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

What to Rent: Condo vs. Apartment

If you’re looking to rent, you may be struggling to choose between apartments and condos. At first glance, they seem more or less the same. But delve a little deeper, and you’ll find many differences. Let’s take a closer look and figure out which is the best option for you.

Both apartments and condos are individual residential units within a larger building containing several other similar units. They can be within tower blocks or smaller buildings, with or without amenities such as a swimming pool or doorman. But despite these similarities, there are several differences worth knowing.

1.     Ownership

Ownership is by far the most significant difference between condos and apartments. In an apartment complex, all units are owned by one person, whereas in a condo building, each individual unit has a different owner.

2.     Management

Apartment building owners generally work with a management company to deal with tenants, maintenance, and other tasks. A condo building is usually managed by a homeowners association (HOA), which sets the rules and takes care of shared spaces. When renting a condo, you deal with your landlord, the owner of the unit, rather than a management company.

3.     Maintenance and Repairs

While renting an apartment, if something goes wrong, you can generally contact the management company 24/7, and they will take care of the issue. In a condo, however, you’ll need to get in touch with your landlord, who might not always be available. In case of any urgent repairs that surface, you might have to pay the bill yourself and recover the money afterward. It’s best to agree on such scenarios in advance.

4.     Rules

In a condo, the HOA will set the ground rules that owners and tenants must adhere to regarding common spaces and outside decoration. Within the condo unit, the owner may impose additional restrictions, such as no pet policies, for instance. Apartments also come with rules, though these tend to be stricter with no room for negotiation. In either case, be sure to check the lease agreement thoroughly before you sign.

5.     Costs and Fees

In a condo, the unit owner is solely responsible for setting the rent. This means that tenants in the same building, in similar units, often pay different rents. In addition, the rent will typically also include the HOA fee and the utilities. You’ll basically be paying a flat fee throughout the year and won’t have to worry about seasonal fluctuations. With these fees added to the rent, condos are often considered more expensive, but it isn’t always the case.

When renting an apartment, utilities are often billed separately, while maintenance and repair costs are typically rolled into your rent, in addition to the upkeep of any shared amenities.

Condo or Apartment? Which Is the Right Choice for Me?

To answer this question, it’s worth looking at the major advantages of both options.

Condo Pros:

  • Great condition and amenities: Condos owners tend to put more personal touches into their units and may install upgrades to improve their chances of finding a tenant. Plus, there’s a chance that the owner previously lived in the unit, so it’s more likely to be in good condition. Apartment owners may be more likely to cut corners on these things.
  • More room for negotiation: Not all condo owners are looking to make a profit from their tenants. Some simply want to cover their costs and ensure the unit is lived in and looked after. As such, you may find more room to negotiate on price, pet policies and renovation requests.

Apartment Pros:

  • Experienced management: With a professional management company, many things are streamlined, such as trash collection, online rent payments, repairs, complaints and maintenance requests. They are often available round the clock to take care of issues as and when they arise.

In general, if you prefer the peace of mind of not having to worry about dealing with maintenance and repairs and don’t mind having any say in what appliances and amenities you have installed, an apartment is a good choice.

Meanwhile, a condo may be the better option if you’d prefer a more personal relationship with your landlord and the potential flexibility that might come with that. The flip side is that in case of repairs and maintenance, things don’t always run as smoothly as they might with an apartment.

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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Single Story For Sale in Penticton Main North, Penticton

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Open concept living area and fabulous north facing views

•  864 sqft , 2 bath , 2 bdrm single story “Apartment” – FOR SALE  CAD359,900 . The Ellis Top floor north facing unit  MLS® 194728

The Ellis Top floor north facing unit offers vaulted ceilings, open concept living area and fabulous north facing views. Centrally located, this 2 bedroom and 2 bath unit awaits you, freshly painted, & carpets cleaned. Secure and safe Underground parking. 6 appliances: washer, dryer, built-in microwave, refrigerator, stove and dishwasher. Call to book your viewing!

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Apartment For Sale in Main South, Penticton

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Plenty of natural light, floor to ceiling windows in the living room

•  950 sqft , 2 bath , 2 bdrm apartment – FOR SALE  CAD444,900 . This immaculately kept, NE corner home  MLS® 193987

This immaculately kept, NE corner home offers 950 sq. ft. comprising of 2 bedrooms and 2 bathrooms. Notable features of this home are; plenty of natural light, floor to ceiling windows in the living room, open and nice flowing living space for easy entertaining, cozy balcony off of living room, well laid out kitchen w/sit up island, cozy gas fireplace, upgraded window coverings, spacious master with double closets and 3pc ensuite. This home also has a 5×8 storage locker located on the second floor and one secure, heated underground parking stall (#12). There is even a place for your pet to burn off some pent-up energy! All this conveniently located across the street from Cherry Lane Mall. No age restrictions, 2 pets permitted w/restrictions, 3-month min rentals. All measurements are approx.-Buyer to verify if important.

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Single Story For Sale in Wiltse / Valley View, Penticton

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Home offers 2,300 sq. ft. surrounded by sprawling gardens and covered decks

•  2300 sqft , 3 bath , 4 bdrm single story – FOR SALE  CAD995,000 . Panoramic Views of Skaha & Okanagan Lake!  MLS® 193337

Panoramic Views of Skaha & Okanagan Lake! City of Penticton view! Modern design home! Mortgage Helper! Could you ask for more? Absolutely! This home offers 2,300 sq. ft. surrounded by sprawling gardens and covered decks. The main level offers an open concept which allows an over abundance of natural light. In this space you can enjoy gorgeous daytime views then city lights while enjoying that late night get together with family/friends. Master bedroom & den is located on the main floor with 2 additional bedrooms in the basement where you will also find the 1-bedroom non-conforming suite. This suite has its own entrance, A/C & heat, separate laundry & cozy outdoor covered nook. Newer furnace/AC Heat Pump, Rinnai Hot Water on demand, 200 AMP Electrical Panel plus Solar panels, which is a great investment for the future and our environment. It will help you save on crazy hydro energy bills. For a sprinkle of added coziness enjoy a WETT Certified wood burning insert in winter months.

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Apartment For Sale in Okanagan Falls

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Invest in a fantastic vacation rental property

•  1029 sqft , 1 bath , 2 bdrm apartment – FOR SALE  CAD349,900 . Okanagan Falls Skaha Lakeview MLS® 192209

Okanagan Falls Skaha Lakeview – Top Floor 2 Bedroom Condo.Is it time to create your weekend or summer retreat, invest in a fantastic vacation rental property or buy your first home? Welcome to your piece of paradise – set at the southern shore of Skaha Lake, just steps to parks and beaches. This very well kept Top floor Lakeview condo in OK Falls, just 12 minutes from Penticton. 2 bedroom and 1 bathroom, with large open living space. Steps to Skaha Lake, beach and shopping. You can move right in or buy for investment and rent out. No age or rental restrictions, you can do short term or vacation rentals. Enjoy all that the Okanagan has to offer, walk to the beach, close to lake, KVR trail, Wineries, Golf and short drive to Penticton. This is a great opportunity to own in the South Okanagan. All measurements are approximate. Please contact the listing REALTOR® or your agent for further details or to book your private viewing.

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Townhouse For Sale in Uplands/ Redlands, Penticton

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Rancher with basement Over 2500 square feet on 2 levels

2528 sqft , 3 bath , 3 bdrm townhouse “2 Storey” – FOR SALE  CAD449,900 . Secure and private, walk to Okanagan Lake. MLS® 192038

Welcome to Cambie Meadows. Rancher with basement Over 2500 square feet on 2 levels, 3 bedroom, 3 bathrooms. A secure gated community located on a quiet no thru road close to Okanagan Lake, downtown and the KVR walking trail. This one owner home has a cozy family room off the kitchen with 2 patio doors and 2 decks to the beautifully landscaped grounds. Laundry is conveniently located on the main floor and the full basement has a perfect set up for your guests. One of only 2 units in the complex with an attached single garage. Lots of parking available. Secure and private, walk to Okanagan Lake. Home is in original condition, and needs some updating, bring your ideas, and colors. Sorry no pets, no rentals, and age is 55 Plus.

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Single Story For Sale in Penticton Main North, Penticton

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Great starter family home on 0.16 acre in central Penticton

•  1085 sqft , 2 bath , 2 bdrm single story – FOR SALE  CAD649,900 . R1 Zoning allows for multiple uses. MLS® 191974

Newly updated, Great starter family home on 0.16 acre in central Penticton; walk to Safeway Plaza, hospital and all amenities plus a great playground just down the street. 2 bedroom, 2 bathroom rancher with oversized kitchen and island, solid surface countertops. This freshly painted home approximately 1,100 sqft plus single detached garage. Corner lot, large fenced yard with wrought iron fencing, underground irrigation. R1 Zoning allows for multiple uses. Loads of parking, with lots of open space

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