Location, Location, Location?

Location, Location, Location?

Sep 17, 2018 | Local, Real Estate

A controversy was recently brought to light in the Okanagan Real Estate market – a Global News investigation found some discrepancies on the Multiple Listing Service (MLS) between listing locations and actual locations of properties. In a market like Kelowna where location makes all the difference, this is an issue that can skew prices and make being a home buyer exponentially more difficult – but how did it happen?

The Okanagan Mainline Real Estate Board (or OMBREB) has been quick to look into the situation, and has found that the majority of the problem comes from automatic fill features on the MLS service. Since the majority of realtors in the Okanagan use this listing platform, several listings have ended up incorrectly marketed in the wrong areas, in many cases without anyone realising it happened.

Though changes are reportedly being made, this serves as a stark reminder that even in the age of technology, it’s still important to conduct your own research when looking at buying homes. The CEO of Exceeds Inc., one of Kelowna’s latest developers, has the same message. Jeffrey Anderson recommends people look at more than the price, and look at the suitability of the whole property for your family. Though his advice might be tailored to new developments, it’s a sentiment that rings true for real estate through the whole of the Okanagan.

While Realtor.ca is always a valuable source, speaking to local realtors and other homebuyers or owners in the area can help you get a better perspective on what you’re looking for – and where you should be looking, too!

Additional Reading

May Heats Up the Market

    While most of the Canadian market is slowing down and showing signs of a pricing decline later this year, the month of May had the best sales activity yet. Although affordability continues to remain questionable, reports indicate that housing prices are decreasing...

Affordable Homes Leading The Way

    The trend across most real estate markets in British Columbia all seem to be affected by the cooling housing market. Fortunately, one area that’s on the rise in recent months is our beautiful city Kelowna, particularly for properties valued in the $500,000 range....

Mortgage Rates Fall As Bond Yields Drop

    As fixed mortgage rates continue to fall over recent weeks, what’s become good news for some Canadians has become bad news for others. While the cost of financing mortgages has gotten cheaper, mortgage-holders are the unexpected contributors to some of the gloom...