August Real Estate Statistics

Our Real Estate Market Update!

As the first day of fall approaches, we hope that you are looking back on a restful summer filled with many special, memories.

The bank of Canada left its target for the overnight rate unchanged at 1.75 per cent on Wednesday September 4th. The Bank noted tensions between the US and China has resulted in weakened business investment, lower commodity prices and heightened global risk. Overall, the Bank judges that the economy is operating close to its potential and inflation is in line with its target.

SUMMERLAND, BC

The month of August saw 45 new properties put on the market in Summerland which is down from the 67 that were listed last August.

Year-to-date we are pretty much on target with last year with 440 new
properties being listed for sale in comparison to the 447 that were listed
this time last year. There are currently 250 properties available for sale at this time in Summerland.

23 properties traded hands last month which is up considerably from
the dismal 5 sales that occurred last August.
Year-to-date there have been 162 sales occur in Summerland which is down just a mere 4% from last year.

We hope that you are well and we are here for all things real estate, should you need us…. now where is my sweater?

Interesting Numbers

Single Family Residential
Average Sale Price
$707,296

Condo
Average Sale Price
$295,526

Townhome
Average Sale Price
$306,083

UPCOMING EVENTS IN SUMMERLAND:

  • SUMMERLAND FALL FAIR September 7th 9:00AM-5:00PM
    Pioneer Workshop, Demonstrations, Petting Zoo, Live Music, Food Courtyard, Kids Crafts and Banquet Hall Adventure.
  • TEST OF HUMANITY September 15
    This is it! The final ToH race will be on Sept 15th, 2019 Check out new Golde Years categories in the 4 Hr Test! Once again our good friends at Schoenne Homes have donated two tickets to anywhere in North America and the winner of the tickets will be determined by a draw on race day. 1
  • GRAPE AND SPILLAGE September 27 10:00AM
    Saxon Winery is having a Grape Stomp Friday September 27 2019! You are welcome to participate or spectate! We are hosting a grape stomping event where you get to experience what it’s like to press grapes with your feet, like it was done before technology.
  • SUMMERLAND SWEETS KID’S RACE September 29th 10:00AM- 1:00PM
    A stunning race with sweeping views of the valley. Run along the KVR trail and a short sand hill climb “the vertical beach.” How to get to the Summerland Rodeo Grounds.

PENTICTON, BC

The month of August saw 174 new properties put on the market in Penticton which is up from the 152 that were listed last August.

Year-to-date there have been 1288 properties listed which is down 3% in comparison to the 1328 that were
listed this time last year. There are currently 640 properties available for sale at this time in
Penticton. 76 properties traded hands last month which is down 14% from the 89 sales that occurred last August. Year-to-date there have been 631 sales taken place in Penticton which is down 17% from last year.

Interesting Numbers

Single Family Residential
Average Sale Price
$544,011

Condo
Average Sale Price
$311,205

Townhome
Average Sale Price
$332,307

UPCOMING EVENTS IN PENTICTON:

  • TAILGATE PARTY Sept 14th, 6:30 – 9:00PM
    The Annual Naramata Tailgate Party,Naramata Bench Wineries Association, At the Naramata Heritage Inn.
  • BROOKLYN NINE-NINE TRIVIA NIGHT Sept 28th, 7:30PM Join us as Tremendous Trivia presents the Okanagan’s First Ever Brooklyn Nine-Nine Trivia Night! The show will be held at The Barley Mill in Penticton
  • 8th ANNUAL DRIVE THRU BREAKFAST Sept 26th, 6:30AM – 9:00AM
    Drive thru and show your local love to support over 3000 vulnerable people in your community! Donate. Dig in!!
  • MEAT STOCK Sept 27, 6:00PM – 9:00PM
    Enjoy a meat feast extraordinaire at our ‘Meat Stock’, an evening of meats, delicious sides and great wine! $100.00 a ticket,
  • PENTICTON FARMERS’ MARKET Every Saturday 8:30AM – 1:00PM
    On the 100 block of Main Street you can find farm fresh veggies & fruits, eggs, honey, baking, preserves and handmade crafts – all grown or produced in the South Okanagan.

OSOYOOS:

The month of August saw 57 new properties put on the market in Osoyoos which is down from the 65 that were listed last August. Year-to-date there have been 554 new properties listed which is down 6% in comparison to the 593 that were listed this time last year.

There are currently 517 properties available for sale at this time in Osoyoos. 12 properties traded hands last
month which is down 45% from the 22 sales that occurred last August. Year-to-date there have been 151
sales take place in Osoyoos down 38% from last year.

Interesting Numbers

Single Family Residential
Average Sale Price
$624,519

Condo
Average Sale Price
$276,105

Townhome
Average Sale Price
$599,473

UPCOMING EVENTS IN OSOYOOS:

  • LOBSTER ON THE BEACH September 14
    Dinner, live auction, music, 50/50 draw, heads or tails, $6.00 coctails. Tickets are $75.00 each.
  • END OF SUMMER DANCE PARTY September 14
    TICKETS $15 CALL: (250) 495-7447! Lets dance dance dance the night away to the South Okanagan’s best dance band
  • OSOYOOS FALG RACE September 21
    All heats will have teams racing towards their colored flag. Each team will have a minimum of three races throughout the day
  • ANNUAL WINEMAKERS DINNER September 28
    Enjoy the bounty Fall brings in the Okanagan. Join our winemaking team, including Randy Picton & Justin Hall as we enjoy a five-course dinner prepared by Winery Chef Orlin Godfrey
  • MARKET ON MAIN Every Saturday 9:00AM-1:00PM
    Products that are made local and grown local, so you can buy local. This includes a variety of artisan crafts, local fruits and vegetables and wine/cider/beer/spirits.

OLIVER:

The month of August saw 41 new properties put on the market in Oliver which is up from the 34 that were listed last August. Year-to-date 352 new properties were
listed for sale which up 3% in comparison to the 341 that were listed this time last year.

There are currently 225 properties available for sale at this time in Oliver. 14 properties traded hands last month which is down a whopping 41% from the 24 sales that occurred last August. Year-to-date there have been 139 sales take place in Oliver which is down 31% from last year.

Interesting Numbers

Single Family Residential
Average Sale Price
$427,288

Condo
Average Sale Price
$204,492

Townhome
Average Sale Price
$299,371

UPCOMING EVENTS IN OLIVER:

  • TINHORN CREEK CONCERT September 14
    The folks at Tinhorn Creek are BIG music fans and coincidentally, they have a large amphitheater on site. Since they like to host the occasional get-together, it seems fairly logical to use this outdoor space in support of some great Canadian bands. Kick off your shoes and dance the night away this summer!!
  • YOGA TEACHER TRAINING September 20
    The Yoga Teacher Training Certificate Program is offered over 12 Modules, beginning in September. Classes are held Friday, Saturday and Sunday, unless otherwise noted. Each weekend combines practice, theory, and lecture and is highly experiential practice.
  • HOME HARDWARE FREAK’N FARMER ADVENTURE OBSTACLE RACE September 21
    Congrats you’ve found the world-famous Okanagan Home Hardware Freak’n Farmer Adventure Obstacle Race. Test your metal and find out why this event has been featured on Amazing Race Canada!
  • DINNER WITH THE BACKYARD FARM September 28
    Join us in our Executive Lounge for a spectacular evening that pairs Road 13’s artisan wines with a sumptuous four course meal prepared by Backyard Farm.
  • MARKET ON MAIN OSOYOOS Every Saturday 9:00AM-1:00PM
    Products that are made local and grown local, so you can buy local. This includes a variety of artisan crafts, local fruits and vegetables and wine/cider/beer/spirits.

Max 2020 Rent Increase 2.6%

Today the Residential Tenancy Branch (RTB) released 2020’s maximum rent increase percentage as 2.6%. In their release, the RTB sets out the rent increase and speaks to their commitment to improving the
outdated and underutilized above regulation rent increase process that is currently in place.

Since September of 2018 the RTB has engaged LandlordBC in a robust series of conversations on what
needs improvement regarding the current system of above regulation rent increase. Primarily this conversation has focused on creating a system whereby landlords can apply for additional increases to cover capital expenditures.

We will continue to keep our members informed on any developments on this front. Like many processes in this industry there is a mandatory government form, notice period and timeframe that must be considered.

Check out our latest post here.

Not intended to solicit properties currently listed for sale or under contract. Each office independently owned and operated. August 31st, 2019 MLS® Statistics provided by SOREB and BCREA.

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