Hello,
Although the Okanagan Real Estate market faced one of the slowest March’s in over a decade, we are optimistic with the direction the market is headed and believe now is a great time to move up the property ladder. With an adequate selection of inventory (over 2600 units currently for sale total in the Central Okanagan) you have not only choice, but also a potential to secure a great deal compared to years past.
March 2024 review:
- Inventory levels up by 28% from March 2023, the variety and choices for buyers are better than ever.
- Despite a 30% decrease in sales compared to last year, the market is showing signs of revival. The gradual increase in property prices and a reduction in months of inventory—signal that we have surpassed the market's bottom.
Why Now matters:
For sellers, May is often a peak sales period and if you list now you are positioned ahead of the curve.
For buyers, this moment represents the trough of the market. This will offer an opportunity to secure valuable deals before a resurgence in activity due to potential adjustments in interest rates and buyer demand. We have a large amount of inventory in the mid-luxury market and less demand in this segment compared to the lower end making now a great time to move up. If you have a property under $1.3million, the most active segment of the market, you are selling in a segment with the largest buying pool. Buying above this price point has a good selection of choice and less competition; which can often mean better deals. The gap between has never been smaller.
As we look ahead, we believe seizing the current opportunities will lead to significant gains. The window for buying at favorable prices and selling with optimal timing is now.
Let's turn possibilities into realities. We are always available to answer any questions that you may have about our real estate market.
Warmly,
Shannon and Tamara
Hello & Happy Spring!
Often, we are asked if there is a difference between the assessed value of a property and its market value along with if we feel the two are related.
Assessed Value: What It Is and Isn’t
The assessed value of a property is determined by the city for the purpose of levying property taxes. This value is calculated based on a variety of factors including, but not limited to, the property's size, age, and location. There are some factors that are not often taken into consideration such as a pool, renovations or on the other side abnormal wear and tear. It’s important to note that the assessed value is determined as of June of the previous year and will go up or potentially down depending on the overall market during this time.
While the assessed value plays a vital role in the taxation process, it does not necessarily reflect the the exact price but often more of an indication of the overall value. This year, for example, many property owners have noticed a decrease in their assessed values, mirroring the overall downturn in the market which would be accurate but the actual values are often fairly different from each other.
Market Value: The Realtor’s Perspective
As realtors, our focus is on the market value of your property. Unlike the assessed value, market value is determined by what a buyer is willing to pay for your property in the current real estate market. This value is influenced by a myriad of factors, including recent sales of similar properties, current demand, condition of the property and overall market conditions.
It's important to note that market value is dynamic, reflecting real-time economic conditions, buyer demand, and other market trends. This is where our expertise comes into play. Utilizing our deep understanding of the local real estate market and current trends, we provide you with a comprehensive analysis that captures the true value of your property.
Why the Distinction Matters
Understanding the difference between assessed value and market value is crucial for several reasons. When planning to sell your property, relying on the assessed value could lead to pricing it too high or too low, which can affect your sale timeline and final sale price. Similarly, for those looking to purchase, it's important to not equate a property's assessed value with its worth on the market.
If you're considering selling or purchasing a property, or simply have questions about your property's value, we're here to help and happy to provide a complimentary market evaluation.
Please let us know if you have any questions – we are always just a phone call away.
Warm regards,
Shannon & Tamara
"Retiring in Kelowna, BC: A Haven of Tranquility and Natural Beauty"
Kelowna, British Columbia, stands out as an idyllic retirement destination, offering a host of benefits that cater to those seeking a peaceful and fulfilling post-work life. Here are some compelling reasons why Kelowna makes an excellent retirement choice:
Nestled in the heart of the Okanagan Valley, Kelowna boasts breathtaking landscapes with its crystal-clear lakes, lush vineyards, and panoramic mountain views. Retirees can enjoy an active lifestyle through activities such as hiking, golfing, and water sports.
Kelowna enjoys a mild climate, characterized by warm summers and relatively mild winters. The region experiences over 2,000 hours of sunshine annually, creating an inviting environment for outdoor pursuits year-round.
For those who appreciate arts and culture, Kelowna offers a vibrant scene with galleries, theaters, and cultural events. The city hosts numerous festivals throughout the year, providing retirees with ample opportunities to immerse themselves in the local creative community.
Kelowna is situated in the heart of British Columbia's wine country. Retirees can savor world-class wines from nearby vineyards, making it an ideal destination for wine enthusiasts. The scenic vineyards also contribute to the region's picturesque surroundings.
Kelowna boasts modern healthcare facilities, including Kelowna General Hospital and medical clinics, ensuring that retirees have access to quality healthcare services. This factor contributes to a sense of security and well-being for those enjoying their retirement years. MAYBE WE DONT SAY THIS???
The city fosters a strong sense of community, with various social clubs, volunteer opportunities, and community events. Retirees can easily connect with like-minded individuals, creating a supportive and welcoming environment.
Despite its tranquil setting, Kelowna is well-connected to urban amenities. The city features a range of shopping centers, restaurants, and entertainment options, providing retirees with the convenience of city living while enjoying the benefits of a smaller community.
In conclusion, retiring in Kelowna, BC, offers a harmonious blend of natural beauty, cultural richness, and a supportive community, making it an attractive destination for those seeking a fulfilling and enjoyable retirement lifestyle.
Tamara Stone
Founder, Realtor
RE/MAX Kelowna Stone Sisters
Moving to Kelowna: A Complete Relocation Guide for Newcomers
Are you considering moving to Kelowna, British Columbia? As one of Canada's most
desirable cities, Kelowna offers a fantastic quality of life, stunning natural surroundings,
and a thriving real estate market. However, relocating to a new city can be daunting,
especially if you're unfamiliar with the area. That's why we've put together this
comprehensive guide, answering commonly asked questions about moving to Kelowna,
to help make your transition to this city as smooth and stress-free as possible.
Is Kelowna a Good Place to Live?
Absolutely! Kelowna consistently ranks as one of the best places to live in Canada. With
its picturesque landscapes, vibrant culture, and diverse amenities, Kelowna offers
something for everyone. Whether you're an outdoor enthusiast, foodie, or culture buff,
you'll find plenty to love about life in Kelowna.
What Salary Do You Need to Live in Kelowna?
The cost of living in Kelowna is relatively affordable compared to other major Canadian
cities like Vancouver or Toronto. However, it's essential to consider factors such as
housing costs, utilities, transportation, and healthcare when budgeting for your move. A
comfortable salary in Kelowna will vary depending on your lifestyle and individual
circumstances.
Is it Better to Live in Kelowna or Vancouver?
While both Kelowna and Vancouver offer their unique advantages, many people are
drawn to Kelowna for its more relaxed pace of life, lower cost of living, and abundance
of outdoor recreational opportunities. Plus, Kelowna's stunning lakeside setting and
sunny climate make it a popular choice for those seeking a more laid-back lifestyle.
Why Move to Kelowna?
There are countless reasons to consider relocating to Kelowna. From its world-class
wineries and beautiful beaches to its thriving arts scene and vibrant culinary scene,
Kelowna offers an unbeatable quality of life. Whether you're raising a family, starting a
career, or enjoying retirement, Kelowna has something for everyone.
Kelowna Real Estate
The Kelowna real estate market is booming, with a wide range of housing options
available to suit every budget and lifestyle. Whether you're looking for a waterfront
condo, a family-friendly suburban home, or a sprawling rural estate, you'll find plenty of
options in Kelowna's diverse real estate market. With interest rates remaining low and
demand for housing continuing to rise, now is an excellent time to invest in Kelowna
real estate.
In conclusion, moving to Kelowna is an excellent decision for individuals and families
looking to enjoy all that this vibrant city has to offer. With its stunning natural beauty,
diverse amenities, and strong sense of community, Kelowna truly has something for
everyone. Check out our blog on 5 Reasons to Move to Kelowna-By: Katherine Robinson,
a writer for Allied Van Lines where we dive into the details of Kelowna’s top attractions
that draw newcomers to the city.
If you're considering making the move to Kelowna, our agents at Re/Max Kelowna Stone
Sisters are here to help you every step of the way. Contact us today to learn more about
relocating to Kelowna and finding your dream home in this beautiful city.
info@stonesisters.com
Hello,
We've been closely monitoring the market dynamics, and our analysis points towards a shift. Our inventory levels saw a 21% increase from January 2023 to January 2024, yet we are now seeing a gradual decrease in the recent months, which could be the initial signs of a market rebound.
We never know when we are at the bottom of the market until we are already on the way back up. However, we know the factors to be watching for that lead to a rebound which are: a decrease in inventory and an increase in buyer confidence. Together these two factors put pressure on the demand for housing. A recent article from Wealthprofessional.ca highlights the current feeling for the real estate market stating, "Confidence in the market in 2024 is high with 82% showing an optimistic or selective stance with just 18% taking a more passive position with their investments on hold." This optimism, paired with a slowly diminishing supply, hints at a market ripe for growth.
Observations from major urban centers like Toronto and Vancouver are experiencing a resurgence in activity, with multiple offers and heightened demand for single-family homes. This trend typically precedes similar movements in our market by a few months, suggesting that we have indeed reached the market's trough and are on the cusp of an uptick in activity.
This leads us to our opinion and facts of why buy now which is:
At Stone Sisters, we're not just observers of the market; we are active facilitators of your real estate ambitions. We offer customized buying profiles to keep you ahead of the market curve, providing access to listings often just before they become publicly available on the MLS. If you are thinking of making a move, and we strongly suggest you do sooner than later, we are here to help.
Please let us know if you have any questions at all.
Warm regards,
Shannon & Tamara
Aging In Place: A Guide to Downsizing
and Finding Your Kelowna Forever
Home
Retirement is a time for new beginnings, relaxation, and the pursuit of lifelong dreams.
For many, this means finding that perfect forever home where they can enjoy their
golden years to the fullest. Kelowna, nestled in the heart of the stunning Okanagan
Valley, has emerged as a top destination for retirees seeking the perfect blend of natural
beauty, a vibrant community, and a lifestyle that caters to their evolving needs. In this
article, we'll explore why Kelowna is a top choice for retirees, the best places to retire in
the Okanagan, Canada, and offer valuable insights into finding your dream forever
home.
Is Kelowna a Good Place to Retire?
Absolutely! Kelowna consistently ranks high on the list of preferred retirement
destinations, and for good reason. The city boasts a picturesque setting with the serene
Okanagan Lake at its core, surrounded by vineyards, orchards, and rolling hills. The mild
climate, abundant outdoor recreational activities, and a thriving arts and culture scene
make Kelowna an ideal place for retirees.
Beyond the natural beauty, Kelowna offers a range of amenities tailored to the needs of
seniors. Quality healthcare facilities, accessible services, and a welcoming community
contribute to a fulfilling retirement experience. The city's commitment to maintaining a
senior-friendly environment, with initiatives like age-friendly infrastructure, ensures that
retirees can enjoy an active and engaged lifestyle.
Where is the Best Place to Retire in the Okanagan?
While Kelowna stands out as a prime choice for retirement in the Okanagan, there are
other attractive options to consider. Places like Penticton, Vernon, and Summerland
offer their unique charm and appeal. Penticton, known for its beautiful beaches and
wineries, provides a more relaxed pace of life. Vernon, surrounded by lakes and parks, is
another gem for retirees seeking a peaceful environment. Summerland, with its fruit
orchards and small-town charm, is perfect for those who prefer a close-knit community.
Ultimately, the best place depends on individual preferences. Kelowna, however, offers a
comprehensive package with its diverse amenities, cultural richness, and picturesque
landscapes.
Where is the Best Place to Retire in Canada?
Kelowna consistently ranks among the best places to retire in Canada, but the choice
depends on personal preferences. Victoria, British Columbia, with its mild climate,
historical charm, and vibrant cultural scene, is a popular choice. Ottawa, Ontario, offers
a mix of city amenities and green spaces, while Halifax, Nova Scotia, provides a rich
maritime experience. Each location has its unique advantages, making the best choice a
subjective one.
Where is the Cheapest Place to Retire in Canada?
Cost of living is a crucial factor for retirees, and there are affordable options across
Canada. Smaller cities like Fredericton, New Brunswick, or Charlottetown, Prince Edward
Island, are known for their lower living costs. However, Kelowna remains competitive,
with a cost of living that is reasonable compared to larger urban centers like Vancouver
or Toronto.
Finding Your Forever Home in Kelowna
As you begin the journey to find your forever home in Kelowna, there are essential factors to consider:
1. Location:
Choose a neighborhood that aligns with your lifestyle. Whether you prefer a peaceful
lakeside setting, the convenience of downtown living, or the tranquility of the
surrounding hills, Kelowna offers diverse options.
2. Accessibility:
Consider factors like proximity to healthcare facilities, shopping centers, and
recreational activities. An easily accessible home ensures a comfortable and
convenient retirement.
3. Amenities and Services:
Look for neighbourhoods that provide amenities tailored to seniors, such as parks,
walking trails, and community centers. Access to quality healthcare and social services
is crucial.
4. Future-Proofing:
Choose a home that can adapt to your evolving needs. Single-level homes, accessibility
features, and proximity to essential services contribute to a home that accommodates
you for years to come.
5. Community Engagement:
Kelowna's vibrant community offers numerous opportunities for social engagement.
Choose a neighborhood with clubs, cultural events, and recreational activities to stay
active and connected.
6. Real Estate Expertise:
Partner with real estate experts who understand the unique needs of retirees. The Stone
Sisters, with their deep knowledge of Kelowna real estate, can guide you to the perfect
forever home.
Kelowna, with its stunning landscapes and welcoming community, provides an ideal
backdrop for your retirement dreams. As you navigate the process of finding your
forever home, let the Stone Sisters be your trusted partners, ensuring that every step
leads you closer to a fulfilling and vibrant retirement in the heart of the Okanagan.
Hello,
Welcome to 2024!
We are optimistic about the upcoming year and excited to look forward to predictions for our market this year. Yet, to effectively map out the future, it's important to reflect on where we have been. In 2023 we witnessed a dynamic shift in the real estate sector, characterized by escalating interest rates and diminishing buyer confidence. This rapid transition from a sellers to a buyer's market was marked by a significant 34% surge in residential real estate inventory compared to 2022, while sales decreased by 15%. This combination of oversupply and reduced sales activity led to a modest price decrease of approximately 6.78%.
With 2023 now behind us, we are hopeful that 2024 will usher in a period of stability, transitioning towards a more balanced market. Current analysts suggest that interest rates will stabilize in the first half of the year, followed by a potential decrease in the latter half. This anticipated reduction in interest rates is likely to invigorate the market, potentially leading to a moderate price increase. According to the Canadian Mortgage and Housing Corporation (CMHC), a 5% price increase is projected nationwide, although variations are expected across different cities. Despite the current high supply levels, CMHC indicates a continued housing shortage across the country, emphasizing the need for an additional 3.5 million homes within the next six years to improve affordability. As the demand across Canada increases, many will choose to move to the Okanagan with our 4 season playground, international airport and large hospital.
For 2024, we predict:
- A gradual price increase towards the third or fourth quarter.
- A shift to a balanced market with lower inventory levels than in 2023.
- Overall, a robust and healthy market in the Okanagan.
January has started slower, as is typical, but we are encouraged by signs of escalating activity in major Canadian cities and optimistic we will see more demand come to the Okanagan.
If you have any questions, whether it's about your home's current value or setting up a search to monitor specific market segments, please don't hesitate to reach out. We are here to assist you.
Warm regards,
Shannon & Tamara
What generation is buying real estate?
There are many times when the different generations in Canada don’t see eye to eye. However, right now they are all in agreement on one thing, that real estate is a good investment. From Baby Boomers to Generation Z, there is a growing confidence in the market, with approximately 49% of urban Canadians expecting real estate to perform as well as or better than other financial investments within the next year. This optimism increases to 60% when considering a decade-long period**. We too are hopeful of our market as we head into 2024.
It’s of no surprise that currently, baby boomers dominate the housing market. This generation owns a value of approximately 18 trillion in real estate compared to 5 trillion for millennials (according to a recent study by Redfin). However, this shift of wealth is likely to change as Baby boomers pass wealth onto Generation X who then share this with Millennials. This along with government incentives and improved affordability, make Millennials the generation most likely to buy homes.
We find it interesting to understand how the different generations buy real estate and what attributes they are looking for when purchasing a home. These factors, along with others, help us understand our clients better and to know what type of buyer we need to market our listings to. We wanted to share a bit of insight into what the different generations trends are:
Baby Boomers (born 1946 to 1964)
Generation X: (1965 to 1979)
Millennials: (1980 to 1994)
Generation Z: (1995 to 2012)
As we come to the end of 2023, we want to thank you for your continued support . We feel so fortunate to be a part of this incredible community, working alongside wonderful people who we are proud to call both clients and friends. Wishing you a wonderful holiday season filled with joy and peace. Remember, we are always here if you need anything.
Happy Holidays from our family to yours
Shannon & Tamara
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 than only 5% is needed. If buying over $500,000, 10% is needed on the remaining amount up to $999,999. Anything over $1million 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.
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
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.
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.
Shannon and Tamara Stone
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
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.
Finally reaching the dream of purchasing a luxury real estate property in Kelowna can feel like a lifetime achievement for many. But like any purchase, there are challenges associated with buying luxury properties that can often fall off the radar of a potential buyer.
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
