Single Story For Sale in Penticton Main North, Penticton

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Rear garden is amazing! Freshly painted single car garage

•  1674 sqft , 2 bath , 4 bdrm single story FOR SALE  CAD775,000 . Homes in this area are on spacious lots
MLS® 199810

Oh, my goodness! This has to be the one! First off, this home is located in a fabulous area. Homes in this area are on spacious lots so no elbow touching with your neighbors. As well close to shopping, bike paths and more. Secondly this home is immaculate. Pride of ownership is everywhere, inside and out. Approximately 1700 sq. ft. home with updated kitchen, windows, Furnace, A/C, H.W.T & roof. (Contact for more details on this) 4 bedrooms, 2 bathrooms (one of which has been tastefully updated. The rear garden is amazing! We think the blades of the grass are even standing straight! Freshly painted single car garage plus carport and did we mention rear lane access which is always handy. Floor plans a virtual tour on line. Be sure to check this home out!

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2 Story For Sale in Main South, Penticton

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Close to schools, shopping and Skaha Lake!

•  1124 sqft , 2 bath , 3 bdrm 2 story “Townhouse” FOR SALE  CAD399,000 . 3 bed/2 bath townhome in a great location
MLS® 200076

Contingent, easy to show. Check out this tidy 3 bed/2 bath townhome in a great location close to schools, shopping and Skaha Lake! Great pride in ownership over the last 31 years. The kitchen is ample, opening onto a nice dining room and large living room with a great view of the backyard and BBQ area. The rear yard is an oasis with a beautiful east-facing grassy area and a concrete patio – the perfect spot for morning espresso in the sun or afternoon BBQ in the shade! The 3 bedrooms and a 4pc washroom are upstairs, primary bedroom is large enough for a king sized bed & end tables with a nice view of the sage-covered hillside behind the property. The basement is unfinished measuring approx. 21’x24′ and contains the laundry and roughed in plumbing for a 3rd washroom. Windows and sinks were upgraded a few years ago. Minimal restrictions! Pet and rental friendly and no age restrictions. Centrally located, Next to South Main Market and a few blocks from the beach.

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Single Story For Sale in Main South, Penticton

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Beautifully updated home

•  924 sqft , 3 bath , 2 bdrm single story “Mobile” FOR SALE  CAD189,500 . Gated community of Dauphin Mobile Home Park
MLS® 199617

Welcome to the gated community of Dauphin Mobile Home Park, a quiet, adult oriented park. This beautifully updated home is ready for its next owner to move right in. Each of the two bedrooms offers its own private ensuite. Additional features include updated windows, fresh paint and flooring, newer hot water tank and central air conditioning. Check out the virtual tour and call your agent to view in person. Dauphin MHP is a 55+ park, no pets or rentals are allowed.

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2 1/2 Story For Sale in Wiltse / Valley View, Penticton

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5000 square feet of living space

•  5528 sqft , 3 bath , 6 bdrm 2 1/2 story FOR SALE  CAD1,399,500 . Open-concept grand living space
MLS® 198843

Luxury residence boasting over 5000 square feet of living space, immaculately maintained and guaranteed to leave a lasting impression. The sprawling main floor features an open-concept grand living space with a gourmet kitchen, marble countertops, and maple cabinetry. The interior boasts soaring ceilings, the colour palette is warm yet luxurious with hardwood flooring, & an expansive layout ideal for a family. The large mud room/laundry room with plenty of cabinetry, leads you to the oversized double-size garage. The primary suite is king-sized with a walk-in custom closet and a full bathroom with a spa-like soaker tub. The second level is ideal for families with large bedrooms, one of which is being used as an extra family room. The large backyard is low maintenance as is, or yours to imagine a perfect oasis the ideas would be endless.

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3 Story For Sale in Penticton Main North, Penticton

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This rare & desirable property comprises 3 floors of architectural splendor

•  6824 sqft , 7 bath , 6 bdrm 3 story FOR SALE  CAD5,500,000 . Offers masterclass in luxury, lifestyle & design
MLS® 196579

3 Unit Apartment Building For Sale- Spectacular from the moment you arrive! This rare & desirable property comprises 3 floors of architectural splendor. Main floor entry offers full size hi-efficiency commercial elevator security controlled for each floor which delivers on a promise of breakthrough quality & unsurpassed engineering excellence. 3 garages, each assigned independently to the 3 homes for total of12 vehicles. Second floor offers 2,312 sq. ft. with a separate 1 bedroom 680 sqft suite for guests, separate sale, rentals or caretaker. Transcending the skyline of Okanagan Lake northward is “The Penthouse” offering 3,003 sq. ft. to enjoy life without compromise. Adjacent to a beautiful park & one of the finest beaches on Okanagan Lake. The walking score to shops, restaurants, farmers market & all of what the downtown can offer is at your doorstep. This property offers masterclass in luxury, lifestyle, & design innovation. Learn more about this property by contacting the listing agent for a complete package

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THE REAL ESTATE REPORT – Buyer’s vs. Seller’s Market


Is it a better time to buy or Sell?

Is the Okanagan currently a buyer’s or a seller’s market? To answer that question let’s review each:

Buyer’s Market

A buyer’s market is usually characterised by more homes (inventory) on the market than there are buyers. As demand decreases, prices tend to follow. This allows the buyers to have more leverage to negotiate. They can also take more time shopping around as it’s unlikely they will lose out on a property there interested in. For sellers, they need to be more careful than usual to price competitively and work harder to make sure their home is in tip-top shape for selling.

Seller’s Market

A seller’s market is when there is a shortage of inventory which can lead to prices appreciating as more buyers compete for fewer available homes. Sales can happen
very quickly and sometimes there are even multiple offer situations. Buyers sometimes
need to make quick decisions and may even choose to waive conditions on their
offers. Sellers can maximise their likelihood of multiple offers by having their home
ready to show at a moment’s notice and perhaps pricing it just below top dollar.
Currently in the Okanagan, we are coming into a more balanced market. It has been a
hot seller’s market for some time. but recent interest rate hikes have led to levelling out. Multiple offers are becoming rarer, as more homes receive a finale offer that goes through inspection and financing conditions before completing. This likely means that buyers have a little more power to dictate terms. Conversely, there is still a shortage of supply. which means prices are expected to flatten rather than dropping drastically. That means it may continue a seller’s market for some time What should you do in this market? Contact us for a plan of action tailored just for vou.

Real Estate Statistics Overview – August 2022

Kelowna bait bike program a success, say RCMP



Earlier this year, the program was started to help combat the increase in bike thefts in the community, and according to RCMP, the bike has been picked up multiple times by well-known suspects.

“Our officers will continue using bait bikes to go after these individuals in an effort to curb the thefts,” said Sgt. Scott Powrie with the RCMP Community Safety Unit.

Police say it’s important for the public to know that the thefts all occurred in less than 20 minutes of officers placing the bike in position, the quickest being within eight minutes.

This is a common crime that happens fast, so it’s crucial to always lock up your bike.

If your bike is stolen, you should report the following information to the RCMP:

  • Serial number
  • Make and model
  • Colour of the bike
  • Any modifications made
  • Recent pictures of your bike

You should also consider registering your bike, before it is stolen, on Project 529.

Central Okanagan benchmark home price falls for third consecutive month



For the first time in at least five years, the benchmark price of a single-family home in the Central Okanagan has dropped for the third month in a row.

Association of Interior Realtors released its July report on Friday, and it featured even more evidence that the housing market has cooled off substantially in recent months after running red hot through most of 2021 and the early part of 2022.

The benchmark cost of a single-family dwelling in the Central Okanagan last month was $1.06 million, which represented a relatively large drop of 4.7%. The benchmark hit a historic high of $1.13 million in April but has now slid in three consecutive months for the first time since at least the beginning of 2017.

AIR said the market in July simply returned to pre-pandemic activity, noting there were 1,196 residential unit sales across its region last month. That represented a 33.3% decrease from July 2021.

“Seasonally, it is not out of the ordinary to see a dip in sales in the summer, although real estate market activity across most regions in the province was below average last month, not just within the Interior,” AIR president Lyndi Cruickshank said in a press release.

“A number of factors, or even a combination of factors, such as the interest rate hikes, recommencement of travel and the school break, could all be reasons consumers pushed pause on their real estate plans as they focused on enjoying the hot summer days.”

Another reason for the price and sales decline is likely the number of homes available. There were 56.8% more listings across the entire AIR region in July compared to last year during the same month. There were 92.1% more listings in the Central Okanagan compared to 12 months ago.

“We are seeing inventory starting to accumulate, slowly moving upward to healthier levels of inventory, which is a welcomed relief for prospective buyers,” Cruickshank said. “However, the higher mortgage interest rates are still impacting the real estate market, with some home buyers finding it more difficult to qualify for mortgages.”

The benchmark price of a single-family home in the North Okanagan also dropped in July, falling from $798,500 in June to $774,400 last month. That price has fallen for the last two months, marking the first time it has gone down since April 2020.

The cooling market did not affect the benchmark price of townhouses in the Central Okanagan, as that figure increased 2.6% in July to $783,500.

How Much Are Closing Costs When Buying a House?

One of the top pieces of advice for anyone planning to buy a house is to make a watertight budget. However, it’s worth noting that your budget needs to account for many things beyond the down payment.

Closing costs are easy to overlook, but to do so would be a costly mistake that could cause you to fall into debt or lose out on your dream home. With that in mind, let’s examine just how much you can expect to pay in closing costs.

The amount you pay on closing costs depends on several variables. However, on average, buyers in the U.S. can expect to pay anything between 2% and 5% of the total sale price. Meanwhile, the figure is generally slightly lower in Canada, usually between 1.5% and 4% for a typical house purchase.

How Much Are Refinancing Closing Costs?

If you’re planning to refinance your home, you’ll also need to pay closing costs, typically between 2% and 6% of the total loan amount. These closing costs comprise several services, some with a flat fee and others charged as a percentage.

How Much Are Closing Costs for the Seller?

If you’re also selling your home while buying a new one, you must budget for the closing fees on both transactions. It’s usually the seller’s responsibility to pay any real estate agent commissions, which can add a hefty chunk to the closing costs, typically around 5% to 6% of the sale price. In addition, you can expect to pay an extra 1% to 3% in other closing fees, taking the total to around 6% – 8%.

Breaking Down the Typical Closing Costs for Buyers

Now that you know how much you should budget for closing costs, let’s look at each component in detail.

Legal Fees

You’ll typically need to work with a closing attorney when buying a home. It’s their job to oversee the entire process, and while they don’t represent either the buyer or the seller, their fee is generally split between the two. Depending on your location, the cost ranges from $500 to $1,500.

Appraisal Fee

Your lender will need to have the house valued before they agree to lend you the money you need to purchase it. On average, it costs $300 to have a house appraised, though it may be more for larger properties. In addition, if the seller completes repairs on the home after the appraisal, your lender may require a reinspection, which costs another $300.

Mortgage Fees

There are several fees associated with your mortgage. These include credit report fees, around $30, and application fees which generally cost between $300 and $500. But, most important is the mortgage orientation fee that all lenders charge to cover their services and admin costs. On average, this will cost around 1% of the loan value, though some lenders offer lower prices, and it’s a good idea to shop around.

Title Insurance Policy

Typically required by the lender, this insurance protects both the lender and the owner against future title claims. It can cost anywhere between $500 and $3,500 depending on the location and size of the property.

Home Inspection (optional)

While not mandatory, it’s well worth having your future home inspected by a professional before signing on the dotted line. Depending on the size of the house, it typically costs between $250 and $700. Of course, for additional inspections, such as lead paint, pest and roof, you’ll need to budget more.

Escrow Fees

An escrow account is a third-party holding account in which you’ll deposit various fees, such as the down payment. Once the sale is complete, the funds will be distributed to the appropriate individuals. Escrow fees typically cost around 1% of the sale price. This is often split between the buyer and seller, though it must be agreed upon first.

Private Mortgage Insurance (PMI)/Mortgage Default Insurance

If your down payment is less than 20%, most lenders will require you to take out mortgage insurance. PMI costs between 0.5% and 2.5% of the mortgage and is usually rolled into your mortgage payments. However, you’ll often need to pay the first month before closing.

Recording and Documentation Fees

Several companies will be involved in processing your real estate transaction, each with a fee to be paid. Courier fees are required if you’ve had to send your documents physically and typically cost around $20. Bank processing fees are also required, generally between $25 and $100, and you’ll need a notary to make the signing of all documents official, so another $100. Finally, the lender will charge a recording fee of around $50 to pay the county to make a public record of the transaction.

Prepaid Property Taxes and Utilities

Any taxes and utilities that have been paid ahead by the seller need to be reimbursed by the buyer. The attorney will calculate the cost, which generally runs between $1000 and $2000.

House Insurance

Most lenders require you to take out homeowners insurance, typically paid annually or biannually. The cost varies by house type and location, so be sure to get a few quotes.