Hello,
Spring is just around the corner, making March the perfect time to refresh, renovate, or reevaluate your home! As the seasons change, it’s essential to ensure your home is in top shape, protecting your investment and keeping everything running smoothly. Whether you’re planning a move, a remodel, or just some routine upkeep, we’re here to help you stay ahead with our Home Maintenance Checklist.
Below, you'll find our updated Home Maintenance Checklist to keep your home efficient, comfortable, and looking its best year-round.
Home Maintenance Checklist
1. Monitor Your Water Pressure
High water pressure can strain your pipes and appliances, leading to leaks or damage over time. Ideally, keep it between 60-70 psi using a simple pressure gauge. If it’s too high, a pressure regulator could save you from expensive repairs.
2. Flush Your Water Heater
Sediment buildup in your water heater can reduce efficiency and shorten its lifespan. Flushing it yearly ensures a consistent hot water supply and helps you avoid future breakdowns.
3. Roof Inspections Are a Must
Your roof is your home’s first defense against the elements. Regularly clear leaves, moss, and debris to prevent damage. For safety and thoroughness, consider hiring a professional.
4. Clean Those Filters and Vents
From HVAC filters to dryer vents, keeping these clean ensures efficient operation and lowers energy costs. Don’t forget about the refrigerator coils and over-the-range microwave filters too!
5. Seasonal Heating & Cooling Checks
Before the heat of summer, test your air conditioner or furnace. Adjust your thermostat to confirm it activates properly, giving you enough time to arrange any necessary repairs.
6. Tree Inspections for Safety
Large trees add beauty to your property, but unhealthy branches can be a hazard. Have an arborist inspect them every few years to maintain your trees’ health and prevent potential damage.
Bonus Tips for Sellers and Buyers
For Sellers: First impressions matter! Simple maintenance tasks like cleaning vents, refreshing landscaping, and repairing minor damage can significantly boost your home’s appeal to buyers.
For Buyers: Regular maintenance on your new home ensures your investment grows in value while providing a safe, comfortable space for your family. Ask us for tips specific to your property!
Spring is a season of new beginnings, and your home deserves the same fresh start. If you have any real estate questions, we're always happy to help.
Kind regards,
Shannon & Tamara
Hello,
We wanted to share a few insights about our great city that we found interesting.
Did you know?
The Okanagan Valley, including Kelowna, is Canada’s fastest-growing region? In 2023, Kelowna’s Census Metropolitan Area (CMA) saw a remarkable population growth of 2.9%, with the city itself growing by 3.2%. This surge is fueled by an influx of new residents, robust job opportunities, and increasing business activity. Interesting to note our average age is now 44, we are no longer just a retirement community. Our population for the valley is projected to be at 290,635 by 2030.
The Central Okanagan now boasts over 34,000 businesses, with the real estate and rental sector leading with 7,565 establishments. We saw the number of businesses grow 5.4% from 2022 to 2023 . As well, 28.7% of businesses in the area have 1 or more employee.
One of the most telling signs of Kelowna’s growing appeal is the surge in airport activity. Kelowna International Airport (YLW) saw passenger numbers increase by 3.2% in the first half of 2024 compared to the same period in 2023, and an impressive 33.8% rise compared to 2022. With direct daily flights to major hubs like Vancouver, Calgary, and even Toronto, Kelowna is more connected than ever.
You may be surprised to know we saw a 53% surge in housing starts the first half of 2024 compared to 2023. This expansion is predominantly in multi-family housing, reflecting the demand for diverse living options and those looking for high walkability areas. We can certainly see the difference in our skyline with the number of multi family units being built.
Why Kelowna?
Beyond the numbers, Kelowna offers unmatched quality of life:
Whether you're considering your next property, thinking of investing, or simply soaking up local insights, Kelowna’s growth, connectivity, and lifestyle perks make it an unparalleled place to be. If you have any questions we are always happy to help so please reach out anytime.
Thank you,
Shannon & Tamara
Have you heard about the most expensive home ever sold in North America? It's a $240 million dollar condo in New York City that's still under construction and spans 24,000 square feet across 4 stories! While we don't have anything quite like that here in the Okanagan, it makes the highest price home for sale here look like a deal.
For $46 million, you can have a private estate with 850 feet of waterfront, almost 20,000 square feet of living space, and 8.5 acres of land. It's only half the value of the most expensive home in Canada, which is worth a whopping $73.12 million, should it come for sale. This home is owned by Chip Wilson, the founder of Lululemon Athletica.
Of course, a home is only worth what someone is willing to pay for it. The most expensive residential sale ever recorded in the Central Okanagan was a waterfront property that went for $11 million in 2021. It had 13,300 square feet, 600 feet of waterfront, and 8.5 acres of land nestled in the trees.
Currently, there are 8 residential properties for sale in the Central Okanagan listed over $10 million, and as more people discover our little piece of paradise, we may see more ultra-luxury homes hit the market.
If you have any questions or want more information about the market, don't hesitate to give us a call.
We're always here to help!
Tamara and Shannon
Spring has sprung and with it the real estate market is coming back to life. Across the country, many of the realtors that we have spoken to are noticing an increase in market activity with multiple offers in some segments and less days to sell. One consistent message from everyone we spoke to is there is limited inventory. The real estate trend markets, Vancouver and Toronto, had 34% and 44% respectively, fewer properties for sale in March.
We are feeling the inventory crunch here in the Okanagan with only 1017 single family homes for sale in the Central Okanagan. We have noticed an increase in listings coming to market just this past week; however, this is selective to certain price points. The mid luxury market, $1.5million to $3million, is where we are seeing the biggest inventory gains. The market under this price point still has little choice and very high demand; especially under $1million where we are starting to see multiple offers return.
While it may not make much sense that the market is heating up given the talk of recession from some, it is likely caused by sellers having no need to sell. Typically, market prices go down when inventory increases, often caused by a slower job market and financial constraints forcing some to sell. In today’s environment, sellers are typically holding onto their biggest asset and waiting the price decrease out. Although our prices have decreased since last March, the seller’s holding pattern is creating even greater demand and starting to impact prices in a positive way. Unless we see a dramatic serge in inventory at all price points, this higher paced quick moving market will be here to stay.
If you have any questions about the market or if you are wanting to know the value of your property, please give us a call – we are always happy to help.
Thank you,
Shannon & Tamara
Hello & Happy Spring!
As we head into the spring season we are seeing a renewed interest in the Kelowna real estate market from out of town buyers and especially investors.
According to the latest data from CMHC, Kelowna's rental market has remained very strong as it has across the country. The national average rent is $1984/month a slight decline of only .6% so far this year. In Kelowna, we continue to see a strong demand for rental units and many investors are choosing to buy in Kelowna over Vancouver as the return is higher. Right now, you can buy a home in Kelowna’s Lower Mission for $1,289,000 with a 2 bedroom legal suite. According to our property manager the home could generate $6500/month. In comparison, we picked a few other neighbourhoods in the Vancouver area to evaluate (this information was collected through our network of Realtors in these markets and may be subject to change):
Additionally, Kelowna and the Okanagan's population is projected to increase by over 50,000 people by 2030 and provides an excellent opportunity for appreciation; whatever you buy, the value will likely appreciate with our continued growth and demand.
Reflecting on the past year, the reality is that the market has changed dramatically from a year ago. However, as many talk doom and gloom consumers are still out spending. Visit Cactus Club for lunch, Orchard Park mall on the weekend or Costco and you will notice how busy it is.
In talking with agents across Canada this consumer spending is occurring across the country. Some analysts believe this is due to savings accumulated over Covid and many insist that although inflation has increased the job market is so strong many are not worried. Our unemployment rate across Canada has lowered to 5% compared to 6.5% last year and the long-term average of 8.11%. The Canadian economy created 150,0000 jobs in January and weekly earnings increased 4.2% in 2022. What does this mean for our local real estate market? It means buyers are not shying away from making a purchase decision, the challenge we find is the bottleneck in the marketplace with limited inventory. There is buyer demand for properties that are positioned properly and we have homeowners that want to make a move but can’t find something to move into, so they are waiting. This is all creating a bottleneck that will only disappear once we have more inventory to choose from.
Our sales were down significantly in January, yet February has started fairly strong with the first 2 weeks of the month outperforming all of January. We feel this trend may continue if we have more inventory come onto the market. Buyers on a timeline for purchasing may have to make sacrifices in their needs and wants and at times be at the mercy of the sellers demands. If you are considering a move – now is a good time to consider listing with such little competition.
If you'd like to receive monthly updates on the market and what we are experiencing, please let us know and we can add you to our mail list.
Thank you,
Shannon & Tamara
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
As we wind down the year and begin thinking ahead to 2023, some homeowners might be adding the sale of their home to the top of their New Year’s resolutions list. If you have the housing market on your mind as we approach 2023, this article is written specifically for you!
When you hear the words “increase home value,” your mind may immediately jump to a variety of exciting home improvement projects. It’s important to remember that although home improvement is great for your home’s value, not all renovation projects offer a worthy return on investment.
Welcome to Winter!
Winter sure came in with a-vengeance this year and along with it came a market shift or ‘slowdown’ which was slightly earlier than normal. Typically, we see sales start to decrease by mid-November with December being statistically the slowest month in the valley for sales. While sales are down at this time, there are some still happening and this can be a great time to sell,. Although showings will be limited, there is less competition and the online traffic is at the highest point.
We are still seeing new developments coming to market and investors from other city centres are still actively pursuing land acquisitions. Some of these investors are building apartments for rent. Our newly elected Kelowna council recently approved rezoning for two more rental buildings in the downtown area and more are close to being approved . The demand for rental properties continues to be at an all time high. This chart below (kindly shared with us by Associated Property Management) gives you an idea of current rents in our city. Rentals.ca recently reported that the rents in Kelowna are up over 20% from last year and the average rent for a 1-bedroom condo is close to $2,000 per month.
Interestingly, today the new premier of BC, David Eby, announced a proposed Housing Supply Act which among other things would eliminate rental and age restrictions (excluding 55+) in strata buildings across the province. The provincial government reports that we have 2900 empty condos that cannot be rented right now because of current restrictions. If this act is approved, we may see rent costs come down in coming months given the increase in supply with elimination of restrictions and new buildings coming onto market.
If you have any questions at all please let us know. We are always more than happy to help.
Thank you,
Tamara and Shannon
So you’ve been asking yourself the age old questions: Should I buy a house? When’s the best time to buy? What do I need to know before buying? There’s certainly never a perfect time to buy, but there are a few steps you can take to prepare for homeownership.
Deciding whether it’s the right time to enter the market often boils down to you and your financial situation more than the state of the market in any given month.
Here’s a quick summary of the various factors you should consider when determining whether you’re ready to become a homeowner:
Happy October!
Everyone always asks us, what is the busiest segment of the market? The answer may surprise you. The price point that had the highest number of sales for September was between $800,000 and $900,000 for a single-family home. That may in fact not be so shocking as this is now considered the most affordable price point for single family homes. However, another segment that was just as busy was those properties listed over $1.5 million. There were 29 sales in total for the month of September over $1.5 million, 5 of these homes sold over $5 million with 2 sales over 9 million (August didn’t have any sales over $5 million). It is also interesting that of the 28 sales between $800,000 to $900,000, only 8 of the homes had suites. We are seeing small families buying properties but not wanting or needing rental income and at the same time seeing the luxury and ultra luxury market starting to heat up.
Of course, none of us know if this trend will continue into the winter months, however the good news is that the adjustment of prices have enabled many more buyers to afford a family home. As well, the reduction in high end properties is motivated those consumers to act now and not wait longer. Could this be a sign that those luxury buyers believe we have reached the bottom?
We will watch these trends carefully and keep you updated. If you have any further questions about the market or know of someone we may be able to help please let us know. We are only a phone call away 250-862-7675
Welcome to September!
Now that we are a few weeks back from summer vacations, routines have started to set in. We love this month as it feels like the start of a year, with the promise of new beginnings. This positive environment has been transitioning to the market, despite the recent interest rate increases. Although we are not yet on an upward trend with prices or even close to the number of sales from a few months ago; buyers are starting to make purchase decisions. Offers are being negotiated more frequently when compared to the activity we have experienced in the previous 2 months.
August sales were up 25% over July and we feel this trend will continue into September and hopefully beyond. Although our inventory is 3 times what it was back in April we are seeing fewer properties being listed each month. We are optimistic we will slowly start to see a decline in overall inventory in the months ahead. Prices are down 8% year to date and are on par to the price levels of October 2021, making this fall a great time to be a buyer.
Given that we have a strong rental market, there is increased demand for investment properties with buyers coming from across Canada. In addition, the change from the frenzied market has local buyers jumping back in along with those that are looking to either upgrade or downsize.
If you or anyone you know has any questions about the real estate market, we are always available.
Tamara and Shannon
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Buying a home is one of the most exciting moments in your life, and doing so with a professional, experienced REALTOR® can make an enormous difference in the home buying process.
For first-time home buyers that might be wondering, “is hiring a real estate agent worth it,” we say yes, absolutely. The real estate market of today is a fast-moving current of buyers and sellers negotiating for a valuable investment into their homes and lives.
Our market has shifted fairly quickly and faster than any of us had predicted; however, is it all doom and gloom? Is the sky falling? We don’t think so. Since March of this year our prices are down 15%, sales are down 20% and our inventory has doubled. This all sounds troubling, but we need to consider that the market we had in the first quarter was unlike anything we had experienced before. Our prices for single family homes are still up 14% from May of last year and 2021 was one of our best years on record. Although our inventory has doubled, we are at similar levels that we experienced in 2019 which wasn’t a poor market.
A slower market always brings opportunity and that is what some economists are predicting to happen in our Canadian market. Canada’s population growth is the highest among the G7 nations and overall we have low home inventory and are not keeping up with new construction across our nation. Some large institutional investors are turning towards the Canadian market. These large investment companies such as Blackstone Inc, are looking to purchase large quantities of single-family homes as rental properties. Although they are concentrating on larger cities, this will allow consumers to sell their home in Toronto or Vancouver and move to desirable areas such as Kelowna.
It will be interesting to watch what the market does in the next month, with interest rates predicted to increase again on July 13th. Our group is experiencing a flurry of activity the past few days which seems to be felt by most agents and will likely positively impact the stats for July.
We don’t believe the ship has sailed, but just slowed down. If properties are well priced they are selling and in some cases they are still selling in multiple offers.
If you have any other questions about the market or looking to get an opinion on the value of your property, please let us know – we are always happy to help.
Thank you,
Shannon and Tamara
There’s a unique feeling of renewal and excitement that comes with moving to a new city. Kelowna itself offers its residents the unique perspective of living in a large city, yet set within a picturesque region known for its small town hospitality. Whether you’ve experienced the city as a passing traveller or as a guest to a long-time resident of the area, these experiences often lead people to ask, “Should I move to Kelowna?” With its abundant opportunities for adventure, fantastic year-round weather, high quality of life and close proximity to the most diverse regions of British Columbia, Kelowna offers an excellent opportunity to flourish as a permanent resident. For those curious as to what Kelowna has to offer, we’ll expand on our buyer’s guide to moving to Kelowna.
May rain brings Spring flowers, and we look forward to seeing all the beautiful flowers. So far, our ‘Spring’ has been dismal for weather. The month also took a gloomy turn for the real estate market. Our sales are down 27% from this time last year, with 72% more inventory for buyers to choose from. Surprisingly, prices are still holding and are up from this time last year.
However, over the years when we have experienced a market shift the price is the last indicator to change so we suspect we will see a decrease in prices starting next month. Some economists, such as BMO managing director Benjamin Reitzes, predict price drops across Canada in the double digits. Keep in mind our prices are up 17% from last year. In a recent article posted from the Bank of Canada, growth in the 2nd quarter for Canada is expected to be strong. Canada’s wage growth is continuing to grow, exports are expected to strengthen, and consumer spending remains high. Our next potential rate increase will be July 13th.
The days of buying a property and seeing the value increase almost overnight appear to be long past us. We feel the market is shifting to a healthier balance. Our advice when buying is to choose a property you can hold onto for 5 years. Since we have been in the business our market here has always increased in value over a 5-year period or less. This is a more normal market and frankly our group enjoys the return to a need for strong negotiations, strategic pricing, and robust marketing plans.
Like the rain bringing flowers, once we are through this shift of the unknown, we will see the return to balance. We live in a beautiful community and are still seeing (perhaps even increasing the past 2 weeks) the demand from consumers outside our area wanting to call the Okanagan home.
We are going to Vancouver at the end of the month to promote our listings to agents and buyers. If you are thinking of selling, please let us know.
A lot can happen in 30 days. Did you know you can grow a radish from seed or a full head of lettuce? You can also change a habit, (science has suggested habits can be changed within 21 days) so it should be of no surprise that our market can have a full shift in just 30 days. However, it is still a shock to many that our market today is very different than it was just 4 weeks ago.
The total sales in April in the Central Okanagan are down 10% over the past 30 days and down 23% from April of 2022. Sales are down the most for single family homes; however, this is also the segment that has increased the most in price, 28% on average from April of 2021 to April of 2022. Over the past 30 days we have seen 617 properties sell on MLS, 339 properties come off of the market and the percent of sales versus inventory drop by almost 50%. What we have also started to see is price reductions, properties not appraising for the sale price and interest rates rising.
On a more positive note, although many buyers are being more cautious than they were 30 days ago, we are seeing more investors enter the market place opting to buy real estate instead of the stock market. Given Kelowna’s attractive climate, lifestyle and healthy rental market – we are still a great place to invest!
If you have any questions about the market or wish to find out what your home is worth – please let us know. We are always happy to help.
Enjoy the sunny days and the rest of May, if you have any questions or know of anyone who is looking to buy or sell - please let us know. We would love to help.
Would you like to receive our monthly newsletter? Please reach out and we can add you to our mailing list 🙂
Welcome to Spring!
The grass is getting greener and along with that the market is also finally ‘getting greener’ and healthier for buyers. This is a trend we are seeing across the country.
We have included a quick market outlook from major city centers where we have a heavy marketing presence below:
Calgary
“In Calgary we are continuing to see sales and prices increase across most sectors. Detached home prices are up anywhere between 9-22% depending on area. Row homes still have not fully recovered from previous highs, and apartment condominiums are still over 11% below previous highs. Prices are currently sitting 18% higher than last year's levels. However, we are watching as prices & interest rates continue to increase and what that will do in the market with still tight inventory” ~ Shilo Storey www.shilostorey.com
Vancouver Luxury
“In spite of what the media coverage says, sales in the luxury end of condo properties (over $5 million) in downtown Vancouver, came to a screeching pause during March. From 11 sales in February to only 1 in March. It seems although, much like the market during the beginning of Covid, the buyers on this level are just talking a moment to breath and see if something extraordinary happens worldwide with conditions the way they are. I fully expect we will be back to an energetic market within a few more weeks regardless of conditions. Such is the way we seem to have programmed ourselves over the past 2 years” ~ Elizabeth McQueen www.elizabethmcqueen.com
Toronto
"While there were some interesting outcomes from the government's budget announcements, our prediction is that none of them will have any major impact on our housing and the momentum of our industry will continue. In Toronto we are still in a very strong sellers market, with the benchmark of one month of inventory, however the frenzy of Q1 is starting to cool ever so slightly with more inventory coming out in the spring market. We're seeing some properties not selling on offer night but relisting at a higher price and still selling. On the outskirts of core Toronto we are seeing homes taking longer to sell which is reminiscent of the Spring 2017 market where there was a moderate return towards a more balanced (but still a sellers market) where sellers still had high expectations but had not quite adjusted yet to the market." ~ Mark Richards www.therichardsgroup.ca
Please let us know if you have any questions about the local market or any markets across Canada. We have a great network of agents across the country and will ensure your real estate needs are exceeded wherever you are.
Would you like to receive our monthly real estate newsletter? Let us know and we can add you to our mailing list!
Spring is on its way in the Okanagan, and it is uplifting to see the sun shining and warmer temperatures on the horizon. Typically, Spring is the most active time of the year in Real Estate and while the media is still promoting a very vigorous market, we are starting to see a shift.
The flurry of multiple offers on new listings is on the decline as buyers start to resist higher prices with many feeling uncertain given worldwide events and increased living costs. While we are still currently in a seller’s market, we will likely see a shift to a more balanced market in the near future. We anticipate the uncertainty in the market will be short term, giving buyers a welcome reprieve. For sellers looking to maximize their price, the anticipated shift is much less desirable.
Speaking with agents in Toronto and Vancouver, their markets are also slowing down with properties sitting longer and fewer multiple offers. One agent we spoke with who works in the Vancouver suburbs said, “ while we are still experiencing multiple offer situations, many of the bids are lower than the current asking prices.”
If you are thinking of selling, we highly recommend listing soon. As we head further into Spring, we are optimistic we will see more out of town buyers coming to explore the Okanagan. This past month we saw properties under $1million being the most active, as well as, a surge of investors buying from out of town. We continue to actively promote our listings nationally with trips planned to Vancouver and Toronto over the next few months.
If you have any specific questions about the market please let us know. We would be more than happy to help.
Would you like to receive our monthly newsletter with an overview on the current real estate market? Please reach out and we can add you to our mailing list 🙂
P.S. please remember to fill out your speculation forms to be exempt – they are due March 31st.
We are often asked what is the best neighborhood in the Okanagan? We would love to have a standard answer but truly the ‘best’ neighborhood really depends on individual lifestyle and the amenities that are important to the individual. However, we can report what neighborhood in the Central Okanagan had the most sales and we can break down the average or median price per neighborhood.
The 3 areas in Kelowna that had the highest number of homes sell over the past 12 months were:
The areas with the highest median home price over the past 12 months were Westside Road ($1.7million), Wilden ($1.4million) and McKinley ($1.397million).
See the graph below for more details:
Welcome to 2022!
We are excited for the new year, we believe our market will remain strong and we are hopeful Covid-19 will dissipate this year.
The real estate market did very well in 2021 with price increases throughout the Central Okanagan and across almost every region in BC, however, the increase in property assessments was still a bit of a shock. According to BC assessment single family homes in Kelowna and West Kelowna had an average assessment increase of 34% and in Lake Country an increase of 32%. On a one million dollar property, that’s an average increase of $320,000 to $340,000 in one year! In comparison, the City of Vancouver assessments’ increased by just 16%, while Langley and Surrey increased 39% and 34% respectively. One city with the highest increase in BC was Hope, where assessments increased 45%. With higher assessments comes higher taxes paid which can be detrimental to some. If you are looking to appeal your property assessment you have until January 31st to file a written notice to appeal. You can learn more about this process at bcassessment.ca.
As well, if you are interested to learn how they assess a property we encourage you to watch the video below:
If you are thinking of selling or looking to see what your property may be worth on the market today, please let us know. We are happy to offer you a market evaluation (typically property values are higher than assessments) and can certainly provide comparable sales to your home should you decide to appeal your assessment.
Please let us know if you have any questions at all, as always we are happy to speak to you anytime!
Shannon and Tamara
As we enter the final month of summer, the real estate market has continued to trend in a positive direction with numerous exciting opportunities. In past years, we typically see the market slow in August as people begin to focus on family and personal events during the few final weeks before the school year commences- this year has surprised us!
The anticipated pent-up demand due to the effects of Covid-19 has trickled into July with sales up 32% compared to July of 2019. Active listings dropped 8% compared to last July, and due to our inventory decreasing our market is shifting towards a sellers market (especially, for single family homes). The average price for a single family home for July was $812,875, an increase of 14% compared to July 2019. Interestingly, when analyzing the statistics, we have seen increased sales throughout 2020 on higher end homes. There was a 64% jump in home sales over a million dollars compared to the same period last year.
If you are considering selling, we would strongly suggest reaching out as we have many buyers finding it difficult to find the home they are looking for. We would be happy to provide you with a specific and personalized market valuation.
