School and park across the street, bus stop at your driveway…
• 2352 sqft, 2 bath, 2 bdrmsingle story – FOR SALE CAD449,900 . Home requires some TLC – Such a handy location MLS® 185550
in Penticton South, Penticton
Home requires some TLC – Such a handy location – school and park across the street, bus stop at your driveway, shopping just blocks away. This house also features updated oak kitchen and bathroom, newer windows on south side, oak hardwood in Living Room, lino and laminate elsewhere upstairs. Gas fireplace up and down, central air and central vac. Lots of storage areas with easy access. Oversized double garage with 9×8 workshop. Non conforming suite downstairs. Assorted fruit tress & with a super large walnut tree, which shades the whole back yard. Loads of parking for you RV, and or toys.
Close to everything downtown, Penticton, events centre
• 641 sqft , 1 bath , 2 bdrm single story – FOR SALE CAD295,000 . RD2 Zoning , First time buyers. MLS® 185546
in Penticton Main North – RD2 Zoning , First time buyers, or developer alert, home needs some TLC, great rental, Close to everything downtown, Penticton Events Centre, movie theater and casino; close to schools. This home has 2 bedrooms plus Den and 1 bathroom 647 square feet, .06 acre. Lots of parking in the rear with alley access and fully fenced yard.
Close to shopping and schools. 3 bedrooms, 2 baths
• 1830 sqft , 2 bath , 3 bdrm single story – FOR SALE CAD649,000 . Excellent home steps to Okanagan Lake MLS® 185535
in Penticton Main North – Excellent home steps to Okanagan Lake, events center, tennis courts and park. Close to shopping and schools. 3 bedrooms, 2 baths, .22 of an acre, tandem garage with carport and a small workshop. Good sized yard with mature landscaping and room to park your toys or RV. Updated gas furnace, separate laundry room, laminate flooring and a partially covered patio for outdoor entertaining. Great potential, air BnB
The Province of BC has changed the Strata Property Act and the Financial Institutions Act in response to the recent escalation of insurance premiums and deductibles. In a communication to Strata Managers, the Real Estate Council of BC (RECBC) highlighted that now:
Strata corporations are required to inform owners as soon as it is feasible of any material change in the strata corporation’s insurance coverage, including increasing deductibles; and
Strata corporations can use their operating fund or contingency reserve fund to pay for property and liability insurance required under the Strata Property Act or the strata corporation’s bylaws without a vote of owners if there are reasonable grounds to believe that an immediate expenditure is necessary to obtain the required insurance.
RECBC also noted that more changes are in the works and advised real estate professionals to refer to the updated insurance web page on the government’s strata housing website for further details.
BCREA Continues to Advocate on Insurance Issues
The dramatic rise in insurance premiums and deductibles experienced by many strata properties and owners is an issue of significant concern to BCREA.
The need to find a solution is urgent, but there are no quick fixes on the horizon. The issues are complex, ranging from high claims ratios and our ever-present risk of earthquakes, to insurance companies vacating the BC market and poor maintenance practices. For the approximately 1.5 million BC residents who are strata residents, and any potential purchasers of condominium units, this crisis creates risk and uncertainty.
We have engaged with the BC Financial Services Authority with our recommendations (viewable in this previous blog post), and continue to advocate for further actions by government to ensure better availability of insurers in the market, and improved education and training for strata councils.
This page on the provincial government’s website provides more information on the recent legislative changes and additional background on insurance for strata corporations.
To view the BCREA Housing Forecast Update PDF, click here.
Vancouver, BC – August 25, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 Third Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 6.5 per cent to 82,380 units this year, after recording 77,351 residential sales in 2019. MLS® residential sales are forecast to increase 17.6 per cent to 96,860 units in 2021.
“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”
With home sales more than fully recovered and now above pre-COVID-19 levels, combined with a decline in the supply of re-sale listings driven by the pandemic, many markets are now seeing sharply rising average prices despite a weak provincial economy. We are forecasting the provincial MLS® average price to finish the year up 7.7 per cent and to increase a further 3.7 per cent in 2021.
An uptick in Canada’s home prices might seem unlikely amid the COVID-19 crisis, particularly when the economy is facing significant job losses and a record-high number of bankruptcies. But as CBC’s Don Pittis notes in a recent article, nothing about the pandemic’s impact seems straightforward:
“We may be observing a powerful economic force exacerbated by the promise of a long stretch of low-interest loans.”
Basically, while some parts of the Canadian economy are weakening, the effect is not spread equally. Those who were able to keep their jobs and continue to have an income, as well as businesses that are still operating and bring in money, seem to benefit from a short-term budgetary advantage.
Although many small firms are struggling or closing, companies and individuals who have not been as affected by the current economic challenges can take advantage of historically low borrowing rates. This means they’re able to obtain assets that will likely maintain their value post-pandemic.
Real Estate Impact
Although the Canadian Real Estate Association’s (CREA) national figures won’t be released for another week, earlier predications about falling home prices amid COVID-19 haven’t proven to be true for Canada’s hottest markets. It’s an unusual situation, considering recent employment statistics show that 1.3 million Canadian jobs have disappeared since the beginning of the health crisis.
Pittis points to increased sales numbers and prices for homes in two of Canada’s largest cities, Vancouver and Toronto.
According to figures from the Toronto Regional Real Estate Board (TRREB), detached home prices in the region rose more than 25% year-over-year in July. As well, on a preliminary seasonally adjusted basis, home sales rose by 49.5% compared to June 2020. These increases are actually similar to those recorded in previous boom years (2010 to spring of 2017), during the expanding Toronto real estate bubble.
Similarly, REBGV’s numbers show that 3,128 Vancouver homes were sold last month, up from 2,443 in June 2020 (a 28% sales increase) and up from 2,557 in July 2019. Home prices in the region hit a benchmark of $1,031,400, 4.5% higher on a year-over-year basis. Colette Gerber, chair of the Real Estate Board of Greater Vancouver (REBGV), stated:
“We’re seeing the results today of pent-up activity, from both homebuyers and sellers, that had been accumulating in our market throughout the year. Low interest rates and limited overall supply are also increasing competition across our market.”
While mortgage brokers noted there are tighter requirements for bank loans, eligible customers can snap up five-year fixed mortgages at 2% or lower. While in theory, these low rates should help those who need them most, Pittis says they actually help people who need them least, namely buyers who are able to pay back their loans. Additionally, this isn’t just happening in the housing sectors, as it seems to be occurring in the corporate world too.
Impact on Businesses
While mergers and acquisitions (aka company takeovers) slowed down early in the pandemic, they appear to have picked up again more recently. As some companies struggle financially, others that have stronger cash flow or more money to draw from step in and buy them in full or partially, hoping to benefit from these purchases post-pandemic.
Much like the housing market, low interest rates often benefit more stable companies, as banks and other lenders are less likely to want to back companies that are struggling with debt.
Despite early speculation that the pandemic would cause a shift away from wealth polarization, it seems that attractive interest rates often aid those who need less help. While this keeps the real estate industry moving forward short-term, it will be important to have some longer-term solutions in place to ensure those struggling financially are still able to purchase property in the future.
West Kelowna council has put off a discussion on short-term rentals within the city until a future meeting.
The topic was to have been discussed Tuesday evening, however, at the urging of Mayor Gord Milsom, was postponed due to an already full agenda.
“It’s going to be a lengthy conversation. I think it’s important we have very clear minds when we discuss it,” said Milsom.
“I guess the use of short-term rentals will be less in two or three weeks time after the September long weekend. In the meantime, we ensure our enforcement carries on in term or complaints we receive with regards to short-term rentals that are causing problems in our neighbourhoods.”
Short-term rentals have always been illegal within the city, but, a quick check of online portals such as Airbnb or VRBO, show at least 300 homes available to use at any one time.
Many residents within the city have complained about what they call nuisance rentals, demanding the city take action to shut them down.
One neighbourhood on Pinot Noir Drive have recently spoken out about a Vancouver owner who has several homes he rents. They have started a petition to urge the city to do something.
Coun. Doug Findlater called the issue complex, saying a lot of consultation will be needed before the city can move forward.
“There are quite a number of members of the public, of residents who are afflicted with these things being next door and on their street. They are looking for leadership on council. I don’t think council can solve the problem, pass a motion and close every party house tonight,” said Findlater.
“I would look to the CAO to find out what’s happening with bylaw. Hopefully they are all over these things. They are illegal. Hopefully they are busy closing them down.”
CAO Paul Gipps said the city will be taking a proactive approach, especially leading into the Labour Day long weekend.
“I’ll make sure we (bylaw) are fully staffed,” he said.
Gipps also admitted there is one home in particular with up to 15 fines, which prompted Coun. Jason Zilkie to wonder if the city had the ability to put a lock on a home, similar to towing a vehicle for numerous unpaid parking tickets.
“There has got to be a tipping point,” he said, “where we just say, you’re done.”
Gipps said there are a variety of tools the city can use, but with COVID-19, a number of those are tough to use because it is difficult to get into court.
“In the meantime, we are going to look at a couple of other measures, but I don’t want to tip my hand right now.” said Gipps.
Local businesses throughout the Okanagan-SImilkameen areas were awarded over $1.7 million through the Regional Relief and Recovery Fund from the Community Futures Okanagan Similkameen.
The program focuses on helping organizations get back on their feet after COVID-19’s significant economic effects. Hoping to improve the business’s success by mitigating financial pressures, continuing payroll for employees and supporting projects to move forward the recovery process.
“Throughout the pandemic, our staff have had an incredible, busy time evaluating and approving applications,” said Charles Cornell, general manager in a press release. “It is so rewarding to be able to support so many local businesses.”
The loans given to businesses are up to $40,000, including no interest and no payments until December, 2022. They are required to be repaid in full by Dec. 31, 2025. But if the loan is repaid by the end of 2022 up to $10,000 will be forgiven.
“The businesses represent all sectors of industry, half are owned by women, as well as several owned by youth & entrepreneurs with disabilities,” Cornell said. “In our region, the RRRF program is supporting businesses that collectively employ more than 204 people.”
Community Futures Okanagan Similkameen still has applications open for available funds for a few more business owners in the region who are struggling due to the pandemic. More information and how to apply online is available on their website.
No matter how old you are, where you live or how many people you have in your family, moving is never easy. All that packing, sorting, labeling, finding a new home, and starting a new life in a new place is more stressful and exhausting than you could ever imagine.
That’s why people generally don’t like moving too often — or at all. But, sometimes you’re forced to do it, so you’d better have a plan and get it over with as soon as possible. If this sounds like your current situation, here are a few tips that might help make your move a little easier and quicker.
What Stays & What Goes
Determining what you will and won’t take with you when moving could easily be the most important step of this entire process — although most people overlook this one. That’s because you probably won’t be able to take all of your possessions with you (nor should you, by the way), which is why going through your belongings before you pack is a must.
While this process might take some time, it will also give you an opportunity to assess all of your material possessions and decide what you do and don’t need in your future. At the same time, it will also force you to declutter, which is always a good idea. In the meantime, as you sort, don’t be afraid to minimize the number of items you have and keep only those that you actually use. This will, ultimately, make your packing and unpacking process easier — a win-win situation.
Create an Inventory
Even if you’ve gone through all of your possessions and decluttered as much as you can, you’ll still have tons of stuff to pack and move. Therefore, creating an inventory of things you’re taking with you is a simple, yet effective hack that can go a long way. Plus, this tip will help you get organized and stay on track for a productive move.
There are several methods you can follow to create a packing inventory, any of which are just fine as long as you stick to them. Nevertheless, attacking the challenge room by room may be the most sensible way to go. In this option, you just write down everything you’re taking with you and pack these things together.
Always Be There
Because packing and moving are far from easy, many people choose to pay someone to do it for them. And, while hiring professionals is a decent idea, consider whether you are really comfortable allowing someone you’ve never met go through all of your stuff and pack your personal belongings.
If you aren’t, then you need to be involved in every step of the process. This means that you’ll be the one sorting through your possessions, packing them into boxes and unpacking them once you reach your new home. This may sound like a ton of work, but you’d be surprised to learn that you can actually move yourself in just a couple of weeks. All you need to do is stick to your plans and dedicate at least an hour or two every single day to the process.
Pay Attention to Labeling
Labeling is another issue that people often struggle with. They know they packed their possessions somewhere, but are unsure where. Specifically, they dedicated a significant amount of time to deciding what they don’t need in their future lives and packed only the items they planned to use in their new home. But now, they have absolutely no idea where these items are! However, the cause of this conundrum is quite simple: They didn’t pay attention when they were labeling their boxes.
Fortunately, the solution to this problem is pretty simple, as well — just stay focused when labeling your boxes and do so clearly. For instance, instead of mimicking other people’s ideas, come up with a system of your own that makes sense to you. That way, you’ll have no problem finding what you’re looking for when you get to your new home.
Additionally, many new homeowners prefer to have everything in order before moving into a new home. So, find some high-quality boxes and waterproof markers, use different colors, get some stickers or create a numbering system. Essentially, do whatever you need to do so that you’ll know what’s hiding in each of the boxes you’re taking with you.
Moving to a new location can be stressful, but it’s also an exciting time that marks the beginning of a new chapter of your life. So, get through the moving process quickly and efficiently to start your new life in your new home as soon as possible!
Who couldn’t use a little extra closet space? Maybe you suddenly have more people at home and need a spare dressing room. Or perhaps your small home just doesn’t have enough storage space for all your clothes and shoes to begin with.
Whatever the case, a lack of a closet doesn’t mean you have to live out of a suitcase. If you’re without a proper dressing room, try one of these six smart storage solutions to get your clothes and shoes organized.
A Portable Clothes Rack
A clothes rack is a quick, easy solution for clothes with nowhere to go. The most used section of the closet is usually the hanging bar, so a clothing rack gives you just what you need. They’re easy to set up, can fit in small spaces and can even double as a room divider to provide you with a bit more privacy.
To make a clothes rack even more effective, try mounting a wall shelf above it and adding a shoe rack underneath. Just like that, you’ve almost got a full closet. For extra convenience, get one on wheels so you can move it around to make the most of your space.
Freestanding Furniture
When it comes to efficient clothes storage, a wardrobe and dresser are almost as good as a closet. Dressers are such a versatile option since they come in nearly any shape, size and style you might need. If you lack floor space, look for a tall narrow dresser that gives you maximum storage with a small footprint. Or, if you need a flat surface, opt for a long and low version that can double as a table.
A wardrobe gives you the best of both worlds with a rod for hanging clothes as well as a few drawers for folded items. A wardrobe also works well as an extra closet to store linens and out of season clothes if you lack dressing rooms elsewhere in the house.
The No-Closet Closet
Just because your room doesn’t have a built-in closet doesn’t mean you can’t add a pretty awesome one. Many modular closet systems give you all the convenience of a closet without the walls. You can choose a freestanding system if you rent. Or there are also wall-mounted versions if you’re looking for a more permanent option.
The great thing about these systems is that they’re incredibly flexible. You can design the perfect closet to suit your exact needs. For example, if you have a lot of long dresses, you can add extra full-length hanging bars. But if sweaters are more your thing, you can opt for additional shelves and forgo the hanging bar altogether.
Making Use of Trunks
Not only are trunks convenient and efficient, but they’re also totally stylish. Whether you go with a modern cedar chest or an old vintage trunk, you’ll gain an abundance of storage space. They’re great for bulky things like sweaters or blankets, but you can also add dividers to store smaller items too.
Trunks are also handy for small space living since they can double as a coffee table or nightstand. And if you add a few pillows, you can even use it as extra seating in a pinch.
The Space Under the Bed
There’s a lot of prime storage real estate under the bed. And there are a variety of under-the-bed storage options available to help you make the most of it. You can find bins, boxes, and baskets that are designed to slide under the bed and are just the right size for clothes. If your bed happens to sit low to the floor, bed risers will allow you to take advantage of this valuable space.
Perfect Combos
If you really want to maximize your clothes storage, the best solution is probably a combination of a few of these options. For instance, a dresser and a clothes rail may be all you need to keep all your clothes organized. Or maybe a closet system and a trunk are the right combinations for you. Take the time to look at what you have to determine the best way to store your belongings.
Just because you don’t have a dressing room, doesn’t mean you can’t have stylish and practical storage for your clothes and shoes
Image: Afshin Sadeghi Lavasani / Shutterstock.com
