Beer to head up Realtor group

Besides having a cool, refreshing last name, Marv Beer is also new president of the 1,300-member Okanagan Mainline Real Estate Board.

Beer, owner and broker at Royal LePage in Salmon Arm, was sworn in at the board’s 59th annual general meeting earlier this month.

“I’m excited to play a role, alongside my fellow directors, in the board’s delivery of strong advocacy, professional development, exciting new technology and tools and helping our members in their quest to deliver exceptional service to local real estate consumers,” said Beer.

Although it wasn’t mentioned in the news release announcing Beer’s presidency, he will no doubt be forefront in the board’s dealings around the speculation tax on real estate.

Beer is from Salmon Arm and the tax doesn’t apply there, but it does apply to Kelowna and

West Kelowna, the biggest and third biggest communities in the Okanagan Mainline region.

The board doesn’t know if the 27 per cent drop in home buying activity in the Central Okanagan in March, compared to March 2017, is a resulting of the impending tax or an anomaly.

The board fears the tax, combined with recent federal mortgage-tightening rules and interest-rate

increases, could push the market into steep decline.

A B.C. Real Estate Association report stresses even a relatively minor 10 per cent drop in house prices will see $90 billion of B.C. homeowner wealth evaporate, which works out to about $70,000 of average homeowner equity.

That in turn could slow the economy, reduce consumer spending and lead to job losses.