RomRealty

Tag: Kelowna Condo

  • Kelowna condos – Now a good time to buy or sell?

    Kelowna condos – Now a good time to buy or sell?

    Is it now a good time to buy or sell your condo?

    These have been challenging times for all of us and some of the real estate market sectors have been and will be hit harder than others.

    I am expecting the condo market to take quite a hit; maybe not right away but over the next few months.  When comparing the condo market from April & May 2019 to April & May 2020, the Median Condo prices are already down by 7%.

    I feel that these are the main contributors to this happening:

    1. Market saturation of new condo’s, especially in the downtown core of Kelowna

    2. New tightening rules of CMHC that will be in effect as of July 1, 2020.  This will make it more difficult for (first time) home buyers to qualify for financing

    3. Mentality shifts as a result of the COVID-19 pandemic. Buyers prefer to live in a single family home with their own yard rather than dealing with elevators and small living spaces.

    Therefore, I expect that the demand for 1/2 duplexes, townhomes and single family homes will increase.  However, I don’t think the market of condo’s under the $425,000 price mark will be touched by this.  This is simply because at that price point there is no alternative to a condo.

    Please remember that this is just the real estate world according to Rom.

    Have a real estate question? You can contact me anytime by text, phone or email.  I would love to have a chat with you to discuss the market or your buying/selling plans. I look forward to hearing from you!

  • Home Buyers note, new mandatory Depreciation Reports for Strata Titled Properties introduced

    Depreciation Reports

    As you may or may not know, the B.C. provincial government has introduced new regulations making depreciation reports mandatory for strata corporations in B.C. commencing January 2014. Strata corporations of less than 5 units will be exempt from the requirements, plus a strata corporation may consider exempting itself by passing a 3/4 vote resolution. A depreciation report is in essence a 20 year maintenance and repair plan and budget for strata titled buildings. It will be more peace of mind for buyers purchasing a condo or town house if such property has completed such a report.  Buyers purchasing strata type properties will be much better informed and the chances of getting hammered with repair bills and therefore imposed levies or increased strata fees to cover these expenses will be substantially decreased.