RomRealty

Tag: kelowna realtor

  • Rom’s Kelowna Real Estate Opinion for Sept 2019

    Rom’s Kelowna Real Estate Opinion for Sept 2019

    September 2019 Real Estate Report:

    *Click the images to enlarge

    Kelowna Real Estate Opinion for Sept 2019

    Fall is here and with that brings the falling of leaves, cooler temperatures and a new season of the real estate world. Like I have stated in the last few months, the current market is flat. No exciting rises or bubble bursts and there will be none in the immediate future. Bubbles burst when the market has shot up like a rocket like 2004 to 2007. Markets rise dramatically when the market previously fell off a cliff like in 2009 to 2013. We have nothing like that going on. The market is good; not great, not terrible but good.

    A new report shows disparity in home price trajectories across Canada, including some large decreases. The CENTURY 21 analysis of home prices reveals that some communities have seen some steep decreases in price per square foot in the past year, most notably in British Columbia. Brian Rushton, Executive Vice-President of CENTURY 21 Canada said, “It is not surprising to see Vancouver prices drop so much, but the drop is actually more significant in some Metro Vancouver suburbs like West Vancouver and secondary B.C. markets such as Vernon and Kelowna”.

    While the report is showing prices drop, sales activity is steady. The townhome market under $500,000 continues to be very active. The single family house market is all over the place.  The market for homes over $1 million is very slow right now, with only 3 sold last month.  Condo sales are still strong too but I suspect this market to stabilize within the next 2 years.

    The only insight we can give you is that so far it looks like 2020 will be very similar. There may be a slight increase in the markets in 2020 caused by some of the positive lending changes; lower interest rates, lower qualifying stress test rates and the new first-time buyer incentive program. These programs and changes will allow a small percentage of the population the ability to buy when they could not before the program. Also, the five year bond yields and mortgage rates (yes, there is a correlation there), are back at or have broken levels compared to five years ago.

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

  • SOLD!! PEACEFUL NORTH GLENMORE TOWNHOME

    SOLD!! PEACEFUL NORTH GLENMORE TOWNHOME

    FOR SALE SOLD!!: 16 – 316 WHITMAN ROAD, KELOWNA, BC

    $468,800

    SOLD BY ROMREALTY IN ONLY 12 DAYS!  

    LOVELY NORTH GLENMORE TOWNHOME FOR SALE! This bright, two-story unit features 3 bedrooms, a den, 3 bathrooms and an open concept living space. Window seating and a large patio overlooking the creek make peaceful spots to enjoy your morning coffee or a book. Excellent location with a walking path to schools, shopping, restaurants, parks and more! Also, quick access to UBCO and Lake Country. The complex has a well-managed strata and great neighbours. One dog or one cat permitted. Rentals permitted on a limited basis. This family home will not last long!

    For more information you can view the listing here or call Rom Houtstra with Century 21 at 250-317-6405.

  • Rom’s Kelowna Real Estate Opinion for July 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.

  • BEST PRICED 4 BEDROOM HOME IN KETTLE VALLEY!!

    BEST PRICED 4 BEDROOM HOME IN KETTLE VALLEY!!

    FOR SALE: 387 MCCARREN AVE, KELOWNA, BC

    NEW PRICE!! $719,900

    BEAUTIFUL RANCHER WITH WALK OUT BASEMENT FAMILY HOME IN DESIRABLE KETTLE VALLEY! EASILY USED AS AN IN-LAW SUITE OR AS AN EXTENSION OF THE UPSTAIRS LIVING SPACE. This rancher style home boasts 4 bedrooms plus a den, 3 full bathrooms, double size garage and 2 gas fireplaces. The large, open and bright great room features a dining area, spacious family room and kitchen with stainless steel appliances, large island with room to seat 4 and a walk-in pantry. The master suite includes a huge walk-in closet and en-suite with double vanity and separate soaker tub and shower. Downstairs has expansive space with a family room, 2 bedrooms and a full kitchen studio which is great for a home based business or a potential in-law suite.

    Recent upgrades completed this year include new interior paint, new carpets, brand new a/c unit, new exterior paint, new window coverings on the main floor, new backyard fencing, refinished hardwood floors and updated light fixtures. Walking distance to Chute Lake Elementary and amazing Quilchena Park. 3-4 minute drive to [brand new] Canyon Falls Middle School in The Ponds…Bring the family and move right in!

    For more images and information, please visit the Century 21 website here.

  • Rom’s Kelowna Real Estate Opinion for June 2019

    Rom’s Kelowna Real Estate Opinion for June 2019

    June 2019 Real Estate Report:

    *Click the images to enlarge

    Market summary for the first half of 2019

    The market is remaining steady to our predictions of a soft correction for this year.  Even though most of the stats report a decline, the absorption, (which is the stat that illustrates the balance of supply and demand) is still above normal for a balanced market. Usually, a balanced market will have an absorption of 12 to 14%. Central Okanagan is slightly above that. The other factor is that realtors are still reporting heavy competition in offers below $600,000 in the Central Okanagan area. In general, buyers in this price range are still having trouble finding decent, well-priced listings to buy that do not already have offers on them.

    Overall, the market in the Okanagan-Shuswap region are the best they can be. In other words, they are strong yet sustainable. We must be careful not to compare too heavily to markets from years 2007 and 2016. We must look at our present day market as busting. 2007 and 2016 were not normal market years. They were booms. We are now steady and balanced. See below for the first half year comparison from 2018 to 2019 for Central Okanagan. As always, this is just the Real Estate World according to Rom.

    Statistical Comparison of Jan-June 2018 and Jan-June 2019
    Jan-Jun % Change
    Avg. Price $639,792 -5%
    Absorption 14.8% -30%
    Sales 163 -15%
    Inventory 1067 +18%

     

  • Kelowna Real Estate Market Stats April 2019

    Kelowna Real Estate Market Stats April 2019

    Kelowna Real Estate Market stats for April 2019

    *Click the images to enlarge

  • Rom’s Kelowna Real Estate Opinion April 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.

  • 209 – 255 FEATHERTOP WAY BIG WHITE

    209 – 255 FEATHERTOP WAY BIG WHITE

    JUST LISTED: 209 – 255 FEATHERTOP WAY, BIG WHITE

    Bright, family-friendly corner unit for sale

    $399,900

    Beautiful 2 bedroom, 2 bathroom, furnished corner unit in the popular Sundance Resort complex! Enjoy your home away from home all year round with activities and amenities galore for the whole family to enjoy!

    Prime location for ski-in/ski-out, located just above the Bullet Express lift near Village Centre. This unit has never been part of the rental pool and is in pristine condition. The kitchen features granite countertops, stainless steel appliances and a new induction oven range. There are many updates throughout including new furniture, new light fixtures and fresh paint! Also included is a ski locker and one heated underground parking stall. Strata fees have dropped to become one of the lowest in Big White. In the winter months, enjoy the added security of having full-time front desk staff available.

    Sundance has an abundance of amenities including outdoor hot tubs and pool, games room, sauna, fitness centre, cozy lounge with fireplace, movie theatre, BBQ area and MUCH MORE! There truly is something to do for everyone.

    Check out the Virtual Tour here!

    For the full listing and more photos, please click here.

     

     

  • Kelowna housing market affordability

    Kelowna housing market affordability

    Rom Houtstra's Opinion

    Kelowna housing market needs to become more affordable

    While Mother Nature is taking her time with the outward signs of spring, the Kelowna housing market is rising to the occasion with more activity.

    Despite steady increases in new listings over the past several months, housing supply is light as we head into the spring market. This trend is concerning and points to a problem we’ve been stressing for a while: a generalized lack of housing supply.

    The Government has solely focused on dampening housing demand through measures such as stricter mortgage rules, higher interest rates and even the speculation tax. There has been little to no attention paid to helping attain a sustainable supply of affordable housing.

    Millennials are currently the largest first-time home buying group. If they are not able to buy, they will be forced to stay renting longer, spelling bad news for rental markets already facing plenty of competition for few vacancies. If housing supply stays low, even those who still qualify under the new, stricter mortgage rules may find increased competition for scarce housing, often a catalyst that drives up pricing.

    Those hoping to upgrade, which could free up affordable homes for sale, may find their own difficulties. Prospective purchasers will be chased away by stricter mortgage rules under which they no longer qualify. Even if a buyer can be found, the homeowners may be challenged to find an upgrade they can now afford. They face the same challenges (harder mortgage qualifying rules, higher interest rates, competition for scarce suitable homes) as their prospective buyers. The seller of the affordable home may opt to stay put and therefore, no starter home options open up to first-time buyers.

    In Closing

    Both the BC and Federal Government must come up with resolutions to solve the affordable housing issue. They cannot solely focus on dampening the housing demand so that first-time home buyers for generations to come can afford to purchase a home.

     

     

  • How to Sell A Home in Winter

    Here’s a quick note from me, Rom Houtstra, to let you know how my Romrealty Team and I can help you—or anyone you feel comfortable introducing us to.

    Winter may not be peak selling season, but fewer homes for sale also means less competition from other homes on the market. It also may mean fewer home buyers and sellers must do more to attract great offers in winter. Here are a few ideas:

    1) Stage the front entry with color. Add a green wreath, red berries, glass garden bulbs, sparkly lights, a decorative sleigh, etc.

    2) Stage the interior with holiday decor to appear festive, but be subtle; now may not be the time to drag out every Christmas decoration you own.

    3) Add a fall scent, like allspice, from incense or a diffuser.

    4) Importantly, keep the house warm, so buyers feel grateful and inclined to stay longer.

    5) Finally, add summer photos to your marketing images.

    If you, or anyone you know, wants to sell this winter, click here to get in touch with me.  I’ll email a copy of my free report, Five Deadly Mistakes Home Sellers Make, which you can pass along to them.

     

    P.S.  Who do you know wants to sell their house this winter? Let them know that I can help them get top dollar, even when the weather outside is frightful.