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Penticton  

Record year for real estate

It’s been another record-breaking year for real estate in Penticton.

In the first 10 months of 2017, $475M worth of property changed hands — eclipsing last year’s record full-year total of $470M, according to new data released by the South Okanagan Real Estate Board.

The average single family home has sold for $540,000 after 52 days on the market this year, up from $455,000 during the same time in 2016.

“The baby boomers are coming,” SOREB president Pamela Hanson said. “This is where they’ll settle down if they want to live in Canada with warmer weather.”

Hanson attributed about 20 per cent of South Okanagan real estate sales to customers cashing out of the Lower Mainland.

Another 10 per cent is coming out of Alberta. Encouragingly, Hanson said she’s seen an influx of younger Albertans being drawn to the region for jobs.

Across the entire South Okanagan, more than a billion dollars in property has been sold so far this year; on pace to surpass last year’s $1.12B total.

There were South Okanagan 300 properties listed for sale last month, down from 322 in Oct. 2016. Homes in the $350K to $500K remain in the "sweet spot" and most in demand, but Hanson said they have seen plenty of activity in the $500K to $650K range where homes used to sit for months.

“Each of us has many buyers who are looking, so if there is anyone who’s thinking about selling, it might not be a bad idea to put your place on the market,” Hanson said.

She added that homebuyers will be able to avoid the new mortgage rules coming in in January if they make a commitment on a home and remove all subjects before the end of the year.

“We don’t have a crystal ball,” Hanson said. “But we are set up for another good year next year.”



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