Consumer Tips For Real EstateRealtor Knowledge 30 March 2022

Real Estate Report: March 2022


Residential Real Estate Market Heading Into Seasonally Busy Spring Fling

Residential real estate sales for the month of March saw a slight uptick over February sales showing signs that the typically busy spring market has commenced in the region, reports the Association of Interior REALTORS®.

A total of 1,898 residential unit sales were recorded across the Association region, marking a 25% decrease compared to a record-high number of units sold in March 2021. New residential listings coming onto market in March saw a decrease of 7% within the region with 2,871 new listings recorded compared to the same period last year yet increased 55% compared to last month’s 1,850. The overall active listings clocked in marginally below last year March’s active listings with 4,018 listings that is a nearly 3% decrease in year-over-year comparisons.

“It is encouraging to see that in the month of March we saw a slight increase of sales, as well as an upswing of new listings compared to February, which is seasonally expected for the local real estate market as we head into the warmer spring months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the spring fling seems to have been kick-started which is great news for buyers and sellers, however, new listings are still not coming on to the market at the rate needed to meet demand.”

“Without a drastic supply of housing coming onto market, the lack of inventory will continue to impact buyers and sellers in the coming months,” noted Heizmann.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions had double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories, with the greatest increase being for single-family homes in the South Okanagan. The benchmark price for single-family homes in the South Okanagan recorded a 37.6% increase compared to March 2021 coming in at $731,400.

The average number of days to sell a home, always a good barometer to watch, dropped down to 46 days from 54 days last month. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.

Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.

KELOWNA, B.C. – April 7th, 2022 

Consumer Tips For Real EstateRealtor Knowledge 28 February 2022

Real Estate Report: February 2022


Lack of Supply Continues to Drive the Residential Real Estate Market

Residential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS®.

A total of 1,516 residential unit sales were recorded across the Association region, marking a 15% decrease compared to a record-high number of units sold in February 2021. New residential listings coming onto market saw a decrease of 12% within the region with 1,850 new listings recorded. The overall active listings were also far below last year’s February active listings showing a 19% decrease in year-over-year comparisons.

“The persistent lack of new listings coming onto market is far from adequate to meet the demand of buyers locally and those coming from other markets,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller’s market where lack of supply is putting upward pressure on pricing, and further on affordability.”

In the South Peace River region, there was a total of 38 residential unit sales recorded in February, with 229 overall active listings, a decrease of 26% compared to the same time last year. The average price for single-family homes and apartments both saw increases in year-over-year comparisons, coming in at $267,712 and $41,333 respectively, while the average price for mobile homes declined 9% to rest at $37,750 in the same period.

“The lack of housing supply continues to be the key driver of real estate market performance with homebuyers and sellers having to navigate through a high demand and low supply situation,” noted Heizmann.

“Instead of looking for quick fixes to dampen housing demand, government policies should focus on measures that could bring more housing to the market, as outlined in BCREA’s recent white paper – A Better Way Home. Providing more options for buyers can help soften competitive market conditions and provide much-needed inventory after months of supply drought,” says Heizmann.

The average number of days to sell a home, always a good barometer to watch dropped down to 54 days. It’s important to note that the average of days on market is for the entire Association region and that the indicator will vary depending on home type and sub-region.

Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.

KELOWNA, B.C. – March 7th, 2022 

Consumer Tips For Real EstateRealtor Knowledge 8 February 2022

Real Estate Report: January 2022


Active Listings Remain At All Time Low For Local Real Estate Market

Real estate professionals continue to support buyers and sellers in navigating the lack of inventory in residential real estate markets across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.

Residential sales for the entire Association region for January 2022 saw a 10% decrease compared to the same month last year with 701 units sold this month and 782 units sold in January 2021.

“The persistent lack of inventory on market makes for challenging times for buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “not only are new buyers frustrated at finding a home but sellers are frustrated at the lack of active supply hindering their ability to move on to a new property as well.”

“The value of working with a professional real estate agent really does make a difference in navigating the complicated buying and selling process, under any circumstances, but especially during these challenging conditions,” says Heizmann.

The supply of active residential listings dipped 38% across the Association region compared to the 2,787 active listings in January 2021 coming in at 1,721 this year. New listings also saw a downtick with 824 new listings for January 2022, compared to 1,094 units during the same month last year.

The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions continued their upward double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories.

In the South Peace River Region, where benchmark pricing is not available, the average price for single-family homes hit double-digit increases while inventory in the same category saw a double-digit decrease of 43% in year-over-year comparisons.

Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.

KELOWNA, B.C. – February 4th, 2022 

Sellers AdvantageThe Gold Standard in Real Estate 18 January 2022

Choose The Gold Standard in Real Estate


Selling or Buying real estate is competitive! It might surprise you to learn that Century 21 Assurance Realty Ltd. in Kelowna is not the largest real estate office in the Okanagan.  Yet, you see our signs everywhere!  That’s because our team of unique, highly skilled, and fun agents produce results. Agent for agent, our top producers beat out the competition in sales volume and customer satisfaction, year after year*.

Backed by the advanced technology of Elevate21, our team of Realtors are specialists in the Okanagan with hundreds of years of marketing, negotiation, and communication experience. It’s our team approach that works.

If you’re looking to join a high-performing brokerage, choose the Gold Standard in Real Estate… we have time for you!

*CENTURION Award* is given to the top 6% of agents across Canada. 29 agents or 36% of Century 21 Assurance Realty Ltd. agents achieved this mark in 2021.


Home BuyersHot Tips 20 September 2021

How Do You Market A Property?


How do you market a property?

The best way to market a property is really to take a multi-faceted approach; having a professional photographer, high-resolution pictures, is a must. Secondarily, something we’ve been doing for over two years with all of our listings is to have a virtual tour. Watch to learn more.

 

Home BuyersIn The Community 13 September 2021

NatGeo Home Rediscovered: Trailer


 

Check out more videos on our C21 YouTube channel

View more C21 Blogs


 

Home BuyersHot TipsRealtor Knowledge 27 August 2021

Who Is Buying Property?

Who is buying property?

So many people are asking, who’s buying now in the marketplace? The market consists of a whole bunch of different groups of demographics. The millennials are buying and you’ve got the baby boomers…. Watch to learn more.

Home BuyersHot TipsRealtor Knowledge 20 July 2021

Why Is Kelowna So Popular?

Why is Kelowna so popular?

Kelowna is a very entrepreneurial environment and it’s based on multiple industries and activities. Obviously, there’s the agriculture, there’s the wineries, the tourism activities, but we also have a strong aviation industry.

Watch to learn more!


Check out our other Blog Posts or take a look at our YouTube Page for more videos like this one.

Hot TipsRealtor Knowledge 19 July 2021

Tuesdays and the Power of Local Market Knowledge


Traditionally on Tuesdays mornings across the Okanagan, local agents gather at their real estate offices to share a coffee, learn market stats, local issues, new listings and tips and tricks from their esteemed managing brokers and leaders. Some offices hold these meetings, and some do not. This week, I am reminded of the importance of Tuesday Team Meetings.

July 13, 2021, marks the return of my brokerages’ weekly in-office meetings for agents and support staff. Since March 2020, my office (Century21 Kelowna) has diligently held zoom and or hybrid zoom and in-personal meetings when allowed by the health order. Each week we did our best to connect our agents to fellowship, education, local knowledge, and inspiration. Yet, something is missing from internet webcam meetings.

Realtor® local knowledge and connection to local colleagues, business practices benefit consumers. Agents who attended these meetings, in my opinion, learn more, learn faster and often give their clients better service. To me, Tuesday morning meetings are part of our “great agent recipe.”

What are the benefits for agents and consumers who work with these agents? There are many, and here are my top five.

5) Better problem-solving. I am not talking grade nine math here. Agents are professional problem solvers, and every transaction, home, contract, negotiation or client need can present a unique challenge. Consistently I have been assisted by a comment, habit or suggestion from a colleague during a Tuesday morning office meeting.

4) Motivation. Real estate can be lonely work. Showing homes and writing contracts is exciting work but hundreds of hours organizing paperwork and conducting research and due diligence is more common. So a weekly boost of energy by sharing time with motivated colleagues is essential.

3) Regulatory and Ethics. Each week, it seems, agents in BC have a new rule and a new form. Yet, these rules and forms protect consumers and give the public trust that they will be treated fairly during a transaction. In addition, weekly meetings are one of the best places for my managing broker to impart her knowledge and ethical guidance to our team of agents.

2) Recent Selling and Buying Trends. My office gives agents a chance to share their new listings. We tour a selection of hi-def photos while the agent pitches the unique features of the property. It’s common for most of our office to be exposed to 30 or more new listings each week on Tuesdays alone. Afterward, we talk about buyer needs, upcoming listings, unique clients requests and troubleshooting. Client information stays private, yet knowledge and wisdom are shared.

1) Better Negotiation Skills. I believe our Tuesday morning meetings help make our agents the best negotiators in the valley. Information is power, and up-to-date and accurate information gives our agents an added advantage at the negotiating table for their clients.

Real estate trading (buying and selling) is complex. Realtors are human. Humans need connection. Tuesday are back! Let’s get it on!

Happy negotiating!


Dean Desrosiers
Associate Broker | REALTOR®

CENTURY 21 Assurance Realty Ltd
Agent Development & Recruiting, Commercial

250-863-4707
dean.desrosiers@century21.ca

Real Estate Coach (NORE®)
www.deandesrosiers.com

Home BuyersHot Tips 19 July 2021

Increased Stress for your Stress Test!

There are a lot of different stressors in the world of real estate right now, particularly for those who are
trying to “get in the game” to buy their first home or investment property. On June 1, the Canadian
government will be adding a little more stress to the lives of those looking to purchase real estate.

**Disclaimer: this is not professional mortgage advice. For particulars of your own financial situation,
you should consult with your mortgage broker.**

Now, onto the good stuff.

What is the Stress Test?

The Stress Test was introduced by the Canadian Government in late 2017 as a market control and
mortgage-default prevention measure. Essentially the premise was this, ‘make Buyers qualify at a
higher mortgage interest rate than what they will actually pay so that if/when the interest rates
increase, homeowners won’t suddenly find themselves underwater and defaulting on their mortgage
payments.’ Some logic there, arguably.

Now there are plenty of opinions for and against this move, but that is neither here nor there for today’s
discussion. Today we are talking about what the changes to that stress test are and how they might
impact you.

So, what are the changes?

The current stress test requires that you qualify for a mortgage at your rate plus 2% or 4.79%, which
ever is higher. As of June 1, 2021, all borrowers will have to qualify at the new stress test levels of either
your rate plus 2% or at 5.25% — whichever is higher.

WOWZA!

What does this actually mean for YOU?

Clearly, these changes will have a large impact on borrowers and their capacity to enter the market.
According to the Green Mortgage Team, this change to the Stress Test will “decrease borrowing power
by approximately 4% to 4.5%,”1 depending on the purchaser’s specific situation.

What should you do?

You could buy a bucket of ice cream, close all the blinds in your house, put on some Adele and eat your
sorrows away… or you can call your mortgage broker and find out exactly how this will affect you and if
there are any measures that you can take to counteract the increased Stress Test rates.

If you don’t currently have a mortgage broker and are thinking about getting into the market, call me or
your Realtor and we will be able to direct you to some stellar Mortgage Brokers who can help give clarity
to what these new rules mean, specifically, for you!

 

More Blog Posts

 


Written by: Justina LeeStolz, PREC2

Connect. Local. Community.

1 https://www.greenmortgageteam.ca/mortgage-stress-test/
2 Personal Real Estate Corporation