Predictability and the Central Okanagan Real Estate Market
As a realtor for many years, I have found that the real estate market can be very predictable if you follow the right stats. There has been a lot of accuracy with predicted changes as early as 18 months prior to the change happening. One major reason is that price is the most important statistic to consumers and it is the last statistic to change.
When looking at real estate trends we have to ensure we are comparing the same months over different years. It is pointless to compare months within the same year. For example, comparing March to November makes no sense, as the market goes through annual highs and lows as well. For best predictability, we look at March sales over the last 2-3 years.
When we are looking over a 12 month period (May 2018 to May 2019), the single family home median prices are only down 3%, from $677,500to $650,000. This considering that the months of March to July 2018 house prices skyrocketed.
However, for May 2018 to May 2019, median condo prices are actually up almost 10%, from $330,00 to $340,000. I expect this to neutralize due to the upcoming inventory of new condo builds. Townhomes also are up. Over the same 12 month period, median prices went from $471,000 to $476,250. However, I predict the townhome market will neutralize just like condos.
Click the image below to enlarge photo comparison of May 2018 to May 2019.
Current Situation
As predicted in the last quarter of 2018, it was said that 2019 would be relatively flat with maybe a slight turn down. This is essentially what is happening. In the Central Okanagan, sales are down about 15% and prices are down about 3% compared to last year. Although, the Central Okanagan has been quite robust in previous years compared to the North Okanagan, it did cool down more aggressively.
Overall, the Okanagan is remaining a relatively strong, balanced market. This is fueled by increased migration from the B.C. lower mainland and Alberta. As always, this is just the real estate world according to Rom.
Unique Concept & unique Opportunity! Own a modular, eco-friendly restaurant serving Pizza, Pasta, & Ice Cream! This turnkey franchise runs on electricity – no oils, gas, or hazardous products. Currently, they have negotiated a great location at the high traffic Enterprise Way in Kelowna. Lease is only $500 per month, this includes power! Crustlab recently added 2 other menus, besides the one local, on site menu, they also feature an online sandwich menu and online burger menu through Uber Eats. This business is profitable. With potential to expand to other BC cities and with multiple financing options, this is a prime opportunity to own a distinctive, sustainable restaurant concept. Financing available.
Eagle Valley Storage Marine & Lodge is located approximately 3 km north of Sicamous, on a 9-acre property, just off the Trans Canada Hwy. It features a large boat and recreational complex with four acres dedicated to buildings, boat, RV & Sled storage, office/shop building, and accommodations. The shop is a spacious, heated two-story building with an elevator, offering upper-level sled storage and a lower level for Marine Mechanics. There’s also an office & retail store with storage and a bathroom, two full suites, and a separate large lodge with an open concept living area, fireplace, games room, poker table, multiple bedrooms, and six bathrooms. The property provides heated and cold storage options, full Marine services, detailing, valets, and accommodations. Past services included sled and boat rentals and sled guiding, which could potentially be reintroduced to substantially increase revenues. There is also opportunity for more boat repairs and maintenance. This business has tons of growth potential. The shop comes with a Snap-on tool chest, welder, built-in pressure washer, and other equipment. The lodge is fully furnished and includes a hot tub, barbecue, skid steer, and tractor.
With over 22 years of experience in real estate Rom is extremely knowledgeable about developments and market conditions in the Kelowna area. This includes Penticton, Summerland, Peachland, West Kelowna, Kelowna, Lake Country and Vernon.
Our Team is Here to Assist with Selling your Business
Our team has experience in selling businesses, with or without property. We sold anything from uniquely positioned, specialized businesses such as a dental lab to retail and manufacturing businesses in the Okanagan.
Whatever business you want to sell, we will create a tailor-made marketing plan for you and give your business the most exposure through the largest business-for-sale network in Canada and the US.
In order to assist in effecting the sale of your business, we offer the following services:
Before we promote and market your business, we will commence with a valuation of your business with one of our certified business valuators, unless you have already completed a recent valuation yourself. The Business Valuation will ensure that we market and sell your business at fair market value.
IDENTIFYING THE RIGHT PURCHASER
Once the marketing and promotional tools have created interest from a potential business buyer, we will identify and qualify the right purchaser for your business by asking the right questions.
PRESENTING YOUR BUSINESS
We will ensure that besides the business evaluation, we will have all the proper financials, lease information and legal in place to transition your lead into a buyer.
NEGOTIATING THE SALE AND DUE DILIGENCE
We will allow the buyer a reasonable time to review and assess your business. We negotiate the best terms and conditions, including the right price for you. Our goal is to exceed your expectations.
COMPLETION
Assisting you in the Completion and Possession Process to ensure a smooth transition.
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MARKETING & PROMOTION
NATIONAL & GLOBAL PROMOTION OF YOUR BUSINESS THROUGH NETWORKS We will promote your Business by contacting Rom’s Sphere of Influence, his Network of Certified Business Immigration Consultants and Immigration Expo Contacts in Europe. There could be a buyer hidden right there, through his Networks.
SOCIAL MEDIA
Rom will be using all the main social media platforms, such as Facebook, Instagram and LinkedIn, to promote your business by paid social media campaigns with your consent. He will also be using his own Facebook Okanagan Businesses for Sale and other pages to display and promote your business listing.
INTERNET
Listing the businesses on the business section of the Multiple Listing Service® of our Board (www.REALTOR.ca)
Get your business the most exposure through the largest business-for-sale network in Canada and the US with over 3 million viewers per month!
Other websites where you will find your business listing such as:
PROFESSIONAL PHOTOGRAPHY Our professional photographer will visit your business and take high-quality property and business photos. These images are then used in all our marketing efforts to present your business at its very best.
DIGITAL INFORMATION PACKAGE We will be sending potential business buyers a comprehensive digital information package of your business, whether they are visiting your business or inquiring about it.
CONFIDENTIAL
We highly value your business and are committed to maintaining the strictest confidentiality. No sensitive information will be disclosed under any circumstances until a mutually signed Non-Disclosure Agreement (NDA) is in place.
With over 20 years of experience in real estate Rom is extremely knowledgeable about developments and market conditions in the Kelowna area. This includes Penticton, Summerland, Peachland, West Kelowna, Kelowna, Lake Country and Vernon.
Welcome to this stunning and private home nestled at the end of a quiet road in one of West Kelowna’s most sought-after family-friendly neighborhoods. Surrounded by the natural beauty of forest views and just steps away from hiking trails, Rose Valley Regional Park, Marjok Dog Park and Elementary school, recreational facilities and everything you need to enjoy the best of Okanagan living. With a spacious layout that includes 2 primary bedrooms, each featuring its own ensuite, plus an additional 3 bedrooms and 2 baths, this home provides ample room for growing families or those seeking extra space.
The recently renovated basement can be easily suited and includes two updated bathrooms, offering both style and functionality. The gorgeous kitchen is a chef’s dream, designed with modern finishes, newer appliances and an inviting atmosphere. It flows seamlessly into a private covered deck with gas outlet, where you can relax and take in the peaceful forest surroundings.
The fenced backyard is perfect for outdoor activities and entertaining, and with RV parking and a hot tub, it’s an ideal place to unwind after a busy day. This beautiful home featured a newer roof (2022) and is the perfect blend of comfort, privacy, and convenience. Don’t miss the opportunity to make it yours! Click herefor more details.
Nestled in the exclusive community of Diamond View Estates in West Kelowna, this meticulously designed 5 Bed/4 Bath home offers a harmonious blend of luxury, functionality, and one of the best Okanagan views! Perched high above the city, this property boasts expansive lake, mountain, and city views. This home features a bright, open layout accentuated by oversized windows. At the heart of the home is a culinary haven featuring a contemporary European kitchen design, complete with sleek walnut cabinetry, high-end appliances and unique HanStone Quartz countertops.
Completing the main level is a generous primary bedroom, outfitted with a steam shower, a mudroom/laundry room and two additional bedrooms-one of which can easily serve as a home office with a separate exterior entrance, making it ideal for operating a business or welcoming clients without compromising privacy.
The lower level impresses with soaring 11ft ceilings. It includes a living room, 2 additional rooms, wet bar and its own balcony space. Wellness is elevated with the inclusion of an infrared sauna.
For added versatility, the property includes a fully self-contained legal 1Bed + Den suite, perfect as an income-generating opportunity.
10min to Downtown Kelowna, close to schools, shopping, dog parks and hiking trails. This home is spacious, bright, and thoughtfully designed offering endless potential. Suite is vacant! Click herefor more details.
MLS Listings for Kelowna, West Kelowna and the Central Okanagan
The following listings include houses, townhouses, condominium apartments, farms and properties for sale. Please use the “Search Properties” tool, to narrow the properties shown and more easily find the property you are looking for. Please keep in mind, I am available to help you and would be happy to send you a list of the latest Kelowna real estate listings, some of which may not be available here yet.
[rps-listings office_id=61706 view= grid]
The real estate listings shown above are from the following areas of Kelowna and West Kelowna:
Black Mountain
Cultural District
Dilworth
Downtown
Ellison
Gallagher’s Canyon
Glenmore
Joe Rich
Kelowna North
Kelowna South
Lake Country
Lower Mission
North Glenmore
Rutland
Rutland North
Rutland South
South East Kelowna
University District
Upper Mission
You can also register for my newsletter and be among the first to receive all the latest Kelowna real estate listings.
The RomRealty Team offers an integrated approach to helping you buy a home in Kelowna, BC and the Okanagan Valley.
At RomRealty, we will help you qualify for your mortgage, do a comprehensive search to find the perfect home, negotiate the best terms and conditions for your offer, and navigate the legal challenges during the buying process. And it doesn’t stop there.
Our RomRealty Team will also ensure that you, the Buyer, will be taken care off before, during, and after the purchase has been completed.
Once your move-in day is confirmed, we can help you find movers, cleaners, and any other services you may need to make your move as stress-free as possible.
Reasons to Choose Rom to Help You Buy a Home in Kelowna
I am committed to the REALTOR® Code. This code is the accepted standard of conduct for all real estate practitioners who are licensed REALTORS®. This is your guarantee of professional conduct and the quality service.
I have over 22 years of experience in real estate and am knowledgeable about developments and market conditions in the Kelowna area. This includes Penticton, Summerland, Peachland, West Kelowna, Kelowna, Lake Country and Vernon.
I am always actively updating my education. Be it through courses, workshops and other professional development, I work hard to maintain a high-level knowledge about the current real estate market.
I will give you the information needed to make an informed decision. This includes comparable prices, neighbourhood trends, housing market trends, information on nearby schools and parks, and more.
I am a professional and proven negotiator and will negotiate the most favourable sales price and terms, and assist in the removal of all conditions in the Contract of Purchase & Sale.
I will introduce you to trusted and qualified local industry professionals such as real estate lawyers, mortgage brokers, home appraisers, and home inspectors. When writing the offer, I will incorporate all necessary terms and conditions and review with you before submitting the offer to the Seller so you can be assured that your interests are protected.
I will keep you, the Buyer, informed regarding the progress of the pending conditions in the Contract of Purchase and Sale.
I will be by your side from our first meeting until your move-in date. I am happy to call many of my clients’ friends and neighbours.
I am committed to serving you with respect and sincerity. I will treat you like I would like to be treated.
I have great testimonials and my business is 94% past clients and referrals
Licensed Kelowna Realtor and Canada Relocation Consultant
Certified Negotiation Expert
Rom assists Canadians and Buyers from countries such as Germany, the Netherlands and the UK to relocate and purchase a home and or business in beautiful Kelowna, British Columbia and its surroundings also called the Okanagan.
Rom immigrated to Canada from the Netherlands in 1993 to establish his own manufacturing company in Kelowna. As an independent entrepreneur, Rom developed, patented, and marketed a unique retractable canopy for pick-up trucks that were sold to dealerships and distributors in both Canada and the United States. Then in 2002, after more than 30 years in sales, negotiation, and customer service in Western Europe and North America, Rom consolidated his talents and made the ultimate career change to Real Estate.
Rom has over 20 years of real estate experience and joined Royal LePage Kelowna in 2022. As a specialist in relocating Canadians to the Okanagan and helping International buyers relocate to Canada, Rom offers local sellers the unique advantage of marketing their property to the wider Canadian and International markets.
With a background in corporate law and more than 30 years of skill development in sales, negotiation and customer service in Western Europe and North America, Rom has the experience and personality to bring Buyer and Seller together whether it be across town or across continents.
Rom is an award-winning REALTOR® and Canada Relocation Consultant and specializes in the following services;
Residential Real Estate, Investment & Recreational Properties
Selling Businesses
Relocation and providing access to Immigration services for Foreign Skilled Workers and Immigrant Entrepreneurs/Investors
When he is not busy serving real estate clients, he enjoys spending time with his family, his dogs, travelling, playing tennis and golf, skiing and playing the piano.
Whatever your real estate and relocation needs are, Rom would be pleased to help you and your friends.
Trish Balaberde
Mortgage Broker
Trish Balaberde has been fortunate to call the beautiful Okanagan home for the past 28 years, 18 of which she has spent working as an Independent Mortgage Broker.
Trish has a sound understanding of the Kelowna area and real estate market which complements her years of experience in mortgage lending.
Her ability to understand the needs of people from all walks of life and her efficiency with a quick analysis of credit applications allows Trish to customize and provide the perfect mortgage for her clients. She has a high level of commitment and thoroughly enjoys helping each and every client achieve their dream of home-ownership.
Why should I choose Rom and the RomRealty Team to sell my house?
We believe that there is so much more to marketing your home than putting a sign in the ground, crossing your fingers, and hoping for the best. That’s why my team and I have developed a targeted marketing plan that gives you the edge when it comes to selling your home in the Kelowna area.
Here are a few more reasons:
Access to National and International buyers. Kelowna is becoming a well-known destination for families, entrepreneurs, retirees, vacation seekers, and new Canadians are a growing part of our community. We will market your home to a worldwide market with strong online exposure through multilingual websites and social media networks.
Selling your property internationally means:
More Exposure
More Buyers
Selling your Property Faster and for Top Dollar
20+ Years of Real Estate & Negotiating Experience. I have over 20 years of real estate and negotiating experience. I am a professional and a proven negotiator and will negotiate the most favourable terms and maximize your sale price.
Open Communication. My team and I are easy to reach and you can expect open and frequent communication regarding potential interest, showings, and market activity updates such as new listings and sales in your area. You can be assured that I am aware of all activity pertaining your listing and am working hard to sell your home.
Give you an accurate market evaluation. This will help you decide the price point at which your home should be listed in order to capture the most attention from prospective buyers. For more information on the consequences of not listing your price correctly, see “HOW TO PRICE YOUR HOME CORRECTLY”
Share information regarding your listing to anyone in my sphere of influence (prospective buyers, investors) who may be interested in your home
Respond promptly to consumer and REALTOR® inquiries
Complimentary STAGING CONSULT (value $150.00). Research has shown that a staged home will get you on average 7% more for your home and sell quicker
Offering you a complimentary FULL HOME INSPECTION (value $500,00), which discloses any potential problems in advance, allowing you to correct them or present as is. This will ensure a smooth and quick selling process without delays or renegotiating your accepted offer price.
Using the inspection report as a marketing tool, giving prospective buyers peace of mind and more confidence buying YOUR home.
Cooperate with brokerages working the buyers
Show the property to prospective buyers at times that are acceptable to you, including MLS Realtor Tours and Open Houses.
Keep detailed records of who looked at your home and when. This allows me to contact anyone who has taken interest in your property when we have an offer coming. In many cases, this contact can initiate a multiple offer situation which means more money for you!
Disclose to you all the facts, known to me, affecting the transaction
Keep you informed regarding the progress of the transaction
Review Contracts of Purchase and Sale submitted for your consideration
Assist in the completion and possession process
World Class Marketing Team. The RomRealty Team includes a professional team of social media marketers, photographers, and graphic designers all working together to market and sell your home. This includes:
Tips and to-dos to help sell your home faster. If needed, we can recommend a stager to put your property in the best possible shape for a quick sale
Professionally designed feature sheets & listing flyers
Posting your property on Facebook, Twitter, Youtube, Castanet, Kijiji, Craigslist, and more. Our targeted Facebook Campaigns often have over 35,000+ views in one week
A 3D High Definition Virtual tour of your home. Potential buyers can use their mobile device or computer to experience a true sense of how it feels to be in your home without ever seeing it in person.
On large acreages, we will use drone video technology to market an aerial view of your home. This video and the 3D virtual tour will be shared on all our social media and websites.
Local Community Network. Your Home will be presented to colleague REALTOR®S on a large screen during our weekly office virtual tours. This is a great tool that allows me to answer questions and market your home to local REALTOR®S and their buyers.
We are committed to serving you with respect and sincerity. I will treat you like I would like to be treated and that means I am committed to serving you as best as I can.
With over 20 years of experience in real estate Rom is extremely knowledgeable about developments and market conditions in the Kelowna area. This includes Penticton, Summerland, Peachland, West Kelowna, Kelowna, Lake Country and Vernon.
Licensed Kelowna Realtor and Canada Relocation Consultant
Rom assists Canadians and Buyers from countries such as Germany, the Netherlands and the UK to relocate and purchase a home and or business in beautiful Kelowna, British Columbia and its surroundings also called the Okanagan.
The RomRealty Team offers an integrated approach to helping you buy a home or business in Kelowna or elsewhere in the Okanagan Valley.
At RomRealty, we will help you qualify for your mortgage, do a comprehensive search to find the perfect home, negotiate the best terms and conditions for your offer, and navigate the legal challenges during the buying process. And it doesn’t stop there. Our RomRealty Team will also ensure that you, the Buyer, will be taken care off before, during, and after the purchase has been completed.
If you are looking to buy or sell a home, or even if you would just like to discuss the current market, I would love to chat with you. Let’s have coffee soon.
Why should I choose Rom and the RomRealty Team to sell my house?
We believe that there is so much more to marketing your home than putting a sign in the ground, crossing your fingers, and hoping for the best. That’s why my team and I have developed a targeted marketing plan that gives you the edge when it comes to selling your home in the Kelowna area.
With over 20 years of experience in real estate Rom is extremely knowledgeable about developments and market conditions in the Kelowna area. This includes Penticton, Summerland, Peachland, West Kelowna, Kelowna, Lake Country and Vernon.
Current Situation
