Tag Archives: Penticton Real Estate

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

In Penticton Main North, Penticton  – 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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Prep your home against wildfires before they return with Penticton’s FireSmart program

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BEFORE THE WILDFIRE IS BACK

Penticton FireSmart wants to see the community step up and have their homes checked by the city’s free program now that the area’s drying trend has returned.

The first wildfire in Penticton’s area sparked on Monday afternoon, just above homes on the West Bench.

“We’re really looking for people to be proactive ahead of the wildfire season, it’s a lot easier to do this mitigation before the wildfire is at your back door,” said Miyoko McKeown, FireSmart Coordinator for the City of Penticton.

“One of the benefits of the program is if you are a fire smart certified, you can actually go to the cooperators and receive up to 10 per cent off your property.”

To become FireSmart certified, the first thing to do is to have a Wildfire Mitigation Specialist complete a home assessment. Once the resident has completed any suggestions given by the team, they can become eligible for that insurance discount.

“We’ll go over your whole property, the vegetation, everything around the home up to 100 meters around the home, including the home itself. So what it’s built out of, the roofing, the siding, windows doors, there’s all these boxes you have to check to be certified,” McKeown said.

The team works to turn over those assessments back to the homeowner within five business days.

“This is definitely the time we really want to be seeing people being proactive with FireSmart. We want people cleaning up around their yards, considering some fuel conversion, and just doing the work to build resiliency into their homes and properties and their neighbourhoods,” said Brittany Seibert, the City of Penticton Emergency Program Coordinator.

“Do that mitigation work around your home if that’s cleaning out your gutters, really cleaning out that non-combustible zone around your house, getting rid of all that leafy debris that’s been left over that’s getting super dry this time of year,” McKeown added.

The effectiveness of the FireSmart program has been proven to have a drastic impact on reducing the risk of wildfire.

“We definitely want people to not be complacent, to not forget that wildfire season is still here, it’s still happening. And it can happen at a moment’s notice,” Siebert said.

Assessment takes approximately anywhere between 30 minutes to an hour depending on the size of the property.

Its recommended for residents to also be prepared with an emergency plan and a grab-and-go bag if evacuation orders come out in their area.

For more information on the program or to set up an assessment, reach out to firesmart@penticton.ca

Residents outside of Penticton in the South Okanagan, visit the RDOS FireSmart website here.

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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High Mortgage Rates Keeping Potential Buyers Sidelined

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Vancouver, BC – July 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 7,136 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2022, a decrease of 35.7 per cent from June 2021. The average MLS® residential price in BC was $951,105, a 4.6 per cent increase from $909,657 recorded in June 2021. Total sales dollar volume was $6.8 billion, a 32.8 per cent decline from the same time last year.

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“While a still growing economy and robust population growth point to strong demand, it is increasingly difficult to satisfy that demand at current interest rates,” said BCREA Chief Economist. “As a result, sales activity across the province, but especially in more expensive markets, continues to slow.”

For the second straight month, year-over-year provincial active listings rose, with listing in June 16.4 per cent higher than this time last year. While active listings remain below what is typical for a balanced market, some markets and housing types have tipped into balanced or even buyers’ market territory as sharply higher mortgage rates push potential buyers to the sidelines.

Year-to-date, BC residential sales dollar volume was down 17 per cent to $53.5 billion compared with the same period in 2021. Residential unit sales were down 27.6 per cent to 51,202 units, while the average MLS®residential price was up 14 per cent to $1.05 million.

Nearly 500 apartment units proposed for hillside in Shannon Lake

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500 HILLSIDE UNITS PROPOSED

A plan to build close to 500 apartment units on the hillside overlooking Constable Neil Bruce Middle School in West Kelowna has been submitted to the city.

The development at 2741 Auburn Road would see a five-building, 490-unit apartment project with structures of up to six storeys with an additional level of underground parking.

The developer is proposing a custom development zone specific to the property with a minimum of 575 parking spaces.

The property is currently vacant and contains informal trails used by the Shannon Lake neighbourhood. It is currently zoned for low-density multiple residential.

The proposal is still in its very early stages and is going before the municipality’s advisory planning committee next week. The committee consisting of city residents provides recommendations to city council in advance of elected officials reviewing the proposal.

A city staff report notes the development’s custom zoning proposal is expected to be modified before the project is brought before city council at a still-to-be-determined date.

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

In Okanagan Falls, Okanagan Falls – 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

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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.

HOME PRICES FALL ONCE AGAIN

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For the first time in nearly four years, the benchmark price of a single-family home in the Central Okanagan has dropped for a second straight month.

The Association of Interior Realtors released its June statistics on Wednesday, and they showed the single-family benchmark price fell to $1,112,400 last month. That represented a 1.5% drop after a 0.1% decrease in May. The last time the Central Okanagan single-family price fell in back-to-back months was in October and November of 2018.

Residential real estate sales also slowed across the entire AIR region last month, a 30.3% decrease compared to June 2021 that the association blamed on Bank of Canada’s recent mortgage rate increases.

“It’s not unusual that mortgage rates are impacting market activity, specifically in the higher-priced markets,” AIR president Lyndi Cruickshank said in a press release. “This is what typically happens when interest rates move upward. It makes buying a home more costly, making what a purchaser can afford more limited.

“We are seeing this effect, particularly in what is typically a higher-priced home type. However, this shift is creating a welcome opportunity for buyers to slow down in their decision making, which is a welcome relief for many.”

An increase in listings also likely played a role in the single-family home price decrease in the Central Okanagan, as there were 1,046 homes on the market last month compared to just 267 in January.

“Our inventory is gradually picking up and supply is growing,” Cruickshank said. “This is benefiting both buyers and people looking to sell and move. As we don’t expect any relief in terms of interest rates in the coming days, one will have to anticipate the market while pricing properties correctly.”

There has been massive fluctuation in the Central Okanagan townhome benchmark price over the last few months. It increased 10% from April to May but then dropped 8% from May to June, settling in at $763,800 last month.

And one month after topping the $800,000 mark for the first time, the North Okanagan benchmark price for a single-family home dipped back below that line in June, checking in at $798,500.

Popular Penticton Easter events

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Eager for Easter events?

Easter weekend is fast approaching, and what better way to enjoy the long weekend than with delicious food and entertainment in Penticton.

Kick things off in style with Freida Whales and Friends drag cabaret show, back by popular demand Saturday night at Slackwater Brewing.

“Freida Whales is the mother of manatees, breaker of nets, the un-soaked, Khaleesi of the actual sea, rightful heir to Poseidon’s throne, you won’t want to miss out on this ‘fin’tastic show!” Slackwater says.

Whales has been voted best drag artist in the Best of Kelowna contest. The fun kicks off in Penticton at 5:30 p.m. for the first show, then again at 8:30 p.m. Find tickets here.

On Sunday, don’t miss brunch plus an Easter egg hunt for the kids at the Penticton Lakeside Resort.

From 10 a.m. to 2 p.m., fun for the whole family will be available in the West Ballroom of the resort, featuring a visit from the Easter Bunny himself, furry friends from GottaGoat Petting Farm and an egg hunt at 11 a.m. — bring your own basket!

There will also be a brunch buffet to satisfy cravings beyond the chocolate egg variety.

Make your reservation today by calling Jacqueline at 250-493-9772. Tickets are $31.95 for adults, $15.95 for kids 4-12, and those under 3 are free.

For a more classic sit-down Easter brunch experience, look no further than the always-popular Hooded Merganser restaurant’s special event.

Tables are available from 7 a.m. to 2 p.m., but the restaurant urges anyone wanting to indulge to book a table early, as it always sells out. Call 250-487-4663 to book your spot.

For entertainment Sunday night, check out local band Three Scotch In at Cannery Brewing, with no cover to enjoy their chill rock-blues style.

“Bring a friend, drink some beer, support live, local music,” Cannery says. They will hit the stage at 5 p.m. and play for two hours.

And since it’s a long weekend, Cannery will also have live music Monday night. Check out Apollo Suns, a band hailing from Winnipeg playing instrumental psychedelic jazz rock from 6 to 8 p.m., entrance by donation.

Cannery Brewing also has new seasonal beers to pair with your musical experience, like the Barrage Exploratory IPA.

“This New England style IPA was brewed with Sultana and Lotus hops. Notes of pineapple, pine and candied grape lead to a pillowy soft finish,” Cannery explains.

Their popular outdoor Cannery Backyard is slated to return as the weather warms up in May.

Learn more at www.visitpenticton.com and on social @visitpenticton