South Okanagan Real Estate Guide August 2019

August 15, 2019

G U I D E

SOUTH OKANAGAN | BOUNDARY COUNTRY

TIMES OSOYOOS

2 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, August 15, 2019

BARB PASTERNAK REALTY SOLUTIONS Each office independently owned and operated

Spotted Lake, Osoyoos

MLS® 179237

REALTOR®

8507 Main St, Osoyoos, BC Office: 250-495-7441 Toll free: 1 866 495 7441 Fax: 250-495-6723

NEW

250-485-8081

seebarb@gmail.com www.osoyoosrealestatehomes.com MLS® 178852

MLS® 178852

OSOYOOS

OSOYOOS

8604 Gala Cres. LAKE AND MOUNTAIN VIEWS located in one of the most desirable areas in Osoyoos. The Lake is just across the street and the public access to the lake and Lions park is just a few steps away. The Custom Gourmet Kitchen with granite style countertops, under mount sink with new taps and backsplash, makes preparing meals at home a joy rather than a chore. Open concept dining makes this home ideal for entertaining, opening onto a sizeable deck that wraps around part of the house. Massive Masterbed room with spa-like ensuite features shower and deep soaker tub, not to mention the 6x8 walk-in closet.two additional bedrooms possible. 24 x 30 shop! $799,000

9314 6th Ave. ATTENTION CAR GUYS!! COVERED PARKING FOR OVER 12 CARS! Quality GENTLEMAN’S ESTATE OVERBUILT TO LAST A LIFETIME! Custom built 2500 sqft executive style adobe style home just 9 years young!. 4 Acres Conveniently, located near US border & features 15x38 Olympic sized pool surrounded by stamped concrete patios all the way around covered pagoda. The kitchen bolsters stainless steel High-end kitchen Aid appliances ,Alder Custom cabinets, Granite counter tops throughout, all sorts of additional features built in.

778 sqft double garage attached to house with direct entry. $2,100,000

NEW

MLS® 179357

MLS®172111

OSOYOOS

OSOYOOS 11710 LaCosta Lane Outstanding renovation upgrades include hickory cabinets, quartz countertops, stainless steel appliances, tiled backsplashes, all new lighting in kitchen make it so inviting! There is a double garage for your toys or for the man/woman shop. The views stretch out from Osoyoos Golf course spreading east to Anarchist Mtn. and south beyond Haynes Point neighboring the American Border. The house is upper living with a unique feature of being able to drive up to the backyard. Making top floor easy access. Take the time to stargaze with a tall drink, in the hot tub, on your terrace. $670,000

MLS® 175845

8504 68th Ave. Money Maker! Located near school and Sonora centre . Close to Downtown, Beautiful Mountain views. R7 multiple dwelling zoning. Well kept,clean, 3 bed 2 bath upper living Family home. With 2 bedroom self contained separately metered suite on lower level presently rented for 800 plus utilities year lease. Bachelor studio separate entry 300 mo include utilities. Additional Cottage on property rented for 650 per mo include utilities. Upper unit can be rented aprox 1200 to 1400 per mo. Chair lift, newer appliances, flooring, blinds, dura decking. 10 x12 back deck. Measurements taken off plans please verify if important to you. $729,000

MLS® 178599

OSOYOOS

OSOYOOS 1-9400 115th St. This delightful home features 2 bedrooms plus a den bright with a multitude of upgrades.

New Stone Coated Steel roof system with 50year warranty. New furnace and air conditioner, tankless water heater, new water softener. All New stainless steel appliances pkg cost close to 6k., with New soft close, white kitchen cabinets with quartz countertops. Over 55 with no rentals, one small pet. $369,000

20-9410 115th St. Desert Rose Estates Complex. Pool, Hot tub, Exercise room, Recreational hall, over 55 Gated community for only $80.00 strata fees. Plus 3 bedrooms 2 baths, family room plus living room. Huge kitchen with pantry, partially covered decks with Lakeviews. Single car garage with additional parking in the side. 1480sq ft on main. New Stainless steel kitchen appliances. Laundry room washer and dryer. New furnace, and flooring. East south facing. $349,000

MLS® 174316

MLS® 178963

MLS®177216

OSOYOOS 117 Maguire Rd. A COUNTRY RETREAT OR A FABULOUS HIDEAWAY FAR FROM THE HUSTLE AND BUSTLE OF BUSY CITY LIFE. The twenty acres embrace panoramic Osoyoos lake views stretching from the American border to the north end of Osoyoos Lake along with the stunning sunsets over the Cascade Mountains. $779,000

MLS® 172904

RURAL

RURAL

RURAL

3 Hallis Rd. REMARKABLE LAKEVIEWS! Just moments to town east on hwy 3 in a very upscale area of homes that are well over the Million dollar mark. Seller is Home Builder and will build to suit or choose the Builder of your choice, no time limitation for building. Buy now! build when you retire. $368,000

4003 Pebble Beach Dr. STOP RIGHT HERE AND CHECK OUT THIS PROPERTY!! Absolutely gorgeous views from the building site. Perfect for a level entry with walk out basement. Steps to Golf and close to all amenities. No building timeline so buy now, build later. Not many of these awesome lots left!! $219,000

380 Sasquatch Trail Sweeping Mountain views far away from highway noise nestled amongst the pine trees. Great price for a nice level building site with well on property. Reasonable taxes. High-end area of Regal Ridge with many million dollar homes. Buy now build whenever no time limit. $173,800

MLS® 177717

OSOYOOS 13969 Old Richter Pass Rd Professionally Landscaped complete with POND, Babbling Brook smf Waterfall cascading down to Five Acres of country living with excellent well and water. Fully renovated level entry super clean, Rancher, 3 bedrooms 2 baths, Original, Linwood Cedar home with vaulted ceilings in the living room, fabulous open concept designer kitchen, natural stone fireplace, newer flooring throughout. Additional detached 3 car insulated and heated workshop. Covered separate RV parking, covered gazebo, tool shed.

Nice flat useable land with highway visibility. Lots of parking and room for all your toys! $675,000

MLS® 177791

MLS® 179179

OSOYOOS 5-9107 62nd Ave Permanent residence for the family, Affordable housing with pool, year-round hot tub, and saunas make this complex one of the best opportunities for families looking for two bedrooms two bath accommodations. New flooring & kitchen = move in ready.

Complex has NEW WINDOWS, STAIRS, & ROOF. $215,000

NEW

OSOYOOS 4 Swan Cres BRIGHT AND CHEERFUL IDEAL FAMILY home with potential to construct an in-law suite or Mortgage Helper. Located close to downtown, schools and Lakefront Parks. This larger 4 bedroom upper living home is priced accordingly as renovations will need to be completed. $395,000

August 15, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 3

ECONOMICS ECONOMICS ECONOMICS Housing Forecast Housing Forecast Housing Forecast

BC HOME SALES TOIN RISE IN 2020 BC HOME SALES TO RISE 2020 BC HOME SALES TO RISE IN 2020 Multiple Listing Service (MLS®) residential sales Multiple Listing Service (MLS®) residential sales in the province are®forecast to fall 9 per cent to Multiple Listing Service (MLS ) residential in the province are forecast to fall 9 per cent tosales 71,400 units this year, after recording 78,346 in the province are forecast to fall 978,346 per cent to 71,400 units this year, after recording residential sales in 2018. MLS® residential 71,400 units this residential sales in year, 2018. after MLS® recording residential 78,346 sales are forecast to increase 14 per cent to sales are forecast to 14 ®per cent to residential sales in increase 2018. MLS residential 81,700 units in 2020. The 10-year average for 81,700are units in 2020.

10-year14 average for to sales forecast toThe increase per MLS® residential sales in thecent province is 84,800 ® MLS residential sales inThe the10-year provinceaverage is 84,800for 81,700 unitsunits. in 2020.

The shock to affordability from restrictive units. ® The shock to affordability from restrictive MLS residential salespolicies, in the especially province is mortgage the84,800 B20 stress test, mortgage policies, especially the B20 stress test, will continue to limit housing demand in the units. The shock to affordability from restrictive will continue to limit housing demand in the provinceespecially this year. However, a relatively mortgage policies, the B20 stress test,strong province this year. However, a relatively strong favourable demographics are likely will continueeconomy to limit and housing demand in the economy and favourable demographics are likely creating pent-up demand in the housing market. province this year.

However, relatively strong creating pent-up demand in the ahousing market.

Despite the policy-led slowdownare in housing economy and favourable demographics likely Despite the policy-led slowdown in housing demand, the BC economy continues to be highly creating pent-up demand in the housing market. demand, the BC economy continues to be highly supportive of housing demand. After treading supportive ofpolicy-led housing demand.

Afterintreading Despite the slowdown housing water in 2018, BC employment growth is expected water in 2018, BC employment growth isto expected demand, the BC economy continues be to double to 2.2 per cent this year.highly In addition, to double to 2.2 per cent this year.

In addition, supportive of demand.

After treading thehousing unemployment rate is forecast to continue the unemployment rate is forecast to continue its downward trajectory, fallingistoexpected just 4.3 per water in 2018, BC employment growth its downward trajectory, falling to just 4.3 per 2020, lowest level over a decade. to double tocent 2.2 in per centitsthis year.

In in addition, cent in 2020, its lowest level in over a decade.

Against this backdrop, population growth fueled the unemployment rate is forecast to continue Against this backdrop, population growth fueled by trajectory, immigration, as well the4.3 millenial its downward falling toasjust per generation by immigration, as well as the millenial generation entering their household-forming years, provides cent in 2020, its lowest level in over decade. entering their household-forming years,aprovides a solid underpinning to housing demand.

Against this backdrop, population growth fueled a solid underpinning to housing demand.

The inventory of homes for sale has climbed by as wellfor assale thehas millenial generation Theimmigration, inventory of homes climbed out of a cyclical low, leading to balanced market entering their household-forming years, provides out of a cyclical low, leading to balanced market conditions in many areas and buyer’s market a solid underpinning toand housing demand. conditions in many areas buyer’s market conditions in some communities and across some conditions in some communities and across some The inventory of homes sale has climbed product types.for This shift in market conditions has product types. This shift in market conditions has enabled potential home buyers to be sole out of a cyclical low,many leading to balanced market enabled many potential home buyers to be sole bidders the properties of their choice. conditions in manyof areas and buyer’s market bidders of the properties of their choice. conditions in some market communities andare across some Current conditions expected to Current market conditions are expected to provide pressure on home prices product types.

Thislittle shiftupward in market conditions has provide little upward pressure on home prices thispotential year, withhome the average annual enabled many buyers to beresidential sole this year, with the average annual residential price forecast to remain essentially unchanged, bidders of the of theirunchanged, choice. price forecast toproperties remain essentially albeit down 2 per cent to $697,000. Modest albeit down 2 per conditions cent to $697,000.

Modest to Current market are expected improvement in consumer demand is expected improvement consumer demand ishome expected provide littletoin upward pressure on prices unfold through 2020, with unit sales climbing to unfold through 2020, with unit sales climbing this year, with the cent average annual residential 15 per and the average residential price 15 per cent and the average residential price increasing 4 per cent to $726,000. price forecast to remain essentially unchanged, increasing 4 per cent to $726,000.

albeit down 2 per cent to $697,000. Modest improvement in consumer demand is expected

INSIDE

Second Quarter—June 2019 SecondSecond Quarter— June 2019June 2019 Quarter—

INSIDE

Economic Outlook ................................................ 2 Economic Outlook ................................................ 2 Vancouver Island-Coast .......................................4 Vancouver Island-Coast .......................................4 Lower Mainland-Southwest ..................................6 INSIDE Lower Mainland-Southwest ..................................6 Thompson-Okanagan ............................................8 Thompson-Okanagan ............................................8 Economic Outlook ................................................ 10 2 Northern BC .........................................................

Northern BC ......................................................... 10 Vancouver Island-Coast .......................................4 Kootenay ..............................................................12 Kootenay ..............................................................12 ...................................................................13 LowerTables Mainland-Southwest ..................................6 Tables ...................................................................13

Thompson-Okanagan ............................................8 1

1

4 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, August 15, 2019

BCREA Housing Forecast

BCREA Housing Forecast

June 2019

June 2019

THOMPSON-OKANAGAN THOMPSON-OKANAGAN MLS® home the Thompson-Okanagan MLS® home sales sales in theinThompson-Okanagan is serviced

by Okanagan the Okanagan Mainline region,region, whichwhich is serviced by the Mainline Real Estate (OMREB), the South Okanagan Real Estate BoardBoard (OMREB), the South Okanagan Real Estate (SOREB) Kamloops Real Estate BoardBoard (SOREB) and and the the Kamloops & & District Real Estate Board (KADREA), fell a combined District Real Estate Board (KADREA), fell a combined 17 per cent in 2018 and home sales across the 17 per cent in 2018 and home sales across the region continued to struggle under the weight of region continued to struggle under the weight of provincial and federal policies as well as higher provincial and federal policies as well as higher

least is is not not immediately in relative ororatatleast immediatelynoticeable noticeable in relative markettrends trends between between tax markets, it it market taxand andno-tax no-tax markets, doesseem seem to to be be having impact in the does havingaasignificant significant impact in the new-home market.

The speculation tax disrupts new-home market. The speculation tax disrupts historically important market dynamics in Kelowna, historically important market dynamics in Kelowna, where out-of-province buyers compose a significant where out-of-province buyers compose a significant share of the market. That share has been falling in share of the market. That share has been falling in recent years due to economic conditions in Alberta, recent years due economic in Alberta, but now could fallto further due toconditions the presence of the but now could fall further due to the presence of the speculation tax. speculation tax.

As we have pointed out in the past, without those the pointed large number newpast, unitswithout under those Asbuyers, we have out inofthe construction in Kelowna may selling, buyers, the large number of have new trouble units under leading to a build-up of new home inventories. construction in Kelowna may have trouble selling, That scenario could be playing out right now as leading to a build-up of new home inventories. inventories in Kelowna build due to a flood of new That scenario could be playing out right now as completions in recent months.

inventories in Kelowna build due to a flood of new completions in recent months.

interest rates.

Canadian mortgage rates rose over 100bps from

interest rates. their lows in 2017 to where they eventually peaked in 2018 as the Bank of Canada embarked on an

Canadian mortgage rates rose over 100bps from interest rate tightening cycle. The impact of higher their lows in 2017 where they by eventually interest rates,tocompounded the stresspeaked test, in 2018played as thea Bank of Canada embarked on significant role in stalling an earlyan recovery interest rate tightening cycle.

The impact of higher in home sales in the summer of 2018. interest rates, compounded by the stress test, that the Bank been forced to the playedNow a significant role of in Canada stalling has an early recovery sidelines by a slowing Canadian economy, Canadian in home sales in the summer of 2018.

mortgage rates are once again moving lower. That should hurdle ofhas qualifying under to thethe Now that the make Bank the of Canada been forced stress test a little easier, providing a boost to sales in sidelines by a slowing Canadian economy, Canadian the second half of 2019.

mortgage rates are once again moving lower. That shouldInmake the to hurdle of qualifying under the addition contending with tighter mortgage stress test little easier,CMA providing boostto tothe sales in rules,a the Kelowna is also a subject Province’s speculation the second half of 2019. tax on out-of-province buyers and vacant homes, while neighboring markets in In addition to contending withKamloops tighter mortgage the South Okanagan and are not. While the Kelowna degree to CMA whichisthe speculation is holding rules, the also subject totax the backspeculation home sales in the region is not clear, Province’s tax onOMREB out-of-province buyers

and vacant homes, while neighboring markets in 28 the South Okanagan and Kamloops are not. While

BCREA Housing Forecast

BCREA Housing Forecast

August 15, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 5

June 2019

June 2019

both the OMREB and SOREB areas, which has put some downward pressure on home prices to start both the OMREB and SOREB areas, which has put 2019. That is particularly true for the condo market some downward pressure on home prices to start in Penticton, which has seen prices trend down more 2019. particularly true for the condo market than That 10 periscent in the first quarter of 2019.

in Penticton, which has seen prices trend down more In contrast thein Okanagan, home prices in Kamloops than 10 per to cent the first quarter of 2019.

rose steadily in the first quarter of 2019 and supply in area remains low. That may change over the Inthe contrast to the very Okanagan, home prices in Kamloops nextsteadily year given the significant number of units rose in the first quarter of 2019 and under supply in construction and due complete soon.change over the the area remains verytolow.

That may

next year given the significant number of units under With demand projected to recover in 2020, and supply construction complete of both resaleand anddue newto homes set tosoon. rise, markets Absent of the impact of polices, regional home sales would likely be higher given the strength of the regional economy. The regional unemployment rate Absenthas of the polices, home salesby beenimpact falling of steadily for regional the past year, driven would strong likely be higheremployment given the strength of the full-time growth, particularly regional The regional unemployment rate in economy.

Kelowna. Moreover, demographic projections imply a coming boost housing fromby both has been falling steadily forinthe past demand year, driven and retirees. growth, particularly strongmillennials full-time employment

in Kelowna. Moreover, demographic projections Those fundamentals should translate to a recovery imply aofcoming boost in housing demand from both sales, beginning in the second half MLS® home millennials and retirees. of 2019 and through 2020. We are forecasting an 8

in the OMREB and SOREB area will trend towards

With demand projected to recover in 2020, and supply balance. That will translate to minimal change to ofaverage both resale newand homes pricesand in 2019 2020.set to rise, markets in the OMREB and SOREB area will trend towards In the more supply constrained balance.

That will translate toKamloops minimal market, changewe to ® average price to rise about 5 per cent expect the MLS average prices in 2019 and 2020. in 2019 to $411,000 and a further 1.5 per cent in 2020 as supplysupply brings constrained the KamloopsKamloops market into balance.we Inrising the more market,

expect the MLS® average price to rise about 5 per cent in 2019 to $411,000 and a further 1.5 per cent in 2020 as rising supply brings the Kamloops market into balance.

to 10 per cent decline in unit sales in OMREB and

Those SOREB fundamentals should translate to a recovery this year followed by a 9 per cent rise in sales ® of MLSnext home thewe second year.sales, In thebeginning Kamloops in area, expecthalf sales of 2019toand through 2020.

We are forecasting dip about 3 per cent in 2019, followed by an a 5 8per to 10 per in unit sales in OMREB and centcent rise decline next year.

SOREB this year followed by a 9 per cent rise in sales Home sales returning to a level more in line with next year.

In the Kamloops area, we expect sales historical averages will help to stabilize market to dip about 3 per cent in 2019, followed by a 5 per conditions at a time when supply is rising. The cent rise next year. inventory of homes for sale is up significantly in

Home sales returning to a level more in line with historical averages will help to stabilize market conditions at a time when supply is rising. The inventory of homes for sale is up significantly in

19

6 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, August 15, 2019

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E S U

O H N

E P O

OPEN HOUSE Dates & Times SCARLETT BARBER PREC*

Sat. August 24th 11-12:30 Sat. August 31st 10:30-12 143-170 Stocks Crescent, Penticton

MLS 178370

Scarlett

Barber, B.A. PERSONAL REAL ESTATE CORPORATION

778-215-0445

@sellwithscarlett scarlettbarber@remax.net www.sellwithscarlett.com

ORCHARD COUNTRY

13012 Victoria Rd N. Summerland, BC Office: 250-494-8881 Each office independently owned and operated.

HAS GONE DIGITAL!

In addition to our Real Estate Guide by the Osoyoos Times published every month in the Osoyoos Times we offer a full compliment of August 15, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 7 digital marketing solutions through our partner Digital Agency - KTW Digital.

NeedReal a fully functional realGuide estate website that gone automatically pulls MLS listings to your site? We’ve got you covered.

Our Estate has digital!

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Need a fully functional real estate website that automatically pulls MLS listings to your site? We’ve got you covered.

Already have a site but need to increase traffic? We have a large variety of digital solutions that drive traffic to your website.

REAL ESTATE WEBSITES

DIGITAL ADVERTISING

We can make sure you make great first impressions online. Take advantage of our advanced and customizable websites that include automatic MLS Listing technology - your listings will be automatically added to your webste!

Utilize the most advanced online display ads around by advertising to people that search for houses online, people that have visited your website, reading content online relative to real estate and target people in any physical location.

REAL ESTATE WEBSITES

DIGITAL ADVERTISING

We can make sure you make great first impressions online. Take advantage of our advanced and customizable websites that include automatic MLS Listing technology - your listings will be automatically added to your webste!

Utilize the most advanced online display ads around by advertising to people that search for houses online, people that have visited your website, reading content online relative to real estate and target people in any physical location.

SEARCH ENGINE OPTIMIZATION

SEARCH ENGINE MARKETING

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We can help create and manage your Google Ad Campaigns

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Make use of our advanced email automation & CRM solution

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SEARCH ENGINE MARKETING

SOCIAL MEDIA

EMAIL AUTOMATION

We can help your rank higher than your competition on Google.

We can help create and manage your Google Ad Campaigns

We can help you increase views and engagement on social platforms.

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We will provide feedback on your current strategies and provide potential solutions to help increase leads.

Terry Lynn Kovacs

EMAIL: advertising@osoyoostimes.com OFFICE: 250-495-7225

TerryALAN Lynn Kovacs CZEPIL

EMAIL: advertising@osoyoostimes.com Lawyer OFFICE: 250-495-7225

Phone: 778-476-1061

Website: www.czepillaw.ca Corporate • Commercial • Business Law • Real Estate Wills & Estate Planning • Estate Administration

WHEN YOU NEED EXPERIENCED ADVICE

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8 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, August 15, 2019

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