RomRealty

Tag: okanagan living

  • Rom’s Real Estate Opinion & Stats June 2020

    Rom’s Real Estate Opinion & Stats June 2020

    Kelowna Real Estate Report June 2020

    Rom’s Monthly Real Estate Opinion

    Below you will find the ‘benchmark’ prices for properties. This provides us with a much better idea of the current market rather than using ‘average’ or ‘median’ prices.  ALL property prices (Condo’s, Townhomes and Single Family), went UP compared to June 2019.  
    Despite the Pandemic, the real estate market is active and properties are selling. Moreover, the market has bounced back to an astounding level. It is right back to where we thought it would get to before COVID-19 hit. There is no algorithm for the effects of COVID-19 on the Okanagan Real Estate market. World renowned economists really don’t have any idea either. 
    In Kelowna, the absorption rate for June was 24.39%. This means that 24.39% of all residential inventory in the Central Okanagan sold in June!  It hasn’t been that high since April 2018. There were 261 residential sales in June in the Central Okanagan. That is the highest number of sales since July 2017.

    So, what is going on?

    How can the market be flourishing when unemployment has shot up and the GDP has shot down? There are 2 factors creating this.
    First, banks and governments have stepped up hugely. The pandemic did take eligible buyers out of the market. However, every time the interest rates dropped another fraction of a percentage point, multiple new buyers were now able to buy. Remember, the market is driven by the buyers. There was also a backlog of buyers who were ready to purchase but were waiting out the Pandemic.  Since we entered phase 3 here in BC, consumer confidence returned and therefore real estate activity spiked.
    Second, the market and the economy are not doing well in Alberta. Edmonton seems to be doing slightly better than Calgary but they are both hurting because of COVID-19 effects and the bust of the petro-chemical industry. This is driving some to pull that retirement trigger earlier than previously planned and move to the Okanagan. 
    Please remember this is just the world according to Rom.
  • Buying and Selling Real Estate During the Coronavirus Pandemic

    Buying and Selling Real Estate During the Coronavirus Pandemic

    Buying and Selling Homes during the Coronavirus Pandemic

    Even during this difficult time, I want to let you know that my obligation to help you sell or buy a home is still in force.

    The Government of British Columbia has released it’s list of Essential Services.  Real Estate services have been listed as essential.

    While following the guidelines set out by the government, I will continue to support my clients who are in the need to sell or purchase a home. Homes are still selling, albeit there is less activity.

    So, how do you buy and sell real estate in the coronavirus era?

    There are many factors to consider while trying to buy or sell while also maintaining social distancing. Open houses are unfortunately not advisable during this time.

    Virtual tours offer an in depth look inside a home and its floorplan. Touring a home virtually allows clients to see if a home makes sense to them.

    Another option available is if the home for sale is vacant. In fact, I have two vacant properties on the market currently (click the addresses listed below for more information on these listings)!

    968 Fuller Ave, Kelowna, BC

    205-1125 Bernard Ave, Kelowna, BC

    While showing vacant properties, I ensure that inside is sanitized, touch nothing and maintain distance from clients as they walk through.

    Upon making or accepting an offer, handshakes may not be feasible but teleconferencing and e-signing programs allow things to flow digitally.

    Realtors have checklists for buyers and sellers to ensure that properties are able to be viewed safely. If you have any questions, please feel free to contact me to discuss further.

    Stay safe and healthy – Rom.

  • FOR SALE: Condo in Kelowna’s Cultural District!

    FOR SALE: Condo in Kelowna’s Cultural District!

    FOR SALE: 315-1331 ELLIS STREET, KELOWNA, BC$418,800

    NEW LISTING!

    Beautiful and spacious two bedroom, two full bath condo in the heart of Kelowna’s downtown cultural district! Abundant natural light from large windows and 10’ ceilings fills the condo. The loft windows of sunrise views over Black Mountain and Knox Mountain. The split floorplan places both large bedrooms on either side of the main living area to create more privacy and great rental potential.

    The condo has been freshly painted and there is new vinyl plank flooring installed in the main living areas and both bathrooms. Other upgrades include a “silent” Bosch dishwasher and new hot water tank. The large patio with gas hookup provides for a relaxing outdoor living space.

    Perfect location in the downtown core only steps away from coffee shops, restaurants, shopping and events. Only one block away from the beautiful lakeshore and all the water sports and beach amenities that Kelowna has to offer!

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

  • Kelowna Happenings March 2020

    Kelowna Happenings March 2020

    In March we look forward to welcoming Spring! And of course, the kids anticipate their two week Spring Break! With the change of season and extra time with the kids you might be looking for something fun to do in Kelowna. Here’s a few great events happening in our great city!

    March 2 – Doug and the Slugs concert @ Kelowna Community Theatre

    March 4-8 – International Women’s Day Exhibition

    March 6 – Kelowna Rockets vs Seattle Thunderbirds @ Prospera Place

    March 13 – Jazz Night with Wood Wire and Fire @ The Vibrant Vine

    March 15 – Mini Pop Kids Live! @ Kelowna Community Theatre

    March 17-18 – Cruz the Blues @ Big White Ski Resort

    March 28 – Peppa Pig Live! @ Kelowna Community Theatre

    March 29 – Fred Penner: Cat Came Back Tour

    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

  • KELOWNA CONDO CLOSE TO DOWNTOWN!

    KELOWNA CONDO CLOSE TO DOWNTOWN!

    FOR SALE: 205-1125 BERNARD AVE, KELOWNA, BC$289,800

    PRICE REDUCED!

    Spacious and inviting one bedroom, two bathroom condo close to downtown Kelowna. This large condo features 9’ ceilings and an open floor plan kitchen, dining and living space complete with nice laminate flooring and a cozy fireplace. Just off the living room is a large outdoor deck with excellent privacy. The master bedroom features brand new carpet and its own ensuite bathroom.

    Along with another full bathroom, this condo comes with a laundry room that is spacious enough to use as storage. Also included is a separate locker room for storage and secured underground parking with security cameras. There are no rental restrictions and one pet (under 20lbs) is allowed. Excellent location with shopping and a bus stop only steps away.

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

  • Rom’s Kelowna Real Estate Opinion January 2020

    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.

  • Kelowna Happenings February 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

  • Emigration Expo 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.

  • Rom’s Kelowna Real Estate Opinion November 2019

    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!

  • Modern, Open Concept Downtown Kelowna Home

    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.