August 2020 Market Report for Kelowna BC

August 2020 Market Report for Kelowna BC

We were all wrong………

Anyone who made an attempt at forecasting BC’s housing market during the early days of the pandemic missed the mark by a long shot. Optimists predicted a return to normal sometime in late 2021 while others thought we were all going to hunker down in our current homes through 2022. Here we are though still in Q3 and we’ve already outpaced 2019s numbers and things don’t appear to be slowing down.

Shortage of homes for sale

As of today, there are 1,137 residential freehold listings for sale in Kelowna in all price ranges. Additionally, there are 641 condo apartments for sale up for sale right now. On the surface these numbers seem reasonable but the fact is there’s a shortage of homes for sale as we enter the fall market.

The month of August was insane with 349 residential sales selling at an average price of $891,000. This represents the 2nd most active August ever in our market and the 8th most active of any month ever.

Average Apartment Sold for $374,000 in August

Apartment numbers were strong also with 141 sales averaging $374,000. My general rule of thumb is that our market needs to record a minimum of 200 residential sales per month to maintain balance and 100 condo sales. Normally August is one of the slower months in our marketplace with buyers taking time off to enjoy the summer and get their kids ready for school. Everything is upside down these days making it nearly impossible to predict the fourth quarter.

Apartment sales are down about 10% year to date with 700 solds recorded this year compared to 774 at this point last year. Residential numbers are up compared to 2019 with 1,667 homes sold this year compared to 1,493 recorded last year.

                                                                                                                                                            Are Pets Allowed?

are pets allowed

Lack Of Kelowna Homes For Sale

Buyers are certainly more confident being able to lock into attractive long term rates which have created a surge in demand. As usual, Kelowna doesn’t have enough supply of affordably priced homes but with a building boom in the condo sector happening now first time buyers will have a place to go.

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/

 

Kelowna Real Estate Market Update for June 2020

Kelowna Real Estate Market Update for June 2020

Sane People Avoiding Kelowna Real Estate Predictions…Here Are Mine

There were 287 residential sales this past June at an average sale price of $756,000. These numbers are up considerably compared to June 2019 when we recorded 244 sales at an average sale price of $726,000.

 

Year to date we sold 1,021 residential homes at an average sale price of $750,000. Comparing these numbers to last year we’re doing better than most expected considering all we’ve been up against. At this point last year we had sold 1,102 houses which translates into a 7% drop in the number of homes sold. Not too bad and some would even say it’s ok to feel a little optimistic, albeit cautiously.  Prices are up this year with an increase from $724,000 last year which represents a modest 3.4% increase.

Average Condo Sale Price $339,000

We registered 97 condo apartment sales in June 2020 at an average sale price of $339,000. Both of these numbers are down from June 2019 when we sold 102 apartments at $351,000.  Year to date we’ve sold 431 condominiums at an average sale price of $344,000 which is down from 2019 when we sold 560 condo units at an average of $360,000.

 

Right now we have two math problems. First of all we have a shortage of residential homes for sale and a shortage of condo buyers.  Most sane people are staying out of the prediction game these days but I’ll take a stab at it. The drop in condo sales is likely from the disappearance of the out of area buyer coupled with strata corporations sorting out insurance premium uncertainty which have or soon will result in increases. This will sort itself out over time as owners adjust to higher premiums and buyers factor higher monthly costs into their budgets.

Lack Of Kelowna Homes For Sale

The second math problem is a lack of the number of homes for sale. This will sort itself as more people become comfortable with having the public walk through their homes. This is a major inconvenience even at the best of times but even with all of us doing out best to prevent virus spread it’s not unreasonable to delay a move unless it’s absolutely necessary.

 

Our industry has done a stellar job of adapting to new restrictions. Gloves, masks, hand sanitizer, separate cars, digital open houses and online market evaluations. We’ve become better at narrowing down the number of homes we show people by eliminating many of them online without having to make a viewing appointment. We’re asking buyers to take virtual tours prior to walking through the front door and it’s resulting in a more efficient way of selecting a home to buy. Instead of starting with a list of 20 homes to view then narrowing it down to an acceptable number of 4 or 5 after a weekend of showings, we’re starting at 4 or 5 and narrowing it down to 1 or 2.  Sure, photos are digital tours aren’t perfect yet but no one looking for a master bedroom on the main floor will be disappointed at the home as this listing will have been eliminated at the outset.     This is ideal for everyone as it eliminates a lot of wasted time.

 

On a personal note Jo-Ann and I had about one week of being empty nesters after our son Emmet moved out in March. Kierra was living in the U.S. and moved back home a couple of weeks later and spent three months with us. It’s quieted down again but we did more hiking and biking than any reasonable person should and managed to get through phases 1 and 2 of the Covid restrictions safely.
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/

 

Kelowna COVIDE Market Update May 2020

Kelowna COVIDE Market Update May 2020

 

Kelowna Getting Back To Business

Our real estate board generated 145 residential sales in May as well as 53 condo apartment sales. These numbers are down sharply compared to May of 2019 when we sold 264 residential homes and 123 condos.

Taking a look at prices the situation isn’t as bleak. The average sale price of a residential home remained unchanged at $751,000 while condo apartments dropped from $360,000 to $321,000. The sample sizes for both groups aren’t large enough to make any conclusions about pricing but we can conclude a few things from all of this. Here goes.

Firstly, our real estate market still has a pulse and our industry has been able to put and keep deals together during this pandemic. There will always be a segment of the public who need to sell and at the same time, there are buyers who just can’t wait a few months for whatever reasons. We’ve been able to accommodate these people and realistic buyers and sellers have been able to come to terms on contracts when necessary.

Good News

Some more good news. May was better than April and June is going to be better than May. Sure, the sales numbers are a bloodbath but they’re getting better as we get used to doing business with facemasks, hand sanitizers and not touching anything in other people’s houses. The second quarter’s numbers will be sobering once they’re in next month the general feeling in our industry is that this could have been a lot worse.

Still Open For Business

There will continue to be uncertainty with a lingering fear of getting sick, high unemployment numbers, fewer out of town buyers, difficulty gaining access to tenants’ homes, predictions of price drops and possible higher minimum down payment requirements but we’ll slowly navigate through this. People thought the real estate industry has proven to be pragmatic and so far we’ve been able to adapt and serve the public. In other words, we’re still open for business.

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/

Know These Bylaws When Buying A Condo In North Vancouver

Know These Bylaws When Buying A Condo In North Vancouver

Five 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.

Strata,s 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.

 

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

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

COVID-19 UPDATES AND RESOURCES

COVID-19 UPDATES AND RESOURCES

Interesting Times Edition

Since businesses are closing and several people are getting laid off, lots of inquiries are coming in on how to deal with your lender for mortgage relief during this time. I thought I would send out some links and info for all the lenders, so you can see your lenders process. They are wanting clients to deal direct since they take each scenario on a case by case.  Please be mindful they are getting slammed with inquiries and are doing the best they can to get back in a timely manner. Please be patient.

It’s important to note that these aren’t federal programs offering relief. In most cases, your lender will likely extend the amortization period and adjust the interest accordingly. If you are in a position where you don’t need any mortgage relief and cash flow isn’t an issue then you’re better off maintaining your current payment schedule.

 

We are also updating with local businesses that are offering essential services and protecting their staff and clients with sanitization while servicing

RESOURCES

Unemployment insurance for business owners https://www.canada.ca/en/services/benefits/ei/ei-sickness/apply.html it is under the medical sickness benefit. You don’t need a doctor’s note. It is for all people impacted by the virus

Relief for Mortgagors

CMLS Financial: https://www.cmls.ca/covid-19-response

Coast Capital: https://www.coastcapitalsavings.com/contact/precautionary-measures#memberrelief

First National: https://www.firstnational.ca/residential/covid-19

Interior Savings Credit Union: https://www.interiorsavings.com/covid-19

Verico Lifecycle: If you have clients expressing concern, please have them reach out to our team at 1-855-805-7107 and we will work with them to provide a solution.

Manulife: https://www.manulifebank.ca/support/financial-relief-mortgage-form.html

MCAP: https://www.mcap.com/covid-19

Merix: https://www.merixfinancial.com/contact/

Prospera: https://www.prospera.ca/lang/en/AboutUs/ProsperaNews/MemberNotices/COVID-19/

National Bank: https://www.nbc.ca/personal/notice.html

Scotia Bank: https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/coronavirus-covid-19.html

TD Bank: TD hotline for deferring mortgage payments 1 888 720 0075

Valley First Credit Union: https://www.valleyfirst.com/covid-19

RFA / Street Captial: https://www.rfa.ca/

RMG: https://www.rmgmortgages.ca/covid-19

B2B: https://b2bbank.com/covid19

https://b2bbank.com/results?q=customer+service+mortgages

Equitable Bank: https://www.equitablebank.ca/covid-19

Eclipse: https://eclipse.entrez.ca/Home/ContactUs

Optimum: https://www.optimummortgage.ca/en/about-us/contact-us

RBC: https://www.rbc.com/covid-19/index.html

BMO: https://www.bmo.com/main/personal/bmo-branches-coronavirus-update/

CIBC: https://www.cibc.com/en/personal-banking/advice-centre/covid-19/financial-assistance.html

HSBC: https://www.hsbc.ca/customer-service/covid-19-update/

Kelowna and West Kelowna Businesses Open and Offering Essential Services

Car Craft Automotive -Pickup of your vehicle, sanitize and return to your home or office after service. Vehicles are sanitized before and after. Payment by etransfer or phone.

 

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/

 

Things To Do For Spring Break In Kelowna BC

Things To Do For Spring Break In Kelowna BC

 

Situated on Okanagan Lake in the Okanagan Valley, Kelowna BC is one of the most beautiful places in North America. Moreover, it’s a family-friendly place to take the kids during spring break.

Let’s take a look at all of the things you can do with the kids over spring break in Kelowna.

Hiking

The surrounding landscape of beautiful Kelowna is a natural place to go hiking. The Knox Moutain Apex Trail will give you a stunning view of the city down below. The Lebanon Creek trail in the John Family Nature Conservatory is a family-friendly gravel trail ascending Cedar Mountain. Once you reach the top, you can gaze down at the fabulous views of Okanagan Lake and Kelowna. These are just two of the many trails around Kelowna.

Great Way Martial Arts Spring Break Day Camps

Developing mind, body, and spirit is what the martial arts can teach your children. Great Way Martial Arts Spring and Summer Day Camps have Kung Fu classes specifically for children. It’s a positive and safe environment to learn not only the ancient art of Kung Fu but also to develop self-respect and self-esteem.

Skiing

Kelowna is surrounded by world-class ski resorts. From the Big White Ski Resort, just one hour from town, to Sun Peaks, a 2 ½ hour drive from Kelowna, the mountains beckon.

Kelowna Art Gallery

While Kelowna is an outdoor lovers paradise, the city has plenty of cultures, too. The Kelowna Art Gallery is a kid-friendly place in the heart of Kelowna’s Cultural District downtown. They offer kids art camps during spring break, and their Family Sundays offer kids the opportunity to express themselves with hands-on art activities.

H20

The H2O Pool and Waterpark offers not only world-class swimming pools and a fitness center but also classes and activities for the kids year-round. H20 will not only provide physical activities for your children, but their activities also exercise their minds.

Wall Climbing

There are abundant opportunities for both indoor and outdoor rock climbing in and around Kelowna. There are several wall climbing gyms around town, where the kids can learn to rock climb in a safe environment.

 

 

 

AXE Throwing

Bring out your family’s inner Viking, with an ax-throwing adventure! Axe Monkeys is a great place to let the kids try their hand at the ancient art of axe throwing. The real thing is far more fun than throwing axes on a video game.

Biking

The bike trails around Kelowna are incomparably beautiful as well as challenging. There are mountain biking trails all around the city, in Okanagan Mountain Park, Knox Mountain Park, the Gillard Trails and more.

Scandia Golf & Games

Scandia is one of the biggest and most beautiful miniature golf courses in all of Canada. Not only that, but Scandia also has go-carts, batting cages and an arcade. It’s the perfect place to host your child’s birthday party.

 

 

Ice Skating

The Stuart Park Outdoor Skating Rink isn’t the only place to ice skate. The family can also skate indoors at the Choose to attend a public skate session at the Capital News Centre, the Memorial Arena, and the Rutland Arena. In Kelowna, ice skating is a year-round activity.

 

Myra Canyon Trestles

Hike or bike one of the most spectacular views in all of Canada. Myra Canyon is just 40 minutes from downtown Kelowna. The trails are along the route of the old Kettle Valley Railway, high up on the steep, incredibly scenic canyon walls.

 

 

 

 

 

Okanagan Rail Trail

This old railway trail hugs the shores of beautiful Wood or Kalamalka Lake in the northern portion of the trail, as well as the urban areas in Kelowna. It traverses a varied landscape rich in history and natural beauty.

 

Fun Bugs

Fun Bugs is an indoor playground for children age 6 and under. It’s the perfect place for a play date when the weather turns chilly. There’s a lot here to entertain the little ones, and they offer coffee for the grown-ups!

 

Kasugai Gardens

The gardens were planted to symbolize the friendship between the sister cities of Kelowna, and Kasugai in Japan. The Kasugai Gardens is a tranquil place with all of the traditional elements of a Japanese garden. The kids will especially love the koi pond.

 

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/