Here are the latest real estate market statistics from Macdonald Realty on Okanagan listings and sales in February 2020.
Central Okanagan: Kelowna and Lake Country
There were 122 sales, 800 active listings, and a $734,799 average sale price for detached homes in the Central Okanagan market, including Kelowna and Lake Country.
The condo market featured 88 sales and 495 active listings at the end of the month. The average sale price was $351,814.
Townhome sales were 50, active listings were 320 and the average sale price was $530,487.
It’s a buyer’s market for homes and townhomes in Central Okanagan.
North Okanagan: Vernon and surrounding area
In North Okanagan, including Vernon and the surrounding area and the average sale price was $519,583. At the end of the month, there were 56 sales and 340 active listings.
There were 15 sales and 55 active listings for condos. The average sale price was $237,927.
In comparison, townhomes featured 22 sales, 105 active listings and a $360,547 average sale price.
It’s a seller’s market for condos in North Okanagan.
Looking for more information about the real estate market in specific neighbourhoods in Okanagan?
Macdonald Realty has offices in Kelowna and across BC. Please email firstname.lastname@example.org or call 1-877-278-3888 to be matched with a REALTOR® working in your area.
This blog post is based on market data provided by Okanagan Mainline Real Estate Board (OMREB) www.omreb.com.
Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in February 2020.
Find all the infographics related to the February Market Statistics by visiting the Facebook Album.
According to the Victoria Real Estate Board “a total of 563 properties sold in the Victoria Real Estate Board region this February, 33.7 per cent more than the 421 properties sold in February 2019 and 37 per cent more than in January 2020. Sales of condominiums were up 35.7 per cent from February 2019 with 175 units sold. Sales of single family homes increased 23.7 per cent from January 2020 with 271 sold.”
“February brought the bloom of an early spring market,” says Victoria Real Estate Board President Sandi-Jo Ayers. According to their website “sales numbers are up substantially from last year, which in part indicates that our spring market may have arrived a bit earlier than a lot of our local blossoms. Additionally, we need to consider that last year’s sales activity was quite weak until April and May. Despite a thirty plus percent increase in total sales over last year, our ten-year average for total sales in February is 537, so we are within less than five per cent of our long-term average for the month.”
Parksville / Qualicum
Looking for more information about the real estate market in specific neighbourhoods in Victoria, Parksville, Nanaimo, Vancouver Island and the Gulf Islands?
Average and median home prices are often misinterpreted, are affected by change in the mix of homes sold, and can swing dramatically from month to month (based on the types and prices of properties that sold in a given month). The MLS® HPI overcomes these shortcomings and uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Visit www.housepriceindex.ca for more information.
This blog post is based on market data provided by the Victoria Real Estate Board (VREB) www.vreb.org and the Vancouver Island Real Estate Board (VIREB) www.vireb.com. Market data from the VIREB includes listings and sales in Campbell River, Comox Valley, Cowichan Valley Nanaimo, Parksville/Qualicum, Port Alberni/West, North Island, and the Islands.
At Macdonald Realty, we’re proud to have a team of talented and experienced real estate agents who sell one of the best luxury listings currently available in the market.
Today we’re featuring a modern and unique farmhouse! This fantastic architectural masterpiece is everything you have imagined as a dream home. Perfectly situated on a private 6.23 acre, this south-facing residence has extraordinary landscape details including a dream kitchen, floor to ceiling solid copper fireplace and more.
Let’s take a tour and see how amazing this property is — listed under $6M by Emily Sandhack.
This cozy living room is the perfect space for lounging by the fireplace – sip a cup of hot chocolate on a cold winter day while you enjoy the peace and quiet. Read your favorite book or invite your friends over for a game night. Regardless of what you decide to do, this room surely radiates warmth as you hear the fire burning.
Don’t let another get together pass by as you prepare mom’s lasagna in the kitchen – those days are over! This open concept kitchen allows you to engage in a conversation without burning what’s in the oven. The natural colours of the cabinets with the minimalist décor welcome you as you entertain your family and friends.
Wine not? Never worry about wasting another bottle with this UV-controlled wine cellar.
Step out onto the massive green space and listen to birds chirping in the morning straight from the privacy of your own room. Embrace nature from every room and enjoy the dazzling sunlight all day long.
Need I say more? A piece of paradise in your own bathtub.
Ready to make this dream home yours? Click here for additional property details and request a private showing.
Macdonald Realty is proud to have been selected for membership inLuxury Portfolio International®, the luxury marketing division of Leading Real Estate Companies of the World™. Membership is awarded solely to brokerages like ours, with significant luxury market share and expertise in buying, selling and marketing high-end properties to today’s global affluent. Today the Luxury Portfolio International represents the largest global network of the most powerful, independent luxury firms.
Backed by Macdonald Realty’s 75 years’ experience in selling luxury real estate, and this partnership with Luxury Portfolio International®, Macdonald agents regularly market some of the most spectacular listings in BC.
Today we’re proud to profile 5 incredible luxury listings under $2 Million Dollars, currently on the market.
This spectacular West Coast design home offers incredible ocean and mountain views. This picturesque house offers incredible mountain & ocean views, surrounded by forest. Entirely updated and renovated to a high standard with design by Jamie Martin
Exceptionally beautiful home on a private and peaceful 4.94-acre land. Minutes from Spider Lake and a short drive to Qualicum Beach, this perfect house offers a balance of lawns, carefree perennial gardens, and mature, serene forest with two natural ponds.
Planned to incorporate the natural landscape into its design, this special Bluewater property is truly one-of-a-kind. The home is balanced across the creek that dissects the property and tumbles through the terraced gardens and meandering pathways, and past the mini orchard – complete with apple, pear, plum, fig and olive trees.
1700 North End Road / Salt Spring Island, BC, V8K 1C6 / $1,450,000
Comfortable custom-built country home on a singular 18-acre property just north of St. Mary Lake. This home sweet home offers a lovely sunny setting, abundant bird & wildlife viewing, + 3400 sf of gracious living space. Land is mostly wetland with some formal gardens and primarily easy-care landscaping.
Created by environmentally conscious owners, the “Eagle’s Perch” is nestled on private 10-acre land in beautiful rural Metchosin. Let the water & mountain views ‘wow’ you as you enter this spectacular property. Enjoy the abundance of natural sunlight and nature with indoor and outdoor living.
There is no doubt Vancouver is one of the most beautiful cities in the world. The city of West Vancouver is nestled between Burrard Inlet and the North Shore Mountains and offers city, water and mountain views from its many high-end neighbourhoods.
The lower mainland has also developed unique architectural and design styles that benefits from the natural beauty of our environment. Beautiful homes decorate the neighbourhoods and it’s not difficult to find prestigious design projects around town.
Today we’re bringing to the blog, this incredible property – a stunning, custom-built 5 bedroom home designed by Georgie Award Winner Marque Thompson.
Marque is the Principal of Design Marque Consulting Ltd and has won both silver and gold design awards at the Georgie Awards. He has been featured in countless design magazines and has completed more than 1,200 projects from small cottages to multi-million-dollar homes throughout Canada, United States, England and Singapore.
This home is situated on a large property with south-facing back gardens and beautiful views of the ocean, city and Stanley Park. As you walk through the front doors, you’ll find a modern, open-concept space, with 20’ ceilings in the living room.
The kitchen is equipped for family dinners and entertaining, featuring Wolf & Sub-Zero appliances.
Walkout on to a large covered heated deck, built-in BBQ, & outdoor gas fireplace. Perfect for entertaining on long summer nights.
The private master suite is a romantic escape with a fireplace and large deck from which to enjoy views.
Ready to make this dream home yours! Click here to request a private showing and view more property details.
Tax season is upon us. Canadian tax residents must file tax returns for 2016 income with the Canada Revenue Agency (CRA) before the end of April 2017. Who is a Canadian tax resident? In principle, anyone for whom Canada is a home base is regarded as a tax resident.
In reporting income, Canadian tax residents also have to report any capital gains earned during the year, HOWEVER, unlike other income (such as income from employment, interest payments, rent, etc.) only ½ of capital gains are treated as income. In effect, therefore, the tax rate on capital gains is only ½ the tax rate on regular income. Moreover, there are a few types of capital gain that are entirely exempt from taxation. For most taxpayers the most important exemption from capital gains tax is for the capital gain earned on the sale of a family home known as the “principal residence exemption”.
Some of the key issues surrounding the principal residence exemption as follows:
Q: Does a taxpayer have to report the capital gain on the sale of a principal residence?
Yes, the new policy requires the gain to be reported when tax returns are filed with CRA. This is a new requirement. The gain is only reportable for the taxation year in which the property is sold. If the property has, throughout the period it was owned by the taxpayer, been a principal residence then no tax is payable.
Q: Who can claim the exemption?
The exemption is only available to Canadian tax residents who must declare world-wide income and capital gains when filing tax returns.
Q: What type of property can be a principal residence?
Only “capital property” can be a principal residence. Property bought to “flip” is not “capital property”; it is inventory in a trading business where the profit from the sale of such property is treated as ordinary income, not even a capital gain. 100% of such gains are taxable. Only properties that were “ordinarily inhabited” by the taxpayer are eligible for the exemption.
Q: Can different family members each own a “principal residence”?
There is only one residence that can be claimed by a family unit as a principal residence. Of course, adult children living apart from their parents are regarded as having their own family unit and are thereby entitled to claim an exemption for their own principal residence.
Q: Are there penalties for failing to report?
If the sale is not reported in the tax return then CRA can, without any time limitation, audit the taxpayer at any time in the future. Moreover, taxpayers who have failed to designate the home as their principal residence could be subject to a late designation penalty of up to $8,000. It is expected that the new policy will give CRA auditors new audit leads and give rise to many more homeowner audits and re-assessments in the future.
In summary, anyone who sold their principal residences in in 2016 would be well-advised to report the sale and any associated capital gains in their tax returns for the 2016 fiscal year. Any questions concerning this new policy should be directed to experienced tax advisors.
Written by Peter Scarrow, former immigration lawyer, currently is the Director of Asian Business at Macdonald Real Estate Group.