Home owners in Summerland and Keremeos can expect some of the biggest increases in property value when their 2019 assessment notices arrive in their mailboxes over the next few days.
In Keremeos, the average assessed value for a single-family home has risen from $240,650 to $270,200, an increase of 12 per cent. In Summerland, it’s a 10 per cent increase, from $466,000 to $517,000.
At 18 and 17 per cent, respectively, Spallumcheen and Sicamous saw the biggest increases in the B.C. Assessment’s Thompson-Okanagan region.
Thompson-Okanagan assessor Katrina LeNoury said the majority of residential home owners in the Okanagan can expect a five to 15 per cent increase in their property assessment.
“It is very similar to last year,” said LeNoury, noting that the Okanagan has seen similar increases in property values over the last three years. “It would be fair to say there has been a cooling in the Vancouver market, but other regions are still seeing increases.”
Penticton, Oliver, Osoyoos, and Princeton all fall in the middle of that range, with increases of seven and eight per cent.
LeNoury emphasizes that these are averages, and individual home owners may experience larger or smaller increases than the average.
“Market values are based on local market demand and conditions,” she said.
Overall, the Okanagan’s total assessments increased from about $108 billion in 2018 to $118.6 billion this year with about $2.5 billion of that due to new construction, subdivisions and rezoning of properties.
The honor of the most expensive home in the Okanagan goes to Kelowna this year, where a waterfront property was assessed at more than $10.5 million.
According the B.C. Assesment’s annual report, most of the properties on the top 100 list fall into the West Kelowna and Kelowna area. The first smaller community to make it on the list is Coldstream, where a $6.177-million property is ranked at No. 39.
Across the province, though, the Okanagan doesn’t even make it into the top 500, which range from an $73.12-million home in Vancouver’s Point Grey neighbourhood to an $11.63-million home on the West Vancouver waterfront.
Dori Lionello, president of the South Okanagan Real Estate Board, said that January and February is traditionally a quieter time for real estate sales, but the local market has still been busy and there is still a number of cases of multiple offers being made from properties.
“Prices are stable, but we are not seeing the urgency on the part of Vancouver buyers,” said Lionello. “They are still coming, they still want to be here.”
If you are concerned about your property’s assessed value, LeNoury suggests contacting BC Assessment.
“I really would encourage property openers to look at our website. There has been quite a few changes this year to make it easier,” she said. That includes an interactive map and other user-friendly features to make it easier to find your property.
A phone call, she said, can also yield information that might help allay concerns, but if they do want to file an appeal, the deadline is Jan. 31.
“They have to file an appeal letter with us by Jan. 31,” said Le Noury. “We do encourage people to give us a call. A lot of times we can provide information on why it has changed.”
BC Assessment’s website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019’s top valued residential properties across the province.
By: STEVE KIDD
Sometimes you just want to sit down with your spouse, your friend or your business partner (or all three!) and enjoy a cup of coffee in a legit coffee shop – not your messy living room. But if you’ve got kids in tow, this can be more of a nightmare than its worth.
Luckily, the Central Okanagan has a handful of fantastic coffee shops that offer families more than just high chairs – they’ve got dedicated kids’ corners with toys and books. Thank the heavens!
So grab the kids, jump in the car (put on pants, first – I always have to remind myself that), and go get CAFFEINATED!
Coffee shop featuring daily-baked house-made goodies, located just across from Nature’s Fare in Vernon (3401 A 30th Ave, VERNON) – map
Why we love it:
Right in the heart of Pandosy Village, on Pandosy just north of K.L.O. (2903 Pandosy St #103, KELOWNA) – map , Marmalade Cafe is an eclectic brunch, lunch and coffee shop situated in a bright Victorian-style building.
Why we love it:
On Ellis downtown, just off Doyle (1399 Ellis St, KELOWNA) – map
Why we love it:
On Bernard downtown, just off Pandosy (371 Bernard Ave, KELOWNA) – map
Why we love it:
In the heart of the Landmark business area, on Dickson between Burtch and Kirschner (100-1615 Dickson Ave, KELOWNA) – map
Why we love it:
In the heart of Pandosy village, on Pandosy just north of K.L.O. (2942 Pandosy St, KELOWNA) – map
Why we love it:
It’s worth the drive to Kettle Valley – and not just because this awesome neighbourhood has the best kids’ playground! It’s also got Kettle Valley Coffee and Scoops just off Chute Lake Rd (203, 5315 Main St, KELOWNA) – map
Why we love it:
Vancouver, BC – January 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.
“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.”
A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales dollar volume was $3.9 billion, a 61.8 per cent increase year-over-year.
Total active residential listings were down 10.6 per cent to 24,691 units in December. Total inventory of homes for sale have declined more than 10 per cent on a year-over-year basis for two straight months.
For more information, please contact:
What better way to break the cycle than these fixes for your home that literally take ten minutes or less? No lengthy, overwhelming or expensive planning needed…
A time to reflect on the things that are important to you and the things you wish to achieve.
May 2020 make your dreams come true! A prosperous New Year to all!
Wishing you all the best this wonderful holiday has to offer. May this incredible time of giving and spending time with family and friends brings you joy that lasts throughout the year.
A year ago in Legally Speaking No. 509, I described two Supreme Court of British Columbia cases that addressed whether a strata corporation must first pass an 80% vote (sometimes called a “winding-up resolution”) before strata council may list the whole complex for sale with a brokerage or enter a contract to sell the entire development to a buyer. The British Columbia Court of Appeal has now confirmed that there is no such requirement.1 The eligible voters may decide by majority vote to authorize strata council to list the complex with a brokerage and later contract to sell the project to a purchaser, subject to the owners passing a winding-up resolution and meeting all other pre-requisites.
While reasons for terminating a strata development vary, two grounds are especially common. First, as a strata complex ages, it may need so much remedial work that it makes more sense to sell the project to a developer for redevelopment. Alternatively, if a strata project is located in an area rezoned for higher density development, the owners may prefer to profit by selling the property to a developer, who will maximize its potential.
The Strata Property Act creates three termination methods. In the first two methods, owners choose to terminate by passing an 80% vote to approve a winding-up resolution, either to terminate without a liquidator (called a “Division 1 wind up”) or with one (a “Division 2 wind up”). An 80% vote is a vote in favour of a resolution by at least 80% of the votes of all of the eligible voters.2 In most cases, after passing the 80% vote, the strata corporation must then ask the Supreme Court of British Columbia to confirm the winding-up resolution, giving any dissenting owner the opportunity to further object. In the third method (a “Division 3 wind up”), the Court orders the strata to terminate, typically because the strata corporation is too dysfunctional to continue; there is no winding-up resolution.3
Each termination method results in winding up the strata corporation and cancelling the strata plan. The relevant land is ultimately sold, and any personal property formerly belonging to the strata corporation converted to cash. Everyone who was formerly the owner of a strata lot will receive their proportionate share of the sale proceeds, after deducting any amounts due to the owner’s respective mortgage lenders or other secured creditors.
In Buckerfield v. Strata Plan VR 92, some REALTORS® initially asked strata council about selling the entire 41 unit complex.4 Strata council then organized a presentation to explain the termination process to the owners. In an informal poll, a majority of owners voted to hire a real estate brokerage to market the complex to developers for redevelopment, all subject to later passing a winding-up resolution. When strata council announced its plan to retain a brokerage on this basis, several dissenting owners sued the strata corporation in the Supreme Court of British Columbia. The dissenters apparently asked for a declaration that the strata corporation must first pass an 80% vote and appoint a liquidator, who would then be the only person with authority to list the complex for sale. Alternatively, the dissenters claimed that the eligible voters must first pass a 3/4 vote before strata council can retain a brokerage to solicit offers on the building. The Supreme Court disagreed, dismissing the dissenters’ objections and refusing to require an 80% vote, or a 3/4 vote, to engage a brokerage.
On appeal, the British Columbia Court of Appeal observed that the Strata Property Act does not expressly impose any requirement for an 80% vote before listing a strata complex for sale. Nor does the Act imply any such requirement.
The Court of Appeal confirmed that a strata corporation may decide by majority vote at a general meeting to engage a brokerage to list the whole development for sale, so long as the listing contract, and presumably any subsequent contract of purchase and sale, is subject to the owners later passing an 80% vote to wind up the strata corporation and cancel the strata plan and, where required, confirmation by the Supreme Court of British Columbia. There is no requirement to first have a liquidator in place to list the complex with a brokerage.
The termination of a strata development is a complex legal event. If a strata council approaches a REALTOR® to list the whole complex in a strata termination, the REALTOR® should warn strata council to retain a strata lawyer as soon as possible to guide the strata corporation through the procedure. Any REALTOR® interested in listing a strata development for termination will also profit by learning more about the process. Read the Buckerfield case above, or any or all of these other recent termination cases below:
|1.||Buckerfield v. Strata Plan VR 92,2019 BCCA 196 aff’g 2018 BCSC 839. See also 2018 BCCA 243, interim injunction denied pending appeal.|
|2.||Strata Property Act, s. 1(1) (definition of “80% vote.”)|
|3.||Strata Plan VR2122 v. Wake, 2018 BCCA 280 at para. 64; Buchanan v. S.P. VR 1411, 2008 BCSC 977.|
We are pleased to announce the release of the Skaha Lake Towers Phase II price list and floor plans.
Thank you for your continued interest in the Skaha Lake Towers development!
Please see the Brochure HERE containing the price list and floor plans for Phase II.
Please call or email with any questions or to make an appointment.
If you are interested in securing a unit on launch date please contact Philip Fox PREC*, Diane Fox PREC* or Stephen Fox, Len Fox PREC* as soon as possible:
Sample Floor Plan 1 *for reference only. Phase I unit shown, some changes made for Phase 2
Sample Floor Plan 2 *for reference only. Phase I unit shown, some changes made for Phase 2
Sample Floor Plan 3 *for reference only. Phase I unit shown, some changes made for Phase 2
Sample Floor Plan 4 *for reference only. Phase I unit shown, some changes made for Phase 2
Celebrate the coming year with a New York-inspired New Year’s Dinner experience at TIME Winery & Kitchen.
Tue • December 31, 2019 • 5:00 PM – 10:00 PM
$59 + taxes & gratuity per person (food only)
Enjoy a celebratory bubbles toast with us at 9 pm, as we countdown to 2020 on New York TIME.
Visit our website for full menu details (6 pm and 9 pm seating available)