We are progressing towards the end of the week and two big events are here or on the horizon. Pot sales are legal now in Canada. The biggest concern in real estate is the ability to grow four plants within your home. We know the insurance company has yet to address this, but there is proof, legal or not, growing pot in your home is going to bring the value down, and may be harder to sell. One individual was denied in Peachland when he had a fire, and due to growing plants his insurance was declared null and void, not fair by any means. It's the new era, but a smart homeowner and pot smoker would do it outside, and don't have plants on the property. Just smart thinking, someday you may sell, and it could cost you in the long run if plant growing is evident on the property.. The other big event , only two days away, the Peachland civic election. There is a buzz in the air, candidates I think a bit nervous at this point, wondering where they be on Saturday night and if their name going to be called. I'm hoping everyone gets out and votes on Saturday. It's a important decision the community has to make for the next four years. Peachland has many important projects on the go, and we need a great team of individuals to oversee a community who's ready to take the next step. Looking forward to Sunday when we will be set with a new council.
A update of the market to October 15, 2018 in Peachland. There has been 66 sales this year in single family homes, as compared to 95 sales from last year (2017). That is a 30.5% reduction so far this year. A big concern, and this trend with higher than normal listing at this time of year should move prices down this winter and well into spring of 2019. The good news is we have sold more strata units than last year 31- to 30, so stable. The other types of properties, Mobile Homes 5 as compared to 10 last year, Lots 6 from 17, and recreational properties 1 from 3. It looks like November - December will have lower sales than last year. We have new inventory (strata units) coming online in 2019 at Ponderosa, two condo projects on Beach Avenue and the Princess condo's as well. Time will tell what's in store for us in 2019, but for sure we see prices be lower on older condo's and houses in the 600-900k range. Homes priced 575k and lower should still be demand in early 2019.
Ponderosa is alive and well. New construction has started on the last 5 building (25 units), concrete is pouring, and we expect to see a new 4 unit being built over the fall/winter months. Pricing and design should be coming out soon. As far as the golf course, I do know what the proposed plan is, and I love to spill the beans, but a announcement is coming soon from the developer. It will be one of the biggest news stories in Peachland for quite some time. Golfing in Peachland will happen again. Once we know the details and timeline, I'm thinking the new and existing units for sale will be in demand and it will be a exciting time for golfers once again. Of course due to the time we have waited for such a golf course, we really won't get too excited until we see some work being done. After some set backs Ponderosa will get back on track again. With the condo's at Princess being started, the Peachtree Village project starting soon and Ponderosa, we are just starting to see some much needed progress in development for Peachland.
Fall is here , the weather is cool, so its time to start discussing on what to do this winter. I think the number one item is to take a holiday somewhere south for some sunshine sometime December to March. That would take up two weeks, so we still need to keep up appearances in and around Peachland. The Chamber of Commerce Business Awards Gala coming up, always a great time, christmas light up, maybe some sking at Big White, snowmobile tour at Apex, even a winter ATV tour would be great. We have to support the Westside Warriors and the Kelowna Rockets by going to a few games. I see lots of entertainment, concerts in Kelowna. Besides taking that sunshine holiday, the best thing to do is support Peachland business. They had a tough summer with the smoke in August, and they need us to help with sales this fall/winter. Shopping and Browsing some of our smaller stores in town would be great, buying would be better. We all look around elsewhere to keep us entertained in winter, but staying home and visiting our own attractions/stores might be the best thing we could do.
The Municipal Election is on October 20, 2018. Peachland will choose a Mayor and council and I have to say its will be exciting to see our team for the future. Peachland has much to accomplish in the next four years. I hoping to see a strong group of people dedicated to making our town make some progress. All residents have a wish list, and hopefully some of those items will happen. It was really good to see a large number of candidates vying for office, and really debating the future of Peachland. Always at election time it's natural to split the votes,some will get more than others, and some will win , some will lose, but in the end, we all love out town and always want the best for it. Peachland will come together and we will grow as a community. In the meantime , have a opinion or suggestions on what you like to see, join the new Peachland forum. Good luck to all on October 20.
Wow! After the best year in real estate in 2016, and a strong 2017, we find ourselves having a year that shaping up to be quite weak in sales. The price peak has come and gone now. July and August (Peachland) were down 64% as compared to last year, September was same as last year, and October is once again slow. The markets in Vancouver, Calgary and Edmonton are slow. Add in tough mortgage stress test, higher mortgage rates, consumer confidence is down to uncertainly with the NDP policies, pipeline delay, and even trade concerns with the US. It's the perfect storm! Listing are up, prices are falling( very slowly). It's not there yet, but it's turning slowly into a buyer's market. Well maintained, well priced homes are selling, properties with 2016 sticker prices are not. It may be just a bump in the road and the western Canadian market may rebound in spring 2019. Great news with the LNG plant being approved, a major economic driver now in the province. The new payroll tax to replace health insurance premiums, speculation tax, federal carbon tax, is what we should be worried about in the next few months. It going to be a long winter!