Lot / Land For Sale in Naramata, Penticton

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just 3kms from the Naramata Village, in the heart of the Okanagan Wine Country.

•  lot / land FOR SALE  CAD675,000 . An 11 lot subd on a 32.3 acre property
MLS® 174902

Grace Estates Naramata is an 11 lot subdivision on a 32.3 acre country estate property, just 3kms from the Naramata Village, in the heart of the Okanagan Wine Country. The 11 lots range from 2.47 to 3.31 acres, providing rare privacy for subdivision properties on the Naramata Bench. Every lot has a commanding view of Okanagan Lake, each one unique on this hillside site. The property is lightly forested with pine trees, among grass lands and wild flowers. Elegant and graceful country estate living among the beautiful orchards and vineyards of the Naramata Bench. Lot 1- An open, sloping lot, bordered by the private winding road on the southern edge. Presents a variety of views west to the lake across neighbouring orchards and vineyards. An intriguing pocket of land in the northwest corner offers the possibility of fruit trees or a small vineyard. Rock outcropping on the south of the property is ideal for a studio with scenic views south and west.

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Single Story For Sale in Penticton Main North, Penticton

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Property includes 2 large decks, lots of Parking, and alley access

•  2525 sqft , 2 bath , 3 bdrm single story FOR SALE  CAD539,000 . Within walking distance to the beach
MLS® 174920

IInvestment, single family or business opportunities await at this unique property that’s within walking distance to the beach, downtown shopping and restaurants. The main living area of this completely re-done home has bright open Kitchen with 2 bedrooms, a rec room that could be a 3rd bedroom and a fully finished basement with a gas fireplace. There is also a one bedroom in-law suite with a private entrance that has been updated as well. Property includes 2 large decks, lots of Parking, and alley access. All the big stuff has been done like newer roof, flooring, kitchen cabinets, and bathrooms. The Bonus is a detached 24ftX30ft garage with 10ft ceilings, and a 2pc bathroom that could be used or rented out for many purposes since the property is zoned C6 Commercial. A few of the many possibilities include a retail store, restaurant, daycare, craft brewery, limited contractor service, or vacation rental. All measurements are approx. Duplicate Listing Commercial~ 174919

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Single Story For Sale in Apex, Penticton

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Magnificent 4900+ sq ft 4 bdrm/4 bth Ski Chalet at Apex Mountain Resort.

•  4988 sqft , 4 bath , 4 bdrm single story FOR SALE  CAD879,000 . enjoy the "Mountain Lifestyle"
MLS® 174935

There is no better place to enjoy the “Mountain Lifestyle” than in this Magnificent 4900+ sq ft 4 bdrm/4 bth Ski Chalet at Apex Mountain Resort. This STUNNING property is set on a knoll with bright, sunny, South West facing panoramic views of surrounding mountains and valleys. This home embodies entertainment with a large designer kitchen, spacious living areas including two stone fire places, games room, sleeping loft, private hot tub deck, screened sun room and superb finishing throughout. Room for up to 18 guests. Apex Mountain recreation area offers year round activities including renowned downhill and cross country skiing, snowmobiling, snow shoeing and summer fun such as biking, hiking, fishing and ATV ridding. There is too much to detail, this is a one of a kind property that needs to be seen to appreciate. A great residence or revenue producer. Click on the virtual tour link.

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Single Story For Sale in Penticton Main North, Penticton

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Close to everything downtown, Penticton, events centre

•  641 sqft , 1 bath , 2 bdrm single story FOR SALE  CAD295,000 . home needs some TLC
MLS® 174940

Renovators special, first time buyers, or developer alert, home needs some TLC, nows your chance to add some sweat equity. Close to everything downtown, Penticton, events centre, movie theater and casino; close to schools. This home has 2 bedrooms plus Den and 1 bathroom. Lots of outbuildings for storage. RD zoned.

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Single Story For Sale in Duncan / Columbia, Penticton

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Forested area to the West makes for a wonderful adventure

•  2358 sqft , 3 bath , 4 bdrm single story FOR SALE  CAD575,000 . Price Reduced!
MLS® 171966

Fabulous family home. 2300+sqft 4 bedroom home with double garage is set back from the road and backs onto green space. Updated Ellis Creek kitchen with large island open to dining area and living room with vaulted ceiling. Expansive covered deck and covered patio tie the home together and into the true Okanagan lifestyle. Fenced cedar lined backyard offers privacy and safety. Forested area to the West makes for a wonderful adventure land right out your back gate. Call listing agent for private showing.

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Single Story For Sale in Husula/Westbench/Sage Mesa, Penticton

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View of Penticton and Okanagan Lake – .67 acre,

•  1880 sqft , 2 bath , 4 bdrm single story FOR SALE  CAD819,900 . Reduced Price!
MLS® 172123

West Bench – Private Location, View of Penticton and Okanagan Lake – .67 acre, Beautiful Landscaped Yard. 3 Cherry, 2 Peach, 2 Plum, 3 Apple and 2 Large Walnut Trees. 4 Bedroom, 2 bathrooms, Feels like the Country! Durable & Spacious Upper and Lower Decks with Hot Tub on the lower. Stamped concrete located on the upper deck and sidewalks. Loads of Parking, 36×26 (936 sq ft) Super Garage, has its own bathroom, with 12 foot ceilings. Home has been well maintained with some nice upgrades, original hardwood floors, with some 18×18 tile & upgraded black appliances. Fantastic walking / biking trails – KVR Trail located in front with easy access.

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Benefits of Homeownership Reaffirmed in New Study

Despite deteriorating housing affordability across the country, buying a home is still the more affordable option when compared to renting.

A new report from Mortgage Professionals Canada has determined that, despite the rapid rise in home price, those who are able to invest in a home would end up “significantly better off” in the long term compared to renting.

The report, authored by the mortgage broker association’s chief economist Will Dunning, found that while upfront monthly costs are in fact cheaper in most locations, the “net” cost of ownership is less than the equivalent cost of renting in a majority of cases, and becomes even more cost effective over time.

“The costs of owning and renting continue to rise across Canada,” Dunning noted. “However, rents continue to rise over time whereas the largest cost of homeownership–the mortgage payment–typically maintains a fixed amount over a set period of time – usually for the first five years. The result is that the cost of renting will increase more rapidly than the cost of homeownership.”

Additionally, the costs of ownership include considerable amounts of repayment of the mortgage principal. “When this saving is considered, the ‘net’ or ‘effective’ cost of homeownership is correspondingly reduced,” Dunning added.

On average, the monthly cost of owning exceeds the cost of renting by $541 per month. But when principal repayment is considered, the net cost of owning falls to $449 less than renting.

Interest Rate Scenarios

The analysis compared the cost of renting vs. owning both five and 10 years into the future, with higher interest rates factored into the equation. In all cases, owning comes out ahead:

Scenario #1: If interest rates remain the same (using an average of 3.25%), after 10 years the average net cost of owning is $1,014 less than the monthly cost of renting.

Scenario #2: If interest rates rise to 4.25% after five years, the average net cost of owning falls to $1,295 less than the monthly cost of renting.

Scenario #3: If interest rates rise to 5.25% after five years, the average net cost of owning is still $726 less than the monthly cost of renting.

“By the time the mortgage is fully repaid in 25 years (or less) the cost of owning will be vastly lower than the cost of renting,” the report adds, noting that the cost of owning, on average, would be $1,549 per month vs. $4,655 for an equivalent dwelling.

Canada Still a Country of Homeowners

Despite rising home prices and deteriorating affordability, Canada remains a nation of aspiring homeowners.

The study pointed to the continued strong resale activity as one indicator of this.

Resale activity in 2017 was still the third-highest year on record, at 516,500 sales, just off the peak of 541,2220 sales in 2016.

But other polls have also found a strong desire among younger generations that still dream of owning.

RBC’s Homeownership Poll found a seven-percentage-point increase in the percentage of overall Canadians who planned to buy a home within the next two years (32%), and a full 50% of millennials.

Similarly, a RE/MAX poll found more than half of ‘Generation Z’ (those aged 18-24) also hope to own a home within the next few years.

Perhaps the biggest question is whether those aspiring homeowners will have the means to surpass the barriers to homeownership, namely larger down payments and the government’s new stress test.

“While recent changes to mortgage qualifying have made the barrier to entry higher, those who can qualify will be much better off in the long term,” Paul Taylor, President and CEO of Mortgage Professionals Canada said in a statement. “Given the economic advantages of homeownership, Mortgage Professionals Canada would recommend the government consider ways to enable more middle-class Canadians to achieve homeownership.”

Despite it’s affordability benefit over renting, Dunning addresses some of the impediments of homeownership, namely the longer timeframe needed to save for the down payment. Despite higher home prices and larger down payments required, first-time buyers still made an average 20% down payment.

Additional Tidbits from the Report

Some additional data included in Dunning’s report include:

  • Average house price rose 6.2% per year from $154,563 in 1997 to $510,090 in 2017
  • Average weekly wage growth was up just 2.6% per year from 1997 to 2017
  • The average minimum interest rate for the stress test during the study period: 5.26%
  • The average annual rates of increase for the following housing costs:
    • Property taxes: 2.8%
    • Repairs: 1.9%
    • Home insurance: 5.4%
    • Utilities: 1.6%
    • Rents: 2.4%

August Home Sales Suggest Impact of Stress Test Fading

Vancouver, BC ? September 13, 2018. The British Columbia Real Estate Association (BCREA) reports that a total of 6,743 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in August, a 26.4 per cent decrease from the same month last year. The average MLS® residential price in BC was $669,776, down 1.2 per cent from August 2017. Total sales dollar volume was $4.5 billion, a 27.3 per cent decline from August 2017.

?The downturn in housing demand induced by the mortgage stress-test is now largely behind us,? said Cameron Muir, BCREA Chief Economist. ?The BC housing market is evolving along the same path blazed by Ontario and Alberta, where the initial shock of the mortgage stress-test is already dissipating, leading to increasing home sales.?

Year-to-date, BC residential sales dollar volume was down 19.9 per cent to $41 billion, compared with the same period in 2017. Residential unit sales decreased 21.3 per cent to 57,674 units, while the average MLS® residential price was up 1.7 per cent to $719,064.

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For more information, please contact: 

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca

The British Columbia Real Estate Association (BCREA) is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

Single Story For Sale in Duncan / Columbia, Penticton

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Duncan area with an immaculate non-conforming suite

•  2592 sqft , 3 bath , 5 bdrm single story FOR SALE  CAD549,900 . Spacious 5 bedroom, 3 bathroom family home
MLS® 174816

Spacious 5 bedroom, 3 bathroom family home in Columbia/Duncan area with an immaculate non-conforming suite. There are 3 bedrooms on the main, with some updates including: flooring, bathroom, and newer appliances with gas fireplace in the living room. Large deck off the dining room with large private fully fenced back yard. Close to Columbia school and public transit. Great family home in great setting with a mortgage helper.

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Single Story For Sale in Summerland, Summerland

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offers vineyard views, is fully fenced and landscaped

•  2682 sqft , 3 bath , 2 bdrm single story FOR SALE  CAD1,190,000 . Nestled in peaceful Summerland BC
MLS® 174819

Nestled in peaceful Summerland BC, you will find this stunning home which offers a modern open concept living with 2 Bedrooms, 3 Bathrooms, a large den, dining room and gourmet kitchen which is ideal for entertaining. The kitchen features stainless steel appliances, butler’s pantry and a large island to name a few. Walk through your Euroline patio doors and enjoy your private outdoor living space with a sparkling Fox pool, grassy area and various stone patios to relax. The dining room features a floor to ceiling stone hearth with a wood burning fireplace with which to cozy up to. The master bedroom is complete with a spectacular 4 piece en-suite with soaker tub and walk in closet and dressing area. Your home offers vineyard views, is fully fenced and landscaped with private gated access all while located in a spectacular area on the Bottleneck Drive wine route. What are you waiting for?. All measurements approx.

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