South Okanagan Real Estate Guide October 2019

October 17, 2019

G U I D E

SOUTH OKANAGAN | BOUNDARY COUNTRY

TIMES OSOYOOS

2 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, October 17, 2019

00

$9

,0 8 9

Bob Granholm

657 Raven Hill Rd HEY, FOR THE COWBOY AT HEART! This newer attractive southwest style Santa Fe 3 bedroom Home is located on 11.4 acres approximately 20 minute drive east of Osoyoos. This is an ideal horse property since it already has an established 4 stall barn (30’x40’) with tack room, hay storage and shelter. There are fenced irrigated pastures, a riding arena (70x180) with land for riding just down the road. For the hobbyist there is a large shop. (25’x40’) The home has a great view to the east, of mountains and the valley. As a bonus, 9 mile creek crosses the property! The layout of the home uses an open floor design with high ceilings and is decorated in a western theme to provide a desirable and comfortable atmosphere.

To complete the package, there are nicely appointed Spanish court yards surrounding the home.

MLS 180094

REMAX Wine Capital Realty 250-983-3372 • rbgtroper@gmail.com

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 October 17, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 3 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!

Already to have site but needGuide to increase WeTimes have a published large variety of digital solutions drive traffic website.

In addition oura Real Estate by thetraffic?

Osoyoos every month in the that Osoyoos Timesto weyour offer a full compliment of digital marketing solutions through our partner Digital Agency - KTW Digital.

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

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

We can help create and manage your Google Ad Campaigns

SOCIAL MEDIA

EMAIL AUTOMATION

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

Make use of our advanced email automation & CRM solution

Interested in Learning More?

SEARCH ENGINE OPTIMIZATION

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.

Make use of our advanced email automation & CRM solution

Reach out and schedule a FREE digital Audit.

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

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.

Terry Lynn Kovacs

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

Terry Lynn Kovacs

ALAN 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

Prices & dates subject to change at discretion of KTWDigital

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 www.osoyoostimes.com • 250-495-7225

ADVERTISE in our BUSINESS DIRECTORY Contact Terry-Lynn 250-495-7225

View our latest Real Estate Guide at: www.osoyoostimes.com

4 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, October 17, 2019

ECONOMICS ECONOMICS

Housing Forecast Update

Housing Forecast Update September 2019

September 2019

B C HOM E SALES SET TO N ORMAL IZ E I N 2 02 0

BC H OME SALES S E T T O N ORM A L IZ E I N 2 0 2 0 The BC housing market appears to be stabilizing a year and a halfappears of volatility induced by Theafter BC housing market to be stabilizing thea B20 stress test andinduced other policy after yearmortgage and a half of volatility by ® measures.

Total MLS unit sales are on pace the B20 mortgage stress test and other policyto finish 2019 at just under units, a 5 per cent measures.

Total MLS® unit 75,000 sales are on pace to decline from 2018. Home sales posted a sharp finish 2019 at just under 75,000 units, a 5 per cent rebound over the summer, buttressed by strong decline from 2018. Home sales posted a sharp employment growth and a decline in mortgage rebound over the summer, buttressed by strong rates. We expect that most markets will normalize employment growth and a decline in mortgage around long-term averages in 2020, with total rates.

We expect most82,710 markets will normalize provincial salesthat reaching units.

around long-term averages in 2020, with total Growth in the BC economy is projected to slow provincial sales reaching 82,710 units.

for a second consecutive year in 2019. A policy-

Growth inslowdown the BC economy is projected to slow driven in housing activity, a challenging for global a second consecutive year incautious 2019. A consumer policytrade environment and driven slowdown in housingreal activity, a challenging spending have provincial GDP on pace to grow at about 2.2 per cent this year. Our baseline global trade environment and cautious consumer forecast is forprovincial slightly improved spending have real GDPeconomic on pace growth to at 2.5 per cent 2020, asthis spending on LNG grow at about 2.2inper cent year. Our baseline projects ramp up and the impacts of restrictive forecast is for slightly improved economic growth mortgage credit beginastospending fade. There at 2.5 per cent in 2020, onremains LNG significant downside risk around this forecast, projects ramp up and the impacts of restrictive however, given the uncertain economic outlook in mortgage credit begin to fade. There remains the United States. significant downside risk around this forecast, Housing starts in uncertain the province were much higher however, given the economic outlook in than anticipated through the first half of 2019 as the United States.

some construction activity in the Metro Vancouver Housing starts in the province were much higher area was pushed forward to avoid higher than anticipatedcosts through thetofirst half of 2019 as development slated be implemented in some construction activity in the Metro Vancouver the back half of the year. While we do expect the area wasofpushed forward to avoidtohigher pace new home construction moderate, development costs slated to be implemented the large pipeline of units under constructionin theensures back half of markets the year.will While we supplied do expect that be well in the pace new home construction to moderate, theofshort-run.

A recovery in home sales has the accumulation of resale inventory, theslowed large pipeline of units under construction with active listings still shortsupplied of the previous ensures that markets willwell be well in in 2012. leaves conditions thepeak short-run.

A That recovery inmarket home sales has at the provincial level essentially balanced with little slowed the accumulation of resale inventory, upward on well prices.

We of anticipate that with active pressure listings still short the previous ® price will decline 2.3 per cent theinMLS peak 2012.average That leaves market conditions at in 2019 before rising modestly by 3.2 per cent to the provincial level essentially balanced with little $718,000 in 2020.

upward pressure on prices. We anticipate that the MLS® average price will decline 2.3 per cent

MLS®

2018

2019F

2020F

Housing Starts1

MLS®

78,505 2018

74,780 2019F

82,710 2020F

-4.7%

10.6%

Housing 40,857 41,100 2018 2019F33,500 2020F Starts1 Total

Sales

Sales

-24.3%

78,505

74,780

82,710

Avg Price

711,646 695,500 718,000

Avg

55.9 Bil

52 Bil

0.4%

-6.9%

$ Price Volume

-24.3% 0.4%

-4.7%

-2.3%

1. Source: BCREA Forecast; CMHC

$ Volume

-2.3%

59.4 Bil

-24.1%

-6.9%

14.2%

BC Economic Outlook

1. Source: BCREA Forecast; CMHC

41,100

33,500

8,900

8,500

-9.6%

-20.3%

-4.5%

-6.4%

0.6%

11,163

8,500

-20.3%

-4.5%

29,694

32,200

25,000

-5.2%

8.4%

-22.4%

32,200

-9.6%

-5.2%

Multiple

2018 1

-18.5%

8,900

29,694

Single

3.2% Multiple

52 Bil

-18.5%

11,163

14.2%

55.9 Bil

2020F

0.6%

40,857

Total

3.2%

59.4 Bil

2019F

-6.4%

10.6% Single

711,646 695,500 718,000

-24.1%

2018

25,000

8.4%

2019F

2020F

Real GDP Growth (%)

2.4

BC Economic Outlook Employment Growth (%)

2018 1.1

Real GDP Growth (%)(%) Unemployment Rate

4.72.4

4.5 2.2

4.3 2.5

Employment GrowthIncome (%) Growth (%) Personal Disposable

4.41.1

3.7 3

4.2 1.5

Unemployment Rate(%) (%) Weekly Wage Growth

4.14.7

0.5 4.5

2.1 4.3

2 4.4

1.5 3.7

3.5 4.2

Retails Sales Growth (%) Personal Disposable Income Growth (%)

2.2

-22.4%

1

2.5

32019F

1.52020F

1. Values have been estimated where data has not yet been released.

Weekly Wage Growth (%) 4.1 0.5 2.1 Source: BCREA Economics, Statistics Canada Retails Sales Growth (%)

2

1.5

3.5

October 17, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 5

BCREA Housing Forecast Update

September 2019

Housing Forecast Summary — Third Quarter Unit Sales

Average MLS® Price ($)

2018

2019F

2020F

2018

2019F

2020F

Victoria

6,770 -20%

6,700 -1%

7,200 7.5%

700,630 7.3%

680,500 -2.9%

682,000 0.2%

Vancouver Island

8,391 -16%

7,700 -8.2%

8,100 5.2%

465,124 7.8%

488,200 5%

505,400 3.5%

Powell River Sunshine Coast

351 -13%

300 -14.5%

330 10%

359,047 13.3%

360,000 0.3%

366,000 1.7%

Greater Vancouver

25,051 -32%

24,500 -2.2%

28,500 16.3%

1,048,435 1.6%

990,000 -5.6%

1,010,000 2%

Fraser Valley

14,837 -31%

13,700 -7.7%

15,400 12.4%

747,725 6.5%

716,000 -4.2%

727,000 1.5%

Chilliwack and District

2,829 -29%

2,600 -8.1%

2,800 7.7%

516,843 11.2%

530,000 2.5%

536,000 1.1%

Kamloops and District

2,984 -11%

2,750 -7.8%

2,900 5.5%

390,668 7%

421,000 7.8%

427,000 1.4%

Okanagan Mainline

7,559 -18%

7,200 -4.7%

7,600 5.6%

521,206 5.5%

527,100 1.1%

534,200 1.3%

South Okanagan*

1,885 -22%

1,800 -4.5%

2,000 11.1%

418,422 4.6%

430,000 2.8%

437,800 1.8%

379 -12%

360 -5%

380 5.6%

252,060 1.7%

258,700 2.6%

262,000 1.3%

Kootenay

3,065 -6%

2,870 -6.4%

3,000 4.5%

321,123 4.6%

343,100 6.8%

346,400 1%

BC Northern

4,404 2.6%

4,300 -2.4%

4,500 4.7%

295,427 7.8%

311,000 5.3%

323,300 4%

78,505 -24.3%

74,780 -4.7%

82,710 10.6%

711,646 0.4%

695,500 -2.3%

718,000 3.2%

Board Area

Northern Lights

BC Total

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

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) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

Send questions and comments about the Housing Forecast to: Brendon Ogmundson, Deputy Chief Economist, bogmundson@bcrea.bc.ca; 604.742.2796 Kellie Fong, Economist, kfong@bcrea.bc.ca; 778.357.0831 Additional economics information is available on BCREA’s website at: www.bcrea.bc.ca.

To sign up for BCREA news releases by email visit: www.bcrea.bc.ca/news-and-publications/publications/ manage-subscriptions.

“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,

6 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, October 17, 2019

October 17, 2019, SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE 7

Spectacular Okanagan Valley Lakeside Homes The Cottages exempt f is BC’s Vacarom t Home Taxion

Act now for best selection on remaining homes The word is out that The Cottages on Osoyoos Lake is the best year-round new home community in the Okanagan Valley.

The Cottages includes a community centre with a gym, two pools and hot tubs as well as our private sandy beach and boat slips, there’s something for everyone. With over 220 homes sold, the remaining opportunities won’t last long.

With eight different home plans to choose from ranging in size from our modest 1,300 sf meadow homes to the exclusive 3,000 sf Meritage plan, there really is the perfect home for you.

We have several unique homes under construction and all homes can be customized to suite your needs. Please contact our sales team at 1.855.742.5555 or visit our website for a full tour.

Don’t miss this final opportunity to own a piece of paradise on Osoyoos Lake!

Visit our Display Homes » 2450 Radio Tower Road, Oliver, BC See website for open hours.

1.855.742.5555 osoyooscottages.com

8 SOUTH OKANAGAN • BOUNDARY COUNTRY REAL ESTATE, October 17, 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

REDUCED

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

REDUCED

MLS® 179237

MLS® 177717

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® 175845

8604 Gala Cres. LAKE AND MOUNTAIN VIEWS! Open concept dining opening onto a sizeable deck that wraps around part of the house. 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! $749,000

MLS® 178599

REDUCED

REDUCED

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 and one small pet. $369,000

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. $339,000

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

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