Market Update

Okanagan/Shuswap Housing Market – August/September 2016

Okanagan/Shuswap Housing Market – August/September 2016

It’s been a typical late summer and early fall. Everyone was enjoying the last days of summer and vacation and now it’s back to work and school. August 2016 real estate sales were fewer across the Okanagan/Shuswap region compared to July. Overall, sales dropped about 2% last month – but don’t let that fool …

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Tougher Rules for Insured Mortgages in Canada

Tougher Rules for Insured Mortgages in Canada

This week Canada’s Finance Minister announced tougher qualifying rules for insured mortgages. As of October 17, 2016 insured buyers will qualify to borrow much less. Under the old rules, buyers could borrow more money because they could qualify for an insured mortgage using a full discounted rate for 5 years, provided they took the 5-year …

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Okanagan/Shuswap Housing Market – July/August 2016

Okanagan/Shuswap Housing Market – July/August 2016

The Okanagan/Shuswap real estate market moderated slightly in July compared to June. Fewer units sold and prices remained comparable as did days to sell but the market is still favoring the seller. The number of buyers coming to the region is higher than the number of new and active listings. Until we see some …

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EQUIFAX – New Credit Scoring System

EQUIFAX – New Credit Scoring System

  Equifax has updated its scoring system. ‘Beacon 9.0’ is touted by Equifax as the industry’s ‘leading-edge scoring system. While it maintains consistency with prior scoring criteria, it now provides refinements. These refinements reflect changes in consumer lifestyle and the market. It’s a scoring system that more effectively evaluates new prospects. It predicts the …

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New Property Transfer Tax – B.C.’s Real Estate Market

New Property Transfer Tax – B.C.’s Real Estate Market

As of August 2, 2016, any home purchased in Metro Vancouver by a foreign buyer will be subject to the Property Transfer Tax (PTT), a new 15% tax by the B.C. government. The tax legislation is part of the B.C. government’s efforts to relieve pressure on Metro Vancouver’s overheated residential real estate market, and address low …

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Okanagan/Shuswap Housing Market – May/June 2016

Okanagan/Shuswap Housing Market – May/June 2016

Breaking real estate records in the Okanagan-Shuswap! From Peachland to Revelstoke, we’re seeing rising prices and short turn-around times between listing and selling. Hard to believe a year ago the North Okanagan-Shuswap real estate market was slow. Nothing has been straight forward this past month. Multiple offer scenarios, complex negotiations, and tight timelines have …

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Okanagan/Shuswap Housing Market – April/May 2016

Okanagan/Shuswap Housing Market – April/May 2016

The real estate market is showing no signs of cooling. The BC Real Estate Association reports a 30% increase in real estate sales during April 2016 compared to April 2015. Peachland to Revelstoke, overall real estate sales of properties and homes in April 2016 climbed 40% – that’s 1,208 units compared to April 2015! …

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Okanagan/Shuswap Real Estate Market – March/April 2016

Okanagan/Shuswap Real Estate Market – March/April 2016

The spring real estate market has taken off! The phones and email are coming in 24/7. The Listing and Conveyancing departments at RE/MAX Priscilla are working at warp speed to keep-up with paper work, lying awake at night hoping nothing has been missed. It’s a bit frantic, but a welcome and exciting change from 2014 …

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Okanagan/Shuswap Real Estate Market – February/March 2016

Okanagan/Shuswap Real Estate Market – February/March 2016

It’s a perfect Okanagan/Shuswap spring. Last week you could ski and golf in the same day! Silver Star Mountain Resort saw regular fresh snow and glorious blue skies! The Alpine base was 244 cm! For Okanagan and Shuswap real estate the warmer weather brought with it some really low mortgage rates and higher consumer demand. …

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Vernon – Commercial Real Estate Update

Vernon – Commercial Real Estate Update

Commercial construction in Vernon is booming. How exciting! 2015 was the second strongest year on record for commercial construction with $110 million in building permits. Canadian Tire holds a permit worth $2.4 million dollars for its renovations at the Village Green Centre. The biggest permit of the year goes to BC Hydro. You’ve probably …

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