RU7 Infill Housing as Kelowna Grows and Grows

RU7 Infill Housing as Kelowna Grows and Grows

As Kelowna grows (and grows, and grows), planners have a variety of choices of where to put everyone.  Today, there’s people who commute every day from as far away as Armstrong to the North and Penticton to the South.  When Kelowna experiences population booms we’ve seen what happened in the past….

 

RU7 Zoning in Kelowna

 

Kettle Valley was once thought of as being way too far out of town but today it’s twice as big as it once was and they continue building up the hillside.  If you haven’t been up there in the past two years you won’t recognize it.  They’re one save-on-foods and RBC away from being a completely legit suburb connected to the city.  Same goes for Wilden.  Remember the Glenmore Highlands?   Not long ago it used to be a place for peaceful trail running with your dog out in the middle of nowhere but nowadays there are a thousand homes built close enough to the city center that a commuter can still drive home for lunch.

 

Downtown has changed with more people living and working there.  The cultural district has had a significant impact on the livability in the downtown core as well as the lakefront walk from the bridge all the way to Paul’s Tomb.  There are issues on the negative side of the ledger.  The lower parts of Leon and Lawrence are still sketchy, City Park at night isn’t like City Park during the day and no one likes paying for parking.  All in all though, people who live and visit here seem to love this part of town.

 

You don’t need to be an expert on Canadian demographics to know that more people will be coming here as baby boomers continue to age.  The ones who’ve moved here already tend to be those who have played all their financial cards right and retired early.  The ones on track to retire when they’re supposed to aren’t here yet and we need to make room for them somehow.   We can build up or we can build out.  Or, we can rezone what we already have and create more density.  Just take a look at a map of Canada.  If you’re retiring from Alberta, Manitoba, Saskatchewan or BC’s north, where can you go?  Unless you have family you want to be near your choices if short winters are important to you are few.  Southern Vancouver Island and Vancouver’s lower mainland is priced too high for sane people.  Perhaps Parksville and Qualicum are considerations but who wants to live on an island?  That leaves the Okanagan.  Sure, we compete with Oliver, Salmon Arm and everywhere in between but all in all, most people prefer Kelowna.  We have an airport, a university and our hospital delivers more services than those places.  There are just way more things to do here.

 

Kelowna infill

RU7 Creates More Density

The RU7 zoning changes immediately create more density.   About 400-450 lots on both sides of highway 97 have seen their zoning change from RU6 to RU7.  This means if a current homeowner has lane access and at least 50 feet of frontage they will now be able to have four homes on their lot instead of two.  It’s a little more complicated than that but not a lot more complicated.  The long-term result will be more people living and working closer to the city center creating a more dynamic urban core.  Yes, making a left turn onto Richter from just about anywhere will be a bit more challenging but I think it’s going to result in an even better city.  It would certainly be a welcome addition to see a school in the North end.  Maybe even a second bridge crossing.   In theory, creating density ought to ease pressure on house prices but no signs of that happening.

 

Current homeowners who live in an older home on an RU7 lot have seen their house values increase substantially overnight.  We’re still not sure what a single unit will sell for on a four unit building lot on what used to be a RU6 lot but I imagine it will be in the $500,000 to $550,000 range per unit.  This seems about right.  I have a feeling we won’t be able to build them fast enough.

 

 

Andrew Smith - RealtorLiving in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here kelowna real estate rentals

Summer Round Up For Kelowna Home Sales

Summer Round Up For Kelowna Home Sales

Welcome back to my brief overview of the Kelowna housing market….I didn’t round any numbers up or down this time in hopes of making it look that much more credible.  Comments welcome.

 

There were a few days last month when it seemed we were all worrying about the stock market again and contraction in the Chinese economy, but that seemed to end quickly.  They don’t teach you in real estate school how to handle customers being nervous over events we have no control over.  Don’t mistake me, we all know what to say and most adults who follow current events have thoughtful opinions on Chinese exports, the Canadian federal election, price of gasoline, Syrian refugees, value of the loonie and BC forest fires.  Just the fact though that these things get brought up at a kitchen table during a counter offer usually isn’t good news and it decreases the odds a little of successfully crossing the finish line with a sold sticker on someone’s front lawn.

 

Talk about a housing bubble is another frightening topic that makes buyers want to hide under the covers.  Realtors can produce graphs, data and evidence that market conditions are strong but the “B” word worries the heck out of people and sometimes no amount of hand-holding will be enough to convince them otherwise.  The Toronto waterfront condo market may or may not be overvalued, but a national news story focusing on foreclosure numbers three time zones away is enough to give some people here cause for concern.

Kelowna 2015 Home Sales Market

Here’s Kelowna’s 2015 version of a housing market correction.  Through August 31st of this year, the average residential sale price of a home was $544,214 compared to $545,782 in 2014.  Hmmmm.  We’re now in the Fall market, so there’s enough data lying around this year to suggest that’s it’s been robust.  2,201 homes have sold so far this year compared to 1969 homes at this point last year.  And last year was a good year!  Down deep inside none of us really know what’s going to happen to the Kelowna housing sector but it’s certainly easier these days to make the argument that prices are too low instead of too high.  Ten years ago when people were worried about that same elusive housing bubble the average price here for a home was $346,300.

 

Good, news for the condo market.  768 sales so far this year compared to 681 this time in 2014.  Prices are up a bit too from $251,490 to $262,474.  Judging by anyone’s looking-around-and-noticing-stuff analysis, there are a lot of new condo projects around town and an even stronger argument can be made that our resale market is undervalued even more than the residential market.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here homes for sale in Kelowna

Housing Market

Housing Market

Kelowna Housing Market For July

When I have a difficult time finding something to write about it usually means things are running along as they should and nothing stands out. The numbers most real estate people follow are the number of current listings to make certain home buyers have homes to look at (There’s lots to see). Next thing to check is the number of daily-weekly-monthly-year to date sales to monitor if we’re in a buyer’s or seller’s market. It’s balanced (sort of). Then prices. Unusual price fluctuations in the market are tough on the public because no one really knows for sure when things will balance out and the risk of staying on the sidelines during a hot housing market are usually great. Except when they’re not. A market on the move creates a lot of over thinking, too many opinions and complicates something that shouldn’t be that complicated. Finding a correlation between Kelowna’s housing market and the price per barrel of oil, Vancouver’s 33 foot lots, the consumer price index or a diminishing dollar is something no one has figured how to do yet with any consistency. This means more people look to other sources to figure out what’s happening out there….which probably brings you here.

Active Listings

There are 1,600 active residential houses for sale in Kelowna right now and we’ve generated 1,888 sales through the first 7 months of this year. Seems about right. We’re a little ahead of last year on both fronts when we generated 1,693 sales at this point. The average sale price has increased from $537,400 to $543,400 which isn’t going to create headlines anywhere…..a good thing. Almost an identical story for apartment condominiums (didn’t include the ski hill) where we’ve sold 636 apartments this year compared to 561 last year while prices have jumped from $250,000 to $263,000. There are 670 apartments for sale today. See, nothing stands out other than slow and steady growth.

On the horizon we have a federal election to look forward to which will have some impact on housing. Regardless of whether you’re cheering for the red, blue, orange or green team (the blue team always seems to win here), your guess is as good as mine as to how the daily barrage of polling numbers will impact unit sales and prices here. Everyone will have some sort of opinion though.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here homes for sale in Kelowna bc

Low Interest Rates Make The Market Rock

Low Interest Rates Make The Market Rock

 

Kelowna Housing Market Interest Rates So Low Your Grand Children Will Not Believe You

The first month of 2015 has passed and the results are in some are very similar to January 2014

The feeling is that we are on the brink of movement in our Kelowna market and time will tell.

Kelowna Residential Sales

2014 January 116

2015 January 101

 

Not a lot of change and hard to tell with only a 15 homes sold in January 2014 over January 2015 but there is a difference in the average sale price

Average Kelowna Housing Market residential sale price

Kelowna Homes Sold in January 2014 average sale price $474,000

Kelowna Homes Sold in January 2015 average sale price $527,000.

Again difficult to judge just by looking at one month’s of sales in each year.

Condo Sales – Similar results

January 2014 34 units sold with an average sale price of $210,000

January 2015 38 units sold with an average sale price of $226,000

The mortgage rates are low with RBC posting a 3 year closed rate of 3.84% which is excellent for anyone considering buying. You probably will not see mortgage rates lower than this, for those sitting on the fence….. it is time to get off.

It is unclear at this time if our Kelowna Housing Market will be influenced by the Oil prices going down. Right now we are seeing most or the real estate activity in our market is with local buyers. The number of listings in Calgary market are up by 40 % and the number of sales were down by 30%.

Calgary Realtor Chris Audette says

“The market here has definitely turned to a buyers choice overall, while some pockets (like townhomes) remain relatively un-phased by the change. Buyers looking to upgrade are well advised to take advantage of the new market and capitalize on the overall home selling and buying strategy to make sense, while folks looking to sell and buy cheaper may be better off to wait and flippers may really want to examine their risk tolerance”.

If you are contemplating buying a Kelowna house or condo this year call or text me at 250-979-8066 for my top 5 picks in your price range

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna property for sale

How To Find Homes Priced $300,000 to $400,000

How To Find Homes Priced $300,000 to $400,000

The Kelowna Homes in this price range is a very fast moving market with many first time home buyers hoping to buy. In a quick moving market it is important to be knowledgeable about the houses in this price range and work with a good mortgage broker and a good Realtor who can help you to understand what to expect and what to look out for.

Mortgage Broker

The mortgage broker can pre qualify you for a mortgage and explain the different types of mortgages and the different conditions of a mortgage such as 1 year, 3 year or 5 year terms on a 20 or 25 year amortization. It is not only the interest rate that is important when choosing a mortgages, sometimes the terms can cost you money if you decide to sell before the term of the mortgage is finished. Take the time to ask your mortgage broker questions and understand your options, it can save you money.

 

A Good Realtor

 

A great Realtor can make the difference between being happy with your purchase and wishing you had looked around more. A Buyers Realtor is representing you the buyer and is guiding you along the route to finding the best location and home that you can afford. Sit down with your Realtor before you go looking at homes and find out what the process is for buying a home in Kelowna . Choosing an area or neighborhoods is important and now is the time to explain the agent what you want to achieve. Are you looking to be close to work or schools? Do you have a pet? Children? How long do you plan on living in the house or condo?

Once you have a price range ,determine an area or areas you would like to live in, and the size of home such as number of bedrooms, it is time to select homes to view. The best Realtor for you is one that is familiar with the area. The Realtor will probably already viewed quite a few of the homes available for sale can recommend which homes or condo you should view.

 

These are a few of the homes available in the $300,000 to $400,000 price range. To view any of these homes

Call Andrew Smith 250-979-8066

Royal LePage Kelowna

 

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna home values

Rich Buyers Purchasing Kelowna Homes At This Time Of Year?

Rich Buyers Purchasing Kelowna Homes At This Time Of Year?

There were 190 Kelowna home residential sales this past month at an average sale price of $527,000. Overall a pretty good month especially compared to February of last year when there were only 125 residential sales. Year to date our board has been able to put together 292 residential sales compared to 241 this time last year. So that’s good right? There were 9 homes that sold for over $1 million dollars this month including one over $3 million which pushed the average up. Nothing compared to February 2014 when there were 12 homes selling over $1 million and 5 over $3 million. What’s with all these wealthy people doing business in February? What’s the lesson we can learn here? Maybe not everyone subscribes to the tired old axiom of “we’re going to wait until spring before putting the place up for sale”. Perhaps they know what they’re doing.

Active Kelowna Condo Listings

Active Kelowna Condo Listings Things are down just ever so slightly with Kelowna apartment condos. There were 70 sales this time last year compared to 66 this year. There really isn’t too much to take from this other than what we already know. I think I might take artistic license and call this a tie. It’s still way too early to predict any trends but although the overall numbers are up there’s still that “I-hope-Albertans-don’t-stop-buying-here” feeling lingering in the air which is getting old. We’re not a one mill town after all and things are looking a lot brighter than they were this time 12 months ago.

The Big Kelowna Condo News

Is that the SOPA Square deal was finalized for $29 million. This means we will likely see a sales centre in South Pandosy soon and cranes will operate again. Amen. This will surely improve what is already one of the nicest parts of Kelowna. The stalled construction site has been an eyesore and this is great news. There are just over 1,300 homes for sale right now including 43 foreclosures. In the popular $300,000 to $450,000 range we only have 270 homes up for sale so it would be nice to see more homes entering the market in this price point. If you are thinking of purchasing a Kelowna home this year call or text me for my Top 5 Picks

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna properties

            

 

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