Royal LePage Access Real Estate Blog - Shuswap Real Estate Information

BC NDP Budget Set to Kill BC Economy

You've most likely heard about the BC NDP Government's budget with it's sweeping taxation of real estate. The focus has been much on the "Speculation Tax" where owners of secondary and mostly vacant homes will be subject to an annual tax of .5% of property value for 2018 and then 2% for 2019 and beyond. It's been said that this is focused on people who pay "little or no tax in BC" and thought to be applicable mainly to Albertans but also anyone outside of BC. That part of the plan is true.

What is not so clear with many is the implementation of the tax.  According the the BC Government "The speculation tax will initially apply to the Metro Vancouver, Fraser Valley, Capital and Nanaimo Regional Districts, and in the municipalities of Kelowna and…

29708 Views, 0 Comments

Salmon Arm Real Estate Market Cooling ... Slowly

 Like the difference from summer to autumn, the real estate forecast for Salmon Arm and the Shuswap has cooled as seasonal change affects both the weather and the real estate market.

The real estate market generally cools off in the fall, and, so far this year, it's cooled off ever so slightly in the Sushwap area.

For the area from Revelstoke to Salmon Arm and the Shuswap regiion, a total of  142 units were sold in September, down from 161 in August. Of those sales, 53 were residential. And those residential sales are also down 19 units from August's sales.

In terms of home prices on single-family homes and acreages in Salmon Arm and the Shuswap for September, the average selling price was $523,530, down ever so slightly from August's average…

6630 Views, 0 Comments

Despite Slow July Market, Homes Sales Up Slightly in Salmon Arm Region

Not surprisingly, the real estate market in the Okanagan dipped a bit in July, but home sales usually slow down during the lazy, hazy days of summer. However there was a slight uptick in Salmon Arm over July 2016.

The latest report (which includes the area from Revelstoke to Peachland) from the Okanagan Mainline Real Estate Board shows home sales were down 6% in July from the previous month. A total of 961 homes, condos and townhomes changed hands last month. That's also 2% less than in July 2016, but is certainly par for the course given the time of year.

“While sales activity typically slows over the summer months—with this July no exception—pricing and days on market continue to show strong demand for available housing supply,” said OMREB…

1874 Views, 0 Comments

A Disaster Waiting to Happen

Summer is a time when people pack up the family and and head out on vacation. A great time to have some fun and build some great family memories! 

While away, security is often top of mind for homeowners, ensuring all the doors and windows are locked and someone is stopping by to pick up the papers. This is important to enjoy a worry free vacation. But are you ready for a potential disaster upon your return home? 

You might be thinking, what could happen? It's summer! No furnaces to quit working, no pipes to freeze, no snow to shovel. What can go wrong? 

What I'm referring to is the hot and cold water hoses that connect your washing machine to the taps. Have you noticed? Washing machine manufacturers are so thoughtful for supplying plastic or…

4182 Views, 0 Comments

Home Sales Up Across Shuswap & Okanagan Regions in May

Suffice it to say, May was a busy month for real estate in the Salmon Arm/Shuswap areas, as well as the greater Okanagan region.

According to the Okanagan Mainline Real Estate Board (OMREB) report for last month's real estate statistics, home sales in the entire area were up 38% from April with 1,132 units sold. In the Salmon Arm/Shuswap area (which includes Revelstoke), single-family homes sales were up 8.22%, while the number of townhome sales jumped 61%.

In addition to more homes changing ownership, prices remain higher across the Shuswap region.

Last month, the average price for a single-family home was $440,089. That's up 15.76%. As has been the case this spring, inventory levels are down, especially for the townhome market, which saw a…

1967 Views, 0 Comments

B.C.'s Housing Inventory Sits at 20-year-Low

A continuing trend in B.C. real estate has seen the number of homes and condos for sale drop to a 20-year-low, which means it's a seller's market right now.

But on the flipside, having fewer homes on the market means prices are very high as demand continues to outpace supply.

According to a report from the B.C. Real Estate Association (BCREA), B.C. has hit that 20-year-low for the number of homes on the market after inventory dropped 17% from April 2016 - and down a whopping 50% since 2012 after an adjustment for seasonal variance.

The BCREA says that lack of supply is making the ongoing affordability problem worse.

And, according to Cameron Muir, chief economist for the BCREA, the conditions haven't been seen in a long, long time in British…

1640 Views, 0 Comments

Home Prices Up 15% from 2016 in Shuswap/Revelstoke Region

It was a pretty solid month of April for home sellers in Salmon Arm and the Shuswap area as home prices are up on a year-over-year basis.

According to the latest numbers from the Okanagan Mainline Real Estate Board, the median price of a single family home was $393,500 in April, up 15.44% from April last year. There were less homes sold, however, than in April 2016 after 42 units changed hands compared to 51 last April. The average home selling price last month was $393,126.

And townhouse prices have really skyrocketed as well. In April the median sale price was $305,000, up a staggering 40% from April 2016 ($217,500). A total of 18 townhouses sold this past April.

interestingly, the cost to purchase a condo went down 28.71% for a median price of…

1405 Views, 0 Comments

Five Tips For Maintaining Your Cabin or Vacation Home on the Shuswap

Many people who own a home in the Shuswap Lake area use it as a vacation home or rent it out during the summer months to holiday makers. Naturally your vacation home or cabin is a big investment, so it's important to take good care of it and follow some basic maintenance tips for when the home is empty. The last thing you want is to leave it for a few months only to return and find your water pipes are broken and your home is flooded.

1. Shut Off and Drain All Water

This step is essential. And make sure the power is turned off. Turn off the main water valve, then turn on all your taps to drain excess water from the pipes so it doesn't freeze during a deep, cold snap. Also drain your dishwasher and washing machine, as well as the water heater. And…

1188 Views, 0 Comments

Low Housing Inventory Signals A Good Time To Sell In Salmon Arm

Looks like a good time to act if you're thinking of selling your home or condo in the Salmon Arm and Okanagan regions.

The latest real estate market statistics report (for March) released by the Okanagan Mainline Real Estate Board (which includes the Shuswap and Salmon Arm areas), show that inventory is very low across the area.

That means it's a seller's market right now. And it's spring, the time of year when many people look to purchase a new home or property.

According to the OMREB, the inventory level is 37% lower than it was at this time last year.

“While sales volumes and other indicators are reflective of this time last year, our market continues to be hampered by a lack of properties for sale,” said Tanis Read, the…

1304 Views, 0 Comments

FIve Key Tips To Sell Your Home Faster In A Buyer's Market

When it comes to selling your home, there are many things you can and should do to maximize the return you'll get, while setting yourself apart from the competition found in a buyer's market. These are five of the important things to consider when you're ready to list your house, whether it's in Salmon Arm or anywhere else.

1. Get Your Home Ready To Show

This is essential because you only have one chance to make a good first impression. Your home has to look great to prospective buyers, both inside and out. Things you can do to get your home ready for showings include decluttering, give it a thorough cleaning and get the carpets shampooed if you have pets or dirty rugs. Repair and paint any holes or knicks on the walls and woodwork. It's also…

3144 Views, 0 Comments