Category Archives: Blog

Vernon Real Estate Update for June 2018

This North Okanagan Real Estate Update covers the areas of:  Vernon, Coldstream, Falkland, Armstrong, Enderby and Lumby.

Updated Stats for Residential Homes in the North Okanagan:

Sell/Inventory Ratio:   

20.29%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

44 (how many days on average it is taking to sell a home)

Avg. Sale Price:  

$528,700 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$475,000 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

9  waterfront home sold year to date (versus 7 last year, same time period)

North Okanagan overall statistics:

Total Units that were newly LISTED (and active on the market) during each of the past 3 months:

Apr:       391

May:     489

Jun:      489 (coincidence!)

Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:

Apr:      190

May:     237

Jun:      204

Wrap Up:

Sellers:  The market continues to get just a little bit softer every month.  This is now the fifth month in a row where the volume of sales has declined.  To put this into perspective, the most number of months we had with a consecutive decline in volume in 2017 was 2 months.

Inventory of homes on the market has also now increased to 1555 versus 1494 last year.  This is the first month in many years that the number of homes on the market listed for sale actually increased year over year.  This means more competition for your home in today’s market.

The new real estate rules are still a serious learning curve and we encourage the public to please be heard (as per the above).

Here is a link to our article on the first, and most widely used, new form that complies with the new BC Real Estate Rules.

Buyers:  Now inventory of homes on the market has increased 5 months in a row.  This month increased again over 2017 numbers, as mentioned above.  Sales also decreased 32.89% which once again, means more choices of homes on the market and eventually less in the way of multiple offers (price range dependent, of course).  For buyers, this market brings many opportunities.

Here is a link to our article on being an Unrepresented Party, a solution to buying a home from the name on the sign under the new real estate rules (something buyers may be faced with more often than they think).

Are you finding these new Real Estate Rules Confusing?  Are you annoyed with all the forms?  Are you against all the forests that are going to be eliminated with this excessive use of paper?

Me Too.

The only way to make a change to these new rules is for the public to speak up. If you want the choice of being able to speak freely with a Realtor and receive more than just “how many bedrooms” and “how many bathrooms” a home has without being bogged down in paperwork first – please take a moment and contact MLA: Hon. Carole James Minister of Finance carole.james.MLA@leg.bc.ca and Michael Noseworthy: The Superintendent of Real Estate: mike.noseworthy@gov.bc.ca with your thoughts.

If you would like to get access to MLS listings 24/7 on your own time, click here to get brand new listings in your inbox every morning!

Please feel free to Contact Us Anytime:  Lisa, Gord, Glenn, Alex, Joanne, Greg, Avrill and Christie of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

New BC Real Estate Rules – Part 2: Disclosure of Risks to Unrepresented Parties

This is part two of a multiple part instalment that will summarize the new real estate rules, and what these new rules mean to you as a Buyer and/or Seller of real estate in British Columbia. These new rules for real estate licensees in BC came into effect on June 15, 2018.

Limited Dual Agency is all but banned in the Province, however “double ending” is not. A real estate professional can still facilitate a sale between two parties, however if this is the case, then one of the two parties must be “unrepresented”.

The second form in this series to be explained is the “Disclosure of Risks to Unrepresented Parties”, which is the form an unrepresented party must sign to continue with a purchase from the listing agent. The objective of this form is to inform the party who is not being represented what the real estate professional can and cannot do for them.

The form sets out “a real estate professional representing someone else in the transaction can only give limited assistance, such as:

Sharing real estate statistics and general market information;

  • Providing standard real estate contracts and other relevant documents;
  • Helping you fill out a standard real estate contract (but they cannot advise you about what to include in the offer);
  • Communicating your messages to their client , and from their client to you; and
  • Presenting your offers or counter offers to their client, and from their client to you.”

In the real estate world, being a client means the Realtor owes you the fiduciary duty of loyalty, to avoid conflicts of interest, to fully disclose relevant information and confidentiality.

Being an unrepresented party means you are not entitled to any of these special legal duties mentioned above. After being presented with and reading this form, if you decide to continue without representation, you may now proceed with writing and offer with the listing Realtor and get on with purchasing some real estate.

The reality is, you can purchase a home from the same real estate professional who has it listed. The real estate professional’s job however is now limited to giving facts on a property or general information rather than opinions or advice, and writing a contract under your direction without giving you guidance.

Once again, signing this form by the real estate professional is mandatory. For the Buyer and/or Seller who the form is designed to protect– signing is, once again, optional.

Once this form is presented and maybe signed, and before your offer can be presented, another form called “Agreement Regarding Conflict of Interest Between Clients” must be presented to both buyer and seller (stay tuned for our August article explaining this form).

Are you asking “what’s the point”? Are you confused?

Me too.

The only way to make a change to these new rules is for the public to speak up. If you want the choice of being able to speak freely with a Realtor and receive more than just “how many bedrooms” and “how many bathrooms” a home has without being bogged down in paperwork first – please take a moment and contact MLA: Hon. Carole James Minister of Finance carole.james.MLA@leg.bc.ca and Michael Noseworthy: The Superintendent of Real Estate: mike.noseworthy@gov.bc.ca with your thoughts.

 

 

 

New BC Real Estate Rules – Part 1

This is part one of a multiple part instalment that will summarize the new real estate rules, and what these new rules mean to you as a Buyer and/or Seller of real estate in British Columbia. These new rules for real estate licensees in BC came into effect on June 15, 2018. The objective of these rules is to “enhance consumer protection by:

  • increasing the number and frequency of disclosures that real estate licensees must make to consumers, and
  • in almost all cases, preventing real estate licensees from acting for both a buyer and a seller in the same transaction.”

Now that Limited Dual Agency is all but banned in the Province, explaining to Buyers and Sellers the different forms of representation is first and foremost. Before a Buyer or Seller, receive any real estate advice and prior to you giving any potentially confidential or personal information to the Realtor, that Buyer or Seller must sign a new form.

This first form is called the Disclosure of Representation of Trading Services (replacing the Working With a Realtor form that was previously utilized). This form explains the special legal duties that real estate professionals owe to their clients, and helps a consumer decide whether they wish to be represented by a Realtor as a client, or whether they wish to be an unrepresented party.

In the real estate world, being a client means the Realtor owes you the fiduciary duty of loyalty, to avoid conflicts of interest, to fully disclose relevant information and confidentiality.

Being an unrepresented party means you are not entitled to any of these special legal duties mentioned above. After reading this form, if you decide not to be represented, then there is another form the real estate professional is required to present to you, called the Disclosure of Risks to Unrepresented Parties.

The reality is, the real estate professional’s job has now been limited to giving facts on a property or general information rather than opinions or advice without first presenting you with the above form. However, the Buyer or Seller does not have to actually sign this form. For the Realtor presenting the form however, signing is mandatory. For the Buyer and/or Seller who the form is designed to protect– signing is optional.

Are you asking “what’s the point”? Are you confused?

Me too.

The only way to make a change to these new rules is for the public to speak up. If you want the choice of being able to speak freely with a Realtor and receive more than just “how many bedrooms” and “how many bathrooms” a home has without being bogged down in paperwork first – please take a moment and contact MLA: Hon. Carole James Minister of Finance carole.james.MLA@leg.bc.ca and Michael Noseworthy: The Superintendent of Real Estate: mike.noseworthy@gov.bc.ca with your thoughts.

Vernon Real Estate Market Update for May 2018

This North Okanagan Real Estate Update covers the areas of:  Vernon, Coldstream, Falkland, Armstrong, Enderby and Lumby.

Updated Stats for Residential Homes in the North Okanagan:

Sell/Inventory Ratio:   

29.87%  (this is how much of what is currently on the market sold last month)

Days to Sell:  

65 (how many days on average it is taking to sell a home)

Avg. Sale Price:  

$521,558 (averages can be skewed by a few really high, or really low $$ sales)

Median Sale Price:  

$475,238 (the exact middle sale price of every residential property sold last month)

Waterfront Home Sales: 

6 waterfront home sold year to date (the exact same as last year)

North Okanagan overall statistics:

Total Units that were newly LISTED (and active on the market) during each of the past 3 months:

Mar:       380

Apr:       391

May:     489

Total Units SOLD (all property types including raw land and commercial) during each of the past 3 months:

Mar:     178

Apr:      190

May:     237

Wrap Up:

Sellers:  The market is definitely changing.  The government interference in terms of the speculation tax, coupled with the pipeline issues and softening real estate prices in the urban centres has caused Vernon/Okanagan sales to decline for the fourth month in a row.  The over million dollar price range has seen significant increases in inventory plus a decline in sales, although homes below the $550,000 mark still seem to be exceptionally popular and are still experiencing multiple offers.

The new real estate rules are a serious learning curve for buyers, sellers and realtors alike.  There are 26 new forms, 2 of which you will become very familiar with as sellers. If you have your home listed for sale right now, you will be introduced to them very shortly. More on that later!

We are still doing our part to reverse the Speculation Tax.  Please sign the petition here if you haven’t already!

Sign the Petition to Stop the BC Speculation Tax Here

Write your MLA here in just a few clicks, to fight the BC Speculation Tax

Buyers:  Inventory of homes on the market has already increased 4 months in a row.  This month 2018 finally caught back up to 2017 numbers with 1420 total listings on the market compared to 1429 last year at this time.  This is combined with a 22.5% decrease in sales.  For buyers, this means more choices of homes on the market and eventually less in the way of multiple offers (price range dependent, of course).

If you would like to get access to MLS listings 24/7 on your own time, click here to get brand new listings in your inbox every morning!

Please feel free to Contact Us Anytime:  Lisa, Gord, Glenn, Alex, Joanne, Greg, Avrill and Christie of the Salt Fowler Team, RE/MAX Vernon – specializing in North Okanagan and Vernon BC Real Estate.

Congratulations Alex Wambold – Salt Fowler Team Top Salesperson for May 2018

The Salt Fowler Team is proud to honour Alex Wambold as their Top Salesperson for the month of May 2018.

Real Estate has always been a passion for Alex and her enthusiasm to help others with a professional attitude has provided her with success.

Lisa, Gord and the rest of the Salt Fowler Team congratulate Alex on his recent accomplishment and wish his more success in his career!  To contact Alex directly, you can email his at alex@saltfowler.com or call 250-308-9472.

Let him help make your Okanagan dreams come true!

For those living in the North Okanagan, watch your mailboxes!

For those living in the North Okanagan, watch your mailboxes! This is going to be delivered via Canada Post direct to your home very soon. If you find your contact info is incorrect please do let us know and we are happy to update this for you.

Any questions, please don’t hesitate to contact the Salt Fowler Team at RE/MAX Vernon at 250-549-SALT (7258) or webinfo@saltfowler.com, your Kalview homes specialists! We offer FREE Market Evaluations on all Vernon Real Estate!