Tag: kelowna real estate trends

SOLD!! RUTLAND FAMILY HOME FOR SALE!

SOLD: 1085 ELWYN ROAD, KELOWNA, BC

$569,900

SOLD!!

Family friendly South Rutland home for sale! This 2700 sqft home features 3 bedrooms, 4 bathrooms and a large rec room and bonus room in the basement. On the main level there is a large formal living and dining space. The open-concept kitchen and family room area gives access to the private, fenced-in backyard, perfect for entertaining. The double car garage has ample room for storage and there is also a large driveway with plenty of space for parking. This desirable location is close to shopping, schools, transit and many other amenities. Recent upgrades include a new roof and new washer and dryer. Great neighbours and the quiet, relaxing setting makes this a very desirable home!

For more information or to schedule a viewing call Rom Houtstra at (250) 317-6405 or click here!

September 6, 2019
Rom’s Kelowna Real Estate Opinion for July 2019

July 2019 Real Estate Report:

*Click the images to enlarge

Kelowna Real Estate Opinion for July 2019

Every month I sort through the real estate market stats and I get the feeling that the information can feel repetitive after a while. The real estate market changes very slowly, especially compared to the stock market. This year, the market is considered “good flat’, albeit still flat. The Central Okanagan is having a good year as far as sales are concerned. Yes, they are down compared to the last three years. However, they really did need to come down. Click the yellow text below for a larger view of the market comparison of July 2018 to July 2019.

12 Month Comparison JULY 2019 PDF (1)

We have to try and deduce what the high paid economists are thinking by the changes they make to the lending institutions. There is more evidence that the markets, both local and national, are inching towards a modicum of positive energy. The CMHC has now dropped their qualifying rate for the Stress Test to 5.19%. Interest rates continue to inch down. On September 2, the CMHC is rolling out its first time buyer’s equity plan to allow some exceptions to what they call a “First Time Buyer”. For the first time in months, Toronto and Vancouver are reporting a slight increase in sales and prices of certain property types. Locally, we continue to reap the benefits of the big city prices as they push home buyers into the Okanagan.

My prediction is that my monthly real estate stats reviews will continue to be “boring” until the end of the year. But, that is just the Real Estate World according to Rom.

August 14, 2019
Rom’s Kelowna Real Estate Opinion April 2019

Kelowna Real Estate Market Opinion for April 2019

Every year the real estate market goes through a peak and a valley. All stats rise in the spring and fall in the fall. This year is turning out to be no different. To say that sales or inventory are up in April compared to March or February is nonsensical because that happens every year. What is relevant is how those months compare to the same months in the previous year. When we compare the first 4 months of 2019 to 2018 we find that the market continues to slow. Click the images below to see the comparable trends for the past 12 months (highlighted).
However, it is a moderate slow down and we still have a very active market in the Central Okanagan. Especially when you compare the first 4 months of 2019 with the same 4 months of 2008 and 2009 (the times of serious slowdown/recession). The current real estate market is still robust. I think 2019 will maintain this trend into next year.

Please remember, this is just the Real Estate World according to Rom.

May 14, 2019
Kelowna Real Estate Market Stats March 2019

House Prices and Sales Activity in Kelowna in the Rebound

We are seeing that sales and house prices have started to rebound. In March, 2019 the median house price was $648,250 up from $619,000 in February, 2019. Sales and absorption for the Central Okanagan have normalized and I suspect this will continue to do so for the rest of the year. If you are unsure what this means, the absorption rate is the amount of sales at a given time and with a given listing inventory. However, make no mistake, the Okanagan real estate market is definitely softening and sales activity is still lower than March of last year. Buyers have more inventory to look at and sellers are going to have to get more aggressive with their pricing to reach a sale.

We are now at a balanced market with prices creeping down, however, I expect house prices to stabilize and maybe slightly go up again by mid year. Keep in mind that we experienced a huge price increase from March 2018 to July 2018, when Okanagan house prices were at its highest ever! A price correction was inevitable. Unfortunately all tax assessed values of properties are currently based on that record July month. As a result, some sellers may think that their house is worth more than true market value. Often sellers in a market like this do what we call, “chasing the market down”. They resist price reductions until it’s too late. When they finally do drop their price (out of frustration), they are actually still above market value.

A cardinal rule in the Real Estate business is that if a property has been marketed “reasonably well” and “priced well” for 30 days or more, without any serious activity or sale, it is overpriced for that market… but that is just the Real Estate World according to Rom.

*Click on the images for larger view

April 9, 2019
More Millennials From Vancouver Buying Property in Kelowna

If you’ve even remotely followed the real estate trends of BC in the last decade (and we’re betting more than a few of our readers have) you know Vancouver has become completely unaffordable to most young people.

The Millennial Generation, which encompasses most younger people between 15 and 35, is finding it hard to purchase property in Vancouver. This is significant because this is the generation that fuels the tech sector – a tech sector which Kelowna has laid the foundation to thrive in.

Bloomberg breaks down the shrinkage of Millennials in Vancouver.

Bloomberg recently dug through the stats to find that most of these young tech savvy individuals are finding work, and a home, in Victoria and Kelowna.

“Kelowna is another city seeing a recent flow of millennial housing refugees from British Columbia’s biggest city. The town of 123,000 is in the midst of building a six-story innovation center for startups and Accelerate Okanagan, an organization that supports local tech companies.”

It’s great to see the efforts of Kelowna’s leaders in providing a safe haven for tech companies paying off. The Kelowna lifestyle is very appealing the Millennials – the difficult part has always been finding work. Tech companies are wising up to value Kelowna has to offer and as the Bloomberg article points out, the real estate game has made it easier to attract these individuals:

“Karen Olsson, chief operating officer for Kelowna-based software company Community Sift, says it’s getting easier to recruit people from bigger cities because they’re drawn to the lifestyle that includes farm-to-table dining, hand-roasted organic coffee and local beer.”

It’s true that Kelowna’s median age has grown from 41 to 43 from the 2006 census to the 2011 census. However, population in all age groups has grown. Young people are flocking to Kelowna – just not as fast as retirees. It’s just one more reason Kelowna’s housing market remains strong and at record levels.

Courtesy of Realestaterookie

March 22, 2016