Osoyoos Real Estate

BC Housing Markets to Moderate BCREA Releases Spring 2008 Housing Forecast

Vancouver, BC — May 6, 2008. BC home sales are retreating from historically high levels, according to the British Columbia Real Estate Association’s (BCREA) spring Housing Forecast, released today. The report analyzes the British Columbia economy and housing markets, including detailed forecasts by home type of the province’s 12 real estate board areas.

“Some weakness on the export side of the economy and eroding affordability will have an impact on housing demand over the next two years,” said Cameron Muir, BCREA Chief Economist.

Canadian luxury home activity gives new meaning to global warming – this part of the world is enjoying a hot upper tier market.  The first seven months of this year have seen Canadian luxury home market sales jump in major markets from Victoria to Toronto.  “The consumer appetite for luxury property has been insatiable,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Unabated demand throughout the year has created tight market conditions in a number of blue chip neighborhoods.  Limited availability of product has, in turn, placed mounting pressure on housing values. 

 

The 2007 RE/MAX Recreational Property Report found the top-end of the market stands to gain most from the aging baby boom demographic, as many prepare for their retirement years. Teardowns, custom-builds, and renovation continue unabated as a result, changing the shoreline of lakes and rivers in 34 of the 39 markets surveyed from Newfoundland/Labrador to British Columbia. Upper-end sales have also affected recreational property values across the board, placing upward pressure on prices, particularly in Western Canada. Starting prices have topped $500,000 in 31 per cent of recreational property markets. Only seven offer waterfront

South Okanagan, the Baby Boomers Favorite Location  

The South Okanagan housing market has benefited from robust consumer demand for the Okanagan region, as a whole. Vancouver Island and the Okanagan are preferred locations of adult lifestyle and retiree buyers, attracting the preponderance of BC migrants over 55 years of age.  

With the leading edge of the baby boomers now reaching retirement age, the South Okanagan housing market will continue to be a beneficiary of this important demographic segment. A record number of MLS® sales were recorded by the South Okanagan Real Estate Board in

 

 7-Storey Waterfront Building Osoyoos Real Estate is red hot with all the existing and on-the-go new developments.

 The newest proposed development is a 7-storey condo building, one of the tallest and biggest condo developments ever proposed for Osoyoos.  At an estimated 171 units on 3.5 acres, the seven-storey steal-and concrete terraced building will be joining the other modern, new, developments on the northeast Osoyoos Lake shore, on Cottowood Dr.

The development includes underground parking, an outdoor pool, hot tubs, exercise room, lounge and meeting room, and a waterfront

Biggest Building Year in Record?

2007 is going to be Osoyoos' biggest grossing development year to date. Permits totaling $35,674,000 compared to last years $2,350,000 speaks volumes. Osoyoos Shoreline Development Ltd., is the greatest contributor with $30,000,000 with their Watermark Beach Resort. The development includes a 153-unit resort hotel.  

Construction of the $62 Million, Watermark Beach Resort is now officially underway at the foot on Main Street, Osoyoos. Over 100 workers are expected to work on the project at peak, and the project is expected to take over two years to complete.

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