Tag: realtor

Rom’s Real Estate Opinion April 2020 during COVID-19

The Real Estate Market During the COVID-19 Pandemic

There is no doubt that the COVID-19 pandemic has made a big impact in the lives of everyone around the world. The way we live our day to day lives has changed drastically; from how we get our groceries to being able to see our family and friends. The real estate market is no different. However, people still have the need to buy and sell homes, even during these challenging times.

I want to start off by sharing a few visuals. Please click the images to englarge them. The first is Country by Country COVID-19 cases. I want to point out how well BC is doing on flattening the curve, even when comparing to the rest of Canada.

Next I want to share some graphics on home sales and home prices in past recessions. In April, single family homes were actually still up by 4% compared to April 2019. Factor in low rates that we likely wont see again, it is actually a great time to purchase a home.

Jean-Francois Perrault, SVP & Chief Economist of Scotiabank stated the following, “We view the housing market to be on a COVID-related pause. Following a dramatic slowing in Canadian housing markets in 2020Q2, we anticipate a quick rebound in home sales and housing starts through 2021 if population growth remains strong, and the economy improves in the second half of the year”.

April 2020 Okanagan Real Estate Report

In real estate, we track 5 stats that are the best indicators of what’s going on in the residential market. Those stats are sales, DOM (days on market to sell), inventory, absorption (% of inventory that sells each month), and prices.

Sales and absorption are the first stats to change. They are both down 50-60% compared to April 2019. This is normally the time the market would be ramping up for spring.

The stats also illustrate a significant factor that we discovered years ago about how a market goes through its changes. This is that the prices are always the last stat to change. April’s statistics show exactly this. Prices have essentially not changed.

If we look back to the recession of 2008, sales and absorption began to drop right in the first quarter. However, prices remained stable and/or continued to rise. We are seeing the same right now with house prices actually up 4%, yet condo prices are down 4%. I expect the prices of condos to lower further this year. House prices may lower as well but not as much as condos will.

Conclusion

Although the last stat to be typically affected by a recession/pandemic is the price, it may have a short term effect on lower house prices. Although, we haven’t see this happen yet.

We will soon come to know our new ‘normal’. Businesses will reopen, consumers will regain their confidence and the real estate market will rebound. This could be as early as this Fall.

However, I do believe that condo prices in the Kelowna area will continue to dip due to ample new construction.

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

May 17, 2020
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.

April 7, 2020
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.

March 13, 2020
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.

February 25, 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.
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
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
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