Kelowna OCP 2040 Official Community Plan

Kelowna OCP 2040 Official Community Plan

How Does the Kelowna 2040 Official Community Plan Affect You?

I visited the Rutland Boys and Girl Club this past weekend for the city of Kelowna’s plans for the next 20 years. The one thing everyone there agreed on was that we can expect another 50,000 more residents by the year 2040 including 9,000 more residents living in the downtown core. Let that sink in for a moment or two.

Over the past 20 years when Kelowna experienced growth the city opened up areas in Wilden, The Ponds and Black Mountain that we now refer to as the suburbs. They aren’t going to do that moving forward. As a community we’re restricted by the Agricultural Land Reserve, Okanagan Lake, existing parkland and mountains. This means the solutions we’re left with include building up or building closer together. Four-plexes on what used to be single family lots and more apartment towers, lots of them.

I didn’t realize that right now Kelowna residents own more cars per capita than any other city in Canada. I’m not sure if we’re expected to trade them in for bicycles or scooters but we’re on a collision course with something as the good old days of driving downtown, putting a few quarters into a meter and spending a few hours enjoying ourselves seem to be coming to an end. Perhaps in twenty years car ownership will be a thing of the past as the sharing economy shifts or way of doing things and the new normal will be ride sharing or a functioning public transportation system.

The good news is that we live in a city where thousands are expected to move to over the next two decades and we’re working on anticipating the issues now. The opposite could be true where tens of thousands could be planning on leaving and city residents could be debating which libraries or recreation centers we should close. The current situation is preferred.

The next 2 expos for the Kelowna OCP 2040 information

• Wed, Sept. 25, 3:30-6:30 p.m. Capital News Centre, 4105 Gordon Drive
• Sat, Sept. 28, 9:30 a.m. – 6 p.m. Orchard Park Shopping Centre, 2271 Harvey Avenue

Regardless of your opinion on growth, zoning bylaws, parking spaces, congestion or ride sharing I think we can all agree that we live in a blue chip community and many people from other parts of Canada want a part of what we already have.

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 Real estate and OCP 2040

 

Market Sales up over August 2018

Market Sales up over August 2018

Sales were 2% higher in August over 2018 market

Changing things up a bit this month let’s start by taking a peak at the overall Okanagan housing market. Sure, real estate markets are getting more segmented and trends are often different from one street to the next in the same neighbourhood but sometimes looking at a broader horizon helps paint the picture. Residential sales across the region of Revelstoke to Peachland were 2% higher for August compared to this time last year clocking in at 725, although this is less than July’s 810 sales.

While the number of sales across the region dipped compared to July, this is the second consecutive month that sales have had an upswing compared to last year. In other words, nothing spectacular to report other than things are better than they used to be and are looking up.

225 Kelowna residential sales at an average sale price of $748,000

In Kelowna last month we recorded 225 residential sales at an average sale price of $748,000. Compare and contrast to August last year when we only recorded 204 sales at an average price of $757,000. The 10% increase in sales is likely attribuable to the lack of forest fires this year more than anything. Prices appear to have stabilized. The lack of price fluctuations makes it easier to price a home and simplifies the process of having buyers and sellers agree on a price.

Year to date we have sold 1,581 residential houses compared to 1,715 this time last year.

Over the next four months there is a decent chance we can overtake last year’s overall number of 2,263 unit sales. Unit sales numbers weren’t spectacular last year and they won’t be this year either but we can take solace in knowing we’ve turned the corner and things are looking brighter. This makes everyone feel better about things.

The number of listings on the market is a manageable 1,641 homes. Sellers who follow market trends and study sales data know that overpricing a home and hoping for an offer hasn’t worked in a long time. The strategy of pricing a home properly on day one will still result in a sale in a reasonable amount of time.
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 Real estate homes and Condos

July 2019 Housing Sales Average $747,000

July 2019 Housing Sales Average $747,000

July Typically Busy With Home Buyers

July is typically one of the busiest months in terms of high end homes selling which tends to skew the numbers upward but it’s clear there won’t be too much volatility either way in terms of prices through the end of the year.

There were 254 residential sales in Kelowna at an average sale price of $767,000 in July of this year. July of last year saw us record 221 sales at an average price of $876,000. In sum, unit sales up, prices down for the month.

Year to date we have sold 1,356 residentials at an average price of $732,000 compared to 1,511 sales at this point last year at an average price of $780,000.

Prices are up compared to June 2019 when the average sale price was $727,000 based on 244 sales.  Prices are still high compared to historical levels but we’re a long way off from the $780,000 recorded July 2018.

Momentum in Building

At first glance it appears that unit sales are going to be down year to year here in Kelowna with the numbers showing a 10% drop compared to last year. We can still catch up though and momentum is building. We gained 33 unit sales last month and with five months to go we have a reasonable chance to catch up.

There isn’t much to report on condo apartments. 134 sales last month compared to 130 July 2018. The average sale price is up from $342,000 to $363,000. Although the condo market is reshaping the city’s urban landscape with new luxury towers all over downtown, those numbers aren’t included as most aren’t on MLS. In other words, the numbers would likely be considerably higher if we had access to new construction data.

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 July Home Market sales

Average Kelowna Home Sale $736,000

Average Kelowna Home Sale $736,000

Kelowna Homes Sales Update July 2019

The Kelowna residential real estate market continues to chug along and no better time than the middle of summer for a quick housing market update.  The 2nd quarter of this year saw us record 729 residential sales at an average sale price of $736,000. Both of these numbers are down from Q2 2018 when we registered 770 sales at $776,000.  Both numbers are down 5% quarter to quarter.

 

Is this the continuation of a trend or an anomaly?  What will happen to prices next year? If prices are soft, why do I see so much new construction all over town?  This is the NDPs fault, right?

 

Tough questions.  You’re welcome to chime in but my answers would be that it’s a short term (okay, medium term) trend which will reverse itself. Prices should stabilize….will never get below $700,000.  Developers understand demographics better than most and know full well Kelowna’s population will continue to grow over the next ten years.  As for our provincial government it’s too easy to blame them but at the same time they don’t seem to be helping things.  Tougher tenancy rules for landlords make buying an investment property less palatable and despite most people not being subject to the empty home tax, everyone is angry about it.  I’ll reserve judgement on the current government until the pendulum swings back the other way when we find out if this tax is eliminated or just tweaked a little.

Condo Prices Are Up Over Last Year

Let’s end on a positive note.  Stop what you’re doing and go out and make an offer on a condo.  Any condo.  Condo prices are up.  Average sale price for apartment condos 2nd quarter 2019 was $372,000 compared to $354,000 last year. This is way up from the average of $255,000 in 2014.  The smartest people in the world are those who bought a condo when their kid entered first year at UBCO or the O.C. and sold this year.

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 Home Market sales

Kelowna Housing Market Update Week Ending February 16 2019

Kelowna Housing Market Update Week Ending February 16 2019

February 2019 Housing Update

There were 39 residential housing sales last week in Kelowna with an average sale price of $690,000. Sold prices ranged from a high of 1.8 million to a low of 362,000 with average market time being 66 days. The most active neighborhood last week was Kelowna South with 5 sales. There were 83 homes listed for sale last week bringing the total up to 1,098 active listings.

There are 513 apartments for sale right now in Kelowna including the 43 that were listed for sale last week. There were 22 apartment sales last week at an average sale price of $332,000. The addition of micro-suites selling under $200,000 could have an effect on our average sale price numbers as more and more are listed and sold through MLS. The most active neighborhood last week was Lower Mission with 6 apartment sales. The only thing newsworthy last week is the return of reasonably normal numbers. We’re not seeing anything outrageous on the high or low ends of the market and a lot of buyers are finally seeing eye to eye on prices again after what seemed like a long period with a chasm between the two.

2019 Compared to 2018 Sales

Sellers believed the market would continue to increase while a lot of buyers saw little urgency in making a quick offer near asking price hoping for a correction. When both sides become more realistic home sale numbers increase. Regardless, it’s good to see some momentum in the market. We are still playing catch up when you compare our market to last year. There were 250 sales at this point compared to 170 now but there was a noticeable rush this time last year with buyers making purchases hoping to meet the deadline of tougher mortgage requirements. Thank you for reading and thank you for your continued support.

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 Home sales

Top 2019 Paint Color Trends for Homes

Top 2019 Paint Color Trends for Homes

Nature Inspired Paint Colors Dominate Interior Décor in 2019

Homeowners throughout Canada are delighted to learn that nature-inspired hues dominate interior décor plans for 2019.

Canadians are blessed with—and inspired by—nature. Spanning from the Atlantic to Pacific coasts, our country is rich with clear lakes and rivers, rugged snow-tipped mountains, and rolling, fertile farmlands. Whether we realize it or not, we reflect this national pride in the color choices we make for our homes.

We’ve changed over from 2018 into 2019 in color, just like we flipped the pages of last year’s calendar. This year there’s no purple in sight, and you’ll find plenty of natural beauty in paint options this year.

Pantone “Living Coral”

This year, the Pantone Color Institute has dubbed “Living Coral, Pantone 16-1546” the Colour of the Year. This bright, cheery orange is softened with a warm, rich undertone that prevents it from being overwhelming in even a small space.

It is inspired, as the name implies, by sea coral.

While it certainly adds a certain energetic vibe to any room, some people may find it overpowering. It seems that people either love it or hate it, and there’s very little response in between!

So, you want to be on trend but your uncertain of living with an entire room of “Living Coral?” While it looks great in design magazines and on Pinterest, you might be apprehensive about making the commitment to this colour.

Here are 5 tips to help you use Living Coral in your home.

Slipcover a chair in Living Coral

Think you’ll grow weary of that orange shade quickly? Slipcover a chair or sofa with Living Coral. Like last year’s “Ultraviolet,” this color will be out of style by next Christmas. Slipcovering will allow you to follow the trend with minimal investment.

Paint an accent table

Another low-commitment means of hopping on the Living Coral train is to paint a small accent table in this coral shade. Pick up an inexpensive table and a second-hand store and refinish it. It will add a fun splash of colour that doubles as a focal point of the space.

Neutral walls? Purchase coral accessories

If you have neutral walls, you have the opportunity to accessorize with coral. Add coral apothecary jars, vases, or textiles to any room to add Living Coral instantly. Then, when the trend ends, replace them with your new favorite.

Coral print wallpaper

Break up the monotone look of a solid wall of coral by finding a fun, vibrant wallpaper that includes coral as one of the inspirations in the print.

A fun wallpaper print allows you to tie into the other shades as the primary focus but gives you that splash of coral that keeps you in style.

Create a feature wall

You see focal walls in Living Coral in all the magazines right now. Paint one wall in this colour to create a feature wall that lends an air of excitement to your room. Keep the remaining walls complementary in nature for a cohesive look. It pops against white, gray, khaki, or blue.

Other Nature-Inspired Choices

While coral is the “Colour of the Year,” don’t feel restricted. If you’re still not on board with coral, here are some other options for you.

Sherwin Williams “Cavern Clay”

Do you love the idea of orange, but find coral just a bit too bright? Check out Sherwin-Williams 2019 Colour of the Year, “Cavern Clay.”

It’s a color inspired by the caverns and buttes of sun-baked clay. It’s orange with a rust tone that makes it richer than coral but not yet brown or red. It serves almost as a neutral but is warm in essence.

This is a bold shade or orange that inspires creativity yet adds an almost regal presence to the space.

Pair “Cavern Clay” with black, white, gray, or navy when you want it to “pop,” or create a monochromatic scheme throughout the entire room.

Behr’s “Blueprint”

Behr chose “Blueprint” as their 2019 Choice of the year. This mid-tone blue with a touch of gray reminds you of a deep blue lake in the summertime.

It’s a perfect medium shade that’s a timeless classic. It pairs with earth tones, jewel tones, or pastels and actually serves as a neutral. Consider it the neutral that’s not boring.

Kelowna homeowners can confidently choose “Blueprint” to represent lakeside living at its very finest.

 

Benjamin Moore “Metropolitan”

Benjamin Moore’s pick for the 2019 Pick of the Year is “Metropolitan.” This neutral is the soft shade of a pebble that’s been washed by a river for decades.

This is a gray that’s easy to use anywhere. It’s kept from being drab by the brightening effect of a white undertone. You can choose this sophisticated colour to balance out bold accessories (think Living Coral or Cavern Clay). It’s also a gorgeous counterpoint that will hold its own when paired with Behr’s “Blueprint.”

The Takeaway

When trends are inspired by nature, you really can’t go wrong. The nature-inspired selections of 2019 are each strong enough to stand independently. Or, each one really can serve as a counterpoint to highlight the other. Isn’t it funny how nature always has a way of working things out?

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 Homes and Condos