Market Reports 6 June 2024

Kelowna & Central Okanagan Real Estate Market Report | June 2024 Edition

Welcome back to another monthly market report for real estate in the Central Okanagan this time overviewing the stats for May in 2024.

Finally, some good news! The Bank of Canada has reduced interest rates for the first time in four years, cutting them by 0.25 basis points to 4.75%. While a small decrease, it’s a step in the right direction. With inflation down to 2.7% in April and nearing the target rate of 2%, we can expect further gradual rate cuts this year, provided inflation remains under control. This should bring some relief to buyers who have been hesitant to enter the market due to high rates, contributing to the slower-than-usual market activity for this time of year.

The absorption rate has decreased to 11.8%, marking a return to a buyer’s market. Despite being slightly above 12% last month, the market didn’t feel balanced. We’re still dealing with over a year’s worth of inventory, and sales have yet to exceed 500, which has contributed to a slower market. However, I anticipate that the recent rate cut will spark some activity in the coming month, leading to a robust summer for real estate.

Sales increased by 5.5% from last month but are down 21.04% compared to the same time last year with 473 sales in the month of May. The average price has dropped by 4.33% year-over-year to $747,339. The list-to-sell ratio remains steady at 96.89%. While condos and townhouses saw a slight decrease in average sales price, single-family homes experienced an increase. Properties are spending 3.8% fewer days on the market, averaging 52 days, which is surprising given last month’s activity. Lastly, the total number of listings has surged by 52.07% from last year, reaching 4,001.

I am eager to see how the market develops this month and optimistic about the relief from the prolonged period of high interest rates.

Please check out the full video breakdown and stats below

Please reach out if you have any questions and as always, ENJOY!
Market ReportsMarket ReportsMarket ReportsMarket Reports 1 May 2024

Kelowna Real Estate Market Report | May 2024 Edition

Welcome back to my monthly market report for real estate in the Central Okanagan. Let’s delve into the statistics for April 2024.

Economic Indicators:

– Inflation: In March, inflation rose slightly to 2.9%, still failing to break the 2.7% mark. Hopefully we will see a downward correction in April which will move us closer to a drop in interest rates.

– Absorption Rate: The absorption rate for the last month increased to 12.06%, indicating a move towards a balanced market. Anticipated interest rate drops may bolster this trend, fortifying market equilibrium.

– Interest Rates: The Bank of Canada’s overnight interest rate held steady at 5% in April. Despite speculation, there were no rate cuts. With inflation on the rise, the possibility of rate adjustments in June remains uncertain.

Market Activity Overview:

– The real estate market maintained momentum throughout the month. While initial activity appeared robust, the latter half saw a relative slowdown, possibly influenced by fluctuating interest rate expectations.

– Despite these fluctuations, the market demonstrated resilience. Notably, inventory levels surged, with 3,706 current active listings—a 31% increase from the previous year. Sales, while slightly lower than last year, increased over 25% from March, totaling 447 transactions.

– The overall average sales price remained steady compared to the previous year with an average price of $751,829, and over the last month we saw an increase across the board for individual products:

  – Condos: $511,379

  – Townhomes: $717,629

  – Single-family residential: $1,026,478

Nationally, home prices exhibited an upward trend, mirroring the local market’s positive trajectory. Properties spent an average of 59 days on the market, with a list-to-sell ratio of 95.62%—indicating strong demand despite a slightly longer selling period.

Despite economic uncertainties, the real estate market in the Central Okanagan experienced notable positive shifts, transitioning towards a balanced state. While awaiting potential interest rate adjustments, the market’s gradual growth signifies a welcome change from previous volatility.

If you have any questions or wish to discuss market trends further, feel free to reach out. I’m always happy to help!

Please enjoy the video breakdown and stats below. 

Moving to Kelowna & the Okanagan 26 April 2024

Kelowna vs. Vernon: Choosing Your Ideal Okanagan City

Are you considering a move to the breathtaking Okanagan Valley but torn between Kelowna and Vernon? The decision can be tough, given the vibrant communities and stunning landscapes each city offers. In this detailed guide, we’ll delve into the differences between Kelowna and Vernon to help you make an informed choice.

Lifestyle and Amenities: Kelowna’s Bustling Energy vs. Vernon’s Tranquil Charm

When considering where to settle in the Okanagan Valley, it’s essential to understand the distinct lifestyle and amenities offered by Kelowna and Vernon. Each city presents a unique blend of urban conveniences and natural tranquility, catering to different preferences and lifestyles.

Kelowna pulsates with a vibrant energy that permeates its bustling downtown core and lively neighborhoods. The cityscape is adorned with a diverse array of shops, restaurants, bars, and entertainment venues, creating a dynamic urban environment. Whether you’re strolling along Bernard Avenue, exploring the cultural attractions, or attending one of the many events and festivals that dot the calendar, there’s always something happening in Kelowna.

The city’s amenities reflect its cosmopolitan character, with an abundance of recreational facilities, parks, and waterfront attractions. From waterfront parks like City Park and Waterfront Park to recreational hubs like Parkinson Recreation Centre and Capital News Centre, Kelowna offers endless opportunities for outdoor activities and leisure pursuits. Additionally, the city boasts a thriving arts and cultural scene, with galleries, theaters, and music venues showcasing local talent and international acts.

In contrast to Kelowna’s urban vibrancy, Vernon exudes a tranquil charm that beckons with its small-town allure. Nestled amidst the picturesque landscapes of the North Okanagan, Vernon offers a more laid-back lifestyle, characterized by its serene surroundings and close-knit community spirit. The city’s charming downtown area is brimming with quaint shops, cafes, and local businesses, evoking a sense of nostalgia and warmth.

Vernon’s amenities are tailored to its residents’ needs, with a focus on outdoor recreation and natural beauty. From the stunning shores of Kalamalka Lake to the sprawling trails of Kekuli Bay Provincial Park, Vernon provides ample opportunities for outdoor adventure and relaxation. Residents can enjoy leisurely strolls along the Okanagan Rail Trail, explore the diverse ecosystems of Ellison Provincial Park, or partake in water sports and boating on the region’s pristine lakes.

Whether you’re drawn to the excitement of urban living or the peace and serenity of small-town life, both Kelowna and Vernon offer an exceptional quality of life amidst the stunning natural beauty of the Okanagan Valley. With a wealth of amenities, recreational opportunities, and community spirit, these cities provide the perfect backdrop for creating lasting memories and embracing the Okanagan lifestyle.

Outdoor Lifestyle: Lakes, Mountains, and Endless Adventure

Kelowna and Vernon offer an abundance of outdoor activities year-round, from skiing and snowboarding in the winter to mountain biking and hiking in the summer. Let’s explore the unique offerings of each city’s outdoor landscape.

Kelowna is home to Big White Ski Resort, a bustling and energetic ski hill that attracts winter enthusiasts from near and far. With a lively village atmosphere and numerous events throughout the season, Big White offers a vibrant winter experience. From après-ski gatherings to live music and festivals, there’s always something happening at Big White. The ski hill itself boasts a variety of terrain suitable for all skill levels, making it a popular destination for families and adrenaline junkies alike.

In the summer, Big White transforms into a hub for mountain biking and hiking, with trails winding through the picturesque alpine landscape. While the summer vibe may be more relaxed compared to the bustling winter season, outdoor enthusiasts can still enjoy the beauty of the mountains and the thrill of exploring the terrain.

In Vernon, SilverStar Mountain Resort offers a different kind of winter experience, characterized by its quieter and more laid-back atmosphere. While SilverStar may lack the bustling village scene of Big White, it more than makes up for it with its pristine slopes and stunning mountain views. Skiers and snowboarders can enjoy a peaceful day on the slopes, taking in the tranquility of the surrounding landscape.

During the summer months, SilverStar shines as a premier mountain biking destination, with a well-developed trail network that caters to riders of all levels. The mountain bike park at SilverStar is renowned for its variety of trails and stunning alpine scenery. While Big White’s mountain biking scene is still growing and evolving, SilverStar offers a more established and developed experience for riders looking to hit the trails.

Overall, both Kelowna and Vernon offer unparalleled opportunities for outdoor adventure, whether you’re hitting the slopes in the winter or exploring the trails in the summer. Whether you prefer the bustling energy of Big White or the serene beauty of SilverStar, there’s something for everyone to enjoy in the Okanagan’s great outdoors.

Climate: Mild Winters and Sun-Drenched Summers

Living in the Okanagan means experiencing the best of both worlds when it comes to weather. Winters in this region are notably mild compared to other parts of Canada, with occasional snowfalls that transform the landscape into a winter wonderland. However, these snowfalls are generally short-lived, allowing residents to enjoy outdoor activities without enduring long periods of extreme cold.

As for summers, the Okanagan truly shines with its sun-drenched days and warm temperatures. The region boasts an impressive number of sunny days throughout the year, making it a paradise for outdoor enthusiasts and sun-seekers alike. Whether you’re lounging on the shores of Lake Okanagan, exploring the countless hiking trails, or enjoying a round of golf on one of the region’s scenic courses, you’ll find no shortage of ways to embrace the sunshine.

Additionally, the dry heat characteristic of the Okanagan offers a unique advantage during the summer months. While temperatures can soar, especially during the peak of summer, the low humidity means that evenings are often cooler and more comfortable. This allows residents to enjoy outdoor dining, evening strolls, and backyard barbecues late into the night, creating unforgettable summer memories with friends and family.

Overall, the Okanagan’s climate perfectly complements its stunning natural beauty, making it an ideal destination for those seeking a balance of outdoor adventure and relaxation year-round. Whether you’re hitting the slopes in the winter or soaking up the sun by the lake in the summer, the Okanagan offers an unbeatable lifestyle that truly embraces the best of every season.

Real Estate: Finding Your Perfect Home

When it comes to real estate, Kelowna and Vernon offer distinct advantages. The latest statistics reveal a notable contrast in inventory and pricing between the two regions.

In the North Okanagan, which includes Vernon, there are a total of 1,220 active listings. Meanwhile, in the Central Okanagan, encompassing Kelowna, the number significantly rises to 3,372 active listings. This stark contrast in inventory may impact your options and competitiveness in the housing market.

Now, let’s delve into the average prices in each category:

North Okanagan:

  – Condos: $317,978

  – Townhomes: $591,867

  – Single Family Residential: $762,607

Central Okanagan:

  – Condos: $480,482

  – Townhomes: $702,899

  – Single Family Residential: $989,284

These statistics highlight the affordability and market dynamics in each city. While Kelowna boasts a larger inventory and higher average prices, Vernon offers more budget-friendly options for those entering the housing market or looking to downsize.

Whether you’re searching for a condo with stunning views, a cozy townhome, or a spacious single-family residence, understanding the real estate landscape in Kelowna and Vernon is crucial to finding your perfect home. With the help of Brey, your local real estate expert, you can navigate the market with confidence and find a property that aligns with your lifestyle and budget.

Ultimately, the choice between Kelowna and Vernon comes down to your personal preferences and lifestyle. If you thrive in a lively urban environment with ample amenities and entertainment options, Kelowna may be the perfect fit for you. However, if you prefer a quieter, more laid-back lifestyle surrounded by nature’s beauty, Vernon could be your ideal destination. No matter which city you choose, the Okanagan promises endless opportunities for adventure, relaxation, and community. Reach out to me Brett Boholij, your local real estate expert, for personalized guidance and expert advice on finding your dream home in the Okanagan.

 

3 April 2024

Kelowna & the Central Okanagan Real Estate Market Report | April 2024 Edition

Hey everyone, welcome back to another real estate market update for Kelowna & the Central Okanagan this time reviewing the stats for March, 2024. As we dive into the latest findings, it’s clear that the Spring Market is well underway, with signs of activity beginning to heat up across the region.

Market Activity:

  • Sales: In the past month, we’ve seen a notable surge in sales, reaching 334 transactions. This represents a robust 19.8% increase from the previous month. While this is still down by 24.24% compared to last year, the momentum is building, indicating a positive trajectory for the market.
  • Absorption Rate: The absorption rate has climbed to 9.9%, maintaining the status of a buyer’s market. However, this slight uptick suggests growing demand and a potential shift in market dynamics in the coming months.
  • Average Sales Price: Despite the increase in sales volume, the average sales price for real estate has dipped by 5.21% from last year, settling at $724,222. This decline may present opportunities for buyers seeking more affordable options in the market.
  • List-to-Sell Ratio: Encouragingly, the list-to-sell ratio has improved to 97.04%, indicating a strengthening seller’s position in negotiations.
  • Property Types: Condos have seen a modest increase in average price by 2.67%, while townhouses have also experienced a slight uptick of 4.22%. The average price of a single-family home has dipped below the million-dollar mark, down 4.21% from last month to $989,284.
  • Days on Market: Properties are spending an average of 63 days on the market, a slight decrease from the previous month but still up marginally from this time last year.
  • Listings saw an increase from last month and a surge from this time last year of 27.1% with 3,372 current active listings.

Economic Indicators:

  • Inflation Rate: The inflation rate has decreased slightly to 2.78%, indicating stable economic conditions.
  • Interest Rate Outlook: Looking ahead, the next Bank of Canada interest rate announcement is scheduled for April 10th, 2024. Experts predict no change, with anticipation mounting for potential rate cuts in June. This forecast bodes well for a strong market throughout the spring and into the summer months.

 

As the Spring Market gains momentum in the Okanagan, we anticipate continued growth and increased activity across the board in the coming months. Check out the video version of my market report and associated stats to go along with it. Whether you’re considering buying or selling, now is a great time to explore your options in the market. As always, I’m always here to help and I’m never too busy for your referrals!

 

Market stats
Enjoy!
Moving to Kelowna & the Okanagan 1 April 2024

Explore Kelowna and West Kelowna: Top 10 Wineries to Visit This Spring

With spring around the corner and wine season on the horizon, it’s time to plan your next wine-tasting adventure. Kelowna and West Kelowna boast some of the finest wineries in the region, each offering unique blends and picturesque settings. Here are the top ten wineries you must visit:

Frind Winery

Nestled in the heart of Kelowna, Frind Winery is renowned for its exquisite selection of wines crafted with precision and passion. Enjoy breathtaking views of the surrounding vineyards as you savor their signature vintages.

Visit their website: https://www.frindwinery.com/

Mission Hill Winery

Perched atop the picturesque hills of West Kelowna, Mission Hill Winery is a true gem in the Okanagan Valley. Explore their award-winning cellar, indulge in culinary delights at their renowned restaurant, and treat your palate to their exceptional wines.

Visit their website: https://www.missionhillwinery.com/

Mount Boucherie Estate Winery

Experience the essence of West Kelowna’s terroir at Mount Boucherie Estate Winery. From crisp whites to bold reds, their diverse portfolio promises something for every wine enthusiast. Don’t miss their guided tours and tasting experiences.

Visit their website: https://mtboucherie.com/

Black Swift Vineyards

For a boutique winery experience, head to Black Swift Vineyards. Tucked away in the tranquil countryside, this family-owned estate prides itself on its small-batch production and intimate atmosphere. Unwind on their scenic patio as you sample their limited-edition releases.

Visit their website: https://blackswiftvineyards.com/

Cedar Creek Winery

Discover the art of winemaking at Cedar Creek Winery, where tradition meets innovation. With a legacy spanning decades, this esteemed estate continues to captivate visitors with its premium wines and stunning vineyard vistas.

Visit their website: https://www.cedarcreek.bc.ca/

Quails’ Gate Estate Winery

Indulge in a sensory journey at Quails’ Gate Estate Winery, where wine and gastronomy converge. From vine to glass, every aspect of their operation exudes excellence. Treat yourself to a gourmet meal at their on-site restaurant paired with their world-class wines.

Visit their website: https://www.quailsgate.com/

The Hatch Winery

For a taste of the unconventional, look no further than The Hatch Winery. This eclectic estate embraces creativity and experimentation, resulting in wines that push the boundaries of tradition. Explore their eclectic tasting room and immerse yourself in their vibrant ambiance.

Visit their website: https://thehatchwines.com/

Crown and Thieves Winery

Embark on a vinous adventure at Crown and Thieves Winery, where passion meets precision. With a focus on small-lot production, they craft wines of exceptional quality and character. Enjoy a personalized tasting experience guided by their knowledgeable staff.

Visit their website: https://crownthieves.com/

Priest Creek Family Estate Winery

Escape the hustle and bustle at Priest Creek Family Estate Winery, a hidden gem in the heart of Kelowna. Here, tranquility reigns supreme, allowing you to fully immerse yourself in the beauty of the Okanagan Valley. Sample their handcrafted wines amidst stunning panoramic views.

Visit their website: https://priestcreekwinery.com/

Tantalus Vineyards

Experience the purity of Okanagan terroir at Tantalus Vineyards, a pioneer of sustainable viticulture. Their commitment to environmental stewardship is reflected in every bottle, resulting in wines of unparalleled freshness and complexity. Take a leisurely stroll through their vineyards and discover the true essence of BC wine country.

Visit their website: https://tantalus.ca/


Whether you’re a seasoned oenophile or a casual wine enthusiast, a visit to these top wineries is sure to delight your senses and leave you with unforgettable memories. Plan your wine tour today and toast to the beauty of Kelowna and West Kelowna’s thriving wine scene!

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.

Uncategorized 9 February 2024

Kelowna & Central Okanagan Real Estate Market Update | February 2024 Edition

Hey Everybody!

I’m thrilled to be back with another real estate market report for Kelowna and the Central Okanagan, diving into the latest stats for January 2024. Let’s take a closer look at what’s been happening in our vibrant market.

Market Overview

As anticipated, the market has begun to regain momentum after a period of adjustment. Inflation in Canada has seen a slight uptick, reaching 3.40%. In response, the Bank of Canada has maintained interest rates at 5%, with experts predicting potential rate cuts in April.

Sales Performance

In the Central Okanagan, absorption rates have held steady at 8.3%, indicating a healthy level of activity. January saw a surge in sales, with 218 transactions recorded. This marks a 9.6% increase from December and an impressive 25.2% surge compared to the same period last year.

Pricing Trends

Notably, the overall average sales price has risen by nearly 4% to $741,685. However, condos, townhouses, and single-family homes have seen minimal fluctuations in their average prices over the last month.

Listing Activity

Listing activity has seen a substantial increase of nearly 20% compared to last year, with a current count of 2,602 listings. Properties are spending an average of 75 days on the market, representing a 7.4% decrease from the previous year.

Market Outlook

As mentioned in our previous report, the market likely reached its low point in December or January. As we transition into 2024, signs of improvement are already evident, with this trend expected to amplify as we approach the bustling Okanagan Spring Market.

For those considering real estate transactions, acting swiftly before an increase in competition floods the market may be advantageous for both buyers and sellers.

If you prefer a visual overview of these stats, be sure to check out my full video breakdown below. And as always, if you have any questions or need assistance navigating the market, don’t hesitate to reach out.

Feb stats

Whether you’re buying, selling, or simply curious about the market, staying informed is key. Make sure to watch my latest YouTube videos where I break down the buying and selling process into 10 simple steps each.

Thank you for tuning in to this month’s market update, and I look forward to assisting you with all your real estate needs in 2024!

 

If you have any questions or need assistance with your real estate journey, feel free to contact me anytime.

Uncategorized 30 January 2024

How to Buy a Home in BC Canada {2024] STEP BY STEP GUIDE

Embarking on the journey of buying a home in beautiful British Columbia, Canada, is an exciting venture. In this comprehensive guide, we’ll explore the 10-step home-buying process, providing you with valuable insights and expert tips to navigate each stage with confidence.

1. Choosing the Right Realtor

Selecting the right Realtor is the initial crucial step in your home-buying journey. Seek referrals from trusted sources and assess their communication skills and standing with the real estate board. Your Realtor acts as your guide, offering expertise in property selection, market trends, and negotiations. Building a harmonious relationship ensures a smoother process, with your Realtor becoming a valuable partner in your homeownership journey. Pro-tip Find a realtor through social media such as YouTube. That way you can get to know your realtor before you even meet them by watching their content and learning their personality to see how they represent themself as a professional!

2. Getting Pre-Approved for Financing

Before entering the market, secure financing by working with a mortgage broker. This involves assessing your financial situation, determining loan amounts, and establishing interest rates. Pre-approval not only clarifies your budget but also positions you as a serious buyer, strengthening your negotiating position with sellers and streamlining the overall buying process. This is a MUST do step especially before you go out to see properties, save yourself a huge headache and a lot of heartache.

3. Setting Your Wants and Needs

Clearly define your preferences and must-have features to narrow down the property search. Your Realtor will understand your priorities, ensuring a focused and efficient search aligned with your income level. This step helps you create a comprehensive list of desired amenities, allowing your Realtor to tailor their recommendations to meet your specific needs and preferences. In the quest for your ideal home, it’s important to recognize that finding a perfect match may not always be straightforward. Clearly defining and prioritizing your non-negotiables as “must-haves” will significantly streamline the process when the time comes to discover your dream home.

4. Sitting Down with Your Realtor to Go Over the Process

A face-to-face meeting with your Realtor is crucial to understanding the entire home-buying process. Discuss roles, responsibilities, legal aspects, contracts, and ongoing support, setting the foundation for a successful collaboration. This meeting provides an opportunity for you to ask questions, address concerns, and gain a clear understanding of what to expect at each stage of the buying journey. Also, make sure you understand all of the costs associated with purchasing a property from home inspections, property transfer tax, deposit amounts, etc.

5. Viewing Properties

Embark on property viewings guided by your Realtor with your criteria in mind. Visualize potential homes, share feedback, and make informed decisions, leveraging your Realtor’s insights and expertise. As you explore different properties, your Realtor will provide valuable information about neighbourhoods, market trends, and potential resale value, helping you make well-informed decisions. For those traveling from out of town, it’s a smart move to optimize your visit by scheduling multiple property showings in a single day, maximizing your time and making the most of your trip. However, if you’re a local resident, my suggestion is to promptly check out any new listings that pique your interest. In the dynamic real estate market, properties can move swiftly, and acting promptly ensures you don’t miss out on opportunities that may not last long on the market.

6. Making an Offer

When you find your dream home, your Realtor takes the lead in preparing and submitting an offer. This involves understanding the Contract of Purchase and Sale, with your Realtor’s negotiation skills ensuring fair market value. Your Realtor will guide you through the intricacies of crafting a compelling offer, considering factors such as market conditions, seller motivations, and property comparables. Pro-TipIf you come across a property that captures your interest and you’re contemplating a purchase, swift action is key! Properties often find new owners at a remarkable pace, emphasizing the importance of timely decisions. Keep in mind that, even though you may have a rescission period, it’s essential to utilize both that and the subject removal period efficiently for thorough due diligence and a comprehensive evaluation of the property’s condition.

7. Subject Removal Period

Once your offer is accepted, the subject removal period begins. Fulfill conditions like financing approval, property inspection, and review of strata documents with your Realtor guiding you through the necessary steps. Your Realtor will work closely with you to ensure that all conditions are met, addressing any concerns that may arise during this critical phase of the home-buying process. Just remember you must actively work throughout these two weeks to remove conditions in order to firm up the deal and secure the home. Now is NOT the time to sit back and relax!

8. The Deposit

Upon fulfilling subjects, pay a negotiable deposit ranging from 5-10% of the purchase price to secure the property. Your Realtor’s brokerage will likely handle the deposit, holding it in a trust account, solidifying your commitment. This step is essential for both parties involved, signalling your serious intent to proceed with the purchase and providing the seller with confidence in the transaction. You have several options for submitting the deposit: you can opt for a direct deposit at the bank where the trust account is held, deliver the deposit as a bank draft to your realtor or their brokerage, or choose the convenience of a wire transfer into the trust account. However, if you decide on a wire transfer, exercise caution and ensure you factor in enough time for processing within the specified timeframe mentioned in the contract. Typically, this process should be completed within 48 hours of final subject removal, excluding weekends and holidays.

9. Closing

Closing involves finalizing legal and financial aspects, including payment of remaining balances, legal fees, and property transfer tax. Your Realtor coordinates with legal professionals, ensuring a smooth transition on completion day. Throughout this stage, your Realtor serves as a liaison between you, the seller, and legal professionals, ensuring all necessary paperwork is completed accurately and in a timely manner.

10. Moving

After closing, plan the logistics for moving into your new home. Your Realtor’s support doesn’t end with closing; they provide resources and recommendations for a seamless move, ensuring a positive start to your homeownership journey. Whether you need assistance with finding reliable movers, connecting utilities, or accessing local services, your Realtor remains a valuable source of support as you transition into your new property.

Congratulations on reaching the end of our 10-step guide to home buying in BC, Canada! Armed with this knowledge, you’re well-equipped to navigate the complexities of the real estate market, secure your dream home, and embark on a successful homeownership journey. If you have any further questions or need personalized advice, don’t hesitate to reach out to your trusted Realtor. Happy house hunting!

Check out my YouTube video where I go over each step of the process in detail!

16 January 2024

Kelowna Real Estate Market Report | January 2024 Edition

Hello everyone! Welcome back to another insightful real estate market report. Today, we delve into the statistics for December 2023 in the Central Okanagan. The past year has been marked by various challenges, including a slow start, rising interest rates, and the impact of devastating fires from mid-August to September. These events, combined with high interest rates, resulted in a notable slowdown in the real estate market during the third and fourth quarters.

2023 Recap: Overcoming Challenges

Despite the challenges, there is optimism as we look ahead to 2024. Rumours suggest that the Federal Reserve in the U.S. may cut rates by up to 2.5% in 2024, with the Bank of Canada expected to follow suit by up to 1.5%, potentially lowering rates as early as April 2024. Decreasing bond yields have already started improving fixed-rate mortgages, creating expectations for a more stable and balanced market in the coming year.

Examining Recent Real Estate Statistics

Let’s dive into the recent real estate statistics for a comprehensive overview:

  • Economic Landscape:
    • The current inflation rate in Canada is at 3.1%.
    • The Bank of Canada rate is holding at 5.0%.
  • Market Status in Central Okanagan:
    • The absorption rate stands at 7.4%, maintaining a Buyer’s Market status.
    • Sales for the past month totalled 197 units, marking a decrease of over 22% from last year but only a 4% decrease from this time last year.
  • Price Trends:
    • The average overall sales price has seen a slight dip of 4% from this time last year.
    • Condos and townhouses experienced a slight increase in their average price in the past month, while single-family homes saw a small decrease.
  • Market Dynamics:
    • Properties are now on the market for an average of 64 days, slightly longer than this time last year.
    • Inventory is up by 28% from this time last year.

The Path Forward

As we conclude the 2023 real estate market report, we anticipate a more promising year ahead. The potential rate cuts and improving economic indicators provide hope for a revitalized market. If you have any questions or seek further clarification on these statistics, please feel free to reach out.

For a more in-depth analysis and visual insights, check out the video review on my YouTube channel. Your feedback and engagement are always appreciated.

Here’s to a successful and thriving 2024 in the Central Okanagan real estate market!