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 …

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 …

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! …

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 …

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. …

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 …

We have seen a few Chinese investors checking out the North Okanagan and Shuswap… Listening to our RE/MAX network in the U.S. we do know is Chinese Buyers have been active in California over the last three to four years. Top Realors report most Chinese Buyers are looking for strong investment opportunities first and …

The North Okanagan real estate market ended 2015 on a low note. Here’s an overview of what sold, who bought and who didn’t buy in 2015 – and what’s ahead for 2016. North Okanagan Real Estate Sales and Listing Statistics Multiple Listing Service (MLS) sales in our zone were 4.7% lower in 2015 compared to …

Wildly diverse Okanagan and Shuswap real estate markets Oil prices received a beating this year, but BC is experiencing a strong economy and housing demand in most (not all) BC communities has been strong. Rock bottom mortgage interest rates and vigorous population growth are providing a strong foundation and boosting confidence. Year-to-date, Okanagan Mainline …

Fall 2015 – A Disappointing Real Estate Market We are well into the fall market. Kelowna is having a record year. While we are still busy to the north in Vernon, the actual sales activity in the Okanagan-Shuswap is best described as ‘disappointing’. You might not know it from the news reports, but the …