1 March 2024

Kelowna Real Estate Market Report | March 2024 Edition

Hey everybody, I’m back again with another market update for real estate in Kelowna & the Central Okanagan. The burning question on everyone’s mind: Is the Spring Market in full swing? Are property sales skyrocketing, indicating a fully rebounded market? Not quite yet. However, what we’ve observed as real estate agents in recent weeks is the market beginning to stir from its slumber. It’s not quite as if the market has already downed its coffee and hit the treadmill, but it’s certainly stretching out, rubbing the sleep from its eyes, and moving in the right direction.

Properties are starting to see movement, although sales are still down by almost 6% compared to this time last year. Nevertheless, we’ve experienced a notable uptick from last month, with a nearly 19% increase in total units sold, reaching 268. It’s worth noting that we faced a deeper hole to climb out of compared to last year, so realistically, we are progressing at a predictable pace.

The absorption rate in the Central Okanagan remains just under 10% at 9.3%. Looking ahead, the Bank of Canada is scheduled to make another interest rate announcement for its overnight rate next Wednesday, March 6th, with the current rate holding steady at 5%. The likelihood of a rate drop next Wednesday is slim, with most experts predicting rate cuts closer to summer. Meanwhile, the U.S. inflation rate has dipped into the 2% range, but rate cuts have yet to commence. Canada’s current inflation rate stands at 2.86% and is trending in the right direction, indicating that rate cuts are imminent. The question remains: who will act first, Canada or the U.S.? (Probably the States.)

Now, let’s delve deeper into the real estate statistics from the past month.

  • Average Sales Price: The average sales price has decreased slightly by just over 5% compared to this time last year, settling at $724,559.
  • Sales Price by Property Type: The average sales price of individual property types varies, with condos and townhouses experiencing a slight decrease, while single-family homes have seen a slight increase.
  • List-to-Sell Ratio: The list-to-sell ratio has increased by 2% to 96.56% from last month.
  • Days on Market: Properties are spending an average of 74 days on the market, which is an 11% increase compared to this time last year.
  • Inventory: Current inventory has surged by 28% compared to this time last year, totalling 2,880 listings.

In summary, while there haven’t been any dramatic shifts over the past month, I anticipate a significant uptick in the stats for March and April, particularly if there is a cut in interest rates. If you or anyone you know is considering buying or selling in Kelowna and the Okanagan, I’m here to help and I am never too busy for your referrals.

real estate stats
Home Maintenance Tips 1 March 2024

Spring House Maintenance Checklist: Ensuring Your Home Is Ready for the Season

Introduction

Welcome to our comprehensive spring house maintenance checklist! As the seasons change, it’s crucial to ensure that your home is prepared for the transition. Neglecting maintenance tasks can lead to costly repairs down the line. With our expert guidance, you can tackle essential spring maintenance effectively, ensuring your home remains in top condition throughout the season.

Exterior Maintenance

1. Inspect and Clean Gutters

Regular gutter maintenance is vital to prevent water damage to your home’s foundation. Remove debris such as leaves and twigs, ensuring proper water flow. Check for any signs of damage or leaks and repair as necessary.

2. Check Roof Shingles

Inspect your roof for any missing or damaged shingles. Addressing issues promptly can prevent water infiltration and prolong the lifespan of your roof. Consider hiring a professional roofer for a thorough inspection if needed.

3. Inspect Siding and Trim

Examine the exterior siding and trim for signs of damage, such as cracks or rot. Repair or replace any damaged sections to maintain the integrity and curb appeal of your home.

4. Clean Windows and Screens

Remove dirt and grime from windows and screens to improve natural light and ventilation. Inspect screens for tears or holes and repair as necessary to keep pests out.

5. Check Outdoor Lighting

Ensure that outdoor lighting fixtures are clean and in working order. Replace any burnt-out bulbs and consider upgrading to energy-efficient LED lights for cost savings.

Interior Maintenance

1. HVAC System Inspection

Schedule a professional inspection of your heating, ventilation, and air conditioning (HVAC) system to ensure optimal performance. Replace air filters as recommended by the manufacturer to improve air quality and efficiency.

2. Test Smoke and Carbon Monoxide Detectors

Test smoke and carbon monoxide detectors to ensure they are functioning correctly. Replace batteries if needed and consider upgrading to smart detectors for added safety features.

3. Clean and Inspect Chimney and Fireplace

If you have a fireplace, schedule a chimney cleaning and inspection to remove built-up creosote and ensure proper ventilation. Check the fireplace damper for smooth operation and inspect the firebox for any signs of damage.

4. Check Plumbing Fixtures

Inspect faucets, toilets, and pipes for leaks or drips. Repair any leaks promptly to prevent water damage and conserve water. Consider installing water-saving fixtures to reduce utility costs.

5. Test Sump Pump

If you have a sump pump, test it to ensure it is functioning correctly. Clear any debris from the pump and pit and consider installing a battery backup system for added reliability during power outages.

Landscape Maintenance

1. Prune Trees and Shrubs

Trim overgrown branches and shrubs to promote healthy growth and prevent damage to your home’s exterior. Remove any dead or diseased plants and mulch garden beds to retain moisture and suppress weeds.

2. Fertilize Lawn

Apply a slow-release fertilizer to your lawn to promote lush, green growth throughout the spring and summer months. Follow manufacturer instructions for proper application rates and timing.

3. Inspect Irrigation System

Check sprinkler heads and irrigation lines for leaks or damage. Adjust sprinkler settings as needed to ensure even coverage and efficient water usage. Consider upgrading to a smart irrigation system for automated scheduling and water conservation.

4. Clean Outdoor Furniture and Equipment

Prepare outdoor furniture and equipment for the upcoming season by cleaning and inspecting for any damage. Replace worn-out cushions or umbrellas and store items properly when not in use to prolong their lifespan.

By following our spring house maintenance checklist, you can ensure that your home is ready for the season ahead. From exterior upkeep to interior inspections and landscape maintenance, taking proactive measures now can save you time and money in the long run. Keep your home in top condition and enjoy peace of mind knowing that you’ve taken the necessary steps to protect your investment.