January Real Estate Report


A seller of a home must disclose "forever" whether their house was a grow-op. It's hard to believe. If the problem has been fixed why does the seller have to disclose it?  Many lawyers have stated that if the problem has been fixed it does not have to be disclosed. That's correct from a legal perspective.  However, every house listed under the Okanagan Mainline Real Estate Board has to have a disclosure statement filled in with the listing. This is a 3 page form that asks the seller various questions about their house. It is a requirement of the governing board of the Real Estate market. In that disclosure statement it specifically asks the seller the following question, "Are you aware if the premises have been used as a marijuana grow operation or used to manufacture illegal drugs?" Therefore, if the seller knows that the house has been used as a grow-op they have to disclose it forever, even if it has been completely remediated. 


Every December we predict what will happen in the next 12 months to home sales and prices in the Okanagan, Shuswap area. We do this using various different indicators like inventory, absorption rates, the average days on market to sell and of course the overall sales activity. Last December we predicted that the absorption and sales would rise and prices would actually start to rise slightly. That is exactly what happened. Total sales in the 3 zones are up 12.65 % since last year at this time and absorption has risen to an average of 11.14 % in November of this year. Prices are starting to creep up in the lower price ranges and higher price ranges are finally stabilizing. One of the best indicators for what is going to happen in the next year is how long the sales activity carries into December before the holiday shut off.  Our office was  a beehive of activity over the holidays.  What we have been saying all year is becoming more and more evident as the months go by. This is a great time to buy!

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