Taxes, Condos and Stats. Kelowna Housing Update

Taxes, Condos and Stats. Kelowna Housing Update

1017 Kelowna homes For Sale

There are 1,017 single family detached residential homes for sale in Kelowna right not as we charge head first into the Springtime market.  We always wish this number was higher and we especially wish there were more affordably priced homes for sale but we’ll have to work with what we’re given.

662 Sales in 2018

There have been 662 sales so far through this year through April 23rd. . The average sale price so far is $758,000.  During the same period in 2017, there were 749 sales selling for an average of $673,000.  In other words, the number of sales is down significantly and prices are remaining high.  Prices jumped last year during the 2nd quarter into the $700s so the beginning of 2018 is a continuation of that trend.

Property Taxes

These numbers are all manageable and taken from a historical sense, they’re pretty good.  It’s wise to be cautious though because our neighbours to the east are in an unfriendly mood and the next six months might be rocky.  Kelowna has done a good job building an economy centering around Calgarians buying second homes with plans of retiring here, Edmontonians investing in pre-sale condominiums and Fort Mac families raising children here while working in Alberta.  Regardless of your political viewpoints, our neighbours won’t invest here anymore if they feel taken advantage of.  As Canadians we’re a pragmatic group and understand that we need roads, bridges and hospitals etc. and this money needs to come from somewhere.  We all grumble at having to pay taxes to keep each level of government operational but at least we’re all in it together. Each of us has to pay the same amount of property transfer taxes when buying in B.C.   We have yet to see the full effect that inter provincial pipeline disputes and empty home taxes will have on Kelowna real estate numbers but if the last three months are any indication, it might not be pretty.   Out of town home buyers are usually more informed about local taxation issues than the locals because they’re making an investment decision as opposed to a shelter decision.  Out of town investors are a sophisticated lot and are able to deal with certainty.  Right now we’re struggling to give them any.

Kelowna Condos

The story is brighter on the condo/apartment side of the ledger.  There have been 409 condo sales 359,000 so far this year compared to 420 this time last year.  With some unprocessed transactions still sitting on Realtors’ desks, we’re probably slightly ahead of last year’s pace.   Prices have jumped from $341,000 last year to  $359,000 so far this year.  The upbeat condo picture is likely to get even stronger as evidenced by all the construction taking place downtown.  As a result of expensive land costs, we’re now a community that has added second time-move up  buyers to the list of investors, first timers and last timers who purchase condominiums.

Thanks for reading and please share this with family or friends thinking of buying or selling

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

For more information https://www.okanaganbc.com/ or view here Kelowna Kelowna Condos and Taxes

Okanagan Kelowna Market Update March 2018

Okanagan Kelowna Market Update March 2018

Kelowna Okanagan BC Market Clipping Along

The Kelowna residential real estate market continues to clip along at a reasonable pace.  Through February 28th of this year, there were 315 residential sales compared to 318 for the same period last year.  No surprises there.  Sale prices were significantly higher for the first two months of this year with a $743,000 average compared to $655,000.  Again, no surprises considering this is a continuation of the escalating prices we saw last year beginning in April.  Prices have stabilized and don’t appear to be increasing or decreasing.   The only thing that seems out of sorts is that the numbers for February 2018 are down significantly compared to February 2017.  Last year we recorded 205 sales in February compared to only 156 this year.  Perhaps this will amount to nothing but if you’re looking for something to worry about, this would be it.

Condo Sales

Apartment sales are up compared to this time last year.  200 condo apartment sales this year compared to 144 last year with prices increasing by 7%.  This part of the housing market is strong, robust and healthy and likely will be for some time.  There are currently only 315 apartments on the market (none of these numbers include Big White Ski Resort) putting us into a balanced condo market.  This is even more impressive after you account for the approximately 1,000 new units being built which aren’t included in MLS statistics.

Provincial Budget

There was a lot in BC’s provincial budget affecting real estate and it’s unknown how it will play out in the actual marketplace this year.  I haven’t met anyone in favor of a speculation tax but we will monitor the market closely to see if it has any negative ramification in the months ahead.

Thanks for reading and please share this with family or friends  thinking of buying or selling

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

For more information https://www.okanaganbc.com/ or view here Okanagan Kelowna March 2018

Housing Shortage in Central Okanagan

Housing Shortage in Central Okanagan

Limited Housing Offered For Sale

Time for a mid-winter Kelowna housing update. There is a serious shortage of housing available in the Central Okanagan with only 701 residential detached single family homes for sale with 284 of these priced over $1 million. There are 175 homes for sale in the $500,000 to $700,000 range which is a reasonable number including 50 of these with basement suites. We’ve been an expensive town for years now and more buyers have accepted the reality that having a mortgage helper is necessary to meet a mortgage payment. The supply of homes will undoubtedly increase as we approach the warmer months and anyone looking to sell this year ought to seriously consider putting their home on the market prior to the inevitable onslaught of new listings we always see beginning in April.

256 Homes Have Sold

As of today there have been 256 residential home sales so far this year. This is pretty good market activity considering we’re only six weeks into the year. The average sale price was $762,000 which unusually high and will likely decrease as the year progresses. Not that I think the market will fall, more reasonably priced homes will sell which will bring the average price down. At this point in the year last year we had generated 220 sales with an average selling price of $667,000. Time will tell if this is the beginning of a trend but I suspect it isn’t considering the new mortgage rules which came into place in January. Regardless, we’ve gotten off to a pretty good start here in Kelowna.

174 Condos Sold

There have been 174 condo apartment sales so far this year at an average price of $330,000. This compares favorably to this time last year when we sold 119 condos at an average sale price of $315,000. The Kelowna condo market shows no signs of letting up anytime soon and continues to play a significant role in our housing market. Twenty years ago the ratio of condominiums sold compared to houses was 39%. Last year condos represented 53% of our marketplace. This trend will continue as evidenced by simply driving around town and looking at all the new condo developments being built.

Thanks for reading and please contact me if you are thinking of buying or selling

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

For more information https://www.okanaganbc.com/ or view here Okanagan Housing Kelowna BC

Okanagan Real Estate Market Update 2018

Okanagan Real Estate Market Update 2018

February Okanagan Real Estate Market Update…Market Firing on all Cylinders

There are only 833 homes listed for sale in Kelowna right now.  Even considering the time of year, this isn’t a lot.  The news gets worse if you’re out there house hunting once you consider that there are only 63 residential homes priced under $500,000 in our market area.    Altogether we sold 3,012 residential homes last year which works out to 251 sales per month so we’re starting the new year in a seller’s Okanagan real estate market.

Average Sale Price in Kelowna $755,000 for January 2018

If the first month is any indication of what’s to come, things will be more active this year compared to last year.  The average sale price for January 2018 was $755,000 compared to $650,000 in January 2017.   January tends to be a low volume month and it isn’t wise to make predictions this early into the year but holy cow a $100,000 increase certainly gets your attention.

Apartment condominiums in Kelowna are starting the year off strong as well.  There have been 93 sales so far this month with only 287 apartment condos for sale.  Again, January is typically a slower month so 93 is a strong number and it’s a little troublesome that there’s such little inventory to show purchasers.  Both numbers will rise as the year progresses but we outpaced January 2017 by a significant margin.

Let me know if you think this year might be the year you consider putting your place on the market.  I can give you a reasonable estimate of your home’s value without letting a tenant know.  As always, thank you for reading.
Thanks for reading and please contact me if you are thinking of buying or selling

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

For more information https://www.okanaganbc.com/ or view here Okanagan Kelowna BC

5 Killer Kitchen Trends That You’ll Lust After In 2018

5 Killer Kitchen Trends That You’ll Lust After In 2018

Kitchen Renovations For 2018

If you’re in the market for a new home, keep on the lookout. You’ll definitely want to keep your eyes open for the 5 killer kitchen trends that you’ll lust after in 2018. Home seller, on the other hand, will find it worth their time to become familiar with these trends so that they can give the buyers what they want this year!

GLASS-FRONTED UPPER CABINETS

Glass-fronted upper cabinets are on the wish list of many buyers. They brighten the space and make the uppers look lighter, offer a place to display favorite dishware, and just look so very stylish.

Glass-fronted doors need not be on EVERY upper cabinet, but they create a unique focal point when on one or two.

UNDER-CABINET LIGHTING

Under-cabinet lighting, installed under the upper cabinets, is also lusted over. If your home doesn’t have them, don’t worry. This lighting is desirable because it lights up the workspace, provides accent lighting at the touch of a button, and can be used to showcase a fabulous accessory.

They are inexpensive and easy to install. Thanks to LED technology, battery operated stick-on lights shine bright and are attractive. In fact, they even come with a remote for instant mood lighting!

FARMHOUSE SINKS

The recent focus on country chic décor has impacted kitchen sink trends. We once had large, deep, utilitarian farmhouse sinks. We swapped those out for stainless steel dual sinks. Guess what? We have re-thought our stance and now want our big, deep sinks back!

A large farmhouse sink creates plenty of room for washing dishes, even the largest pots and pans. They hold a lot of water for cleaning tasks, and they just really look good! White porcelain is the top-seller of this sink style.

DEEP PAN STORAGE DRAWERS

Today’s homeowners don’t like deep and dark cabinets where they stack and unstack pots and pans to access their favorites. It’s time-consuming and awkward to reach. Instead, they are opting for deep pan storage drawers that pull out and offer easy access.

If your home doesn’t have these custom-installed, it can be a DIY project. Kitchen drawer kits can be purchased and installed with just a drill and screwdriver.

NEUTRAL COLORS

A neutral kitchen is a blank canvas. It is classy, elegant, and clean looking. Neutral doesn’t necessarily need to translate to “white” or “boring.” The fact of the matter is that neutrals never go out of style!

It can be soft gray, cream, greige, or tan. It’s a great way to keep a kitchen that’s always on trend.

If you’re a seller, you may be thinking that you don’t want to paint. But think of the white or cream kitchen as you in a simple white outfit…you accessorize it and make it your own! You can add pops of colors though fabulous accessories, countertop appliances, and window treatments.

The neutral kitchen gives the home buyer the opportunity to stamp the space with your very own style!

SUMMARY:

Whether you are a real estate buyer or seller, there are trends that impact how home purchases are made. The kitchen is a deal breaker for many buyers. Keeping up with the current trends will ensure a smooth transition for both parties.

Thanks for reading and please contact me if you are thinking of buying or selling

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

For more information https://www.okanaganbc.com/ or view here renovations Kelowna BC

#Renovations

#Kitchenrenovations

5 Bylaws to Watch When Buying a Condo in North Vancouver

5 Bylaws to Watch When Buying a Condo in North Vancouver

Following the rising cost of property in the real estate industry of North Vancouver, more and more residents are opting for the more affordable strata living in condos.

Home developers have invested heavily in condos, high rise and low rise buildings designed to suit most city dwellers’ needs. Some buyers are too eager, and ignore or dismiss strata bylaws and restrictions laid down for the residents of the particular condominiums.

Different buildings have different bylaws and restrictions regarding different situations. Before buying a condo, here are some five major restrictions you should check to help you decide on which property offers the best living solution depending on your lifestyle.

Tips For North Vancouver Condos For Sale

1) Age Restrictions

Under the current B.C legislation strata corporation are at liberty to set the minimum and maximum age restriction for condo residents. The accepted restrictive limit is between 19 and 55 years. If the strata council pass an age restriction bylaw, current condo residents are exempted from the new law until they are no longer occupants of the building.

Before buying in an age restrictive building, you should have a clear plan on the expected length of stay and number and ages of expected occupants. This will save you the time and effort of having to relocate should you have an addition to the household in future, who doesn’t fall into the age bracket.

2) Rental Restrictions

Condo residents may at one time wish to rent out their condo partially to boost their finances, or rent out the entire space, for instance, while traveling or after owning another home. There are municipalities bylaws that govern such accommodation cases. However, before any long-term or short-term renting of your condo, it is best to check with the strata to see if it is allowed.

Different complexes will have different bylaws for dealing with rental cases. Their main concerns are security, damage, and insurance coverage. The renting party is considered a guest, and as such, may not be accountable or responsible for damages or covered by the insurance.

3) Pet Restrictions

In many cases, buyers overlook pet restrictions before buying. Only to find out their pet isn’t welcome, and have to deal with hefty fines, and eventually having to get rid of the pet or relocating. Pet restriction bylaws vary significantly from strata to strata. Some go to the extreme of completely prohibiting pet ownership.

Stratas that allow pets have strict restrictions regarding the pet’s size, weight, breed, and number of pets allowed one can keep. Some restrictions are obvious; vicious, unsanitary and noisy pets are not allowed in apartments. Most condos will allow one or two pets, no taller than a man’s waist and weigh 30 pounds or less.

Pet bylaws can change over time in some strata, to either become more lenient towards pet owners or increase restrictions. If changes in pet restrictions are made, current pets residing in the building remain unaffected by these changes.

4) Noise Restrictions

While living in condominiums, quite a fair amount of noise can be expected. Especially if the building is made of a sound porous material such as wood. Loud and distracting noise, particularly during the quiet hours normally set from 11 pm to morning hours is not tolerated. Loud noises can be parties, playing children, fights or screaming. Some may include pet noise which may also fall in pet restrictions bylaws.

The strata council sets the noise restrictions. They also act on noise complaints and serve warnings to noisemakers and in some serious cases even warrant eviction. Most buildings will not allow high levels of noise at any time of day from the residents.

5) Visitor Parking Restrictions

Residents are not allowed to pack in the visitors’ parking stalls unless under special conditions. Persons found to be parking in visitors’ parking spaces are fined and in the worst case have their vehicles towed away.

These parking spaces are strictly reserved for visitors. Most condos allocate or rent out parking spaces to its resident depending on the location of the building and the buyer’s agreement.

Before deciding on which property to buy, check every one of these bylaws and make sure your choice is convenient for your lifestyle. Other bylaws probably worth checking on are, smoking restrictions, maximum occupancy restrictions and renovation restriction.

The Verve Kelowna For Sale

The Verve Kelowna For Sale

Verve Kelowna Market Update

There are only three units for sale in the Verve right now as of this writing which is a little troubling for any first time buyers looking to get a foot into Kelowna’s housing market.

Units for sale are as follows…

 

#107 539 Yates                 $272,900                              1 bedroom plus den

#209 567 Yates                 $329,000                              2 bedrooms plus den  (Offer Pending)

#405 539 Yates                 $329,900                              2 bedrooms plus den

There were 76 total sales last year in all the Verve buildings with the average sale price of a two bedroom unit being $305,000 while a one bedroom unit sold for $231,000.  The average price climbed throughout the year and my expectation is that it will continue on the same trajectory this year.

The first quarter of last year was the most active of all quarters as we saw

24 condos sold which just can’t happen this year unless inventory levels increase.

The Verve Owners Considering Selling

The number of units for sale will increase because, for no simpler reason, they always have in the past.  There are just too many Verve Kelowna owners to not have condos changing hands.  The fact that there is a wide open window right now is something prudent sellers ought to consider if they are on the fence about selling sometime in the Spring.  With no competition, buyers can’t be as choosy and don’t have as much room to negotiate off the asking price.

BC Tenancy Rules

Tenancy rules have changed in British Columbia affecting all landlords and tenants who are currently in fixed term leases.  Contact me for more details on this and how it changes the way notice is given to legally end a tenancy.

Thanks for reading and please contact me if you are thinking of buying or selling in The Verve

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 real estate Kelowna BC

#Theverve

#thevervekelowna

#kelownacondos

 

Hidden Real Estate Costs That Can Surprise You

Hidden Real Estate Costs That Can Surprise You

Hidden Real Estate Costs that 90% of home buyers and sellers do not know about.

Do you believe that the price attached to a property listing is the ultimate cost? You are not alone, many sellers and buyers hold the same belief.

Every time a property is handed over from one owner to another, it attracts quite a number of costs and fees. Some will run into thousands of dollars. The final price, whether you are selling your old home or buying a new one, will be inclusive of all these costs.

Speaking to reputable real estate lawyers around BC, we came up with a number of home buying and selling costs you never knew about.

Costs for buyers

  • Title insurance: it is not mandatory you get insurance for your property. However, you will need it to beat the widespread real estate fraud and identity theft. For a home valued at $450,000, a few hundreds of dollars will be adequate.
  • Legal expenses: you will need a real estate lawyer to help you process the required documents. You will be expected to part with 1% of the buying price or a maximum flat figure of $1,200, and GST plus disbursement cost.
  • Transfer tax: in BC there is a  property transfer tax. The rate is 1% on the first $100,000 and 2% on the balance of the purchase price. You will see this in the statement of adjustments from your lawyer or notary. The progressive levy is a fraction of the total purchase price.
  • Mortgage cost: a good number of banks do not charge any fee on their mortgage offers. You had better confirm with your bank. However, if you will be getting at least 80% of the home price from mortgage, you will have to obtain insurance with Canada Mortgage and Housing Corporation.
  • Adjustment costs: apart from property taxes, the rest of the expenses in this list are utility bills.

Costs for seller

  • Legal fees: just like the buyer, the seller will need legal counsel to ensure everything is done within the provisions of the property law. Legal fees are approximately $1,200 exclusive of GST depending on the complexity of the purchase or sale. Usually, the lawyers charge less for a sellers transaction.
  • Real estate agent commission: while many sellers know that they pay a realtors commission. Both realtors will split a commission that is calculated by the total sale price.
  • Mortgage discharge: selling your home before your mortgage matures is a big financial risk. It will attract penalties and a discharge fee. On average, you can pay up to 3 months of your mortgage installments in penalties. The discharge fee lies between $200 and $300. However, you can get a waiver of these penalties and discharge fee if you transfer your old mortgage to the home you just bought.

Did you know about these costs? If you know anyone thinking of buying or selling please share this information

Please feel welcome to contact me with any questions

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 listings

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Top 10 Home Selling Tips To Sell Fast in Fall Season

Top 10 Home Selling Tips To Sell Fast in Fall Season

Top 10 Home Selling Tips To Get The Most Money

Typically, fall and spring are the prime seasons to sell your house. But not out of your choosing, you may find yourself selling your home during winter. The truth be told, the cold season is not ideal for selling your home. Many people are out for holidays while others are holed up in their homes busy with holiday decorations.

. You need to have a brave strategy to sell your home during fall. That said, these 10 tips could be what you need to sell your home fast and for the right price during the fall season.

  1. Create attraction to the garden with structural elements

It is wintertime and a blooming garden is the rarest thing you could expect. But that does not mean you should leave your garden in a “who-cares” state. A few structural elements would be in order to woo a would-be homebuyer. Clear-cut landscaping, rock-decorated walls, a large planter here and an urn over there would catch an eye for someone looking to buy a home with an outdoor garden.

  1. Optimize on spaces that will be a real catch during fall

Areas for exercise, heated tool sheds, and basement play spaces will form a great attraction during the cold season. Have these spaces clean, cleared of any clutter and packed with relevant stuff. Make sure your guests will pass by these spaces and maybe it will inform their final decision to buy your home.

  1. Take it easy with the scents

Surprisingly, many people are allergic to some scents. Do not spray any perfume in your rooms or even burn candles. Do not even think of plugging in the air freshener. You do not want a disappointed buyer to storm out of your house the same moment they set a foot in your living room.

Kelowna house selling

  1. Do not forget to brighten up the outdoor space

If you have an outdoor fireplace or a roof-covered porch, keep it furnished to make it livable even at the dead of the cold weather. Keep the lights on and the fire burning to strike some interest in a prospective buyer who would love some outdoor break without having to leave the house.

  1. Emphasize on your home’s possibilities to entertain

It is time for festivities and you would do just fine underscoring the entertaining possibilities your home has to offer a potential buyer. Stack a set of plates on the dining table with a wreath of fresh flowers at one corner. If you can bake some cookies, have them displayed on the kitchen stand. Don’t they say the best way to get to a man’s heart is through his stomach? Whet your guest’s appetite and you might find yourself a buyer.

  1. Serve fall foods during the showings

When bidders come calling to your home, you had better have a strategy to hold on to them for long. Muffins, cookies or any other foods that can be easily popped into the mouth should be out of the list.
For beverages, a cup of cocoa or apple cider should keep your guests longer. All you want is for them to see some of the elements of your home they would otherwise miss if they had to leave in a hurry. The longer you can hold onto them, the more they appreciate some aspects of your home.

  1. To light a fire or not? It depends

It is winter and the temptation if a crackling fire is one you or even your guests would not mind. But do not be in such a hurry to light a fire when selling your home during winter. If you have a wooden stove that burns clean or a gas fireplace, light up the fire and give your guests a warm welcome. However, if your home uses the conventional wooden fireplace, you are better off without the fire. Find a creative way to keep your guests warm. A hot cup of coffee would be more than welcome.

  1. Keep your home easily accessible

Snow and ice can really mess up your home paths and the parking area. However, the last thing you would want your home bidders to notice is an ice-filled driveway and snow-packed paths into and around your home. Take your time to clear all the pathways and the parking lot. Let it be easy for your guests to walk around your house inspecting whether it is to their liking. Even before they get to see your house, you will have earned some impression marks with ease of access.

  1. Make your home more inviting with holiday decors

It is holiday time and it would do no harm to add a little holiday décor to go with the mood. A potential buyer would have a clear vision of what it would be living in this house during the holiday season. An appropriately decorated Christmas tree or colorful wreath would be adequate to send the right message.

However, you should be moderate with the decorations. Going overboard with your holiday decorations would turn out to be real turn off.

Bright kelowna home

  1. Light it up

It is a gloomy weather out there. But you can take advantage of that by creating a stark contrast in your rooms. Let light dominate every corner of your house. Have the window drapes pushed back, all the blinds pulled up and all shutters open. Turn all the light in your house including the closet and appliance lights. For the dark rooms with few windows, place spotlights on the floor and behind furniture. To add onto the serenity, turn off the TV set, computer, and speakers.

Who said you could not sell your house in winter? They must not have read this. Now you know better and you can outsmart the cold weather any day you want to sell your home. Arm yourself with this easy-to-follow tips and you will be surprised how fast you can sell your property even in the middle of the cold months.

Andrew Smith - RealtorLiving in Kelowna,
Andrew Smith
Royal LePage Kelowna
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 listings

Kelowna Real Estate Market Update for October 2018

Kelowna Real Estate Market Update for October 2018

 Kelowna Real Estate Homes and Condos Updates

There are only 1,265 residential homes for sale in Kelowna right now in all price ranges. 639 of these are priced over $800,000 so it doesn’t leave much for those looking for affordably priced accommodation. There are 350 apartments for sale which is a reasonable number especially for this time of year. There have been 1350 condo apartment sales so far this year representing over 130 condo sales per month. This number continues to creep up and condos are playing a significant role in our city’s real estate economy as first-time buyers are forced out of the detached housing market.

2450 Residential Sales Year To Date

There have been 2,450 residential sales to date at an average sale price of $717,000. With the cost of detached homes become unaffordable for many, we’re going to see the gap between condo and home sales continue to shrink as buyers see a condo as the only option open to them. This isn’t necessarily a bad thing as people will live closer to the core of the city which will help revitalize the downtown and relieve traffic congestion from Upper Mission, Glenmore and Lake Country.

Kelowna has seen a lot of changes over the last 20 years and the past year has produced even greater changes in our market. There has been a large increase in new construction in condo buildings, new homes and with the changes in RU7 zoning we are seeing many more duplexes and fourplexes referred to as infill housing being build in Kelowna South and North.

If you are thinking of purchasing or selling a condo or house in 2017 please give me a call. I can give you an estimate of value and sips on how to get more money from the sale of your property.

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 Okanagan real estate for sale