The Central Okanagan is one of the most desirable places in British Columbia to live and visit but real estate is always affected by a number of economical factors that can influence what the market looks like at any given time. With a low rental vacancy rate and being an extremely busy tourism destination, the Okanagan is a place that has potential year-round. The housing market is influenced by the state of the economy, interest rates, income, supply vs demand and population growth. Consumer confidence plays a major role in the Central Okanagan’s growth and popularity, as residents have traditionally felt comfortable investing in the Okanagan. There are many shifting factors that can affect the answer to this question, so please reach out directly to receive information specific to the current timeframe and specific location that you are interested in.

Are you a consumer that is wondering “How does a REALTOR® value my home?”. Realtors use comparable sales to determine the market value of a home. A CMA will evaluate factors such as the:

• size
• style
• number of bedrooms and bathrooms
• condition
• age of the house
• neighborhood desirability
• amenities.

Using this information, the home will be compared to other recent sales & currently active competition. From this it will be used to generate the real time market value of the property. A market evaluation provided by a Realtor® will usually differ from the price that the City values a property annually.

The listing price is the price that the Seller and the Realtor assessed the property to be listed at and the sale price is the price that the home actually sells for after negotiations. A good Realtor will be able to determine a price that will generate positive consumer response and a sale close to that price.

Honesty is always the best policy and we have disclosure laws that require Sellers make Buyers aware of any significant issues that a property has. Sellers are required by law to fill out a ‘Property Disclosure Statement’ commonly referred to as a ‘PDS’. It is a document that asks if you are aware of certain issues with the particular property and is required to be filled out honestly to the best of your knowledge. It is common in BC for Sellers who do not currently reside on the property to cross out the form. Patent defects are defects that can be easily visible to the eye, whereas a latent defect can be harder to discover. To avoid issues and potential lawsuits, a Seller should always disclose all important details. Buyers should seek additional legal advice on a ‘Property Disclosure Statement’ prior to removing conditions on a property.