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

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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.

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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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Commercial For Sale in Penticton Main North, Penticton

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Once in a Lifetime Opportunity. 5 Lots in total!

•  commercial – FOR SALE  CAD3,150,000 . Phenomenal Location!
MLS® 186994

Phenomenal Location! Once in a Lifetime Opportunity. 5 Lots in total!! Including a Large Commercial Building, currently operating as a successful restaurant and with 2 homes that are currently rented on a month to month. All tenants agree to continue to lease back on agreeable terms. Corner Lot with street frontage being approximately 300ft x 100ft deep. Hugh development potential. Currently zoned CT1. Across the street from BC’s second largest Convention Centre and 1.5 Blocks to Lake Okanagan! Great access to downtown and schools. Located on Westminster Ave. Penticton’s most sought after development corridor.

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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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Commercial For Sale in Penticton Main North, Penticton

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Penticton Iconic Building Built in 1930

•  commercial – FOR SALE  CAD1,300,000 . Restaurant not included in Sale.
MLS® 191881

Restaurant not included in Sale. Penticton Iconic Building Built in 1930 , C1 Zoning, amazing opportunity, permitted uses, accessory use, artisan crafts, bed and breakfast, boarding house, convenience store, day care, one duplex, health service, high tech service, live work unit, minor and major home occupation, office, personal service establishment, one single detached dwelling, restaurant and vacation rental. Plenty of parking, in a fully fenced lot, corner location, lots of garden space, large patio, original hardwood floors, lots of built in character. 2 Bathrooms and 2 bedrooms located upstairs, as well as laundry room.

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2 Storey For Sale in Penticton Main North, Penticton

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Room sizes are generous and the floor plan would suit many.

•  2100 sqft , 4 bath , 3 bdrm 2 storey “Half Duplex” – FOR SALE  CAD529,900 . Centrally located 1/2 duplex MLS® 191470

This centrally located 1/2 duplex potentially 4 bedrooms, 4 bathrooms, 2100 sqft, offers more square footage than any other 1/2 duplex on the market in its price range. It is close to schools, shopping, parks, recreational facilities and the South Okanagan Events Center. There are 3 bedrooms, plus den/office, one full bath and two 1/2 baths on the upper floors. Room sizes are generous and the floor plan would suit many. The well laid out kitchen has an adjoining eating area and there is a very spacious living room. The basement is perfect for an in-law or adult child with a small kitchen (no stove), living room, one bedroom and 4pc bath and a separate entrance. Measurements are approximate.

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