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
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.
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.
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!
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.