December 12, 2019
G U I D E
SOUTH OKANAGAN | BOUNDARY COUNTRY
TIMES OSOYOOS
2 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, December 12, 2019
T E A M H A RV E Y Your Real Estate Team for Outstanding Service
Mary Harvey Unlicensed Assistant
ROYAL LEPAGE
DESERT OASIS REALTY
OSOYOOS & OLIVER
250-408-4696
Jim@outstandingrealty.ca www.outstandingrealty.ca
Jim Harvey
Jim and Mary Harvey wish you a very Merry Christmas and an Outstanding New Year
250-809-1420
DESERT OASIS REALTY
pamelahass@royallepage.ca
MLS® 177097
MLS® 175307
Character home with some remodeling done & 65 ft A very profitable business in the heart of Osoyoos. backing onto Peanut Lake. Located in a quiet area Th is restaurant has a long history of quality food with private backyard & close to town. $417,000 and service. Including the famous Lizard Lounge & Wine Bar. $199,000
MLS® 176895
MLS® 179624
MLS® 178330 1/4 share of a newly remodeled 1 bdrm 2nd floor corner king lakeview suite with wrap around deck & soaker tub at Spirit Ridge Resort & Spa - part of the unbound collection by Hyatt. Located close to pool & restaurant. $59,000
MLS® 179170
Private 4.5 acres in the famous Regal Ridge area, just Approx. 3 1/2 acres zoned R-7 (high-density Own ¼ share of a Desirable, lakeview, fully fur20 minutes east of Osoyoos. Great mountain views, dev). This development property offers great nished and equipped 2 bdrm villa. Located at the award winning Spirit Ridge Vineyard Resort & lots of trees, & wildlife. Drilled well in place. $139,000 lake views. $949,000 Spa (operated by Hyatt). $84,000
MLS® 181521 10 Swan Cres. 2 level home with 4 bedrooms and 3 bathrooms. Fully fenced big back yard for dogs or kids. Gas furnace & central air conditioning, single car garage and additional parking. Quiet location with an easy walk to shopping $449,000
MLS® 181186 11007 Hwy 97 Panoramic view of mountains, vineyards and Osoyoos Lake from this 1/2 acre property. spacious 2 level home, 3 bdrms, den and 3 full bath. Room to garden with a variety of fruit trees also in the yard. Garage, fenced back yard and only minutes to Osoyoos. $649,000
BCREA Housing Forecast
November 2019
December 12, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 3
BCREA Housing Forecast
November 2019
ECONOMIC OUTLOOK
The BC economy, feeling the effects of a policy2018 1 2019F 2020F BC Economic Outlook driven decline in the housing market and a volatile Real GDP Growth (%) 2.4 2.0 2.4 global trade environment, is likely to post a second around Kelowna and Penticton in recent years, Although current tax policy and mortgage rules are aEmployment (millions) 2.494 2.561 2.592 consecutive year of slowing real GDP growth in combined with softer demand, has led to rising drag on demand, the favourable regional demographic Employment Growth (%) 1.1number of 2.7new units 1.2 2019. We are forecasting that the BC economy will inventory of new homes. The total factors supporting housing demand from both grow 2 per cent this year, on the heels of 2.4 per Rate (%) 4.7 market4.7 completed but unabsorbed into the now sits at4.8 millennial households and retiring baby boomers Unemployment cent growth in 2018 and nearly 4 per cent growth in Personal Disposable ($billions) its highestIncome level since 2012. 194.6 204.6 213.6 should translate to strong home sales in 2020. 2017. We expect economic growth will turn around Personal Disposable Income Growth (%) 5.9 5.1 4.4 As demand stabilizes around its long-run average, in 2020 as the housing market recovers and the Average Weekly Wage 974.8 990.5 1,015.2 markets should fall into relative balance, leading to price province benefits from a surge in non-residential Weekly Wage Growth (%) in-line with inflation. 4.1 1.0 growth that’s For that reason, we 2.5 construction investment. Retail Salesare ($billions) 86.7 89.7 price in the Okanagan forecasting the MLS® average86.0 Mainline $540,000,3.5 Retails Sales Growth area (%) will rise 1.6 per cent 2.0in 2020 to 0.8 ® average the South2.77-3.71 Okanagan will whileFixed the MLS Average 5-year Mortgage Rate price in 3.37-3.72 2.85-3.05 increase 1.8 per cent tohas $437,800. 1. Values have been estimated where data not yet been released. Source: BCREA Economics, Statistics Canada
We are forecasting MLS® sales in the Okanagan Mainline board area to rise 4.1 per cent in 2020 to 7,600 units. In the South Okanagan, we expect a 5.3 per cent increase in MLS® sales in 2020 to 1,800 units and in the Kamloops and District board area, we are Previously spendthrift BC households have turned austere projecting sales will reach 3,050 units in 2020, an over the past two years. Spending on retail goods is on increase of 5.2 per cent. pace to grow just under one per cent in 2019, the slowest growthOn ofthe retail spending since the 2009 supply side, the inventory ofrecession. listings in the Okanagan Mainline and South Okanagan were accumulating throughout most of 2019 but seemed to have plateaued in the spring months as demand recovered. However, significant new construction
22
Some of thattoslowdown is a function of increased debt In contrast the Okanagan, the Kamloops area remains servicing costs due to rising interest through 2018, deeply under-supplied. Total listingsrates in Kamloops a peaked challenge for BC’s more highly indebted in 2012 at over 2,000 total listings households. but have However, the slowdown the BCpast housing trended at half that levelinfor the threemarket years. As a has also played a major role in slowing consumption result, market conditions in Kamloops are very tight, as ® spending. tendincrease to create average reflected Home by a 30sales per cent inspin-off the MLSspending activity as new homeowners purchase furniture and price since 2014. appliances or invest in renovations. Indeed, sales at Fortunately, the and paceappliance of new home construction in the home furnishing stores as well as sales region has ramped in recent years ofKamloops building supplies have fallenup over the past twoand years. those units are now completing, addingprices much-needed Moreover, the modest decline in home has housing supply to the region. As supply gradually impacted consumption in two ways: firstly, through a increases, we expect price growth in theinKamloops “wealth-effect,” in which a small decline perceived regionleads to slow its current elevated and pacesecondly, of 7 per wealth to from a reduction in spending, cent in 2019and to 1more per cent in 2020. lower prices difficult access to credit has translated to slowing home equity extraction, a key driver of consumer spending in recent years.
BCREA Housing Forecast
November 2019
4 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, December 12, 2019
BCREA Housing Forecast While employment in BC is still on track to post impressive growth, the once-robust provincial labour market has recently shown signs of weakening. Since the spring, Although tax policy and mortgage rules are a employment in current BC contracted four consecutive months, drag25,200 on demand, favourable demographic shedding jobs inthe all—about halfregional of which were factors supporting demand from full-time positions. Thosehousing job losses pushed theboth provincial millennial households and retiring baby boomers unemployment rate up from its 2018 low of 4.2 per cent to should translate tothe strong sales in 2020. just under 5 per cent by endhome of September. Indicators of business investment are somewhat mixed. Imports of machinery and equipment trended lower, suggesting less investment in capital equipment. However, construction intentions for BC are very strong, reflecting major project spending scheduled in the near-term. An overall slowing of domestic demand has been exacerbated by the ongoing drama of global trade. The volatility around US-China trade relations has the potential to seriously threaten economic growth globally. Rising trade tensions between the United States and China feed growing fears of a global economic slowdown. Those fears pulled long-term Canadian interest rates low enough to invert the Canadian yield curve—a frequent, though not infallible, pre-cursor to recession. While the ultimate ® resolution of the trade war remains uncertain, the impact sales in the Okanagan We are forecasting MLS on demand from BC’sarea most trading Mainline board toimportant rise 4.1 per cent inpartners 2020 to has been clearly negative. 7,600 units. In the South Okanagan, we expect a 5.3 per cent increase in MLS® sales in 2020 to 1,800 units and in the Kamloops and District board area, we are projecting sales will reach 3,050 units in 2020, an increase of 5.2 per cent.
November 2019 stress test. While the Bank of Canada has not yet followed the US Federal Reserve in lowering its policy rate, the dramatic fall in Canadian bond yields has translated to around Kelowna and Penticton in recent years, sustained sub-3 per cent 5-year mortgage rates. Rising combined with softer demand, has led to rising home sales and a firmer outlook for home prices should inventory of newconsumer homes. The total number new units help turn around confidence andof perhaps spur completed but unabsorbed into the market now sits at households to pick up spending. its highest level since 2012. Although the pace of housing starts is anticipated to As demand around its long-runand average, slow over thestabilizes next year, both residential nonmarkets should fall into relative balance, leading to price residential construction investment remains strong. growth starts that’s in-line inflation. thathigher reason, we Housing in the with province wereFor much than ® average inas thesome Okanagan are forecasting the MLS anticipated through the first half ofprice 2019, Mainline area will rise 1.6 per cent in 2020 toarea $540,000, construction activity in the Metro Vancouver was ® average price in the South Okanagan while the MLS pushed forward to avoid higher development costs will increase 1.8implemented per cent to $437,800. slated to be in the back half of the year. That surge in new home construction kept the total In contrast to the Okanagan, the Kamloops area remains number of units under construction at a record high, deeply under-supplied. Total listings in Kamloops despite an uptick in the pace of completions. Moreover, peaked in 2012 at over 2,000 total listings but have non-residential construction has surged with major trended at half that level for the past three years. As a projects like LNG Canada now underway. The volume of result, market conditions in Kamloops are very tight, as non-residential building permits is up over 30 ®per cent for reflected by a 30 per cent increase in the MLS average the second consecutive year in 2019, while construction price since 2014. investment spending has rocketed up 50 per cent since the beginningthe of 2018. Fortunately, pace of new home construction in the Kamloops region has ramped up in recent years and those units are now completing, adding much-needed housing supply to the region. As supply gradually increases, we expect price growth in the Kamloops region to slow from its current elevated pace of 7 per cent in 2019 to 1 per cent in 2020.
On the supply side, the inventory of listings in the Okanagan Mainline and South Okanagan were accumulating throughout most of 2019 but seemed to have plateaued in the spring months as demand recovered. However, significant new construction
While the BC economy faces some headwinds, there are many reasons to be optimistic about the future. The worst of the 2018 housing shock appears to be behind us, and a recovery of home sales is underway. That recovery has been aided by a sharp reversal in borrowing costs since early 2019, providing at least minor relief from the B20
The BC economy has weathered significant shocks over the past two years but looks to emerge in relatively good shape. Economic growth, while far from the enviable 3 per cent plus of recent years, has fallen back to its longterm trend. A rebound in consumer spending in 2020 along with well-timed construction investment should help push real GDP growth to 2.4 per cent next year. Copyright British Columbia Real Estate Association. Reprinted with permission.
13
BCREA Housing Forecast
November 2019
December 12, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 5
BCREA T h o mHousing p s o n - Forecast Okanagan
November 2019
MLS® Unit Sales Okanagan Mainline Real Estate Board
2018
%
7,559
-18.3
2019F 7,300
% -1.4
2020F
%
7,600
4.1
Single Detached 3,820 -19.3 3,650 -4.5 3,840 5.2 around Kelowna and Penticton in recent years, Although current tax policy and mortgage rules are a Apartment -15.5 1,470 -8.2has led to rising 1,500 2 with softer demand, drag on demand, the favourable regional demographic1,601 combined total number of1,800 new units Townhouse factors supporting housing demand from both 1,639 inventory -19.6 of new homes. 1,735 The5.9 3.7 completed but unabsorbed into the market now sits at millennial households and retiring baby boomers South Okanagan Real Estate Board 1,885 its-22.4 1,710 1,800 5.3 highest level since 2012. -9.3 should translate to strong home sales in 2020. Single Detached 1,016 -23.0 960 -5.5 1,000 4.2 As demand stabilizes around its long-run average, Apartment 363 -19.2 320 -11.8 330 3.1 markets should fall into relative balance, leading to price Townhouse 314 growth -27.5 that’s in-line with 280inflation. -10.8 For that reason, 330 we17.9 are forecasting the MLS® average price in the Okanagan Kamloops & District Real Estate Assoc. 2,984 -10.8 2,900 -2.8 3,050 5.2 Mainline area will rise 1.6 per cent in 2020 to $540,000, Single Detached 1,811 while -14.1 1,800price-0.6 1,900 will 5.6 in the South Okanagan the MLS® average to $437,800. Apartment 355 increase -3.5 1.8 per cent 325 -8.5 350 7.7 Townhouse
394 In -13.6 370 -6.1 2.7 contrast to the Okanagan, the Kamloops area380 remains Total % listings in Kamloops 2018 deeply % under-supplied. 2019F 2020F
MLS® Average Price Okanagan Mainline Real Estate Board
$
Single Detached
$
Apartment
$
Townhouse
%
peaked in 2012 at over 2,000 total listings but have 521,206 5.5 $ 531,500 1 $ 540,000 1.6 trended at half that level for the past three years. As a 655,663 result, 5.3 market $ conditions 654,000 in Kamloops -0.3 $are very 662,000 tight, as1.2 ® average1.9 per cent increase 322,752 reflected 2.9 by$a 30 343,500 6.4 in the $ MLS 350,000 price since 2014. 495,617 11.2 $ 490,000 -1.1 $ 496,000 1.2
$ We are forecasting MLS sales in the Okanagan of new 2.8 home construction in the1.8 South Okanagan Real Estate Board $ 418,422 Fortunately, 4.6 $the pace 430,000 $ 437,800 Mainline board area to rise 4.1 per cent in 2020 to Kamloops region has ramped up in recent years and Detached 4.4 $ 538,000 1.2 $ 540,000 0.4 7,600 units. In Single the South Okanagan, we expect a$ 5.3 531,630 those units are now completing, adding much-needed per cent increase in MLS® sales in 2020 to 1,800$units284,456 housing Apartment 10.5 supply $ to295,000 $ gradually 301,000 2 the region.3.7 As supply and in the Kamloops and District board area, we are we price growth Townhouse $ 358,756 increases, 2.4 $ expect 381,000 6.2 in the $ Kamloops 385,000 1 projecting sales will reach 3,050 units in 2020, an region to slow from its current elevated pace of 7 per Kamloops & District increase of 5.2 per cent. Real Estate Assoc. $ 390,668 cent7in 2019$to 1 418,000 7 $ 422,000 1 per cent in 2020. ®
Single Detached $ 465,721 On the supply side, the inventory of listings in the Apartment 243,986 Okanagan Mainline and South Okanagan were $ accumulating throughout Townhousemost of 2019 but seemed $ 344,866 to have plateaued in the spring months as demand Housing Starts 2018 recovered. However, significant new construction Kelowna CMA 2,555 Single
$
475,000
2
$
493,000
3.8
12.8
$
279,500
14.6
$
283,500
1.4
3.2
$
363,000
5.3
$
370,000
1.9
2019F
%
2020F
%
% -28.6
2,060
-19.4
2,030
-1.5
618
-33
475
-23.1
480
1.1
1,937
-27
1,585
-18.2
1,550
-2.2
602
7.7
390
-35.2
360
-7.7
Single
168
6.3
100
-40.5
90
-10
Multiple
434
8.2
290
-33.2
270
-6.9
1,220
85.4
540
-55.7
495
-8.4
Single
307
-6.4
240
-21.7
220
-8.5
Multiple
913
176.7
300
-67.1
275
-8.3
Multiple Penticton CMA
Kamloops CA
216
9.3
TIMES BY THE
6 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, December 12, 2019
OSOYOOS
HAS GONE DIGITAL! Our Real Estate Guide 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 digital marketing solutions through our partner Digital Agency - KTW Digital.
Real Estate Guide
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.
TIMES BY THE
OSOYOOS
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.
HAS GONE DIGITAL!
Our Real Estate Guide 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 digital marketing solutions through our partner Digital Agency - KTW Digital. ENGINE MARKETING MEDIA EMAIL AUTOMATION SEARCH OPTIMIZATION Need a fully ENGINE functional real estate websiteSEARCH that automatically pulls MLS listings to yourSOCIAL site? We’ve got you covered. We can help your rank higher than your competition on need Google.to increase Already have a site but
We can help create and manage your We can help you increase views and Make use of our advanced email Google Ad Campaigns engagement on social platforms. traffic? We have a large variety of digital solutions that drive traffic to yourautomation website. & CRM solution
Interested in Learning More?
Reach out and schedule a FREE digital Audit.
We will provide feedback on your current strategies and provide potential solutions to help increase leads. 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.
ALAN CZEPIL Lawyer
Phone: 778-476-1061
ADVERTISE in our Corporate • Commercial • Business Law • Real Estate BUSINESS DIRECTORY Wills & Estate Planning • Estate Administration Contact Terry-Lynn SEARCH ENGINE MARKETING SOCIAL MEDIA 250-495-7225 EMAIL AUTOMATION WHEN YOU NEED OPTIMIZATION EXPERIENCED ADVICE SEARCH ENGINE Terry Lynn Kovacs 8712 Main Street, Osoyoos, BC V0H 1V0 Website: www.czepillaw.ca
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December 12, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 7
8 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, December 12, 2019
BARB PASTERNAK REALTY SOLUTIONS Each office independently owned and operated
Spotted Lake, Osoyoos
MLS® 172111 MLS®172111
REALTOR®
8507 Main St, Osoyoos, BC Office: 250-495-7441 Toll free: 1 866 495 7441 Fax: 250-495-6723
REDUCED
250-485-8081
seebarb@gmail.com www.osoyoosrealestatehomes.com
MONEY MAKER
MLS® 179357
OSOYOOS
OSOYOOS 11710 La Costa 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. $650,000
MLS® 177791
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. $699,000
NEW
REDUCED
MLS® 181312
MLS® 177717
D L O S
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. $210,000
MLS® 180346
NEW
301 9307 62nd Ave 3 Bed 2 Bath, 1300 sq ft Rentals allowed. The unit has gas fireplace and baseboard heat. Pet allowed no age restrictions. Pool strata fees 293.00 per mo. $319,000
MLS® 178599
REDUCED
OSOYOOS
OSOYOOS 30-7600 Cottonwood Dr BEAUTIFUL PRIVATE WATERFRONT 2 B/R & den, 2 bath, end unit townhouse. Upstairs is HUGE Master & Guest room both with ensuite bathrooms, laundry, & nook style den/office or separate for bedroom. Easy to rent in the winter and monthly rentals allowed, pets welcome, no age restrictions. Upgraded floors, bathrooms, and appliances, newly painted, and shows very well. $424,000
MLS® 177216
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® 180431
MLS® 174316
REDUCED
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, Additional detached 3 car insulated and heated workshop. $675,000
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. $329,000
MLS® 178963
REDUCED
MLS® 172904
RURAL
RURAL
RURAL
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!! $199,000
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
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
NEW
OSOYOOS 8043 Vedette Dr. PRICED BELOW ASSESSED VALUE! FAMILIES WELCOME! LOCATED ON PEANUT LAKE. in Sunny Osoyoos. Great place for young professionals, artists, and persons who love to meditate and do yoga. Provides you with 3 private decks, covered carport, storage shed and 2 car tandem parking. Over 1600 Sq ft of living space on 3 levels. Nice sized laundry and storage in the walkout basement. Two Pets allowed no rentals, no age limit. $259,998
MLS® 180384
NEW
D L O S OLIVER
5840 Columbia St. COUNTRY IN THE CITY! This home checks all the boxes,town water and sewer huge 7841 sq ft lot. of all useable private space 20 x 30 detached shop, with additional 10 x 12 fully insulated shed. Parking for RVs, Boats, Trailers in secure fully fenced gated yard. The house has some hardwood floors 4 bedrooms, 3 baths.kitchen has been updated with well kept custom cabinets. $399,000