March was Marching Right Along.

 Well, what a week and month it has been. It feels like we are starting April off just like last year with restaurant dine-in stopping for a while,but I do not want to go down that path with this email so let’s look at the positives of the past year. One of the main things that I have noticed is the amount of time families are spending together.We see it in our neighborhood every day. Families out for a bike ride, a walk or skating on Green Bay when it froze over this winter. It’s nice to see kids having some quality time with their parents. With the changes to the restaurant business this week hopefully everyone can help those businesses survive by doing a few more takeout dinners over the next 3 to 4 weeks. We all want those businesses to be open again. 

What has the real estate market been up to over the last 31 days? The market is continuing to be fueled by people moving to our community and first-time buyers entering the market. Every sector of our real estate market is up again this month except for days-on-market which are down by 47% to 33 days on average. The average price of a single-family home has increased to $967,452 this is a 34.74% increase from just a year ago. One of the most amazing stats to me is the number of homes priced over a million dollars selling this year compared to last March. We had 232 homes over a million dollars sell this month compared to 42 just a year ago.This is part of the reason that the average house price has increased as much as it has. 

Looking to buy or sell please give me a call.

Hope you all had a great Easter Weekend.

How's the Market you Ask?

The ski hills are busy and winter may not be officially over but the temperatures are rising and the sun is shining! Walking trails are also busy and bicycle riders are getting the cobwebs off their bikes as we speak.

I don’t want to jinx this trend but the weather reports are telling us warmer weather is on the way. With being cooped up all winter and no ability to travel for many, we see a continued surge in real estate activity.

If you thought recent numbers were high, take a look at these:

Total sales for February rose by 137% from last year rising from 315 sales to 749. The time it takes to sell a home has dropped to almost half the time from last year as prices continue
to rise.

By-the-way, listings also rose a good amount (905 properties or 16%) in February and for the first time in a while we had more new listings than sales.
The average and median prices are up by 23% and 24% year over year but don’t be fooled by this. The Home Price Index (HPI) is a much better gauge of where prices are going. The
HPI tells us what a home would sell for this year compared to the same home selling a year ago.

This is better than an average or a median price because those comparisons do not account for changes in volume in different price ranges.
For example, in Glenmore, January ’20 to January ’21 the HPI index had a rise of 16% whereas the average rose by 23%. If you care how the price of your own home has
changed in one year, the HPI makes much more sense to use. 

Out-of-town buyers continue to flock to our valley. Recent economic news indicates the Kelowna area will continue to show strong population growth in the decades ahead as
people make lifestyle decisions about where they want to live. Kelowna seems to be high on the list of places to move to in Canada for those now working from home.

Happy March everyone. It will be nice to spread out a bit outdoors so enjoy and be safe!

This home has the Location, Location, Location!

Great Family Neighborhood in Lower Mission. Nice 2 Story home well maintained home. 4 Bedrooms up with main floor family room. Walking distance to the lake, schools, shopping, Mission Creek Greenway and steps to Belmont Linear Park. One of the most desired areas of Kelowna. Ready for your updates! Please call or text Steve Higgins 250.864.7893 for more information.  Please leave Lights on and follow all required COVID Protocols.

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!

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

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

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! 

Market Report January 2019

HERE ARE SOME OF THE JANUARY 2019 NUMBERS:

• 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 www.gov.bc.ca/ 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!

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!

Come Out for a Free Skate!

Hope you can make it.

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

Looking for something to do this Summer, what about a Road Trip!

If you’re looking for a scenic drive in BC, you don’t have to go far here are some road trips for you. The top 5 scenic drives in BC that each feature a spectacular 150-kilometre (93-mile) stretch.

Smithers to Terrace and Prince Rupert along Highway 16

In Northern BC, Smithers and Terrace draw outdoor enthusiasts for salmon fishing, boating, and camping in the summer and skiing and snowmobiling in the winter. From small-town Smithers, drive north to the Hazelton's area, where you can learn about First Nations culture at Ksan Historical Village and Museum. Then follow Highway 16 west along the mighty Skeena River and take in the glorious Seven Sisters Peaks in the Seven Sisters Park and Protected Area. Here, you may spot everything from mountain goats to grizzly and black bears. The park is roughly 115 km (71 miles) from Smithers, but the roadside views continue another 85 km (53 miles) to Terrace. From Terrace to Prince Rupert, the drive is equally spectacular, with glimpses of tall waterfalls trickling down the mountains. This 145-km (90-mi) stretch curves along the Skeena River before opening up at the river’s mouth with expansive views near Port Essington. Then, all of a sudden, you’re at the Pacific Ocean in Prince Rupert. From the port city of Prince Rupert, you can charter a boat to go fishing for salmon and halibut if you’re lucky, on the way you can spot orcas and humpback whales from the boat, as well as seals on the rocky outcroppings. Or take a day trip to Khutzeymateen Grizzly Bear Sanctuary.

Vancouver to Whistler and Pemberton along the beautiful Sea to Sky Highway.

The name of the highway says it all: from sparkling ocean right on up to craggy peaks, this is one beautiful drive. Pull over at Porteau Cove for a view of Howe Sound on the 120 km (75-mile) drive from Vancouver to Whistler, or stop in Squamish and ascend high above the turquoise waters on the Sea to Sky Gondola. From Whistler, another 35 km (22 miles) brings you to Pemberton, a pastoral valley that rewards those who go the distance with golf, mountain biking, fishing, and more.

Osoyoos to Lake Country and Vernon down Route 97

North America’s longest continuous north-south highway crosses the United States/Canada border near Oroville, Washington, a short jaunt from Osoyoos, British Columbia. The following 150 km wind north through the fertile Okanagan Valley toward the summertime playgrounds of Kelowna and Lake Country. Stop for a refreshing dip in Lake Okanagan, go wine tasting through the area’s many vineyards, and continue to Vernon for paddle boarding on Kalamalka Lake. Along the way, brake for a snack at one of the many fruit stands piled high seasonally with ripe cherries, peaches, or apples.

Revelstoke to Golden along the Trans Canada Highway 1

Mountain majesty dominates this route, where you can hike through alpine flowers just a short walk from your car at Mount Revelstoke National Park. The 148 km (92 mile) stretch between Revelstoke and Golden traverses one of BC’s great mountain crossings: Rogers Pass. That’s where, in 1885, the Canadian Pacific Railway Company sliced through the Selkirk Mountains and connected the country from coast to coast. In the summer, learn more at the Rogers Pass National Historic Site in Glacier National Park. Then drive on to Golden for its river rafting, paragliding, mountain biking, and wildlife viewing. From Golden, it’s another 83 km (52 miles) to Lake Louise, Alberta, via Yoho National Park.

Hope to Cache Creek Trans-Canada Highway 1

The Fraser River pumped life into the Gold Rush Trail back in the 1850s, when prospectors headed north to Barkerville to seek their fortune. You can experience gold rush history in 150 to 200 km (93 to 124 miles) starting in Hope. But first, take a quick detour to the Othello Tunnels, which are cut through solid granite, in nearby Coquihalla Canyon Provincial Park. Then follow the Trans-Canada Highway that hugs the Fraser north to Hell’s Gate, the deepest and narrowest point of the river. Here, you can take a dramatic air-tram ride over the raging waters. Continue north to Tuckkwiowhum Village, a First Nations heritage site near Boston Bar that offers lessons in Nlaka’pamux culture. Further on in Cache Creek, which once served as the halfway point for prospectors on their way to the Cariboo gold fields, you can go geo-caching to uncover your own treasures.

You can go wrong choosing any one of these road trips or all of them!

Explore Kelowna with Dropbike.

Kelowna's new bike share pilot project is proving to be a huge success. Launched just a month ago, active transportation manager Matt Worona says the program has more than exceeded expectations. "In the first 30 days, we had 7,000 rides and 5,000 people have signed up on the ap," said Worona. The system will be more than double before the end of the month. They are going to move to 400 bikes. It's has now at 180. The additional bikes will allow the system to expand out from the downtown area. Dropbike is in the process of installing more than 25 new haven locations. This is a great way to explore Kelowna in an environmentally friendly way.

Hop, Skip and a Jump away from Downtown Kelowna.

Beautifully Renovated Corner Unit. Brand New Kitchen Cabinets, Countertops, Floors, Vanity, Blinds, & Freshly Painted. New HWT 2016. SS Appliances. Windows on Two Sides. Wrap around Deck. Walking distance to Downtown. Rentals & large dogs Allowed! Nicest unit in Building. Call or text Steve Higgins RE/MAX Kelowna to view 250-864-7893

A Beautiful Place to call Home.

Beautifully Updated in 2018, steps to Rose Valley Elementary, features large open foyer leading to a spacious living room with large windows. Enjoy the .27 acre private yard, large enough for a pool. The spacious kitchen has oak cabinets, SS appliances, new tile flooring, countertops & backsplash. The main floor has a completely updated full bathroom with double sinks and an updated bedroom. The upper floor has an updated master bedroom with wood floors and a private deck with a peek-a-boo view of the Okanagan Lake & Mountains. There is an additional fully updated bathroom and bedroom with two spacious closets on the 2nd floor. The tranquil private yard nestled among the pines and nut trees is designed with low maintenance where you will enjoy relaxing in the hot tub or sitting with a glass of wine in the gazebo. Also located on the property is a Cottage, great for guests or a home office, and a small shop attached to a single detached garage. To view please call Steve Higgins RE/MAX Kelowna 250.864.7893

New Listing in Spring Valley. $550,000.00

Attractive 2010 built 1/2 duplex in family oriented Spring Valley. 5 bedrooms, 4 bathrooms, with a two bedroom suite. Oversized home is approximately 2,251 sq. ft. & quality finishing throughout with hardwood floors on both levels, maple kitchen & skylights. Fantastic street appeal with hardi-board siding & decorative timbers. Good sized fenced yard lots of room for the kids to run and play. Stainless Steel kitchen appliances included, central vacuum. Measurements approximate, please measure if important. Suite is unlicensed, 2nd Bedroom in suite can be used as office or den or bedroom but would require a wardrobe as there isn't a closet built in. To view please call or text Steve Higgins RE/MAX Kelowna 250.864.7893

New Listing in Black Mountain. $799,900.00

Fantastic 2812 sq.ft walk-out rancher with a Legal Suite in desirable Black Mountain!! Vaulted ceilings, open concept, Master bedroom on main with Jacuzzi tub. Hardwood floors throughout. Features a very bright 1 bedroom 1 bath Legal suite (with separate laundry). Security system, hide-a-hose central vac. roughed-in. Enjoy your massive covered deck with beautiful mountain and valley views. Call or text Steve Higgins RE/MAX Kelowna 250.864.7893

Just Listed in Glenmore. $439,900.00

Large 3 bedroom, 2 bath townhome with 2 decks and a single car garage. This 1668 sq.ft. townhome is located in a family oriented area with schools close by. 

Beautiful laminate floors through out. Kitchen is bright with a formal dining room. Large master with ensuite and walk in closet. Self managed strata. Roof recently done.

Showings after 1pm daily. To book a showing please call or text Steve Higgins RE/MAX Kelowna 250.864.7893

March's Market Report

 What would a monthly newsletter be if we didn’t have some more government intervention into the housing market to talk about. I’m sure you have heard by now about the new Speculation tax announced by the BC NDP government. Calling this a speculation tax is, in our view, misleading. We already have a true speculation tax in Canada. It’s called capital gains tax. This new tax is really a wealth tax and in many cases punishes those who have scraped and saved to buy a vacation property years ago. They are not speculators. They are investors and vacationers who may now have second thoughts about having ties to BC. The NDP is calling it a speculation tax to get people onside with it. Unfortunately some only read the headlines and do not get the whole story. It’s easy to get people upset by blaming rising prices of homes on speculators. But our rising property values are increasing due to an influx of people wanting to move to Kelowna to raise their families, enjoy their retirement and plan for their future. True speculators are playing a small part in driving prices up, and actually, they will not be affected by this tax. A speculator buys to make a profit, they don’t buy homes and leave them vacant. They don’t hold properties for a prolonged period. The real issue is supply keeping up with demand. Cities and municipalities could help offset this by speeding up the approval process for new developments and increasing density in downtown neighbourhoods. When a development takes 2 or 3 years, or longer in some cases, to be passed, it only adds to the cost of the development the consumer ends up paying. This was a poorly thought out tax that will have many unintended consequences on tourism, employment, construction, retail and more. Enough about politics and taxes.

Let’s talk about our local market and see if these government measures announced in the past 6 months are starting to take effect. It’s hard to believe we are through the 1st quarter of 2018. Here are some of the highlights:

• The number of residential sales has decreased by 30.3% to 441 units for the month of March 2018 compared to 633 units in March 2017.

• Days on market has increased 18% to 53 days in March 2018 compared to 45 days in March 2017.

• The number of total listings has marginally increased from 1070 in March of 2017 to 1096 in March 2018.

• Year over year we have seen an upward trend in the average house price from an average house price in March 2017 of $640,969 to $734,197 in March 2018.

As we can see some of the numbers are starting to signal a shift in our market. We are seeing signs that are indicating we may be hitting our peak market. As we move through the next few months we will see if this is a small hangover from the mortgage stress test and new speculation tax announcements or if this is our new market reality.