Quick Stats   Single Family Detached Average Price: $1,281,050 Days To Sell: 22   Townhomes Average Price: $860,573 Days To Sell: 29   Condos Average Price: $550,328 Days To Sell: 29   Lots Average Price: $603,760 Days To Sell: 106 Segmented Analysis   Single Family Detached (Month-To-Month) New Listings: +14.65% Sales: -26.76% Average Sale Price: +32.92%   Single Family Detached (Year-To-Date) New Listings: +4.68% Sales: -22.50% Average Sale Price: +32.44%   Townhomes (Month-To-Month) New Listings: +1.32% Sales: -43.92% Average Sale Price: +34.34%   Townhomes (Year-to-Date) New Listings: -16.00% Sales: -28.24% Average Sale Price: +25.89%   Condos (Month-To-Month) New Listings: -11.64% Sales: -24.72% Average Sale Price: +28.17%   Condos (Year-To-Date) New Listings: -18.98% Sales: -15.29% Average Sale Price: +30.07%   Real estate listings and sales for the month of March saw an uptick of activity over February, showing signs that the typically busy Spring market has begun in the Okanagan. While sales numbers have been low compared to 2021 they are still well above average and sale prices have seen a steady increase as well. One thing we have noticed is a considerable slowdown of multiple offers on properties, with many properties getting just one or no offers at the offer deadline. We are seeing more properties on the market now that are taking offers as they come in, instead of setting a certain day to look at offers. 2 storey single family detached homes, townhomes, and condos seem to be the strongest market segments at this time with the highest demand.

The real estate market has been red hot here in British Columbia. Multiple offers have become the norm and the majority of those offers have been subject free. It’s been difficult for the typical home buyer to purchase a property and still do their due diligence. Home buyers are foregoing home inspections and many are tempted to not include a financing clause even though they are getting financing. This opens them up to a world of problems and liability.   Cooling-Off Period Introduced In British Columbia To combat this, the provincial government has introduced The Property Law Amendment Act. Set to become law later this year, it includes a cooling-off period where a purchaser will have the right to rescind their offer within a set number of days upon an accepted offer (believed to be about 7 days, but this is still to be determined by regulations). All they have to do is supply the provided written notice. When these amendments are passed they will give home buyers more time to consider their offers and complete a home inspection. It will also give them time to get their financing in order, thus protecting the consumer and allowing them to make a smart decision.   Protecting The Consumer While it is a step forward, the provincial government has been criticized for not consulting industry professionals and those on the frontlines of real estate for their input or opinions. If not implemented correctly there could be major problems and loopholes that could do more harm than good. For example, it doesn’t mention anywhere if there is a limit to how many properties a buyer can submit an offer on at any given time. In other words, a buyer can make offers on multiple properties at the same time and if they get more than one accepted offer they can simply back out of the one they like the least. The current legislation does mention a monetary penalty for backing out but no specifics have been announced just yet. This will be dealt with in the regulations. In this market it’s the multiple offers that are playing on buyers’ emotions and enticing them to submit higher bids than they would normally be comfortable spending. With a cooling off period we are most likely going to see an even higher number of multiples on each property, which could cause more artificial demand. Secondly, there could be a countermeasure taken by sellers. A seller could simply just ask for a deposit to be non-refundable. So now there’s a scenario where a buyer is facing more multiple offers, their deposit is non-refundable, and there is also a potential penalty on top of all this in the case that they decide to back out. More Clarity To Come Later This Year There are still a lot of details that will be determined once the government sets regulations later this year, including: The number of days for the rescission period; If there will be any circumstances where a purchaser can waive their right of rescission; Amount to be paid by the purchaser to the seller if the purchaser exercises the right of rescission; The timing of the payment of the deposit under a contract of purchase and sale; Whether the full deposit is to be returned to the buyer or if an amount of deposit should be kept by the seller; Whether there should be a class of real estate, a class of buyer, or type of interest in real estate that should be exempt from a cooling-off period; If done right, this could have a positive impact on rising real estate prices in BC. An alternate suggestion by industry professionals is to create a pre-listing period where purchasers can schedule home inspections and gather information on a property before submitting their offer. Seven-day cooling-off periods for pre-construction sales of multi-unit development properties such as condominiums and townhomes are already in place under the Real Estate Development and Marketing Act. BC would be the first province to implement a cooling off period for both newly built and resale homes.

In a hot real estate market you have to pull out all the stops. With cash offers dominating the field and listings often selling for over asking price, we need to get creative in finding ways to win against competing offers. In all honesty, the highest price wins most of the time. But there are a few things you can do to make your offer more attractive to a seller. We have used these strategies many times to win a bidding war against other higher offers.   Here are 5 ways to make your offer more attractive.   Do A Pre-Offer Home Inspection Most new listings are allowing 5-7 days before reviewing any offers. This gives enough time for all the buyers to book viewings and get their offers in, so nobody misses out on a home that sold on the first day. This also gives us time to do some due diligence before making our offer. If you’re confident that you could win over the other bidders you can have your home inspection done before the seller looks at offers, and if there are no major issues in the report you can remove the home inspection subject without having it as a condition of sale. Of course, you will need to be willing to spend the $500 or so up front, knowing that you still may not have the winning offer but it definitely raises your chances of being picked over the other offers with home inspection conditions.   Review Title, Property Disclosure, and City File Before Making An Offer Just as doing a home inspection prior to making an offer, you can do other due diligence such as reviewing title, property disclosures, city files, and other documents that are often conditions of the sale. Since we have a few days before the seller is looking at offers we will have time to review these documents and simply remove or satisfy these conditions in the initial offer. In a hot market sellers are preferring offers with as few subjects or conditions as possible so the “cleaner” we can make the offer the greater our chances of winning.   Ask The Seller What They Want It’s all about communication! It still amazes me how many offers we receive and the buyer didn’t even bother to ask if the seller had any preferred terms. Perhaps the seller has a job lined up in another city in 3 months so a longer closing date would be perfect for them. By asking the open ended question of “what would the seller like?” you can learn a lot about the seller’s position and what they would like to see in an offer.   The Love Letter Money talks… usually. But not everyone cares about getting the highest dollar for their home. Sometimes it helps to tell your story and why this home would be perfect for you by writing a personal letter to go along with your offer. This home might have been a long-time family home of an older couple and they would love to see another young family making the same memories instead of flipping it or turning it into a rental property. There’s also the possibility that something in your letter might strike a chord with the seller, and if there are two close offers and you're one of them it might just be the deciding factor.   Higher Deposit A deposit is separate from your down payment (sort of). The deposit is a sum of money, usually between 2% - 10% of the purchase price, that is held in a trust account. It is typically paid after all conditions are met and then on closing day the deposit is applied to the purchase price. The deposit can also form part of the down payment as well. It is a good faith token that you are serious about buying the property. In certain situations where a buyer meets all their conditions and backs out of a deal illegally, or when they are in breach of contract, the deposit may be forfeited to the seller. It is important to note, however, if you back out of a deal because the home inspection was not satisfactory or you did not get financing or you did not meet some other condition then the deposit will most likely go back to the purchaser. With that being said, a higher deposit signals to the seller that you are not likely to back out of the deal except for a valid reason. This gives them more confidence in your offer.   Doing a little extra homework and going the extra mile can make a huge difference and give you an advantage over competing buyers. It isn’t always about being the highest bidder. Showing the seller that you are willing to do what it takes to make sure the sale completes is just as important.