Charlie Veaudry

Serving you with passion!

 

May sales bounced back from the slower pre-election April sales. With 155 single family homes sold, that is the highest number of May sales ever in the North Okanagan, up 51 from April and 2 higher than May 2016. The election is over, but uncertainty lingers as we wait to see who forms government. Consumer confidence will remain low as will real estate. Also, the low inventory continues to have an unusual impact on our real estate market with homes selling quickly (my listings average 5 days on the market!), selling for above the asking price due to multiple offers and reluctance for people who want to sell but are afraid they will not be able to find a new place. Last month I shared some techniques I developed to help my clients overcome this. I got a good response so I will cover it again at the end of this update.

 

Sales - Sales of single family residential homes for the 12 months ending May 2017 eased a little more to 1,264 dropping to a 14.5% increase over last year down from last month’s 18% increase. The real estate market seems to be reflecting the uncertainty of our political landscape. Given that the real estate market is dependent largely on consumer confidence, this makes sense. The uncertain political climate will continue to soften activity although June month-to-date sales are up 10% from the same period last year.

 

Inventory - The 12 month average monthly inventory of single family homes is still the lowest since 2006. The 12 month average monthly inventory dropped 160 units to 369 for the last 12 months ending in May 2017 compared to 529 for the same period in 2016. Home owners are still reluctant to list their homes.

 

Prices - Average median prices moved up slightly to $392,554 for the last 12 months ending in May 2017. Prices continue to be above the highest levels in the history of real estate in the North Okanagan Valley! Average median prices are still 6.6% higher for the 12 months ending in May 2017 over last year and are up 21.3% from 2013 when we saw the lowest average median price of the last 10 years. This is still 8% higher than the peak prices of 2008. New records for high real estate prices continue in our market. As long as there are more Buyers than there are homes for those Buyers, we will see upward pressure on prices no matter, it seems, how much the sales volume drops.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues to climb. The average absorption rate of 27.73% over the 12 month period ending Map 2017 is up from the 17.35% for the same period last year. Also, at the end of May 2017, we are down to 2 months supply of homes available on the market from 4 in April.

 

So as promised in my opening paragraph, here is a repeat of my ideas from last month about how we deal with finding homes for the Buyers who are looking and for the Sellers who want to sell but are afraid they won’t find anything to buy. #1). buy first, then sell and use the rising market to fund the overlap costs (if you would like more details on this, please ask me). #2). Get your ducks in a row (financing, etc.) then monitor the market (with my help, I can show you homes 24 hours before they are shown to the general public, and I also know of many “pocket” listings) . When you find a home you like, be prepared to put in an offer right away (with my portable office, I can submit your offer from inside the house we are viewing). #3). Let me know where you want to live and I will canvass that area to see who wants to sell but has not listed yet. When the going gets tough, the tough must get creative!

 

What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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North Okanagan real estate continues to move along at a flatter pace this year after breaking records last year. February sales, like January are a little off. Although sales are flat or slightly down from last year, they are still higher than two years ago. Our inventory is still at record lows giving Buyers less to choose from and bringing multiple offers to Sellers. After seeing record sales in 2016, February sales in 2017 were about average with 59 single family homes sold compared to 70 last year, a drop of 16%. However, year over year sales continue to show that we are still in a strong Sellers market. The first 22 days of March shows a 13.5% increase over last year for the same timeframe.

 

Sales - Sales of single family residential homes for the 12 months ending February 2017 eased a little to 1,293 still a strong 30% increase over last year. It will be interesting to see what happens as we move further along into the 2017 spring market.

 

Inventory - The 12 month average monthly inventory of single family homes is still the lowest since 2007/8. The 12 month average monthly inventory dropped 147 units to 403 for the last 12 months ending in February 2017 compared to 553 for the same period in 2016. This is due to the the continued inflow of Buyers to our community which contributes to the lowest inventory we have seen in over 9 years.

 

Prices - Average median prices inched up again to $387,304 for the last 12 months ending in February 2017. Prices continue to be above the highest levels in the history of real estate in the North Okanagan Valley! Average median prices rose 8.6% for the 12 months ending in February 2017 over last year and are up 19% from 2012/3 when we saw the lowest average median price of the last 10 years. This is now 5.2% higher than the peak prices of 2008/09. New records for high real estate prices continue in our market. As long as there are more Buyers than there are homes for those Buyers, we will see upward pressure on prices.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues steady. The average absorption rate of 25.75% over the 12 month period ending February 2017 is up almost double from the 14.73% for the same period last year. Also, at the end of February 2017, inventory dropped to 5 months supply of homes available on the market from 8 in January, which is low for winter months and has not been this low since 2007.

 

To repeat an important message from last month, some of our local mortgage brokers have now had experience with applications for the new interest-free loan program from the BC government helping first-time homebuyers struggling to save up a down payment. According to Jeremy Schaffner at Invis, potential clients who wish to participate, MUST apply online, and 1 of the 4 documents required is a PRE-APPROVAL letter from a mortgage broker or lender. You cannot write an offer without being approved first for the program. There are some pros and cons to this program so make sure you talk to your mortgage specialist as early as possible (first thing) when getting the process started. (Jeremy’s phone number is (250) 549-9549. You can call or text him.)

 

What is your next move? Let me help you!


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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It has been a rocky few months for our North Okanagan real estate sales since the US election in November. January sales are a little off, too. Is it due to consumer uncertainty as we can’t avoid hearing what is going on south of our border? Is it the record low temperatures and voluminous snowfall? Is it the changing rules for first time home Buyers? Skyrocketing provincial Property Transfer Taxes in the lower mainland? Or just January? After seeing record sales in 2016, January sales were about average with 33 single family homes sold compared to 57 last year, a drop of 42%? However, year over year sales continue to show that we are still in a strong Sellers market. The first 9 days of February shows the roller coaster continuing as sales are doubled last years for the same timeframe.

 

Sales - Sales of single family residential homes for the 12 months ending January 2017 eased a little to 1,304 still a strong 36% increase over last year. It will be interesting to see what happens as we move in to the 2017 spring market.

 

Inventory - The 12 month average monthly inventory of single family homes is still the lowest since 2007/8. The 12 month average monthly inventory dropped 137 units to 418 for the last 12 months ending in January 2017 compared to 555 for the same period in 2016. This is due to the the continued inflow of Buyers to our community which contributes to the lowest inventory we have seen in over 9 years.

 

Prices - Average median prices inched up a bit to $384,263 for the last 12 months ending in January 2017. Prices continue to be above the highest levels in the history of real estate in the North Okanagan Valley! Average median prices rose 8.1% for the 12 months ending in January 2017 over last year and are up 17.6% from 2012/3 when we saw the lowest average median price of the last 10 years. This is now 3.6% higher than the peak prices of 2008/9. New records for high real estate prices continue in our market.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues steady. The average absorption rate of 25.4% over the 12 month period ending January 2017 is up almost double from the 14.1% for the same period last year. Also, at the end of January 2017, there were 8 months of homes available on the market, double last month (December) and slightly higher than last January’s 7 months. This will give some of those Buyers a bit of breathing room although multiple offers on good homes that are well priced are still happening. I had one Buyer last week competing with 3 other Buyers for an East Hill home. (We won it for my Buyer!)

 

Some of our local mortgage brokers have now had experience with applications for the new interest-free loan program from the BC government helping first-time homebuyers struggling to save up a down payment. According to Jeremy Schaffner at Invis, potential clients who wish to participate, MUST apply online, and 1 of the 4 documents required is a PRE-APPROVAL letter from a mortgage broker or lender. You cannot write an offer without being approved first for the program. There are some pros and cons to this program so make sure you talk to your mortgage specialist as early as possible (first thing) when getting the process started. (Jeremy’s phone number is (250) 549-9549. You can call or text him.)

 

What is your next move? Let me help you!


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.


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Well the US election is over and with that distraction behind us, we see our local real estate market recovering. December sales of 60 single family residential units was 39.5% higher than last December’s 43 units. It’s also the highest December sales in over 10 years since 2005. The provincial real estate market news tells us that the market is softening but that is largely impacted by the slower sales in the lower mainland caused by the provincial governments change in rules for foreign investors. People still want to live in the Okanagan Valley and that continues to drive our market. Some local industry leaders are saying to expect a slightly slower more balanced market this year. That’s good news for Buyers and Sellers.

 

Sales - Sales of single family residential homes for the 12 months ending December 2016 was at 1,328 ending the year on a strong note with the highest number of sales for one year ever recorded in our local market. That is a strong 41% increase over last year in 2015. Last months slight slow down can now be attributed to a combination of the uncertainty caused by the US federal election and the changes made to the lending rules for young Buyers. It will be interesting to see what happens in 2017.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since 2007. The 12 month average monthly inventory dropped 124 units to 430 for the last 12 months ending in December 2016 compared to 554 for the same period in 2015. This partly due to the slower market at this holiday time of year but it is mostly due to the continued inflow of Buyers to our community.

 

Prices - Average median prices held steady at $381,679 for the last 12 months ending in December 2016. Prices continue to be above the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 7.5% for the 12 months ending in December 2016 over last year and are up 15.5% from 2012 when we saw the lowest average median price of the last 10 years. This is 2.4% higher than the previously highest prices of 2008. 

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues to climb. The average absorption rate of 25.5% over the 12 month period ending December 2016 is up from the 13.73% for the same period last year. Also, at the end of December 2016, there were 4 months of available homes on the market, the same as last month. That is the lowest available inventory for December since 2005 but we are starting to see that ease up as we head towards a more balanced market.

 

In the news, we heard about the new interest-free loan program touted by the BC government as a boon to first-time homebuyers who are struggling to save for a down payment. It’s getting mixed reviews which you can read about in the article attached to this link. From this and other articles I have read, it is largely seen as a political maneuver in this year leading up to the next provincial election which is tentatively scheduled for May 9, 2017.

 

What is your next move? Let me help you!


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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November saw a slight dip in sales compared to last November. A lot of this can be attributed to the uncertainty and distraction of the US election. Strong real estate markets are the result of strong consumer confidence. Global uncertainty undermines consumer confidence and often we see that uncertainty reflected in fewer big purchases like homes. According to the BC Real Estate Association, housing demand across the province is expected to moderate next year as declining affordability related to rising prices and government policy interventions limit the number of eligible buyers. However, while home sales are not expected to repeat this year’s record performance, consumer demand is expected to remain well above the ten-year average. I have also heard from other industry leaders that we can expect a more balanced market next year.

 

Sales - Sales of single family residential homes for the 12 months ending November 2016 was at 1,311, up 39% from the 944 for the 12 months ending November 2015 and more than double the 590 units sold in 2011. Year-to-date sales for 2016 remain strong with a 42% increase over last year. Although the 12 month average for 2016 continues to be the highest in the history of real estate in our area, it is showing signs of losing momentum and may be leading to the predicted more balanced market in 2017.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since

2008. The 12 month average monthly inventory dropped 107 units to 443 for the last 12 months ending in

November 2016 compared to 550 for the same period in 2015. The downward pressure on inventory may

ease up as we move toward a balanced market in 2017. If that happens it will eventually reduce upward

pressure on prices as demand softens.

 

Prices - Average median prices pushed higher again and at $383,221 for the last 12 months ending in

November 2016 continue to rise above the highest level in the history of real estate in the North

Okanagan Valley! Average median prices rose 8.6% for the 12 months ending in November 2016 over

last year and are up 15.3% from 2012 when we saw the lowest average median price of the last 10 years.

This is 3.1% higher than the previously highest prices of 2007/08. We may see price increases easing up

in next year’s more balanced market.

 

Absorption Rate - The rate at which our inventory is being absorbed by Buyers continues to climb. The

average absorption rate of 24.45% over the 12 month period ending November 2016 is up from the

13.94% for the same period last year. Also, at the end of November 2016, there were 4 months of

available homes on the market, up from 3 last month. That is the lowest available inventory for November

since 2004 but we are starting to see that ease up as we head towards a more balanced market.

 

In the news, we heard about the provincial and federal government’s steps to try and cool the over-heated

market in the lower mainland. These kinds of changes take a while to impact prices as we first need to

see a reduction in sales volume followed by the increase that will happen to the inventory of available

homes. Then the softening of rising price will likely follow. It will be interesting to watch what happens to

our real estate market over the next several months.

 

What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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September saw a dip in sales followed by a rebound in October. There were more homes sold in the North Okanagan in October than have ever sold in the month of October in the history of our local real estate market! The sales numbers in our region continue to set records. This is a different story than what we are hearing about the real estate markets in other regions, but then again, you’ve heard me say that real estate statistics are very specific to each local region. More Buyers are competing to buy the few available homes and that is driving prices up. Sales of single family homes in October this year are up 90% over October last year and at 129 units is the highest monthly sales for October ever! Now, with 3 months of inventory on the market, October average inventory has not been this low since 2007 leading to continued upward pressure on the average price of homes in our local market. If you know someone who wants to sell their home, tell them about all these Buyers and have them call me?!

 

Sales - The sales of single family residential homes for the 12 months ending October 2016 was at 1,314, up 42% from the 925 for the 12 months ending October 2015 and more than double the 587 units sold in 2011. Year-to-date sales for 2016 remain strong with a 45% increase over last year. The 12 month average for 2016 continues to be the highest in the history of real estate in our area. 

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since 2007. The 12 month average monthly inventory dropped 93 units to 455 for the last 12 months ending in October 2016 compared to 548 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this market. The tightening inventory is pushing prices higher and creates a strong market for Sellers. If you want to sell your home, now is a good time.

 

Prices - Average median prices pushed higher again and at $377,804 for the last 12 months ending in October 2016 continue to rise above the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 7% for the 12 months ending in October 2016 over last year. Average median prices are up 13.4% from 2012/13 when we saw the lowest average median price of the last 10 years. This is slightly higher (1%) than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, it is a clear indication that Buyers are willing to pay more for their peaceful place in paradise.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues to climb. The average absorption rate of 23.93% over the 12 month period ending October 2016 is up from the 13.64% for the same period last year. However, looking at the absorption for the month of October 2016 only, we can see that it continues to outperform October 2015 by almost triple and is the highest October absorption rate in the recent history of our market. Also, at the end of October 2016, there were 3 months of available homes on the market, down from 5 last month. That is the lowest available inventory for October since 2004, further supporting that now is a good time, if you want to sell your home!

 

In the news, we hear about the provincial and federal government’s steps to try and cool the over-heated market in the lower mainland has pushed those Buyers to now look to the Okanagan for affordable real estate investments. Our abnormally active fall market supports that thinking. What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page at If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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December's featured listing is 3308 Pleasant Valley Road. This solid home with many updates in Lower East Hill is an excellent purchase listed at $374,900. 


About this home


This home offers a total of 4 bedrooms and 2 bathrooms, split between 2 levels. It could easily be suited with a walkout basement and separate entrance to provide additional income via a rental suite. 


At 1,864 square feet, the main floor offers a kitchen, dining room and living room, and downstairs there is a fully finished family room. This home has been renovated throughout and has a newer high efficiency furnace and newer windows. Appliances included are washer, dryer, fridge, stove, microwave and dishwasher.

 

The beautiful hardwood floors on the main level has preserved some of the character of this 1950's home. There is easy access from the kitchen to the generous party deck over top of the double carport giving you easy access to outdoor space where you will use it most for our long Okanagan summers. 


The location


I may be biased, but this home is in an excellent location on a quiet street with nice neighbours. At the perfect point between East Hill and downtown, there is access to both amenities as well as excellent walking spots throughout East Hill.

 

Close to downtown shopping, coffee shops and restaurants so you can enjoy what Vernon has to offer on-foot. Having a French immersion elementary and high schools close by make this an excellent choice for a family with children.


If you would like to see this home in person, or have any questions, please feel free to contact me! I look forward to hearing from you.

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The hot North Okanagan real estate market cooled off a bit more in August (compared to July) as people continued to enjoy the great outdoors on their summer holidays. However, the numbers continue to set records. There were more homes sold in the North Okanagan in August than have ever sold in the month of August in the history of our local real estate market! With more Buyers, they are competing to buy the few available homes and that is driving prices up. Sales of single family homes in August this year are up 37% over August last year and at 122 units is the highest monthly sales for August ever! Now, with 4 months of inventory on the market, August average inventory has not been this low since 2007leading to continued upward pressure on the average price of homes in our local market. If you know someone who is thinking of selling their home, could you please have them call me?!

 

Sales - The sales of single family residential homes for the 12 months ending August 2016 was at 1,240, up 29% from the 955 for the 12 months ending August 2015 and more than double the 605 units sold in 2011. Year-to-date sales for 2016 remain strong with a 45% increase over last year. The 12 month average for 2016 continues to be the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since 2007. The 12 month average monthly inventory dropped 58 units to 484 for the last 12 months ending in August 2016 compared to 542 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this market. The tightening inventory is pushing prices higher and creates a strong market for Sellers unless. If you want to sell your home, now is a good time.

 

Prices - Average median prices pushed higher again and at $375,229 for the last 12 months ending in August 2016 and continue to rise above the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 7.5% for the 12 months ending in August 2016 over last year. Average median prices are up 12.9% from 2012/13 when we saw the lowest average median price of the last 9 years. This is slightly higher (1.2%) than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, it is a clear indication that Buyers are willing to pay more for their peaceful place in paradise.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues at high levels. The average absorption rate of 21.27% over the 12 month period ending August 2016 is up from the 14.30% for the same period last year. However, looking at the absorption for the month of August 2016 only, we can see that it continues to outperform August 2015 by almost double and is the highest August absorption rate since August 2007. Also, at the end of August 2016, there were 4 months of available homes on the market, easing up a little from 3 last month. That is the lowest available inventory for August since 2007, further supporting that now is a good time, if you want to sell your home!

 

In the news, we now hear that the government’s steps to try and cool the over-heated market in the lower mainland has pushed those Buyers to now look to the Okanagan for affordable real estate investments. It looks like we can prepare for a robust fall market. What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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The hot North Okanagan real estate market cooled off a little in July (compared to June) as the summer holidays kicked in and people get out to enjoy the outdoors. However, the numbers continue to set records. There were more homes sold in the North Okanagan in July than have ever sold in the month of July in the history of our local real estate market!

 

The Buyers keep pouring in as they come here to enjoy all the fun that we have to offer. Sales of single family homes in July this year are up 20% over July last year and at 138 units is the highest monthly sales for July ever! Now, with just 3 months of inventory on the market, July average inventory has not been this low since 2007. This lack of inventory continues to put upward pressure on the average price of homes in this market. As the Sellers’ market momentum continues, Buyers are finding fewer homes and competing with each other to buy them resulting in continued increases in prices. If you know someone who is thinking of selling their home, could you please have them call me?!

 

Sales - The total sales for the 12 months ending June 2016 was at 1,207, up 23.6% from the 976 for the 12 months ending July 2015. Year-to-date sales for 2016 remain strong with a 46.3% increase over last year. The 12 month average for 2016 continues to be the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now the lowest since 2007. The 12 month average monthly inventory dropped 42 units to 499 for the last 12 months ending in July 2016 compared to 541 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this market. The tightening inventory is pushing prices higher and creates a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - Average median prices pushed higher again and at $373,146 for the last 12 months ending in July 2016 continue to rise above the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 7.2% for the 12 months ending in July 2015 just one year ago. Average median prices are up 14.3% from 2012/13 when we saw the lowest average median price of the last 9 years. This is slightly higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, it is a clear indication that Buyers are willing to pay more for their peaceful place in paradise.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues at high levels. The average absorption rate of 20.18% over the 12 month period ending July 2016 is up from the 14.61% for the same period last year. However, looking at the absorption for the month of July 2016 only, we can see that it continues to outperform July 2015 by almost double and is the highest July absorption rate since 2003. Also, at the end of July 2016, there were still only 3 months of available homes on the market. That is the lowest available inventory for July since 2007. Again, not to sound like a broken record... if you want to sell your home, now is the time!

 

In the news, we now hear that the government’s steps to try and cool the over-heated market in the lower mainland does not seem to have had much affect. It looks like we can prepare for a robust fall market. What is your next move? Let me help you!

 

If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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If you want to sell your home, now is the best time to do that. You will get top dollar and your home will sell quickly. 


There were more homes sold in the North Okanagan last month than have ever sold in one month in the history of our local real estate market! The Buyers keep pouring in and we are struggling to find homes for all of them. Sales of single family homes in June this year are up 75% over June last year and at 187 units is the highest monthly sales ever! Now, with just 3 months of inventory on the market, June average inventory has not been this low since 2008 when sales were last at peak levels. As this Sellers’ market gains even more strength we need to find more inventory for these hungry Buyers. Again, now is the time to sell. Do you know someone who is thinking of selling their home? If so, could you please have them call me?!

 

Sales - The total sales for the 12 months ending June 2016 was at 1,184, up 22.5% from the 975 for the 12 months ending June 2015. Year-to-date sales for 2016 remain strong with a 52.8% increase over last year. The 12 month average for 2016 continues to be the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now lower than last year and the lowest since 2008. The 12 month average monthly inventory dropped 16 units to 513 for the last 12 months ending in June 2016 compared to 539 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this market. The tightening inventory is pushing prices higher and creates a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - At $367,979, average median prices for the last 12 months ending in June 2016 are now at the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 5.6% for the 12 months ending in June 2015 just one year ago. Average median prices are up 12.9% from 2012/13 when we saw the lowest average median price of the last 9 years. This is slightly higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, it is a clear indication that Buyers are willing to pay more for their peaceful place in paradise.

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues to soar upwards. The average absorption rate of 19.26% over the 12 month period ending June 2016 is up from the 14.66% for the same period last year. However, looking at the absorption for the month of June 2016 only, we can see that it is more than double last June (almost triple!) and has not been this high for 11 years since June 2005. Also, at the end of June 2016, there were still only 3 months of available homes on the market. That is the lowest available inventory for June since 2007. Again, not to sound like a broken record... if you want to sell your home, now is the time!

 

In the news, we hear that the government is taking steps to try and cool the over-heated market in the lower mainland. I was in Vancouver this past weekend and everyone I talked to is talking about selling their homes there. It’s on everyone’s mind. There are Buyers in that market offering up the highest prices ever seen making it a good time for people nearing retirement to realize their dream of living in the Okanagan paradise. Many others are talking about relocating here and continuing to work from home. What is your next move? Let me help you!


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.
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If you have been doing any research regarding the best areas to live in Vernon, East Hill has probably come up. Directly east of Downtown Vernon, this neighbourhood offers a variety of different home styles, many parks, and it boarders the BX countryside. A great area of Vernon for families due to the many schools in the area. Having lived in East Hill for the majority of my 26 years in Vernon, I may be biased, but I would say the top 3 reasons to live here are:

 

1. Parks & Walking trails

 

East Hill is exactly that. A hill. Which makes it a great area for exercising, walking and enjoying all the neighbourhood has to offer. There are a variety of parks spread throughout the area, but the most popular destination is Black Rock Hill and the surrounding roads, often referred to as Black Rock Run. You get an excellent view from here of the surrounding farms and fields of BX at the base of Silver Star Mountain.

 

2. Downtown Adjacent

 

East Hill is an great place to live if you want to be outside of the downtown hub but still enjoy being close. With a variety of different styles of homes, it's a desirable place to buy and rent. Only a short drive from Okanagan College and an only slightly longer commute to UBC Okanagan, East Hill is central to transit routes and can be more accessible than Coldstream.

 

3. Rich in History & Culture

 

There are many iconic historical homes in East Hill. Caetani House and Cultural Center is the most well known. However, the Vernon Music School is housed in the 1908 Smith House and many of the rancher style homes were relocated from historical Army Barracks. And you can't miss the beautiful Campbell Home at the top of Suicide Hill.

 

Regardless of your area of interest, East Hill is a great place to live in order to immerse yourself in the community of Vernon. Accessible, with historical and cultural aspects, it's one of the more desirable places to live in Vernon and a great place to call home!

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And the BIG news continues this month as average median prices and now our sales volume have surpassed peak levels of 2008 and have now reached the highest ever for sales and prices in the history of real estate in the North Okanagan Valley. Again, we ask... where will they go from here and how fast? Sales of single family homes in May this year are up 31% over May last year and at 153 units is the highest monthly sales ever! Now, with just 3 months of inventory on the market, May average inventory has not been this low since 2008 when sales were last at peak levels. As this Sellers’ market gains more momentum we need to find more inventory for these hungry Buyers. Again, if you want to sell your home, now is the best time to do that.

 

Sales - The total sales for the 12 months ending May 2016 was at 1,104, up 11.5% from the 990 for the 12 months ending May 2015. Year-to-date sales for 2016 remain strong with a 46.2% increase over last year. The 12 month average for 2016 is now the highest in the history of real estate in our area.

 

Inventory - The 12 month average monthly inventory of single family homes is now lower than last year and the lowest since 2008. The 12 month average monthly inventory dropped 6 units to 529 for the last 12 months ending in May 2016 compared to 535 for the same period in 2015. We will likely see further downward pressure on inventory as we continue to see strong sales in this spring market. The tightening inventory is pushing prices higher and creates a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - Prices are the BIG news again this month!! Last month prices surpassed peak levels of 2007/08! At $368,271, average median prices for the last 12 months ending in May 2016 are now at the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 6% for the 12 months ending in May 2015 just one year ago. Average median prices are up 13.7% from 2012/13 the lowest average median price of the last 9 years. This is 1.3% higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, where will they go from here and how fast? If you are a Buyer sitting and waiting on the sidelines, it could cost you more to wait any longer. 

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues on an upward trend. The average absorption rate of 17.35% over the 12 month period ending May 2016 is up from the 14.96% for the same period last year. However, looking at the absorption for the month of May 2016 only, we can see that it is almost double last May and has not been this high for 9 years since May 2007. Also, at the end of May 2016, there were only 3 months of available homes on the market, down one from last month. That is the lowest available inventory for May since 2007. Not to sound like a broken record... if you want to sell your home, now is the time!

 

The spring market continues on a high note. With the indicators of higher sales, lower inventory AND higher prices, it is looking like 2016 is already a good year for Sellers in the North Okanagan real estate market. Buyers will have to be sharp and ready to move or risk losing out to the ever increasing number of new Buyers entering our market. And the longer Buyers wait in this market, the more they will pay for their home. That is just how the market principle of supply and demand works and there is nothing anyone can do about it. It just is.


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.

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More BIG news this month as average median prices have surpassed peak levels of 2008 and have now reached the highest ever in the history of real estate in the North Okanagan Valley. Again, we ask... where will they go from here and how fast? Sales of single family homes in April this year are up 39% over April last year and continues to outperform April sales since 2005! Now, with just 4 months of inventory on the market, April inventory has not been this low since 2007 when we experienced our strongest real estate market in history. As this Sellers’ market gains more momentum we need to find more inventory for these hungry Buyers. If you want to sell your home, now is the best time ever.

 

Sales - The total sales for the 12 months ending April 2016 was at 1,068, up 6% from the 1,007 for the 12 months ending April 2015. Year-to-date sales for 2016 remain strong with a 54% increase over last year. The 12 month average for 2016 has now outpaced 2007/08 and is closing in on 2006/07 sales volume.

 

Inventory - The 12 month average monthly inventory of single family homes is still slightly higher than last year, something that the strengthening sales will eliminate fairly soon. The 12 month average monthly inventory rose 1.5% to 541 for the last 12 months ending in April 2016 compared to 533 for the same period in 2015. Again, we will likely see that reverse as we continue to see strong sales in this spring market. The tightening inventory is pushing us further towards higher prices and a strong market for Sellers. As mentioned earlier, if you want to sell your home, now is a good time.

 

Prices - Here is the BIG news this month!! Prices have surpassed the peak levels of 2007/08! At $364,813, average median prices for the last 12 months ending in April 2016 are now at the highest level in the history of real estate in the North Okanagan Valley! Average median prices rose 5.2% from 12 months ending in April 2015 just one year ago. Average median prices are up 11.8% from 2012/13 the lowest average median price of the last 9 years. This is 1.2% higher than the previously highest prices of 2007/08. With prices now surpassing those previous peak levels, where will they go from here and how fast? If you are a Buyer sitting and waiting on the sidelines, it will cost you more to continue waiting. 

 

Absorption Rate - The rate at which our inventory is being absorbed by sales continues on an upward trend. The average absorption rate of 16.38% over the 12 month period ending April 2016 is up from the 15.22% for the same period last year. However, looking the absorption for the month of April 2016 only, we can see that it is almost double last April and has not been this high for 10 years since April 2006. Also, at the end of April 2016, there were only 4 months of available homes on the market, down one from last month. That is the lowest April inventory since 2007. Not to sound like a broken record... if you want to sell your home, now is the time!

 

The spring market continues on a high note. With the indicators of higher sales, lower inventory AND higher prices, it is looking like 2016 is already a good year for Sellers in the North Okanagan real estate market. Buyers will have to be sharp and ready to move or risk losing out to the ever increasing number of new Buyers entering our market. And the longer Buyers wait in this market, the more they will pay for their home. That is just how the market principle of supply and demand works and there is nothing anyone can do about it. It just is.


If you have any questions about the market, please feel free to contact me at any time. You can go to my stats page here to view the graphs and full detailed data.
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Where do Buyers come from to purchase properties in the Okanagan Valley? If you thought you knew, you may be surprised to learn about some recent shifts as shown in the Okanagan Mainline Real Estate Board (OMREB) statistics for this first quarter of 2016.

 

The summary highlights are as follows:

  • we have seen significant DECREASE in the number of Buyers coming to the Okanagan Valley from Alberta, from other parts of British Columbia (excluding the lower mainland and Vancouver Island), Ontario, Quebec and the maritimes, and 
  • we have seen significant INCREASE in the number of Buyers coming to the Okanagan Valley from the lower mainland and Vancouver Island, Saskatchewan, Manitoba and from outside of Canada.

 

People come from far and wide to buy homes here in this place I love to call Paradise, the Okanagan Valley. As we see shifts and changes in the global, national and regional economies it is interesting to observe how it affects where the Buyers come from to buy properties in our local Okanagan Valley real estate market.

 

As we look at the regions that show a derease in the numbers of Buyers coming to our area it should be no surprise to see that Buyers from Alberta have dropped off the most. In the 1st quarter of this year, we saw 46.8% fewer Buyers coming here to purchase properties than we saw in the 1st quarter of 2015. That significant drop is easy to understand when we see how the drop in global oil prices has affected employment in the oil industry.

 

It should also come as no surprise to see how that same global oil price phenomenon has impacted the northern regions of BC where local economies are also largely dependent on oil. In the 1st quarter of this year we saw a 37% drop in the number of Buyers coming to the Okanagan Valley from other parts of BC outside of the lower mainland and Vancouver Island.

 

By contrast, it is intersting to observe the difference in the motivations of the few remaing Buyers that are coming here from Alberta and northern BC. From my personal experience working with these Buyers, they are intent on planning for their earlier-than-originally-planned retirement. I hear a lot of... "Why stay in Alberta? We have the only NDP provincial government in Canada and we don't see any big improvements coming to the oil sector in the near future." They are buying Okanagan properties while these properties are still affordable so that they can avoid paying the inevitable higher prices when they retire 5 to 10 years from now.

 

The areas that are the source of the largest increases in our Buyers are markets outside of Canada. Given the low value of our Canadian dollar, it explains why investors from outside of Canada can see better value to owning real estate in Canada. After all, when compared to the US dollar, it looks like Canada is on sale for half price. Buyers from outside of Canada have increased 70% this 1st quarter from the 1st quarter of 2015.

 

We have seen a 40.7% increase in the number of Buyers coming to the Okanagan from the lower mainland and Vancouver Island. The most consistenly compelling story that I am hearing is... "Why wouldn't I sell my Vancouver teardown for $2.2 million. I bought it 15 years ago for $465,000, paid down half my mortgage so I'll just put $1.5 million in the bank and buy a nice Okanagan Lake View home for $550,000 and live happily ever after here in Paradise."

 

The lower value of our currency also makes it more attractive for Canadian Buyers from other parts of Canada to consider investing in the Okanagan Valley as oppsed to the southern US where we saw a lot of our real estate dollars going since 2008. That may explain why we have seen a 27.6% increase in the number of Buyers coming to the Okanagan from Saskatchewan and Manitoba.

 

 

The socio-economic stability of Canada combined with the beautiful semi-arid climate of the Okanagan Valley will continue to attract people to our region. This will protect values and encourage continued investment in real estate in the Okanagan / Shuswap region. So continue to feel encouraged about investing in real estate in our Okanagan Valley. Whether you are a new home Buyer, moving up to a bigger home or an investor looking to increase your portfolio, it's a good time to buy property in the Okanagan Valley.

 

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Office Location:

5603 27th Street Vernon BC V1T 8Z5 CA

Charlie Veaudry

I make myself available at all times. My web site is here to help you 24 hours a day. You can search listings at your own convenience, browse reports, and read up on real estate info on your own terms. When you are ready to see a listing in person, or just have a simple question, please dont hesitate to contact me!

 

When you make the important decision to buy or sell a home, I am committed to going the extra mile to ensure that all of your needs are successfully met in a professional and honest manner.

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