Penticton Real Estate BLOG
Royal LePage Market Forecast: National Home Prices to Show Remarkable Resilience in 2020
Despite tightening inventory and a surge in sales, the aggregate price of a home in Greater Vancouver decreased 2.1 per cent year-over-year to $1,083,166 in the first quarter of 2020.
Broken out by housing type, the median price of a two-storey home decreased 1.1 per cent year-over-year to $1,402,395, while the median price of a condominium and bungalow decreased 2.5 per cent and 4.2 per cent to $636,012 and $1,182,420, respectively.
Is It Different This Time? Recessions and the BC Housing Market
Read the full report > > >
The latest BCREA Market Intelligence Report – Is It Different This Time? Recessions and the BC Housing Market – examines the impact of past recessions on the BC housing market and provides preliminary projections on how COVID-19 may impact provincial home sales and prices over the next 24 months.
Royal LePage forecasts ‘remarkably stable’ home prices during pandemic
continue reading the article here >>>
“Equally, if the collective efforts of Canadians slow the spread of the disease to manageable levels, and if promising science and therapeutic drugs are announced, people will return to their jobs, market confidence will bounce back quickly, and we could see Canada’s real markets roar back to life, with 2020 transactions delayed but not eliminated.” Phil Soper
Pandemic Halts Sales Activity in March
Continue reading the article here >>
Vancouver, BC – April 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2020, an increase of 17.2 per cent from March 2019.
The average MLS® residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.
COVID-19: Tenant rights, evictions and rent
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During this unprecedented time, the rules, relief available and government statements are ever changing. And they’re changing because of the various impacts COVID-19 is having on how and if we can work and how we live. As such, the information below regarding rent payments and evictions in the residential context may change.
I strongly suggest that you keep yourself updated by visiting reliable sources such as your province’s landlord and tenant board and the official websites...
Member News Downtown Penticton Association Updated COVID-19 Resources and Supports for Businesses and Individuals
The Real Estate Report
April 2020 Newsletter >>
Stay safe during COVID-19
The Real Estate Report
March 2020 Newsletter >>
Plant these useful flowers and reap the benefits year-round.
The Real Estate Report
February 2020 Newsletter >>
Selling this spring?
Follow these steps to attract maximum interest:
Home buyers’ tax credit
READ THE "118 and West" ARTICLE HERE >>
The feeling of owning your own home is hard to top. After investing to become a homeowner, it’s nice to be able to get a few breaks here and there. With tax season fast approaching, let’s take a look at how you can get tax credits and rebates as a homeowner in Canada
The pros of strata life / The cons of strata life
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Whether you’re a first-time homebuyer looking for your next home purchase, or downsizing into a smaller space, there are always pros and cons to take into account before making an offer on any property. Depending on your lifestyle, a strata complex may be a great option for you.
Housing Markets Flat in 2019 After Strong Second Half
CONTINUE READING THE ARTICLE HERE >>>
"Housing markets across the province staged a strong recovery in the second half of 2019," said BCREA Chief Economist Brendon Ogmundson. "This sets up 2020 to be a much more typical year than what markets have experienced recently."
Canadians can expect a vibrant spring real estate market, with home prices rising modestly
Royal LePage recommends a regional approach to mortgage stress test if federal government goes ahead with changes in 2020
- Home prices increase 2.2 per cent in Q4 as buyers continue to move off the sidelines
- Greater Toronto Area home prices heat up as demand outstrips supply
- Greater Montreal Area sees strongest appreciation rate in almost a decade
- For what is believed to be the last time this business cycle, Greater Vancouver home prices decline year-over-year — and stabilize on quarterly basis
REAL TRENDS DECEMBER 2019 NEWSLETTER
Please click HERE to read about the latest news on the U.S. market >>
- ANALYZING THE FIVE PUBLICLY HELD REAL ESTATE COMPANY EARNINGS REPORTS
- NEW RESEARCH STUDY ANALYZES HIDDEN REAL ESTATE COMMISSIONS
- For brokerage firms to survive and thrive, having a long-term reoccurring revenue stream is no longer a nice-to-have, but a must-have. A mortgage joint venture may be the answer.
The Real Estate Report Newsletter for December 2019
Make Your Holidays Stress-Free
Reduce stress this holiday season with these time and money-savings tips
As December rolls in, the days are ticking down towards the end of the year and the holiday season. While the holidays are meant to be a time of goodwill and good cheer, they can also be stressful when pressures mount. Here are a few tips that can help save stress and increase your enjoyment:
Planning For Real Estate Success 2020
A mentor and someone I admire incredibly Jim Rohn, the legendary business philosopher always said to “Finish your week before it begins.” He meant that we take control of our schedule and real estate business and plan for the week ahead before it even happens. If we don’t take control then someone else or something else always does!READ THE FULL ARTICLE HERE >>
Newsletter November 2019
The Real Estate Report with Real Estate Stats for the South OkanaganImportant Gardening Tips for November
Genworth Canada's Fall/Winter publication
This motivation issue covers topics including:
- Twelve great sources for mortgage advice, ranked
- How to find a tenant-friendly home
- Five power moves for first-time homebuyers
Back-up offers: There’s a clause for that
Oct 21, 2019
Roughly twice a year my heart stops when a claim comes to my attention. Why? Because a licensee reports that the seller has sold the property twice!
Naturally, the seller is upset. They only have one property to sell and two buyers demanding it.
In these instances, the seller typically accepts an offer for the property with subject conditions and then accepts a second offer for the property, also with conditions. The two buyers remove conditions and then the trouble begins, when both buyers claim to have a binding contract.
The seller alleges that the licensee did not ensure the second offer was accepted with appropriate terms, indicating it was a back-up offer and subject to the collapse of the first offer.
The Real Estate Council of BC's Professional Standards Manual specifically addresses offers made after a previous offer has been accepted—known as "back-up offers". When dealing with a back-up offer, a licensee should always include a back-up offer clause. The suggested clause is:
"Back-up Contract Clause.....
Market Momentum Continues into the Fall
Vancouver, BC – October 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,938 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in September, an increase of 24 per cent from the same month last year. The average MLS® residential price in the province was $697,943, an increase of 2.1 per cent from September 2018. Total sales dollar volume was $4.84 billion, a 26.5 per cent increase from the same month last year.Continue reading the article here >>
Royal LePage CEO urges caution with election promises aimed at stimulating housing demand that lack concrete plans to address supply shortages
- Housing recovery gains strength with national aggregate price forecast to rise 1.5% during the fourth quarter of 2019 compared to same period in 2018
- Price gap between condominiums and houses shrinks as median condo price in the City of Toronto surpasses $600,000 mark
- Montreal East posts highest home price appreciation rate in Canada’s largest urban centres, rising 8.5%
- Lower prices in Greater Vancouver attract a new wave of home buyers, resulting in a spike in home sale volumes
- Read the article here>
- Softening home prices spark increased demand in Kelowna during the third quarter
- Read the article here>>
October 7, 2019
The latest edition of the REALTrends Newsletter is now available. Please click on the link below to read about the latest news on the U.S. market.
Click here to read about this and more>
- BROKERAGES AND TEAMS ARE ADAPTING TO CHALLENGES
- WHAT ARE YOUR THREE PRIORITIES?
- CREATING CLARITY WITH YOUR COMPANY PLAYBOOK
- FIVE ELEMENTS OF A GREAT BUSINESS PLAN
October 4, 2019
The Real Estate Report with LOCAL Real Estate Statistics.
4 Eco Friendly Tips that will Save You MoneyThe October 2019 Newsletter>
September 12, 2019
Housing Demand Continues to Recover in August
Vancouver, BC – September 12, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,093 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in August, an increase of 4.9 per cent from the same month last year. The average MLS® residential price in the province was $685,575, an increase of 2.6 per cent from August 2018. Total sales dollar volume was $4.86 billion, a 7.6 per cent increase from the same month last year.Click here to read more...
September 5, 2019
BC HOME SALES SET TO NORMALIZE IN 2020
Vancouver, BC – September 5, 2019. The British Columbia Real Estate Association (BCREA) released its 2019 Third Quarter Housing Forecast Update today. Multiple Listing Service® (MLS® ) residential sales in the province are forecast to decline 5 per cent to about 75,000 units this year, after recording 78,505 residential sales in 2018. MLS® residential sales are forecast to increase 11 per cent to 82,700 units in 2020, just below the 10-year average for MLS® residential sales of 85,800 units.To view the BCREA Housing Forecast PDF, click here.
Stories and news from FortisBC:
1. Scoring with rebates: How the City of Surrey and FortisBC worked together to save energy and money
2. Happy home found for 5,000 Brilliant bees
3. 8 simple ways to save energy (and money) while on vacation
Canadian Mortgage Trends
National Home Sales Slowly Recovering: CREANational home sales are slowly recovering from their dip in February, but are still 10% below the highs reached in 2016 and 2017. After reaching a six-year low early in the year, home sales rose for the fifth consecutive month this July, according to the Canadian Real Estate Association’s (CREA) monthly report, and are a […]
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Housing Demand Improves in July
The British Columbia Real Estate Association (BCREA) reports that a total of 7,930 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July, an increase of 12.4 per cent from the same month last year. The average MLS® residential price in the province was $684,497, a decline of 1.6 per cent from July 2018. Total sales dollar volume was $5.43 billion, a 10.5 per cent increase from the same month last year.Housing Demand Improves in July 2019
REAL TRENDS Newsletter for August 2019.
Many of the best performing brokerage firms had a particular “specialness” that played a role in their success.
HOW CREATING AN EXPERIENCE RELATES TO BROKERAGE:
What You Should Know About Collateral Charge Mortgages
Click here to read "What You Should Know About Collateral Charge Mortgages".
What is a Standard Charge Mortgage?
What is a Collateral Charge Mortgage?
Arguments People make in favour and against Collateral Charge Mortgages.
The Real Estate Report with Real Estate Statistics.
How to find your perfect rental.
Find a place to live that you can love.
As summer temps continue to rise, now is the time to think about getting an Air Conditioner ❄️ or upgrading your old unit!Here's how to choose the perfect Air Conditioner (AC) for your home ❄️
Building Climate Resilience in the Okanagan
- A Homeowner's Resource Guide
(published by the South Okanagan Real Estate Board, 2019)
The Impact of the B20 Stress Test on BC Home Sales in 2018
• The decline in home sales in 2018 was largely due to market factors like interest rates and affordability
• Without the stress test, home sales in BC would have been about 7,500 sales—or 10% higher—in 2018
• Approximately $500 million in BC economic activity was lost due the B20 stress test
Making Your Dream Home A Reality. You’ve made the decision. You’re ready to buy. Now what?
Buying a home can be a bit overwhelming. There’s so much to think about and do. So, it’s important that you have someone you can trust to make the process as smooth as possible and offer expert advice.
Since 1913, Royal LePage has been helping Canadians find their dream homes and guiding them every step of the way – from determining what you can afford and showing you homes that match your wants and needs to presenting an offer and closing the sale.
It’s all about helping you find the right home in the right neighbourhood at the best possible price. Below, you’ll find it all outlined in eight simple steps.
How Our Agents Help
At Royal LePage, we don’t settle until we’ve negotiated the best price,
whether you’re buying or selling. Home. It’s who we are.
Genworth Canada: Making Home-ownership Easier
Making Home-ownership Easier
The Penticton Farmer`s Market will be in the 400 and 500 blocks this week!!
BC Home Sales to Rise in 2020: BCREA 2019 Second Quarter Housing Forecast
We offer fulfilling and dynamic careers for individuals with strong interpersonal skills and good business savvy.
A career in real estate can be a very rewarding profession. You will have the opportunity to
Thank you for your interest in our brokerage.
Royal LePage Locations West Awards Luncheon.
We had a wonderful time with many hugs for Roger!
Sluggish start to 2019 provides silver lining for first-time home buyers
while sales continue to decline:
Recreational property in British Columbia is showing significant softening compared to last year as sales decreased 22.5 per cent in reporting recreational regions and all regions posting a decrease. While the aggregate price of a single-family home is relatively flat (0.4%) compared to last year, Royal LePage recreational property experts in the region are citing reduced sales volumes in the lower end of the market skewing the median price upwards. Over the next year, the aggregate price is forecast to increase an additional 1.7 per cent in 2020.
“While demand has softened across the recreational property market, low inventory has kept prices stable,” said Gregg Hart, broker and owner of Royal LePage In The Comox Valley. “Mt. Washington had a good snow year and sales on the mountain were well ahead of last year. The inventory on both Denman and Hornby Island is very low, which is pushing prices higher just as the selling season gets going.”
Hart added that there is a good selection of waterfront properties currently on the market in the Valley and most of the buyers have been from the Lower Mainland.
The most popular region for buyers in British Columbia is the central Okanagan region where the median price for a single-family home decreased 3.0 per cent to $640,000 compared to last year.
“While sales are down, buyers from Alberta, Saskatchewan, and Vancouver are still active in the Okanagan region,” stated Mark Walker, sales representative, Royal LePage Kelowna. “Despite a slowdown in the Alberta economy, there are some positives that help offset the challenges we see. Our population is growing, as is the tech sector. And it’s beautiful here.”