Wednesday, 19 February 2020

January 2020 Market Report.

What a way to be welcomed into February. A warm and rainy start thanks to a pineapple express that is making its way through the Okanagan. I have to say it’s better than the bone chilling start to February that we had last year. January has been quite the month, even though we seemed to have snow piling up everyday the real estate market continued to be busy and show signs of improvement.
Two notable things that have happened over the past few months are; inventories are down, and average and median single-family home prices are up. Good news for those wanting to sell.
Central Okanagan Inventories on all listing types have seen a cumulative decrease in January 2020 from 787 new listings in January 2019, to 655 new listings in January 2020, a decrease of 16.77 % year over year.
The average single-family home price in Kelowna for January 2019 was $688,886 and increased 5.15% to $724,367 in January 2020. The median price saw a similar increase from $642,500 in January 2019 to $674,450 in January 2020, an increase of 4.97%.
A couple of interesting stats to note are days on market and list to sell ratio. Central Okanagan Days on market for single family homes have risen for January from 77 days last year, to 84 days this year, an increase of 10.05% year over year. While in contrast, days on market for condos and townhomes have decreased dramatically in January 2020 compared to January 2019. The decrease for townhomes sales was 86 days to 68 days, a decrease of 21.14%, while condos saw a decrease from 78 days to 67 days, a decrease of 14.14%. The list to sell ratio of all unit types when comparing Jan 2020 to Jan 2019 remained constant with very little deviation from 96% mark.
I feel that these two stats show that we are continuing into a nice balanced market with homes that are well priced and in great condition attracting attention from ready and willing buyers. All in all, and with the above in mind, I believe the central Okanagan continues to be a place that everyone from the rest of Canada wants to call home. I hope you enjoy the longer and warmer days as we make our way into spring!

Thursday, 19 September 2019

Oasis in Spring Valley!!

Oasis in Spring Valley! Kidney shaped pool with a outdoor kitchen, fountain a dream of a backyard. This home has updated hardwood floors, craftsman crown mouldings, sunken living room and 3 bedroom and 3 bathrooms. Fenced RV parking with S/dump. Great neighborhood! Call Steve Higgins RE/MAX Kelowna 250.864.7893

Beautiful Home For Sale in Upper Mission!

2011 TOMMIE AWARD WINNING HOME Incredible Lake & City Views. High end 5200 sq.ft. with 19ft. vaulted ceilings in Great Room, Designer Kitchen, Salt water pool, Astroturf Putting Green, heated floors, steam shower, incredible Media Room and more! Master includes steam shower in ensuite, private deck and incredible sunsets. House has Control 4 home automation system, programable lighting. Pool has key operated safety cover, illuminated deck jets and lighting. Triple oversized garage & RV Parking with  plug in & services. Call Steve Higgins RE/MAX Kelowna 250.864.7893

Wednesday, 24 July 2019

Great Location $369,900.00 Reduced to $359,900.00

This 970 sq ft condo is in Mint Condition, 2 Bed 2 Bath on the 3rd floor. Close to University and 2 Championship Golf Courses. Brand new Carpet & Stainless Steel Appliances. Pet & Rental Friendly. Enjoy the perfectly positioned sunny outdoor pool and hot tub and the indoor gym and recreation room! Walk to UBCO, golf courses or drive a short distance to the new shopping hub and Kelowna International Airport. Steve Higgins RE/MAX Kelowna 250.864.7893

Friday, 5 July 2019

How's the Market You Ask?

Happy Canada Day Okanagan! Summer officially kicked off with tens of thousands of people attending Canada Day Celebrations in downtown Kelowna, West Kelowna and all over the Valley. From a huge multicultural display of food at Prospera Place, to live music and a fireworks display, Canada Day Celebrations were a success.
Speaking of successes, June 28th kicked off the West Kelowna 2019 RE/MAX sponsored “Music in the Park” held weekly at the Annette Beaudreau Amphitheatre in Memorial Park located at 3737 Old Okanagan Hwy. If interested in grabbing a snack and watching Okanagan artists set against Okanagan Lake this summer be sure to ask your RE/MAX Kelowna agent for the summer schedule. Looking for Kelowna specific summer entertainment? Ask your RE/MAX agent about the RE/MAX sponsored “Parks Alive” featuring Concerts and art-based activities throughout many of Kelowna’s outdoor venues! As noted, RE/MAX Kelowna is a proud 2019 presenting partner supporting the Okanagan’s fine arts community. Tired of listing to music? Why not make your own! Founded in 2015 RE/MAX Kelowna is proud to present the 2019 season of Pianos in the Park. Whether playing “Chop Sticks” or “Flight of the Bumble Bee”, 8 free, playable pianos situated around Kelowna are waiting for you to tickle their ivories to an audience of your own making!
On a more serious note, we live in interesting times. It seems I have said that before, but it still rings true. Economic forecasts for 2019, overall, predict the Canadian economy to be slightly down from 2018 (1-1.5% growth vs 1.8%) given some uncertainties in the global economy including the USA’s ongoing trade wars with China and Mexico.
In addition, the Federal Government continues to be focused on curbing household debt to income ratios while also trying to deal with an inflation rate above it’s 2% target. With unemployment rates at record lows, it doesn’t look like there will be any interest rate relief in the near future. This may change in early 2020, however. Some risks to the economy may exist but nothing is currently having a particularly negative impact. Things look fairly good so positive thinking, everyone!
In terms of our local real estate market, more of the same seems to be the order of the day. One noticeable change is the apparent decline in the number of listings relative to sales. Arguably, the good news about this is it may lead to a more balanced market and prices may well stabilize. Here is what the numbers for June tell us: Sales are still down but there seems to be some improvements happening. In all categories, sales declined by 8.5% in June compared to last year. This is actually an improvement given the YTD sales are down 15%.
June felt busier and it is showing in the numbers. This is a significant improvement and something to embrace. Specifically, average residential house prices are down by 3.4% from June of 2018 to $692,246 and the median prices are down 3.9% to $644,000.
The Days on Market, or how long it takes to sell, has risen dramatically to just over 100 days on average from under 50 days last June. Not surprisingly, the price ranges either holding their own or even rising are between $300,000 (mostly condos) and $600,000. Other price ranges generally showing declines in numbers

Tuesday, 11 June 2019

New Listing 830 Princess Court

Stunning Property! Beautiful 3 Bedroom, 2 Bath Rancher on Quiet Cul-de-sac! Hardwood & Tile Floors throughout! Large Spacious Rooms, Stainless Steel Appliances, Wood Fireplace, Newer Furnace, Heat Pump and Roof! Attached Garage PLUS HUGE Detached HEATED WORKSHOP with Storage! 200 Amp Electrical Service, BIG Private Lot (.36 Acre) with BRIGHT SUNNY Southern Exposure. Parking for the LARGEST RV's and Toys! Call or text Steve Higgins RE/MAX Kelowna 250.864.7893

Thursday, 21 March 2019

New Listing 1504 Woodridge Road.

Incredible Value. 

Wonderful Custom Built Family home backing on to a park in the great neighbourhood of Crawford Estates. School buses right at the door. .41 Acres offers complete privacy with room for your future pool. Loft Office could be made into a 5th bedroom or den. Lower level offers a pool table, card table and recreation room for the kids. Extra Large Double Garage with Storage. RV & Boat parking on the side of the house or at the rear of the house accessible from the park also room to put in a pool if you would like.
Many quality updates including granite and cork flooring make this home priced below assessed value! 

Monday, 11 February 2019

Market Report January 2019

• The average single-family home price in January 2019 decreased to $688,886 from $699,352 compared to January 2018.
• Residential days on market has increased by 3% to 77 days in January 2019 compared to 75 days in January 2018. It’s taking longer to sell now! We now have 9 months of residential inventory.
• The number of total sales has decreased by 40% to 216 units for the month of January 2019 compared to 363 units in January 2018.
• Number of units listed has increased 24% to 787 units listed in January 2019 compared to 636 in January 2018.
Supply vs demand is changing, and it is affecting our market now. It continues to show signs of a stronger and growing buyer’s market.
 I was thinking about how I was going to boast about our mild winter compared to the rest of the country. Then that idea ended rather abruptly when we too ended up in the deep freeze. At least there is one positive note from this blast of cold weather. The ice wine harvest is on! A week ago, there was discussion of a major loss of ice wine grapes. I’m sure the wineries are happy with this cold snap! 

Speculation Tax is Here.

It’s the end of January and we have all started to receive our speculation Tax envelope from the government. If you have owned a property in B.C. as of December 31st, 2018 a letter will be sent to the address on file with the B.C. Assessment Authority.
The letter is important as it will have your declaration code and letter ID included. Once you have received your speculation tax letter you are able to proceed to declare your position with the government. You have the availability to do this by either phone (toll free at 1-833-554-2323) or on line at spectax.
You will need to have on hand when you start the process your Declaration Code, Letter ID Code, Social Insurance Number and the property address. This is a very important task to be completed. If you don’t file your declaration prior to the March 31st deadline, you will have to pay the tax and then file for a refund and we all know how quickly the government likes to refund you your money.
The toll free number is there if you don’t have access to a computer or are uncomfortable with the forms. Also, use the number if you are unsure of exactly what to do. Just be prepared that it may take a bit of time!

Monday, 4 February 2019

Six Good Reasons to Play More Golf!

We often start our New Year with resolutions often include getting more exercise, spending more time with friends or taking breaks to relax and re-charge. What if you were told that golf was a good way to do all three? And there are endless choices for all skill levels.
1. Golf may not be the most physically demanding sport, but golfers walk on average six miles in an 18-hole round, some golfers even more depending how straight your shot is. Add in the various terrains available, think up hill, down hill, through the sand and rough, now that is good exercise!
2. Golf is a game in which good manners and respect are paramount however Sergio Garcia seems to have forgot that last weekend. Your foursome can be made up of friends, colleagues, family members or you can be paired up with other golfers and make new friends.
3. No round of golf is the same as the last, that is for sure my scores will prove that. Course conditions vary, weather changes, your company can change daily, and your swing is certainly never the same. Every single round of golf is already different and with different golf courses to choose from, the variety is endless.
4. You can eat and drink while you play. Pick up a coffee from the snack shack or enjoy a sandwich and a beer while playing your round. In what other sport can you do this and not be a spectator?
5. Golf can be played alone. If you just need some time and some space a twilight round might be just the thing. You never know, your next great marketing idea or new client could happen on the golf course!
6. Golf is a game for all ages. It's a fun, recreational activity. So let go of your worries for a while and take a walk.
 Who needs a reason? I sure don't but if you feel you do, these are 6 good ones!

Thursday, 13 September 2018

August Market Report

Its hard to believe that the kids have been back to school for a week already! I’m not sure who has had the biggest smiles this week on Facebook, the kids or the parents. I believe it’s the parents. As a reminder, please make sure you pay attention to those school zone speed limits, you don't want a ticket.
At RE/MAX Kelowna we had a great summer. Along with all the summer activities, we had the pleasure of being the Title Sponsors of the Parks Alive in Kelowna and Music in the Park in West Kelowna. We got to help these two great organizations put on over 50 free concerts throughout Kelowna and West Kelowna this summer. We look forward to many more summers enjoying these great concerts. If you didn’t have a chance to see them or didn’t know about these free concerts, “like” our RE/MAX Facebook page so you don’t miss out next year.
One of the amazing things about the agents that work in our office is their generosity. I have mentioned in the past about the RE/MAX Realtors Legacy Foundation of the Central Okanagan. This foundation was started by the agents of RE/MAX Kelowna and West Kelowna. This year we were able to provide a $5,000 donation to the YMCA kids programs and a $20,000 donation to JoeAnna’s House. It was such an honour for RE/MAX to be part of helping build JoeAnna’s House.
As the Real Estate market changes, we are starting to see interesting swings in the stats, published by the Okanagan Mainline Real Estate Board. As the number of home sales continue to decrease and a more normal and stable market begins to emerge it becomes more and more important to deal with a full time professional agent who have the experience to truly understand these changing market conditions. Call me if you would like to talk about the market.

Stat Comparison      AUGUST 2017 vs. AUGUST 2018
Number of Sales by Month;       2017                        2018 
                                                    591                          449
Number of Sales Year to Date;  
                                                  2017                         2018   
                                                  4,673                        3,699                                            
Residential House Prices by Month;
                                                 2017                          2018                                                
Average                               $682,814                    $687,413
Median                                $648,000                    $640,500
Residential House Prices Year to Date; 
                                                 2017                           2018
Average                             $676,879                      $721,326
Median                               $624,950                      $668,950

Number of Units Listed;           
                                                 2017                            2018  
                                                   955                               993                                                                     
Days to Sell by Month - Residential ;
                                                 2017                         2018
                                                     46                             60
Days to Sell Year to Date - Residential; 
                                                 2017                          2018
                                                     47                              52
Single Family Sales by PriceYear to Date AUG 2018
Price Range                  2017                   2018
$0 - $239,999                     7                         7
$240,000 - $319,999         28                      22
$320,000 - $399,999         95                      71
$400,000 - $479,999        252                    168
$480,000 - $559,999        494                    374
$560,000 - $999,999      1,975                 2,275
$1,000,000 and Over        451                     638

Active Inventory Central Okanagan - AUG 2018
Residential       1,265
Condo                 554
Mobiles                 39
Lots                     416
Townhomes         359

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