summerland to Eastgate Manning Park also saw an unexpected jump of 201 units sold of overall property sales compared to the previous year’s 107, while property sales in the South Peace River region was up 11% from 18 units in 2019 to 20 in December 2020.

“Last year was a very unusual year, after an initial slowdown due to stay-at home orders from the provincial government we saw a high demand in the real estate market, once orders were lifted that did not wane even in the typically slower months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “despite unusually high demand, inventory of active listings consistently remained low as buyers snapped up homes almost as soon as they were listed. Particularly in the family-sized homes category.”

Active residential listings for December from Revelstoke to Peachland fell short 35% compared to December 2019’s 2,715, while in the South Okanagan region overall listings saw a slight increase of 11% compared to the previous year’s 158 properties. The South Peace River region had a greater uptick compared to December 2019, jumping up 24% to 34 units listed.
“Shortage of supply continues to put upward pressure on pricing as inventory cannot meet the demand. It will be interesting to see if this trend continues in the coming months and into the usually busy Spring season,” says Heizmann.
The benchmark price for single-family homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions clocked in double-digit percentage increases in year-over-year comparisons.

In the South Okanagan and the South Peace River region where benchmark pricing is not yet available, the average sales price for single-family homes surged 37% and 15% year-over-year respectively.

The Association of Interior REALTORS® was formerly formed on January 1, 2021 through the amalgamation of the Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board.

The Association is a member-based professional organization serving approximately 1,600 REALTORS® who live and work in communities across the interior of British Columbia from Revelstoke south to the US border, east to Rock Creek, west to Eastgate Manning Park to communities in the South Peace River region.

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
 
For more information, please contact:
Board-wide statistical information: Email media@interiorrealtors.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca
About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends by using benchmark pricing rather than median or average. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).


Read full post

Pantone Color(s) Of The Year 2021: Ultimate Gray And Illuminating


fter a most unique year, it only makes sense that we would launch into 2021 with an unexpected color of the year choice. In fact, Pantone has gone with not one, but two, hues in its annual proclamation.


CLICK the image to read the full article

Read full post


The Most Luxurious Holiday Gifts of 2020


The Neiman Marcus annual Christmas Book of fantasy gifts has always held a sense of extravagance (emphasis on the word, fantasy). However, this year is unlike any other. The pandemic has brought a unique set of circumstances that have challenged us all. On the one hand, 2020 doesn’t seem like the year to be letting our imaginations run wild with over-the-top gifts. On the other hand, couldn’t we all use a dose of dreamy escapism and a reminder of “what brings us joy, what touches our hearts or what makes us smile”?


Click the image to view the full article

Read full post

MEDIA RELEASE

Local Residential Real Estate Market Demand Showing No Sign of Cooling
KELOWNA, B.C. – December 2nd, 2020. Residential sales for November across the region of Revelstoke to Peachland beat out November 2019’s sales by 71%, while clocking in 15% less over October’s 1,062, reports the Okanagan Mainline Real Estate Board (OMREB).

New residential listings fell from 1,057 last month to 768 new listings yet surpassed last year’s 730 new listings by 5%. The supply of homes for sale, or overall active listings, is still struggling to meet the high demand dropping 19% compared to October’s inventory of 2,787 and 30% lower than November 2019’s active listings.

“We continue to see high residential housing demand despite a mild seasonal slowdown generally seen during this time of year,” says OMREB President Kim Heizmann, adding that “it’s typical for market conditions to cool as the weather cools, yet that, much like everything else this year, hasn’t happened.”

“Looking at the numbers we can see that consumer demand is not being met due to record low listings, which creates upward pressure on pricing. Essentially, the demand is so high that it is difficult for inventory to build up.”

The average number of days to sell a home, always a good barometer to watch, went up 7% to 88 days in November. It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.

Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals in a safe and socially-distant manner.



OMREB is a member-governed not-for-profit association representing approximately 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.

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
For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca


About HPI The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The 18 real estate boards participating in the MLS® HPI represent 65% of all Canadian resale housing activity*. Use the MLS® HPI Tool and ask your REALTOR® for more detailed MLS® HPI market information where you live or might like to. (*based on the 10-year average of annual sales from 2009-2018.)

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA (REALTOR®/ REALTORS®).

Read full post

Media Release


KELOWNA, B.C. – November 3rd, 2020. Residential sales for October across the region of Revelstoke to Peachland greatly exceeded October 2019’s sales by 70%, however came in shy of September’s 1,159 sales showing a decrease of 8%, reports the Okanagan Mainline Real Estate Board (OMREB). 


New residential listings decreased from 1,269 last month to 1,057 new listings.  The overall number of active listingsalso lagged behind September’s inventory of 3,251 coming in 14% lower for October and 24% lower than October 2019’s active listings. 


“Seasonally, we normally see the market start to calm down towards the colder winter months, however that was not the case for October,” says OMREB President Kim Heizmann, adding that “this seems to be a trend across the province as demand for more living space continues to drive consumer incentives.”


“The recent increase in COVID will likely facilitate a calming pace to more normal seasonal market conditions. However, real estate transactions can still proceed in a safe and responsible manner as REALTORS® have adapted to the new normal and have found ways to continue helping clients buy and sell homes while adhering to government guidelines and safety recommendations.”    


The average number of days to sell a home, always a good barometer to watch, dropped 9% from September’s 90 days to 83 days for October.  


It is important to note that OMREB reports on all market statistics for the entire Board region and that the indicators will vary depending on home type and sub-region.


Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals in a safe and socially-distant manner.


OMREB is a member-governed not-for-profit association representing approximately 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.

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

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

Province-wide statistical information:BCREA Chief Economist, Brendon Ogmundson, bogmundson@bcrea.ca


About HPI

The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and trends. It consists of software tools configured to provide time-related indices on residential markets of participating real estate boards in Canada.

The 18 real estate boards participating in the MLS® HPI represent 65% of all Canadian resale housing activity*. Use the MLS® HPI Tool and ask your REALTOR® for more detailed MLS® HPI market information where you live or might like to. (*based on the 10-year average of annual sales from 2009-2018.)

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA(REALTOR®/ REALTORS®).

Read full post