Penticton real estate sales up nearly $50 million this year

Local realtor says out-of-town buyers helping fuel local boom

Property sales in the Penticton area were up by nearly half through the first six months of the year, an increase one local realtor attributes to an influx of out-of-town buyers.

Sales of properties totalled $145.8 million through the first half of 2014, up from $99 million during the same period a year earlier, according to statistics compiled by the South Okanagan Real Estate Board.

Single-family dwellings accounted for most of the sales, with 193 homes worth $75.7 million changing hands so far this year, versus 161 units valued at $55 million in the first six months of 2013.

“We’re seeing a lot of money coming in from Calgary, Edmonton and Vancouver and Saskatchewan,” said realtor Steve Thompson.

He believes the visiting purchasers’ wealth is largely derived from the energy sector, but that they’re also enjoying good returns on real estate investments at home.

“The Calgary, Edmonton, Vancouver and Saskatchewan markets are all very, very strong right now, so we’re benefiting from their strength, where they’re seeing some significant capital appreciation, which is turning into a benefit for us,” he explained.

Also working in this region’s favour, the realtor continued, are things like the planned commencement of WestJet Encore’s direct flights between Penticton and Calgary in October, construction of the new jail north of Oliver, and cyclical market forces that are all improving investor confidence.

“I think there’s a great opportunity now for people to get into the market, because the values are still very attractive and we still have record-low interest rates,” Thompson said.

Real estate sales are up all over in the South Okanagan. In Oliver, 103 properties worth $27.9 million changed hands through the first half of the year, up from 73 sales worth $18.9 million for the same period in 2013. And in Summerland, a total of 154 properties sold for $53.8 million, versus 82 sales totalling $28.6 million a year earlier. Construction has also picked up, although not to the same extent.

“The outlook has a little bit of stability — I wouldn’t say a dramatic amount of growth — but I think we have a better sense of stability for the year coming,”  said Mike Brar, president of the South Okanagan branch of the Canadian Home Builders’ Association.

Through the first six months of 2014, the City of Penticton issued 316 building permits valued at $28.7 million, up from 245 permits worth $19.8 million in the first half of 2013.

In the outlying areas, the Regional District of Okanagan-Similkameen handed out 199 permits for $18.2 million worth of work through June 2014, up from 168 permits for $15.9 million during the same period a year earlier.

RDOS development services director Donna Butler said the $6.8 million worth of permits issued in June was the highest total for that month in seven years, as was also the case in May.




Just Posted

Jann Arden will embark on Canada-wide tour Spring 2022 with a stop in Penticton at the South Okanagan Events Centre on June 13. (Contributed)
Jann Arden coming to Penticton in 2022

The Jann Arden Live! tour has been rescheduled for 2022

A storm watch has been issued for the Okanagan, Kootenays and Columbia regions of B.C. (Calvin Dickson photo)
Another severe thunderstorm watch issued for the Okanagan

Conditions are favourable for thunderstorms that may produce strong wind gusts, hail and heavy rain

The South Okanagan Tim Hortons raised over $4,000 through the three day orange doughnut promotion with 100 per cent of proceeds going to to the Residential School Survivors Society. The owner of these locations matched the amount. (Monique Tamminga Western News)
South Okanagan Tim Hortons raises over $8K for residential school survivors

More than $4,000 worth of doughnuts were purchased over three days

Justin Fotherby,17, and Ashley McMillan, 17 have been chosen for an invitation only competition that sees 20 of Canada’s top swimmers per event vying for a spot at the upcoming 2021 Tokyo Olympic Games. (Submitted)
Penticton swimmers off to Olympic trials

The pair are eyeing a spot on the Canadian team heading to the Tokyo Olympics

Bentley resting on a bench at Kal Park in Vernon not knowing there is a baby rattlesnake curled up below. Bentley jumped down and was bit by the snake. (Facebook)
Dog bit by baby rattler at popular Vernon park

The rattlesnake was hidden underneath a park bench when it struck out

Canadian Prime Minister Justin Trudeau participates in a plenary session at the G7 Summit in Carbis Bay, England on Friday June 11, 2021. THE CANADIAN PRESS/Adrian Wyld
Canada donating 13M surplus COVID-19 vaccine doses to poor countries

Trudeau says the government will pay for 87 million shots to be distributed to poor countries

Highway notices like this come down effective June 14. Public health restrictions on non-essential travel and commercial operation have hit local businesses in every corner of B.C. (B.C. government)
Province-wide travel back on in B.C.’s COVID-19 restart plan

Gathering changes include up to 50 people for outdoor events

A young child has been taken to hospital after being struck by a vehicle on 30th Avenue in Vernon Friday, June 11, 2021. (Jennifer Smith - Morning Star)
Investigation ongoing after child struck by vehicle downtown Vernon

A young child was taken to hospital Friday with undetermined injuries

David Larsen, left, and co-host Tony Peyton. (K96.3/Twitter)
Popular Kelowna radio host dies after battle with cancer

David Larsen was half of the longtime Kelowna morning-show duo David and Tony

Calgary Stampeders’ Jerome Messam leaps over a tackle during second half CFL western semifinal football action in Calgary, Sunday, Nov. 15, 2015.THE CANADIAN PRESS/Jeff McIntosh
CFL football will be played this summer in Canada

Governors vote unanimously in favour to start the ‘21 campaign on Aug. 5

Citizenship Minister Marco Mendicino holds a press conference in Ottawa on Thursday, Nov. 12, 2020. The federal government is announcing that Indigenous people can now apply to reclaim their names on passports and other government documents. THE CANADIAN PRESS/Sean Kilpatrick
Indigenous people can now reclaim traditional names on their passports and other ID

Announcement applies to all individuals of First Nations, Inuit and Métis background

Harvesting hay in the Fraser Valley. (Tom Fletcher/Black Press)
COVID-19: B.C. waives farm income requirement for a second year

Property owners don’t need minimum income for 2022 taxes

Cruise ship passengers arrive at Juneau, Alaska in 2018. Cruise lines have begun booking passengers for trips from Seattle to Alaska as early as this July, bypassing B.C. ports that are not allowed to have visitors until March 2022 under a Canadian COVID-19 restrictions. (Michael Penn/Juneau Empire)
B.C. doesn’t depend on U.S. law to attract cruise ships, Horgan says

Provinces to get update next week on Canada’s border closure

This undated photo provided by Girl Scouts of New Mexico Trails shows a scout donating cookies to firefighters in Rio Rancho, New Mexico, as part of the Hometown Heroes program. As the coronavirus pandemic wore into the spring selling season, many Girl Scout troops nixed their traditional cookie booths for safety reasons. That resulted in millions of boxes of unsold cookies. (Girl Scouts of New Mexico Trails via AP)
Thinner Mints: Girl Scouts have millions of unsold cookies

Since majority of cookies are sold in-person, pandemic made the shortfall expected

Most Read