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Commercial Okanagan Real Estate Hub

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Commercial Okanagan Real Estate Hub

The Commercial Okanagan Real Estate Hub is part of The Okanagan Real Estate Hub and focuses on Commec

09/05/2024

COMMERCIAL REAL ESTATE NOT DOING AS WELL AS RESIDENTIAL IN THE INTERIOR OF BRITISH COLUMBIA
The commercial real estate market in the Okanagan saw a significant decline in activity during the first half of 2024, driven by an economic slowdown, high interest rates, and rising construction costs. With the exception of early 2020, this period marked the lowest transaction volume for the first six months of the year since
2015, with activity down 49.4% year-over-year to just $77 million. During this time, private capital has been the primary source of commercial and multifamily development financing while major banks chose to pull back. As with residential, the commercial market should see relief in 2025 as interest rates and major lenders bring some confidence back to developers and investors.

09/04/2024

📣The Bank of Canada made their latest interest rate announcement today. 📣
Contact me for any questions or assistance in navigating the current market. 🏡

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

09/02/2024

Happy Labour Day! 🎉 Today we celebrate the hard work and dedication of all the amazing workers out there. How are you spending your long weekend?

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

08/29/2024

What's the one thing you can't live without in your home? Tell us in the comments!

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

08/26/2024

What you get by achieving your goals is not as important as what you become by achieving your goals. – Zig Ziglar

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

08/23/2024

Aggressive prediction from the Canadian Real Estate Association.
See the link below....
When CREA (The Canadian Real Estate Association) makes a prediction or statement about Canadian Real Estate we have to remember that almost 2/3 of the country's Real Estate activity is in Toronto and Vancouver. What they are really reporting on is mostly the activity in those 2 cities. Unlike the stock market, Real Estate is incredibly local as opposed to global or national. Very often the market can be dramatically different in Kelowna than Vernon or Kamloops or the Kootenays. The CREA is also good at breaking out the areas and looking at individual locations. (See CREA.ca if interested further) My only focus is the Interior of British Columbia. I don't believe that we will recover as aggressively as Toronto or Vancouver. I don't have any great insight. It is simply that we never have. I think we will remain relatively flat for the balance of the year. If the Bank of Canada interest rate drops again on September 4 I think we will see this recovery show itself in the first half of 2025. There is pent up demand across the country that will stick its head out of the cave and start looking for a new one as the Government slowly softens their controls. (This should cause some kickback.) I actually think the government has done a pretty good job of stopping the out of control market that we had in 2022 and slowly easing the constraints as the market flattened. But you always have to remember...that's just the world according to Bill.

08/22/2024

Want to improve your home with a return on investment in mind? Here are a few exterior home improvements to consider. 🛠️

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

08/19/2024

The harder you work for something, the greater you’ll feel when you achieve it.

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

08/15/2024

If you could live in any house, what would it be? A cozy cottage, a sleek modern home, or a historic mansion? 🏠✨ Comment below!

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

08/14/2024

This month's theme is, "Trust the Stats". So often sellers say that my neighbours got this much so the market must be increasing or decreasing. Realtors say my sales are up or down from last year so the market must be increasing or decreasing. However, the way we decide our opinion on anything that changes constantly is by comparing or contrasting it to the same type of data immediately prior to this point in time. When the summer heat switches from 40 to 35 degrees we say. "It's finally cooling off".
Based on the average absorption from January to July in the last 16 years in the Central Okanagan the absorption rate in the last 16 years was lower than 2024's absorption 31% of the time. This means that the number of sales compared to the total residential inventory is down, but it has been lower 31% of the time in the last 16 years. This is actually the same story right across the province by BCREA's account, (British Columbia Real Estate Association).
Something that has changed dramatically in the last year is the difference between list price and sale price. The number of buyers per listing in each price category is down dramatically. A couple years ago the average sale price was above the average list price. Today the average sale price is 3.5% below the average list price in the interior. That means that the only houses selling are the ones where the seller is most aggressive on price. Buyers have second and third choices now, they did not a couple years ago.
Lastly, the interest rates continue to inch down. Each 1/4% drop (25 Basis Points) puts another sliver of buyers back into the market or allows another sliver of the market to buy something a little more expensive. You will likely continue to see a market that is in the low range of balanced for the rest of 2024. However, you always have to remember that is just the world according to Bill.

08/12/2024

Strive not to be a success but rather to be of value. – Albert Einstein

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

08/08/2024

Learn a bit more about some of the most popular home styles in the country!

Bill Hubbard 250.550.4221
"Proud To Call My Realtors My Customers"
Serving: Vernon, Enderby, Salmon Arm, Sicamous, Kelowna, Maple Ridge, Revelstoke, Kamloops, Clearwater, North Thompson, Castlegar.

Address

3405 27 Street
Vernon, BC
V1T4W8

Telephone

+12505504221

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