shuswap Archives

Okanagan/Shuswap Real Estate Statistics – May/June 2017

Spring is normally busy for the real estate market with sales increasing in May over April. This year was no different, with sales 38% higher than April – but 6% lower than May 2016. Real estate listing inventory shortage may be easing slightly, but rising prices, short turn-arounds of home sales and the ratio of [&hellip

Where are the real estate buyers coming from?

It’s a hot topic of conversation amongst sellers and the team at Priscilla & Company, ‘Where are the buyers actually coming from?’. Spring is normally busy for the real estate market Generally, real estate sales in the Okanagan and Shuswap increase in May as compared to April. This year was no different, with sales 38% [&hellip

Okanagan/Shuswap Real Estate Market – March/April 2017

Overall, sales volume reflects that we’re in the midst of a spring market in the Okanagan/Shuswap. However, we don’t have enough inventory to support typical real estate sales for a busy spring market. Real estate sales in March 2017 were up about 60% over February but are roughly on par with this time in 2016. [&hellip

Okanagan/Shuswap Real Estate Statistics – February/March 2017

Spring has been painfully slow to arrive in the Okanagan/Shuswap this year and so has the usually brisk spring real estate market. But we are seeing an increase in activity in the last few weeks so there is light ahead! Overall, real estate sales are 10% lower than the same time last year. Despite this, [&hellip

Okanagan & Shuswap Rental Scams

Don’t be caught in a rental scam- Over the past 30+ years we’ve met a lot of amazing and hardworking people. It’s been a privilege to help those individuals with their real estate needs. We’ve also seen the real estate industry become the target of some pretty creative scammers. If you, or someone you know, [&hellip

Okanagan & Shuswap Real Estate Statistics – Oct/Nov 2016

2016 is winding down and the experts are starting to forecast what 2017 will look like for B.C.’s real estate market. Over the past month real estate sales slowed. A number of factors suggest we could be heading for a gradual downturn. BCREA suggests less robust economic conditions combined with government policy constraints will slow [&hellip

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 Fixed [&hellip

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 probability [&hellip

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 vacancy [&hellip

Adventure Bay, Vernon, B.C. (OKanagan Lake)

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! Meanwhile, [&hellip

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