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

3 Story For Sale in Penticton Main North, Penticton

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3 Phenomenal Units- Spectacular from the moment you arrive!

•  6824 sqft , 7 bath , 6 bdrm 3 story – FOR SALE  CAD6,800,000 . Desirable property comprises 3 floors – MLS® 195698

88 Lakeshore 3 Phenomenal Units- 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 a total of12 vehicles. Second floor offers 2,992 sq. ft. with a separate suite for guests, 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

Click here for: Property information and Virtual Tour

Three Story For Sale in Penticton

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6358.3 Sq.Ft. , 7 Bath , 4 Bedroom three story – FOR SALE  CAD 6,750,000.

Click here for: Property information or Virtual Tour

Single Story For Sale in Okanagan Falls, Okanagan Falls

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Grand-scale estate residence sits majestically on a private 1.68 park-like estate

•  4914 sqft , 6 bath , 4 bdrm single story – FOR SALE  CAD2,899,800 . 180-degree views of Skaha Lake, MLS® 195481

This grand-scale estate residence sits majestically on a private 1.68 park-like estate with 180-degree views of Skaha Lake. This Classic home is almost 5,000 sq.ft. of expansive living space on two generous levels. Exceptional quality & design. Impressive stone & mill work create a luxurious 4-bedroom 7- bathroom residence with formal Grande Foyer, large entertainment size Living & Dining Room. Large Gourmet Chef’s Kitchen adjoins gorgeous terraces and covered summer BBQ & Dining area with fireside outdoor lounge & infrared heat. Lavish Master Suite enjoys a spectacular lake view, large dressing room & sensational bathroom. Lower level has large Media/Family room, Office & Temperature controlled walk-in Wine Room. The ne-bedroom immaculate suite has separate entrance, laundry and a lovely outdoor patio area. 1,121 sq. ft. heated triple car garage offers a 2-piece bathroom plus 400-amp electrical service. This is a one-of-a-kind dream

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Royal LePage’s Q2 2022 House Price Update and Market Forecast


The Royal LePage House Price Update and Market Forecast, distributed each quarter, includes price data and insights from experts in 62 real estate markets across the country, as well as national and regional forecasts.

According to the survey, the aggregate* price of a home in Canada increased 12.1 per cent year-over-year to $815,000 in the second quarter of 2022. On a quarterly basis, the aggregate price of a home in Canada decreased 4.9 per cent in the second quarter after reaching record year-over-year highs in Q1. This is reflective of softening home prices in markets that saw exceptional price growth during the pandemic.

Key highlights from the release include:

  • Royal LePage reduces national home price forecast to +5.0% in fourth quarter of 2022; expects home prices to hold relatively flat through the second half of the year in greater regions of Toronto and Vancouver. Greater Montreal Area expected to see continued price appreciation.
  • National aggregate home price increases 12.1% year-over-year in second quarter of 2022; decreases 4.9% quarter-over-quarter.
  • An uneven market recovery is expected as some regions experience continued price appreciation, while others soften.
  • Interprovincial migration to affordable real estate markets supports home price growth in Alberta, Prairies and Atlantic Canada.
  • Royal LePage cautions policy makers that growing inventory is masking an acute urgency to solve Canada’s housing supply crisis.

*Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

Apartment For Sale in Penticton Main North, Penticton

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868 sqft suite sits directly across from one of the most beautiful beaches & lakes in the Okanagan

•  868 sqft , 1 bath , 1 bdrm apartment – FOR SALE  CAD589,900 . Beautiful condo is in the heart of the city MLS® 194889

Condo at Lakeshore Towers, south facing 1 bedroom + den, 1 full bathroom, 868 sqft suite sits directly across from one of the most beautiful beaches & lakes in the Okanagan. Lakeshore Towers is the only condo complex in Penticton that offers an outdoor pool , hot tub, & sauna, 2 fitness rooms, 3 amenity rooms, putting green, secure bike storage, guest suites, & exceptional outdoor common area. This beautiful condo is in the heart of the city, steps from the lake and a short stroll to the marina, shopping, incredible restaurants, wineries, and breweries. Enjoy the city views from the generous balcony, which adds over 200 sqft of living space. This is a quiet suite due to the building’s concrete construction. It also features granite countertops, high end tile and quality appliances. There is 1 secure parking stall and 1 storage locker, 2 pets allowed including dogs, rentals allowed with 3 months minimum term.

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How NFTs could change the future of real estate

Once considered a fringe technology, NFTs are now paving the way for a streamlined real estate experience

For decades, homeownership has been symbolized by physical objects, from a hard copy of the deed to a set of keys presented to a new owner.

In an increasingly online world, the way we think about ownership is evolving thanks to technology. Blockchain and cryptocurrencies are slowly changing the way many markets work, and the real estate industry is no exception.  

Leading the way are non-fungible tokens—more commonly referred to as NFTs—tools that use blockchain technology to provide proof of ownership of an asset. Unlike a cryptocurrency, each token is unique, which means it can be used to identify an item in the digital or real world.

While most would still consider this a fringe technology used by tech enthusiasts and digital artists, NFT sales reached some US$25 billion in 2021, according to estimates provided by market tracker DappRadar, and many believe that real-world assets, including real estate, will soon represent a significant portion of that market.

In fact, the real estate industry has already embraced the use of NFTs in some markets.

In 2021, U.S. fintech startup Propy facilitated the first-ever sale of an apartment using NFTs in Ukraine. This year, the company launched an NFT real estate platform for brokers in the U.S. and successfully sold a home in Florida using NFTs.

According to the company’s legal framework, the record of purchase is placed on the blockchain and provides access to the property’s legal documents. Propy believes this type of transaction would minimize costs for buyers and streamline the purchasing process by allowing consumers to purchase a property in minutes.

Fractional property ownership

The use of NFTs in the real estate market could affect more than just purchasing.

Some believe the use of fractional NFTs—a whole NFT that has been divided into smaller fractions, referred to as “tokens,” allowing multiple people to claim ownership of a piece of the same asset—could also change the mortgage market.

The idea of tokenization is that ownership could be broken down into any number of pieces. In theory, this would give buyers the ability to buy and sell parts of their house. Investors could hold these tokens and receive a rental income, profit split on the appreciation upon sale, or both. 

Many believe this would open up the world of real estate investment to those who may not be able to afford an entire property in today’s market, and create options for those who need to unlock equity without borrowing.

Still, many questions remain about how this type of digital framework would work.

Where would the legal right to the property actually reside if fractional ownership were allowed? Could a token holder force the NFT owner to sell their home if they owned enough of the share?

As the global use of NFTs grows, and the use of cryptocurrencies becomes more commonplace, it’s important that brokers and agents understand the potential of these technologies.

Royal LePage’s Home Renovation ROI Report


Are your clients looking for guidance on which home improvement project will have the highest return on investment?

The Royal LePage Home Renovation ROI Report includes the results of a national survey, which found that a kitchen renovation is the most worthwhile improvement project, with the potential to increase a home’s value by 20%.

Key highlights from the release include:

  • Royal LePage professionals say, on average, bathroom renovations can increase the value of a home by 16%
  • Finished basements and basement apartments have the potential to increase a home’s value by 15%, according to survey results
  • Outdoor entertaining space and landscaping have the potential to increase a property’s value by an average of 10%, according to respondents
  • For Canadians looking for general guidance on where to invest in their home renovation projects, 87% of surveyed experts recommend interior renovation

Royal LePage’s Q1 2022 House Price Update and Market Forecast


The Royal LePage House Price Update and Market Forecast, distributed each quarter, includes price data and insights from experts in 62 real estate markets across the country, as well as national and regional forecasts.

Key highlights from the national release include:

  • Royal LePage increases its 2022 forecast to 15% following exceptionally strong first quarter.
  • National aggregate home price soars 25.1% year-over-year in first quarter of 2022 – highest Q1 gain on record.
  • Kingston, Ontario, posts highest year-over-year aggregate and detached home price gains in Canada for the second straight quarter.
  • Four markets in Ontario’s Golden Horseshoe region report median single-family detached home prices above $1 million for first time.
  • Early signs of moderation appear as some urban markets unveil improved conditions for buyers.
  • Promising new federal and provincial policies aimed at tackling housing availability and affordability not expected to provide relief in 2022.

Read the full national release here and find regional insights here.