South Okanagan Real Estate Guide February 2020 by Oliver Chronicle

February 13, 2020

G U I D E

SOUTH OKANAGAN | BOUNDARY COUNTRY

TIMES OSOYOOS

2 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, February 13, 2020

T E A M H A RV E Y Your

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RD I B T W R O E L WALNUT SN A

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FULL OWNERSHIP RD I B T W O LER N S A

Outdoor Pool Open Year Round. Two Hot Tubs, Sauna, Steam Room. Exercise Room, Marina, Boat Rentals, 800' Private Beach and more !! Strata Fees include Hydro, Water, Air Conditioning, Cable TV, Internet, Local Telephone.

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For more information call Jim Harvey - 250-408-4696 or visit:

www.walnutbeachforsale.com

250-408-4696

Jim@outstandingrealty.ca www.outstandingrealty.ca www.walnutbeachforsale.com

Jim Harvey

AVAILABLE FOR PURCHASE A COLLECTION of 112 3 STUDIO SUITES from $120,000 Designer Suites on Osoyoos 5 ONE BEDROOM SUITES from $209,000 3 TWO BEDROOM SUITES from $259,000 Lake. These are privately CALL FOR INFORMATION owned suites with a rental Jim Harvey 250-408-4696 pool option to assist with OR VISIT: the cost of ownership. www.walnutbeachforsale.com

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250-809-1420

Two bedrooms, 2 baths - Poolside suite $259,000. Call Jim for information # 113

DESERT OASIS REALTY

pamelahass@royallepage.ca

D L SO

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 Hy-att. Located close to pool & restaurant. $57,000

MLS® 173597

Private 4.5 acres in the famous Regal Ridge area, just Approx. 3 1/2 acres zoned R-7 (high-density Own a 1/4 share of a newly renovated 1 bdrm 20 minutes east of Osoyoos. Great mountain views, dev). This development property offers great lakeview suite at Spirit Ridge Resort & Spa - part of the unbound collection by Hyatt. Unit is fully lots of trees, & wildlife. Drilled well in place. $139,000 lake views. $949,000 furnished & equipped. $34,900

D L SO

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

D L SO

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

Real Estate Guide Real Estate Guide

February 13, 2020, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 3

TIMES TIMES BY THE

OSOYOOS

BY THE

OSOYOOS

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

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8712 Main Street, Osoyoos, BC V0H 1V0 www.osoyoostimes.com • 250-495-7225 Prices & dates subject to change at discretion of KTWDigital

8712 Main Street, Osoyoos, BC V0H 1V0

4 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, February 13, 2020

ECONOMICS ECONOMICS Housing Forecast Update Mortgage Rate Forecast

First Quarter—January 2020

December 2019 had subsided, aided by three rate cuts by the US Federal Reserve, and an otherwise occupied White House taking a step back from sabre-rattling on trade tariffs. As a result, 5-year Canadian bond yields bounced back to around 1.5 per cent and Canadian mortgage rates are now experiencing a small amount of upward pressure.

HIGHLIGHTS

The outlook for home sales in 2020 is considerably brighter than the past two years. A strong recovery that began in the middle of last •yearWild helped tofor offset an uncommonly year interest rates languid• spring, and sales closed out Canadian economy: slow2019 and steady essentially unchanged from the year before. • Why is the Bank of Canada holding back? Momentum carried through to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy. We forecast 2020 MLS® unit sales will normalize M o raverage tg ag e R F o85,000 recast around their long-run ofate about units before rising to 90,700 2019units in 2021. 2020 The BC Term economyQ1 has slowed overQ4F the past Q2 Q3 Q1Ftwo Q2F Q3F Q4F years, hindered by heightened uncertainty in Primeand a faltering housing market. global trade 3.95 3.95 3.95 3.95 3.95 3.95 3.95 3.95 Rate Weaker home sales and a more stringent 5-Year consumer credit5.34 environment dragged Qualifying 5.34 5.19 5.19 5.19 5.19 5.19 5.19 Rate household consumption to a second straight MLS® year of sub-par growth, as evidenced by 5-Year sputtering retail sales. However, strong wage Average 3.60 3.16 2.86 2.87 2.89 2.95 2.95 2.95 Discounted growth and an expected rise in home prices Sales Rate should translate to higher consumption Source: Bank of Canada; BCREA Economics; Rate Spy spending as consumer confidence brightens. Note: Average five-year discounted rate is the average rate available in the at a discount from thealso posted five-year qualifying rate. Avg With market, majoroffered investment projects ramping up Price – LNG Canada being most prominent – we expect to see a modest uptick in provincial economic Mortgage Rate Outlook $ growth from an estimated 2 per cent in 2019 to Volume 2.4 per centyear in 2020. As the ends, it’s worth reflecting on how significantly

The outlook for where mortgage rates go from here is fairly clouded. While bond markets are no longer as shaken as they were six months ago, growth in the Canadian economy is still slightly below trend. Canadian monetary policy may also be tighter than necessary, given that the Bank’s US counterparts have been lowering rates and global economic risk is elevated. However, those risks seem to be already priced into bond yields and absent a change in the stance of Canadian

2019

2020F

2021F

77,349

85,290

90,700

-1.5%

10.3%

6.3%

700,397 734,000 762,200 -1.6%

4.8%

3.8%

54.2 Bil

62.6 Bil

69.1 Bil

-3%

15.6%

10.4%

Housing Starts1

Total

Single

Multiple

2019

2020F

2021F

44,932

37,700

34,500

10%

-16.1%

-8.5%

8,792

8,800

8,500

-21.2%

0.1%

-3.4%

36,140

28,900

26,000

21.7%

-20%

-10%

Canadian interest rate environment Whilethe demand is recovering, the supply ofhas changed in just twelve months. One year ago, the Canadian yield curve was homes for sale has not managed to keep pace. its usual upward sloping shape, with markets expecting New listings activity did not materially increase 2019 1 2020F 2021F gradual rate increases by the Bank of Canada. Based partlyBC Economic Outlook during the downturn in home sales, and total on those expectations, Canadian mortgage rates were Real GDP Growth (%) 2 2.4 2.6 inventory did not accumulate to the same extent climbing. However, within 8 months the yield curve in as in prior slowdowns. New home construction 2.6 1.5 1.4 Canada had inverted, bond yields tumbled, and Canadian Employment Growth (%) hit a record high for BC in 2019, adding to the mortgage rates were once again heading lower. already historically high number of units under Unemployment Rate (%) 4.7 4.8 4.7 construction. However, much of that new supply So, what happened? Most prominently, two of the worlds’ Personal Disposable Income Growth (%) 5 4.4 4.5 is still years from reaching the market. As a largest economies entered a mutually destructive trade result, market conditions around the province 2.5 2.1 2 war, which has in turn slowed global economic growth andWeekly Wage Growth (%) are tightening and home prices will likely face caused a sharp retracing of interest rate expectations. At Retails Sales Growth (%) 0.6 3.5 4 upward pressure as demand continues to firm. its most fervent point, and informed by the yield curve’s ® In 2020, we expect the MLS average price will impressive recession forecasting record, the bond market 1. Values have been estimated where data has not yet been released. Source: BCREA Economics, Statistics Canada rise 4.8 per cent to $734,000. 1. Source: BCREA Forecast; CMHC

panic pushed 5-year bond yields to just 1.13 per cent, and pulled the average 5-year mortgage contract rate well below

February 13, 2020, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 5

BCREA Housing Housing Forecast Forecast Update Update BCREA

January January 2020 2020

Housing Forecast Forecast Summary Housing Summary — — First First Quarter Quarter Board Area Area Board Victoria Victoria Vancouver Island Island Vancouver Powell River Sunshine Coast Powell River Sunshine Coast Greater Vancouver Greater Vancouver Fraser Valley Fraser Valley Chilliwack and District Chilliwack and District Kamloops and District Kamloops and District Okanagan Mainline Okanagan Mainline South Okanagan* South Okanagan* Northern Lights Northern Lights Kootenay Kootenay BC Northern BC Northern BC Total BC Total

2019 2019 6,892 6,892 1.8% 1.8%

Unit Sales Unit Sales 2020F 2020F

7,539 7,539 -10.2% -10.2% 322 322 -11.3% -11.3% 25,681 25,681 2.5% 2.5% 14,683 14,683 -1% -1% 2,809 2,809 -0.7% -0.7% 2,876 2,876 -3.6% -3.6% 7,389 7,389 -2.2% -2.2% 1,770 1,770 -6.1% -6.1% 358 358 -5.5% -5.5% 2,896 2,896 -5.5% -5.5% 4,134 4,134 -6.1% -6.1% 77,349 77,349 -1.5% -1.5%

7,300 7,300 5.9% 5.9%

2021F 2021F 7,500 7,500 2.7% 2.7%

330 330 2.5% 2.5% 30,500 30,500 18.8% 18.8% 16,500 16,500 12.4% 12.4% 2,900 2,900 3.2% 3.2% 2,950 2,950 2.6% 2.6% 7,600 7,600 2.9% 2.9% 1,850 1,850 4.5% 4.5% 360 360 0.6% 0.6% 3,000 3,000 3.6% 3.6% 4,200 4,200 1.6% 1.6% 85,290 85,290 10.3% 10.3%

350 350 6.1% 6.1% 33,700 33,700 10.5% 10.5% 17,600 17,600 6.7% 6.7% 3,000 3,000 3.4% 3.4% 3,050 3,050 3.4% 3.4% 7,700 7,700 1.3% 1.3% 1,950 1,950 5.4% 5.4% 400 400 11.1% 11.1% 3,100 3,100 3.3% 3.3% 4,400 4,400 4.8% 4.8% 90,700 90,700 6.3% 6.3%

7,800 7,800 3.5% 3.5%

7,950 7,950 1.9% 1.9%

® Average AverageMLS MLS®Price Price($) ($) 2019 2020F 2021F 2019 2020F 2021F 688,689 705,000 720,000 688,689 705,000 720,000 -1.7% 2.4% 2.1% -1.7% 2.4% 2.1%

488,848 488,848 5.1% 5.1%

363,074 363,074 0.6% 0.6% 986,797 986,797 -5.9% -5.9% 721,775 721,775 -3.5% -3.5% 522,776 522,776 1.1% 1.1% 418,846 418,846 7% 7% 524,841 524,841 0.8% 0.8% 430,516 430,516 2.9% 2.9% 257,839 257,839 2.3% 2.3% 344,351 344,351 7.2% 7.2% 310,548 310,548 5.1% 5.1% 700,397 700,397 -1.6% -1.6%

505,400 505,400 3.4% 3.4%

366,000 366,000 0.8% 0.8% 1,010,000 1,010,000 2.4% 2.4% 750,000 750,000 3.9% 3.9% 530,000 530,000 1.4% 1.4% 424,500 424,500 1.3% 1.3% 531,000 531,000 1.2% 1.2% 440,000 440,000 2.2% 2.2% 265,000 265,000 2.8% 2.8% 350,000 350,000 1.6% 1.6% 340,000 340,000 9.5% 9.5% 734,000 734,000 4.8% 4.8%

NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on January 1, 2011. NOTE: The Northern *Excluding NorthernLights LightsReal Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on January 1, 2011. *Excluding Northern Lights

520,000 520,000 2.9% 2.9%

368,000 368,000 0.5% 0.5% 1,040,000 1,040,000 3% 3% 775,000 775,000 3.3% 3.3% 545,000 545,000 2.8% 2.8% 435,000 435,000 2.5% 2.5% 543,000 543,000 2.3% 2.3% 446,000 446,000 1.4% 1.4% 270,000 270,000 1.9% 1.9% 358,000 358,000 2.3% 2.3% 352,000 352,000 3.5% 3.5% 762,200 762,200 3.8% 3.8%

BCREA Economics provides timely research, analysis and information on economic factors affecting British Columbia and its housing markets. BCREA Economics provides timely research, analysis and information on economic factors affecting British Columbia and its housing markets. The British Columbia Real Estate Association (BCREA) The British Columbia Real Estate (BCREA) is the professional association forAssociation about 23,000 isREALTORS the professional association for about 23,000 ® in BC, focusing on provincial issues that ® REALTORS in BC, focusing provincial issues 11 that impact real estate. Workingon with the province’s real impact real estate. Working withcontinuing the province’s 11 real estate boards, BCREA provides professional estate boards, BCREA economic provides continuing professional education, advocacy, research and standard ® education, advocacy, economic research and standard forms to help REALTORS provide value for their clients. forms to help REALTORS® provide value for their clients. To demonstrate the profession’s commitment To the profession’s to demonstrate improving Quality of Life in BCcommitment communities, to improving Quality of inhelp BC communities, BCREA supports policiesLife that ensure economic BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the vitality, provideprotect housing opportunities, environment, property owners preserve and buildthe environment, protectwith property owners and and safe build better communities good schools better communities with good schools and safe neighbourhoods. neighbourhoods.

Send questions and comments about the Housing Forecast to: Send questions and comments about the Housing Forecast to: Brendon Ogmundson, Chief Economist, Brendon Ogmundson, Chief604.742.2796 Economist, bogmundson@bcrea.bc.ca; bogmundson@bcrea.bc.ca; 604.742.2796 Kellie Fong, Economist, Kellie Fong, Economist, kfong@bcrea.bc.ca; 778.357.0831 kfong@bcrea.bc.ca; 778.357.0831 Additional economics information is available on Additional economics information is available on BCREA’s website at: bcrea.bc.ca. BCREA’s website at: bcrea.bc.ca. To sign up for BCREA news releases by email visit: To sign up for BCREA news releases by email visit: bcrea.bc.ca/subscribe. bcrea.bc.ca/subscribe.

Copyright British Columbia Real Estate Association. Reprinted with permission. Housing Forecast is published quarterly by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is givenquarterly to BCREA by British including the following statement: “Copyright British Columbia Realassociations Estate Association. Reprinted with permission.” ® Housing Forecast is published by the Columbia Real Estate Association. Real estate boards, real estate and REALTORS may reprint this content,

6 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, February 13, 2020

MEET

kelsi Bissonnette

250-689-2917 www.kelsibissonnette.com kelsibissonnette@gmail.com OFFICE 250-495-7441 8507A MAIN ST OSOYOOS BC V0H 1V0

Each office independently owned and operated.

ALAN CZEPIL Lawyer

Phone: 778-476-1061

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

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Building success in YOUR community

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the Osoyoos Times for $30 per insertion.

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February 13, 2020, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 7

BARB PASTERNAK REALTY SOLUTIONS Each office independently owned and operated

Spotted Lake, Osoyoos

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

MLS®177438

seebarb@gmail.com www.osoyoosrealestatehomes.com BRING OFFERS

OSOYOOS

MONEY MAKER

MLS® 181312

301 9307 62nd Ave SPACIOUS 3 Bed 2 Bath offers a great location to golf, shopping, ski, hiking and biking and lots of sunshine and warm days. 1300 sq ft. large living room dining, plus loads of kitchen counters and cupboards with pull up eating bar for additional seating and entertaining. The unit has gas fireplace and baseboard heat. Enjoy the pool in the summer and elevator for easy access. Rentals allowed. Pets allowed. No age restrictions. Pool strata fees 293.00 per mo. $299,999

MLS® 180346

NEW

OSOYOOS

OSOYOOS 8504 68th Ave. Money Maker! 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. $699,000

MLS® 178963

250-485-8081

REDUCED

11710 La Costa Lane Outstanding reno upgrades include hickory cabinets, quartz countertops, stainless steel appliances, tiled backsplashes, new lighting in kitchen! There is a double garage for your toys or man/woman shop. Views from Osoyoos Golf course to Anarchist Mtn. and south beyond Haynes Point to the American Border. The house is upper living with a unique feature of being able to drive up to the backyard. $650,000

MLS® 179357

REALTOR®

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® 172904

REDUCED

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. Hallis Road is much kinder to you in terms of snow and a very easy run to Osoyoos below the Anarchist Mountain switch back. 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, divided by the conservation buffer area for added privacy. 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

D L O S

MLS® 174316

REDUCED

RURAL

OLIVER

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

MLS® 180431

D L O S

MLS® 180384

5840 Columbia St. COUNTRY IN THE CITY! 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. $399,000

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

REDUCED

MLS® 177791

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

REDUCED

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. Ideal holding property for future off grid sustainable living. Very few large parcels like this still exist.. $779,000

8 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, February 13, 2020