Now that all the leaves have changed and a crisp freshness has settled in the air, it's a sure sign that winter is on its way to the Okanagan. After all the excitement of Halloween and Thanksgiving, we’re slowly creeping into December and it's crucial to shift our focus to the impending drop in temperature and its potential impact on utility bills. The good news is, with a few simple steps, you can not only protect your home from the winter chill but also create a more economical and energy-efficient living space.
The cornerstone of a winter-ready home is an efficient heating system. Schedule an annual tune-up for your furnace and hot water heater, including a thorough inspection, cleaning, and filter change. This often-overlooked step ensures that your systems are operating at peak efficiency, burning cleaner, and saving energy.
Insulating your hot water heater and exposed pipes can make a significant impact on your electrical bill. This, coupled with a thermostat adjustment, can lead to substantial energy savings.
Take control of your heating costs by investing in a programmable thermostat. Just as you regulate your air conditioning usage in the summer, adjust your heating settings automatically. Lower the temperature while you're asleep or away and raise it when you wake or return, all without compromising comfort.
Retaining the warmth you've generated is as crucial as creating it. Over 40% of home heat loss during colder months is attributed to air leakage. Combat this by:
Install weather-stripping around doors and windows, and re-caulk where needed. This simple step minimizes air leakage and retains heat effectively.
Enhance insulation in your attic and crawl spaces to further reduce heat loss. Explore greener options such as cotton, paper, or oil-based insulating products for an eco-friendly touch.
As you embrace the coziness of your winter-ready home, take pride in the fact that you've not only safeguarded it against the chill but also made environmentally conscious choices. These simple yet effective steps ensure a seamless transition into the upcoming season, with the added benefits of cost savings and a reduced environmental footprint. Stay warm, stay green!
Hello,
The world of real estate is full of misconceptions that can skew perceptions and lead to missed opportunities. This month, we're setting the record straight and reviewing 5 common myths. Whether you're a seasoned investor, a first-time buyer, or looking to sell, it's time to separate fact from fiction.
1. You Must Put Down 20% to Purchase a Home
A 20% down payment isn’t always necessary. Especially if you are buying under $500,000 then only 5% is needed. If buying over $500,000, 10% is needed on the remaining amount up to $999,999. Anything over $1 million does require 20% down and this is a requirement for everyone; from seasoned real estate purchasers to first time home buyers.
2. The Best Time to Sell is Spring
While it’s true that the real estate market can be seasonal, with a surge of activity in the spring and summer months, the “best” time is subjective. In fact, buying or selling during off-peak seasons can sometimes work in your favor. Sellers often have less competition in the fall and winter and buyers looking at this time are serious and often working within a set deadline.
3. All Real Estate Agents are the Same
This myth couldn't be further from the truth. Agents come with varying levels of experience, niche expertise, and customer service styles. At Stone Sisters, we pride ourselves on our unique approach, which blends deep local knowledge, personalized service, and an unwavering commitment to our clients' best interests.
4. You Can't Buy a Home with a Poor Credit Score
While a higher credit score certainly helps and can secure a lower interest rate, a less-than-perfect credit score doesn't automatically disqualify you from purchasing a home. There are loan programs specifically designed to help those with lower credit scores. Plus, our financial advisors can suggest steps to improve your credit and enhance your buying power.
5. Home Renovations Always Increase Your Home's Value
Not all renovations are created equal. While some updates can increase a home's market value, others may not yield a significant return on investment. It's important to research and consult with a real estate professional before undertaking major renovations and we are always happy to help with this.
As your real estate advisors in the Okanagan, we're here to guide you through the complexities of buying and selling property with facts, not myths. For more myth-busting insights or personalized advice, reach out to us anytime. We are always happy to help.
Thank you,
Shannon & Tamara
Hello,
As we reflect on 2023's real estate trends in Kelowna our thoughts are still with everyone that has been affected by the fires. We are proud of the resilience that our community demonstrated the past few weeks across the city. Everyone, no matter what neighbourhood, came together to help those in need.
We are well over halfway through 2023, and the market is still faring well considering some of the global uncertainty. We thought we would share some of the neighbourhood insights we have noticed so far.
Top 5 Neighbourhoods by Average Sale Price in 2023
Neighbourhoods with the Most Sales in 2023
Significant Price Shifts
McKinley Landing: A decline from 2022's $2,050,367 to $1,778,763 in 2023, yet still a growth from $1,143,992 in 2019.
Kelowna North: A commendable rise from $626,231 in 2019 to $1,143,815 in 2023. This area shows impressive growth potential!
Rutland North:A positive trajectory from $596,188 in 2019 to $821,659 in 2023, showing its increasing appeal.
Seeking Affordability?
Peachland: Offers great value at an average of $931,194 with 58 sales this year.
Ellison: Another affordable neighbourhood, with an average sale price of $890,267 with 26 sales.
These figures only scratch the surface of some of the neighbourhood trends we noticed this year. If you would like more detailed information, please let us know. Overall, we expect the market to fare well this fall with the hold on interest rates, giving buyers more confidence, combined with the fall attracting serious sellers.
Please let us know if you have any questions – we are happy to help.
Warm regards,
Shannon & Tamara
Hi there,
If you're like us, you might call the Okanagan home or have chosen to invest here. But do you know your fellow residents who make this location great? Let's dive into the demographics of our city and uncover some interesting insights:
1. Total Population: Kelowna's population is on the rise, hitting 235,472 in 2022. This reflects growth of 2.8% from the previous year, showcasing the city's increasing popularity and appeal.
2. Average Age: Kelowna's community is a vibrant mix of age groups. The average age is approximately 42 years old, creating a dynamic blend of young professionals, families, and retirees.
3. Average Income: The average household income in Kelowna is a healthy $108,814. This financial stability supports a comfortable lifestyle and the ability to invest in properties that match your unique preferences.
4. Housing Diversity: Kelowna offers a range of housing options:
- 56% of residents choose the space, privacy, and ownership of homes.
- 44% of residents opt for the convenience and low-maintenance lifestyle of condominiums and townhomes.
5. Home Ownership and Rentals: In Kelowna, 67% of properties are owned, while 33% are available for rent. This variety ensures suitable housing for homeowners and renters alike, aligning with their needs and dreams.
6. Top Industries for Employment: In 2021, the leading employment sectors in the Central Okanagan were healthcare & social assistance (14%), retail (12%), and construction (11.5%).
The Okanagan remains a top choice for Canadians to call home or to invest. Despite the downward national real estate trend, the appeal of the Okanagan endures for those looking to live or invest.
If you're considering a move or know of someone who is, we're here to help. Don't forget, each time you refer Stone Sisters and that person buys or sells with us, you are entered into a draw to win a trip for two.
Wishing you a wonderful remainder of the summer!
Best regards,
Shannon and Tamara
*resources from Investkelowna.com and Kelowna.ca*
Hello,
As the summer season is in full swing, our beaches are bustling with both locals and tourists, our restaurants are abuzz with diners, and traffic is flowing steadily, it's a perfect time to reflect on the real estate market. While the Okanagan area has become increasingly busy, we are witnessing a shift in our real estate market and moving from a balanced/seller's market to a buyer's market. This shift comes with an increase in price reductions and longer days on the market. Although our inventory levels are starting to rise, they remain relatively low for this time of year.
Over the past six months, we observed a rise in both sales volume and the average sales price. In January, only 72 homes were sold compared to 249 in June, representing a significant increase. Similarly, the median price rose from $877,000 in January to $965,000 in June, reflecting a growth of 10%. However, the market reached its peak in May, with 290 sales and a median sale price of $990,688. Since then, our sales have declined by 15% and prices have decreased by 3%.
Despite these changes, we do not believe it is cause for alarm or indicative of a substantial correction. Our market is not crashing, and we remain optimistic about its future. The current situation can be attributed to a slight correction following the rapid flurry of activity and price increases we experienced from 2021 to mid-2022. With interest rates on the rise, buyers are understandably cautious about making a wrong decision and overpaying in the current market. However, it is important to note that people still have a strong desire to move to the Okanagan. Additionally, with interest rates projected to decrease by the second quarter of next year, we anticipate a resurgence of activity in our market.
If you have any questions about the market or specific topics you would like us to cover in our newsletter or podcast, please do not hesitate to reach out. We are always just a phone call away and eager to assist you.
Warm regards,
Shannon and Tamara
5 Reasons to Move to Kelowna
Are you considering a move to Kelowna, British Columbia? If yes, you are on the right track to a
tranquil residence. Discover the hidden gem of Kelowna, BC – a city brimming with endless
possibilities and breathtaking beauty. Here are the top five reasons why moving to Kelowna is
one of the best decisions you'll ever make.
1. Great Weather Year-Round
Kelowna is blessed with a climate that seems tailor-made for outdoor enthusiasts. Picture
yourself enjoying mild winters and sun-drenched summers, where you can revel in various
activities no matter the season. From skiing in the nearby mountains during winter to swimming
and paddle boarding on Lake Okanagan during summer, Kelowna's pleasant weather invites
you to embrace an active lifestyle.
2. Excellent Kelowna Schools
Are you a parent seeking top-tier education for your children? Well, you will find a host of
options in Kelowna. The city boasts a range of exceptional schools, both public and private,
offering rigorous academic programs and dedicated educators. Additionally, Kelowna is home to
esteemed postsecondary institutions, including the University of British Columbia's Okanagan
campus and Okanagan College, providing diverse educational opportunities for students
pursuing higher learning.
3. A Strong Job Market/Economy
Kelowna's vibrant job market and thriving economy make it an enticing destination for
professionals and entrepreneurs alike. The city has experienced steady growth in various
sectors, such as technology, healthcare, tourism, and agriculture. This diverse economic
landscape promises great career prospects and encourages innovation and entrepreneurship.
Whether you want to advance your career or start a business, Kelowna offers a supportive
environment and abundant opportunities.
4. Great Beaches, Splash Parks, and Waterfront Walks
Imagine living where pristine beaches and refreshing splash parks are just moments away.
Kelowna's extensive shoreline along Okanagan Lake is adorned with beautiful sandy beaches,
inviting you to soak up the sun, cool off in crystal-clear waters, and create lasting memories with
family and friends. Stroll along the waterfront promenade, lined with charming cafes and
boutiques, or delight in the excitement of splash parks, perfect for children to splash and play on
hot summer days.
5. Beautiful Parks and Public Green Spaces
You will find solace in Kelowna's abundant parks and public green spaces if you are a nature
lover. The city has numerous well-maintained parks and vast nature reserves, offering a tranquil
retreat for relaxation and outdoor activities. Whether you crave a serene picnic spot, scenic
hiking trails, or picturesque cycling paths, Kelowna's parks provide an escape into nature's
embrace. Immerse yourself in the vibrant colors of blooming flowers, the soothing sounds of
chirping birds, and the refreshing scent of fresh air.
In conclusion, Kelowna, BC, promises an unparalleled lifestyle. Whether you seek adventure,
quality education, career opportunities, or moments of tranquility in nature, Kelowna has it all for
you. As you plan to embark on a relocation journey to this captivating city, acquaint yourself with
valuable moving tips to ensure a smooth and hassle-free relocation. Your dream life in Kelowna
awaits – start planning today.
https://www.alliedvanlines.ca/moving-resources/moving-tips
By: Katherine Robinson, a writer for Allied Van Lines
What is selling?Hello,We often receive inquiries about the dynamics of the real estate market, such as which segments are active? What buyers are seeking? Why do certain properties sell faster than others? Today, we wanted to share some observations from our brokerage to help provide a better understanding of the current marketplace.While we've noticed an increase in sold signs and even bidding wars in certain segments, it's important to note that not all properties are experiencing the same level of activity. Here's what we've observed:1. Light and bright homes: Properties with dark interiors and cabinets tend to spend more time on the market and receive fewer showings compared to those that appear light and bright in listing photos.2. Move-In ready properties: Buyers are leading busy lives and often lack the time or inclination for extensive home renovations. Consequently, properties that are move-in ready tend to sell more quickly, while those requiring significant work may take longer to attract buyers.3. Ample garage space: The demand for properties with spacious garages is on the rise. As people acquire more recreational equipment and vehicles, adequate storage space has become an important consideration for buyers.4. Unique and One-of-a-kind homes: Unique properties with distinctive features and characteristics continue to generate high interest and command premium values. We recently sold a property on Rutland Road within days of listing, attracting multiple interested parties. Its active market pricing, ample parking, attractive curb appeal, and move-in ready condition contributed to its swift sale. (Link to listing)5. Pools and summer appeal: With summer in full swing, homes with pools are particularly desirable and tend to sell more quickly. The prospect of enjoying a refreshing dip in one's own backyard adds significant appeal for buyers.If you have any questions or would like further insights into the market, we are always here to assist you. Feel free to reach out, and we'll be more than happy to help.Thank you for your ongoing trust and support.Warm regards,Shannon and TamaraP.S. Don't forget that curb appeal plays a vital role in attracting buyers. If you're considering selling next year, it may be worth capturing photos this summer when your property looks its best. This way, we'll be ready to hit the ground running next year.
If you’re searching for Kelowna luxury homes, you’re searching for a place where work, play and leisure all come together to blend into the perfect lifestyle. From the stunning natural scenery of the Okanagan Valley, to the bustling energy of the city’s core, there’s no shortage of things to experience in these vibrant luxury communities.
If you're considering selling your home, don't miss out on maximizing your profit. By implementing these expert tips and tricks, you can ensure that your property impresses any potential buyer and fetches the highest possible price.
British Columbia is undoubtedly one of the most stunning provinces in Canada. Nestled between the west coast shoreline and the Rocky Mountains in the east, BC is a place where nature meets urban comfort and recreation thrives. With so much of the province to explore, it can be tough to decide where to begin on moving here.
Welcome to first month of 2023!
We are looking forward to the year ahead. Already we feel the downward trend of the market from the last 2 quarters of 2022 leveling out. Buyers are back looking to make purchase decisions and although some offers may be aggressive, they are making offers. Many sellers are now holding relatively firm on their prices which wasn’t the case in the last quarter of 2022.
If we remove the period of the explosive market and dramatic halt, we are in a similar market to 2019. In comparison to 2019; days on market for 2022 was 69 and in 2019 it was 64, in 2022 there were 2365 sales and in 2019 we had 2338 homes sell. Additionally, mortgage rates back in 2019 were 5.34% and now are at 5.19% (over $1million rates provided by mortgage broker Juliana Mason).
Analyzing the numbers one segment that continues to thrive is residential waterfront, with a dramatic increase in price and limited inventory.
We continue to have numerous discussions around our office about the real estate market and one thing always remains - people still need to move no matter what the market conditions.
If you have any questions we can help answer please let us know. We would be happy to help.
Thank you,
Shannon & Tamara
P.S. we reward referrals
Buying a condo is a great way to get your foot onto the real estate ladder in the Okanagan - or downsize. And with more property developments arriving near Kelowna lifestyle amenities, now is a great time to get into an apartment.
However, the biggest hesitation from first-time home buyers is the question of strata fees. Determining what strata fees are, the average cost of strata fees and what strata fees cover are all common questions we can help you answer.
Read on to learn the ins and outs of strata fees in BC.
If you are a resident of the Okanagan, you know how amazing life is here!
The climate is pretty temperate with a nice change of seasons but not the bitter cold of the prairie provinces or the relentless rain of the lower mainland or the island!
We used to brag that you could ski and play a round of golf in the same day! We still can!
Home prices are attractive to large urban dwellers as those who visit from Vancouver, Victoria and Calgary are often surprised how far their real estate dollar could go in our urban areas.
Lifestyle also plays a huge desirability factor as we have traffic yes but not the jams that you find in large cities and when was the last time you had to wait in a lineup of more than two people for the gas pump? There are smaller lineups for grocery store checkouts, smaller lineups for movies, and if you forget to plan ahead an make a reservation at your favorite restaurant, you will probably still get in!
Let’s face it, life here is pretty darn good. We have a lot of activities for all ages. So when it comes to potential buyers wanting a reason to move here we are spoiled for choice. Seniors and or retirees find life wonderful here, not to mention affordable if they are coming from a more expensive real estate market. Imagine the feeling of selling your family home and buying a better home for less money and then investing the left over to help fund your retirement! Many are finding this easily doable here in the Okanagan.
Job growth is another reason people are moving here. BC has one of the lowest unemployment numbers in all of Canada right now and it has been that way for years. Kelowna and West Kelowna are expanding and job opportunities mean new residents from other parts of the country. Last year we were third place in growth in jobs behind Saskatoon and Guelph, Ontario. Okay of the three where would you like to live? And in 2017, we ranked #2 for job market performance.
When you have visitors and take them around to all of the gorgeous sites of our valley, it hits you what a beautiful place we live and how lucky we are to have landed here! Tell your friends, tell your family and realize that our real estate, your home, has great value and will always have a buyer if you are willing to part with it!
If you have questions about your home’s worth then always feel free to contact us and we can help you learn your home’s value.
Thanks for reading
If you are thinking of listing your home for sale, it can be a good idea to find a local, trusted Home Inspector to come out and do a pre-inspection. When a buyer offers on a property, they most often will get a home inspection done before the sale is complete. Usually people think that this is only for the buyer, but if you have an idea of what to expect the sale can go through that much more smoothly.
A pre-inspection of your home will provide you with a list of to-do items that need attention. Some, you may be able to do yourself and others may require the help of a handyman or perhaps a professional. If you list your home for sale complete with the knowledge that your property is stable and up to code then there are no surprises for a new owner. If some big ticket items come up in the pre-inspection like hot water tank or furnace issues, then you will be able to price your home accordingly without having potential buyers wanting to beat you down on the agreed price once they have done their own inspection and have found problems. You can cost out things like the price of a new roof into what you are listing your home for and avoid any renegotiation with buyers.
It can be attractive to potential buyers to know that you are conscientious about maintaining your property and trying to keep it in peak condition. Sellers that commission home inspections before putting their homes on the market give the home buyer confidence that there are no surprises coming. The buyer may then want to trust your inspection, ask for a walk-through with the inspector you used (which may only cost $100 to $150) or arrange for a new home inspection that they pay for.
Selling your home is a very stressful business and if you can ease the worry of knowing your home is ready for sale then you will have peace of mind that you are listing your home for the right price and you are more likely to attract the right buyer!
If you have any questions or would like to know more about arranging for a pre-inspection of your home, don’t hesitate to call us at any time! We are always here to help with your Okanagan real estate and home ownership questions!
Thanks for reading!
The laundry room! Is it important when potential buyers are looking at your listed home? Most people these days will definitely answer – YES! When preparing your home to sell, don’t forget about this very essential room in your property. Staging your laundry room can draw attention to a bright, clean space that is functional and necessary to every home owner. Take a moment to look at your current laundry room – does it need a good cleaning?
Buying a home is a huge investment and most home owners don’t want to be dragging their laundry to the laundromat but instead, doing their washing at home! when you stop to think about it – would you buy a home without a laundry room? Here are some important things to consider regarding this all-important room.
Clearly, having a laundry room is a top priority when buying or building a home. Now, where do we want that laundry room?
According to the National Association of Home Builders in a survey of new home buyers:
Give your laundry room a good scrub – vacuum up any lint that is in and around the washer and dryer – also wipe down your appliances so that they sparkle. Be aware of any unpleasant odours that are coming from your machines and deal with those directly. (Don’t forget outside – once the weather fines up – clean around the dryer vent – nothing is so unattractive as lint buildup – not to mention a fire hazard!)
Lastly, make sure that everything in the laundry room is for laundry use only! Clean out any other items that may be lurking around like paint cans, fitness equipment etc – you want to showcase your laundry room (and show how organized you are!)
Slap a fresh coat of paint on the walls – clean any windows (if there is a dull view, hang a thin blind so that light still comes through but blocks the outlook) Install a new modern light fixture, there are several good ones out there nowadays and be sure to use a high watt light bulb.
Throw out all of those old detergent bottles and containers, old cardboard boxes of Tide etc. Add a nice garbage container and arrange your cleaning products nicely and orderly in baskets or in cupboards (that you have cleaned!) Try putting your washing powder into a glass container with a scoop – very trendy! Stand back and imagine you are looking at this room for the first time.
Have some fun with the decoration! Add a mat (that can be easily washed) a cute laundry hamper and hang a cute laundry sign in an inexpensive frame to add some flare to your space!
Here are some free templates that you can download – print and frame to add pizzazz to any laundry room wall.
Find more here.
There – you have created a fresh inviting space where any buyer would want to do all of their laundry! Now – onto the next room in your house!
Come back to see what we recommend for that!
Thanks for reading!
