Tag: kelowna realtor

Rom’s Kelowna Real Estate Opinion January 2020
Kelowna Real Estate Opinion for Jan 2020

We are well into the swing of things for 2020. I hope you are continuing on with any resolutions and visions you set for yourself for 2020! It’s never too late to get back on track. For this months opinion, I will start off with a couple of real estate definitions:
- Market Correction: A downward trend with prices, absorption and sales reducing, and inventory and DOM (days on market to sell) increasing
- Market Recovery: An upward trend with prices, absorption and sales increasing, and inventory and DOM (days on market to sell) decreasing
One of the important differences when comparing the Real Estate Market to the Stock Market is that the Stock Market is global and the Real Estate Market is local. The old phrase, “location, location, location” is not only important in real estate. It causes a lot of misunderstandings with ‘experts’ who try to predict the Real Estate Market (including a lot of realtors). The press will grab onto anything that looks radical in the market. Then they report without a lot of reference to the relevance of the information or the differences in the various locations. The problem is that the public gobbles up whatever the press feeds them. This problem is relevant in the Real Estate statistics in the Okanagan right now.

Current Okanagan Situation

Currently, when we look at the statistics, the Okanagan is in recovery mode. Around the third quarter of 2019, it started to shift from a slight correction to a slight recovery. Here in the Central Okanagan, there was a bit of a lag for the last couple of years. We have a larger economy than some surrounding markets. Therefore, it was building up rebound pressure. We are now seeing a positive market bounce back! It will be interesting to watch as we proceed through 2020 if this trend continues. I expect big markets like Vancouver and Toronto will continue to recover. This means for the Okanagan that we will be in a very gradual recovery trend for the next couple years.

As always, this is just the Real Estate World according to Rom.
February 17, 2020
Kelowna Happenings February 2020

Looking for something fun to do in Kelowna for February 2020? Here’s a few events happening in our great city!

February 2-6 – The Village Walk, Dine & Wine Tour @ Big White Ski Resort

February 7-9 – BC Snow Sculpture Competition @ SilverStar Mountain Resort

February 8 – Snowed In Comedy Tour @ Kelowna Community Theatre

February 8-9 – Scenic Sip Trail – Sweetheart Pairings Wine Tour

February 12 – Kelowna Rockets vs Tri City Americans @ Prospera Place

February 14-15 – Ballet Kelowna: Twilight @ Kelowna Community Theatre

February 15-17 – Family Day Weekend @ Big White Ski Resort

February 17 – Family Day @ H2O Adventure and Fitness Centre

February 22 – Lake Country Indoor Children’s Festival

Have an event you want to share? Please let me know and I would be happy to add it to my blog!

As always, if you have any real estate questions, feel free to contact me! – Rom

February 3, 2020
Rom’s Kelowna Real Estate Opinion December 2019

December 2019 Kelowna Real Estate Report:

*Click the images to enlarge

Kelowna Real Estate Opinion for Dec 2019

Welcome to a new decade! Last month, I did a year in review for 2019 and made some predictions for the new year. Now, lets get into the full swing of 2020!

There is something interesting going on in the market right now! We weren’t sure about it until we had a full year of stats to compare. If we compare the averages and totals of all of 2019 to all of 2018, it shows what I saying last year. The market is in a soft correction. Inventory is up in the Okanagan area. Absorption, prices and sales are down slightly, compared to 2018. However, here is the cool part. When we compare the second half of 2019 to the second half of 2018, the trend is upwards.

What does that mean?

It means that about half way through 2019, the market started to shift from a very slight correction (Down Market) to a very slight recovery (Up Market). If you remember, half way through 2019 I said there are some positive forces coming into the market that should make a difference in 2020. These positive forces reflect the introduction of the first time buyer program from CMHC, interest rates at record lows again and Vancouver and Toronto – our 2 biggest economies – are in recovery again. Home sales in Vancouver rose 5.2%. This makes it a great time to sell your home in Kelowna as many Vancouverites are making the move to the Okanagan.

As expected, these forces are making a difference and we are starting to see that in the stats. 2019 was a relatively balanced year in the Okanagan, with a slight downturn. 2020 will be a relatively balanced year with a slight upturn. As always, this is just the Real Estate World according to Rom.

January 15, 2020
Emigration Expo 2020

Emigration Expo 2020 in The Netherlands!

I am excited to share that I will once again have at booth at the Emigration Expo in Europe! This is a great opportunity to go overseas and promote the amazing lifestyle we live here in Kelowna. Do you have a home or business for sale and want to promote it internationally? Contact me today and we can set up a meeting to discuss.

What is the Emigration Expo?

The Emigration Expo is held on February 8 and 9, 2020. With about 11,000 visitors, the Emigration Expo is Europe’s largest event for emigrants, expats, job seekers, entrepreneurs and anyone else looking to live abroad. The Emigration Expo is about information, orientation and doing business. There are 3 halls with an area of 12,000m² and about 200 exhibitors and free lectures and presentations. The Emigration Expo is a must for everyone planning to move abroad, temporarily or permanently.

My sister, Pauline and I, in front of my booth at the Emigration Expo in 2019.

Do you want a FREE ticket to the Emigration Expo?

The first 50 people to click here can get a free ticket to the Expo! Let me know if you will be attending, I would love to see you there! My booth number is #230 in Hall 2.

Do you want more information for immigration, live and work in Canada? Please fill out the form here and I will contact you shortly.

January 13, 2020
Kelowna Happenings January 2020

Looking for something fun to do in Kelowna for January 2020? Here are some fun ideas for you!

January 4 – Kelowna Winter Market (every Saturday until March!)

January 11 – Kelowna Rockets vs Kamloops Blazers @ Prospera Place

January 14 – Dine Around Okanagan Launch Party – Dine Around Okanagan events will be happening Jan 15 – Feb 2!

January 17 – Orchestral Rock Odyssey

January 18 & 19 – Monster Truck Chaos @ Prospera Place

Janjuary 19 – Okanagan Bridal Expo

January 22 – Big White Scavenger Hunt @ Big White Ski Resort

January 24-26 – Fireside Festival

Have a fun event you want to share? Please let me know and I would be happy to add it to my blog!

As always, if you have any real estate questions, feel free to contact me! – Rom

January 3, 2020
Rom’s Kelowna Real Estate Opinion November 2019

November 2019 Kelowna Real Estate Report:

*Click the images to enlarge

Kelowna Real Estate Opinion for Nov 2019

We are well into December now and I love to take the time at the end of the year to reflect on the past 12 months. Each year I make predictions about the market for the coming year and I will do that here today for 2020.

Last December, I predicted a flat market, relatively ‘boring’ with no dramatic rise or fall in any statistic. I called it a soft correction which means it’s a little on the downside but mostly flat. This is exactly what we got in 2019.

Overall, prices inched down a bit here in the Central Okanagan. I also predicted that inventory would rise slightly, which it did (about 5-10%). Sales were predicted to be flat as well. The absorption rate (% of total residential inventory that sells on a monthly basis), decreased slightly.

As you can see, for 2019 overall it has been a very flat market. You can view the 12 month comparison of Nov 2018 to Nov 2019 by clicking here: 12 Month Comparison November 2019 (1).

So, what will happen in 2020?

Basically, we will see more of the same with one slight change. The forces driving the market are charging slightly. There is some uncertainty in the US government, Canadian government and the BC government that is keeping consumer confidence down.

However, banks are counteracting that negativity. Interest rates are historically low again. The new first time home buyer program (see my blog post here), that rolled out in September is being used aggressively. Big cities like Toronto and Vancouver have gone into the recovery leg of their cycle. We are still influenced by the increased buyer activity from the failing Alberta market and people cashing in from the West Coast.

In summary, we will see a relatively flat market for 2020. Instead of calling it a soft correction, I will say it will be a soft recovery. Prices, absorption and sales will rise slightly and inventory will remain constant. It will be a good market but nothing spectacular. That is the Real Estate World according to Rom.

Wishing you and your family a safe and happy holiday season!

December 17, 2019
Modern, Open Concept Downtown Kelowna Home

FOR SALE: 968 FULLER AVE, KELOWNA, BC $688,800

ULTRA MODERN, OPEN CONCEPT DOWNTOWN KELOWNA HOME. Abundant natural light and crisp modern lines greet you inside as you enter this uniquely designed two-story home with custom cedar plank accents outside. The expansive main floor features a beautiful kitchen with quartz counters, and a comfortable dining and living room area. Quality wide plank hardwood and tile flooring are evident throughout the home. Large floor-to-ceiling windows and double glass sliding doors lead to a south exposure patio at the front for those relaxing summer days.

Upstairs you will find 3 bedrooms, a full bathroom, convenient laundry room and office area. The spacious and private master bedroom includes a deluxe 5 piece ensuite and walk-in closet. New custom blinds are located throughout the home. There is also a brand new detached garage with lane access, and a low maintenance yard. New furnace, a recent roof and 9 foot ceilings on both the main and upper floors.

The home is located in a very quiet neighborhood and yet is a short walking distance to the downtown center. Amazing quality of life with an abundance of restaurants, coffee shops, brew pubs, wineries and retail shopping nearby. Also a short walk away is Prospera Place, the theatre/cultural district and Okanagan Lake beach areas.

For more details, please contact Rom Houtstra at 250-317-6405 or email him at rom@romrealty.com.

November 20, 2019
Rom’s Kelowna Real Estate Opinion Oct 2019

October 2019 Real Estate Report:

*Click the images to enlarge

Kelowna Real Estate Opinion for Oct 2019

The Okanagan is continuing to go down the path of a mild correction or a flat market. Central Okanagan sales are down about 10% and prices are down about 4% for the year to date. Some people would say that this would be a declining market. However, compared to what Alberta is going through, we are simply flat. Also, our markets are still substantially higher/better than the 10 year averages. One of my favourite phrases these days is: the market is a good, balanced market, not boom or bust.

The interesting thing to take note of is what is continuing to happen in big cities like Toronto and Vancouver. Both these 2 giants are continuing to show promise and positive gains in their lower-end markets. To give you an idea of how much statistics from Toronto and Vancouver affect the overall averages of the country, consider this. There are about 108,000 REALTORS® in Canada. About 62,000 of them are in Toronto and Vancouver. This explains why, when the media is reporting Canadian Real Estate statistics, it really has nothing to do with the market that your home is in, unless you live in Toronto or Vancouver.

The market in the Okanagan will remain steady as we go forward into 2020. Keep in mind that the market will follow it’s usual annual trends. In other words, the last quarter of each year and the first quarter of the following year are always the slowest quarters of every year.

If you are a first time home buyer, click here to read my recent blog on the new incentive program that was just introduced.

As always, this is the Real Estate World according to Rom.

November 12, 2019
New First Time Homebuyers Incentive Program!

New National Housing Strategy Means Good News for First-Time Home Buyers

The new strategy is a ten year, $55 billion plan said to give more Canadians across the country a home. Check out the images below for the new incentive program details. If you are a first-time home buyer then you must check this out!

Click the images below to enlarge the First-Time Home Buyer Incentive Program brochure!

To read more about the National Housing Strategy visit the Canada Mortgage and Housing website here.

November 4, 2019
Kelowna’s Beautiful Fall Season

Fall in Kelowna: The Ultimate Chef’s Playground

I love this Fall video from Tourism Kelowna. It showcases stunning shots of the beauty (and food!) that Kelowna has to offer. I hope you enjoy it too! For more information on Kelowna living, visit my About: Living in Kelowna page by clicking here.

#explorekelowna

November 4, 2019