Kelowna Real Estate News & Blog
|Posted on February 12, 2016 at 11:05 PM||comments (0)|
It's been awhile since I submitted an entry into my Blog. The reason, I was ran off my feet last year buying and selling homes for clients. It was a remarkable year. The Kelowna and area market did very well in sales. The main question everyone is asking , did the prices go up? In general the average home went up in kelowna about 2.35 %. Peachland a bit less at 1.09%, but lakeview has alot to do with homes in Peachland. I had many people come see me and some happy and some sad. The new home owners who purchased in the last three years are wondering , why did my assessment go up by 30k? Of course the clients that are thinking about selling have no problem with it. The fact is if you beleive it or not, that the BC governement (BC Assessment) have decided it was time for the province to raise property taxes across the board. On the media reports, everyone reporting prices are up 7-10 % in some areas, this is wrong, the BC Assessment is making these numbers up. We use actual sale numbers data to come up with the real number. Its not perfect, due to lakeview and other factors, but in fact, prices went up 2.35%. That was 2015! It's a interesting start to 2016. So many properties sold last year, that they is nothing left to sell on the market currently. This is driving prices up, and creating multiple offers ( I was in 2 last week). If it continues prices will go sky high. Spring always brings many listing, so maybe it balance itself out. There is no better time to list today, without any competition, lots of buyers out there, little product, you can get a top price. It's a funny market, Vancouver is on a cosmic out of this world market ( another topic for a full conversation) and yet Alberta, news reports of laid off workers turning in their keys, and the West Kelowna food bank demand up by 33%. We have a complete opposite effect west to east. Then there is the other factor, many Canadians bought property in the US, and if they are lucky they will sell soon, and make a 30% ( maybe more) return on their recreation property, and return to the Okanagan to buy a townhome. Lots of factors are playing with the 2016 market. Only time will tell. If we stay at a low inventory, the demand for once is going to be new construction in the area ( many projects breaking ground in spring) that will generate new homes, condo's, and townhomes. One final note for this week, Kelowna is the fastest growing community in Canada, so Its my opinion, new construction will proceed, and maybe a afew oil workers will put down roots in the Okanagan.8)
|Posted on February 14, 2015 at 6:05 PM||comments (0)|
2014 was a excellent year for sales in the Okanagan. This year January started off a bit slow, but things are picking up. The doom and gloom coming from the low barrel of oil is threating to ruin the party. My projection we will slightly below volume from last year, but will have another excellent year. Many factors to consider, loss jobs in Alberta, consumer confidence, real estate sales in turnover rate slower in Alberta. The benefits of this spring and the rest of the year, price of oil will crept higher, possibly another interest rate cut soon, and (lower loonie), sales in the US going flat. Some people will sell in the US, get the higher return, and then buy in the Okanagan. It's a balanced set of circumstances. Everything will be fine.
|Posted on December 21, 2013 at 5:50 PM||comments (0)|
Christmas is only a few days away, and before we know it will be 2014. It’s the time of the year when real estate is winding down for the holidays and I have time reflect over the last year and think about all the good that was done finding many families new homes here in the Okanagan over the past year. Many of these families are going to enjoy their first Okanagan Christmas which is nice. I have to personally thank all of my clients for their trust in me this year making it another very successful year, and making our Coldwell Banker office number #1 (for real estate transactions) in Peachland again for another year in 2013.
Once Christmas is over, I get busy and start working on my annual Peachland real estate report which looks quite interesting which will be out the first week of January. The sales are up and the prices are slightly lower, but the report should have some really interesting real estate facts to review. I also have a report for the Central Okanagan which sales were up, quite substantially.
Once we done reflecting over the past year of 2013, and it’s time to look into the crystal ball of real estate for 2014, and see what we think may happen in 2014. The most exciting event to kick off in late January will be new owners will take possession of their new townhomes up at Ponderosa Golf and others to follow February right through to next September. A new community will be born here in Peachland very soon. The next year looks very good, we should continue to have brisk sales, prices slightly below 2013 standards but, and as long as interest rates hold, we be in excellent shape to have another great year.
|Posted on March 30, 2013 at 1:55 PM||comments (0)|
|Posted on April 23, 2011 at 6:40 PM||comments (0)|
Mark your calendars, two big events are coming soon., The Lions Club Golf Charity Golf Tournment is on Sunday May 1 at the Summerland Golf & Country Club. I'm going to be there on the 4th hole with the Coldwell Banker Par 3 Challenge. All golfters are going to challenge me closer to the pin and if they beat there's going to be alot of cash going to Camp Winfield and it will enable many kids to attend camp this summer. That a sweet deal. There is still room to enter either yourself or your team. Call 250-767-0330 to reserve your spot.
Also, the World of Wheels is shaping up to be the best ever. I'm prediciting close to 15,000 people will take in the event. Don't miss it. Some exciting stuff, music, cars, boats, food vendors and lots of great prizes to win. Visit me at the Coldwell Banker office on Beach, free popcorn, and I'm really excited to give away our feature prize of a float plane trip throught the beautiful Okanagan, from our friends at Air-Hart Aviation. Hope to see you there.
|Posted on April 23, 2011 at 6:40 PM||comments (0)|
This article in the Financial Post is what has inspired me to write this email today.
Let me share a quick story to illustrate a point . . .
One of my clients referred a friend to me last week who needed to refinance her current mortgage. After a lengthy discussion she said
"I think I will wait, I am too busy right now."
Rates rose .25% at most lenders last Monday, just as I suggested to her that they would. On her $400,000 mortgage her inaction has already cost her an additional $56.76 per month or $3,405 over the next five years.
Most economists are saying that the Bank of Canada rate will rise by 1% by this time next year, and fixed rates will likely go up another .50% to .75%. With this particular client scenario her $400,000 mortgage will cost an additional $172.65 per month or $10,359 in additional monthly payments if she waits until later.
I wanted to share with you that I have invested in a tool that very quickly analyzes the effects of waiting to refinance your mortgage, or simply waiting to consider locking in your mortgage. It is quick, it is laser accurate, and highly effective.
I know that many of you may not have a NEED to refinance. I also know that many of you may not WANT to refinance but I think this information is still important. Maybe you know someone who does NEED or WANT to refinance, and what a gift you could give them. If you have not had your mortgage situation checked lately I am concerned and I want to help.
Please allow me the opportunity to run a no obligation assessment of your situation through my analysis tool by contacting me today.
Bond spreads continue to rise and I am certain the window on low interest rates is closing. I am ready to help.
Mortgage Alliance Homeline Mortgage
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|Posted on February 26, 2011 at 4:55 PM||comments (0)|
What does the future hold for us in real estate entering the spring season? A review of the past few months can be described as follows: sales slower than 2010 and home prices a bit lower in selected areas. There is a renewed hope that the spring/summer season going to change for the better. The forecast by many is a steady stream of new sales. Buyers that had previously taken a look and see approach in the winter, are going to enter into the active market and buy a home sooner rather than later. I hope this is true, but time will tell. The summer is not very far away, and I'm sure everyone is looking forward to it.
The sign of spring is here, Peachland is getting geared up for two big events, the Consumer2Expo , the annual trade show that showcases Peachland businesses is happening April 9 & 10th at the Community Center. Make sure to drop off our booth and say hello and enter the Coldwell Banker draw for some great stuff.
Also the 14th Annual World of Wheels show comes to Peachland on Sunday May 22nd, be sure to join the 10,000+ who come out and enjoy an big event in a small town festival. It's the kick-off of the Okanagan summer!
Your invited to stop by the newest website, www.peachlandliving.com and explore Peachland. It's a community information portal which has everything. Join and be a member , and your name just might be pulled for a $100 Gift Certificate to a Peachland store of your choice. Join, win and then spent it at the World of Wheels weekend.
One other footnote, email listing of Kelowna, Lake Country, Peachland or West Kelowna are available through a free service, where you receive an email each week with a link that takes you to your selected properties. When viewing the properties you can view full feature sheets and color photo's. it's the only way to shop for homes in the Okanagan. It's free, no obligation, and you can receive this free service as long as you want. Email me at [email protected] or go the nav bar and click on Market Watch and enter your information.
|Posted on September 23, 2010 at 5:45 PM||comments (0)|
The summer sun is fading away and the warm sunny days are coming to a close. The summer in the Okanagan in regards to real estate sales was not at it's best. July and August were less than productive than anticipated. The word out there was that prices were going to soften, and maybe the ideal time to buy would be in October through to Christmas. The prices of homes in certain area have slightly fallen but not to any great extend. There is however some great deals out there if you look for them.
The prices seem to be holding steady, and maybe the buyers sitting on the fence over the summer, are going to make a move this fall, but time will tell if this happens. Over the last few days, activity is picking up, and some more expensive properties are getting more interest.
It is slowly becoming a buyers market, and many say it's here already. If your selling your home, be prepared to receive some aggresive low price offers, and if your buying, if you have the right real estate agent and the right property you can save yourself a few dollars. It's the sign of the times, if you want your home sold, the listing price has to be in the wheelhouse of buyers.
The HST can be partly to blame for the slow sales in July and August. Many people are not aware on how the HST works. A used home or resale home on the market is not subject the the HST. A new home or lot from a development company is subject to the HST. If your building a new home, there are some government HST rebates in place that you can receive some of the HST back.
|Posted on April 30, 2010 at 2:35 AM||comments (0)|
It's a cold wet rainy end to April, cool and wet in the Okanagan, snowstorm in Calgary as we head into the month of May. I don't think anyone minds the rain or even the snow (Calgary residents might debate this) which is great for the Okanagan and Southern Alberta. Okanagan Lake is at a low water level, a few people are waiting for the water to rise to get their sailboards unstuck, and launch their boats. It looked so promising a week ago, but things will change in May once again, and we'll be enjoying the nice weather once again.
Speaking of weather, what's going on in the real estate market in Kelowna? Well it's business as usual, a steady pace of new listing and a moderate success of sales so far. Its going to heat up in May. The stats for April will be released in early May, and I will post them on the Real Estate News Link for your review. I'm noticed on the the news lately, there is a red hot real estate market in parts of Canada, particularly in Vancouver and Toronto. The not hot but rising markets are in Kelowna, Calgary, and Edmonton. It will be interesting to see the new rules on qualifying for a mortgage have any effect at all. As we roll into summer, is Kelowna going to be a red hot real estate market? The verdict remains to be seen, my opinion is that the market will experience a good year, not a great year, and listing and sales will be at average at best. I put forth this opinion by hearing feedback from other agents in the field. It 's only the end of the first quarter, so there is lots of time for the economy to improve, therefore making a stronger real estate market.
In other news of interest, I saw the new layout of the new golf course slated for Peachland. Quite excited about playing there. The final permits, etc are in progress by the developer,and work should start soon. Two big events for Peachland, the new curling club, and a world class golf course, looks like 2011 going to be a great year for Peachland. Other Peachland properties that have recently sold are the former Motel at Angler Beach, and Todd's RV Park. Developers will be looking to built resort condo's on both sites. The Todd RV Park site has no immediate plans, so if you booked a site this summer, your just fine, good times are still availbale at Todd's.
This weekend, the Kelowna Yacht Club is hosting the Kelowna Boat Show, April 30- May 2, worth a look to see what's new in the boating world, and a chance to mingle with other boat owners. Always a great event.
|Posted on April 17, 2010 at 2:10 AM||comments (0)|
Well the sun is shining, and so is the real estate market in the Okanagan. After a sluggish start in the first three months of the year, things are heating up. It's been evident that the market is catching up to the hot real real estate markets in Vancouver and Toronto. The steady sales of homes might be the result of the spring season, or the result of rising interest rates and the anticipation of the HST tax coming into effect July 1, 2010.
I wanted to research the new HST tax and get to the details on how its going to affect us all, including how it changes the cost of real estate. The new system is a bit confusing, so always consult the advise of your local accountant in regards to the HST tax before selling or buying real estate.. I beleive it will be more clearer to us ( real estate agents) all when more infomational material is published by the BC government.
This is what I make of it.
Harmonized Tax (HST) consists of a 5% Federal Tax and a 7% Provincial tax = 12 % tax on most goods and services.
Any supply of real property located in BC is subject to the HST tax unless it is specifically exempted from the tax. The following are exempt real estate property transactions.
* Most residential rentals
* Sales of used residential housing
* Sales of personal use of land by an indivdual or an estate
* certain sales of farmland, where farmland is for personal use
* Most supplies of real property by charities, non-profit organizations, universities, colleges, schools and hospital authorites.
The following types of real property are taxable.
* commercial rentals,
* sales of new (or substantially renovated) residential housing
* sales of commericlial property, and
* most supplies of real property by a municipality, province or the federal government
The real estate commission on all real estate transactions is subject to the HST tax also.
This is just the short general version of the new tax on July 01, 2010, and certainly they are some grey area's when it comes to real estate tranactions. I advise you to consult with your accountant if your selling or buying with a agent or by sale by owner. It going to take some time for everyone to adjust to the news rules and regulations of the HST.
The downside of the new tax is on new developments, both in houses and condo projects. Commercial property is also subject to the tax and it will be a major factor in negotiating the final price of the property.
Now the Good News of the HST.
According to the BC governement website, a proposed deal is to increase the HST housing rebate from $400,000 to $525,000 to ensure on average, purchasers of new homes up to $525,000 pay no more tax due to harmonization than is currently embedded as PST.
In regards to a night out at a local restaurant, we now pay 10% liquor tax, 5% GST AND 7% PST. On July 01, 2010, it will be 12% HST tax on the entire bill. So we saving a little tax from the liquor tax.
It interesting to hear from the government website, that the HST will save employers $2 billion dollars and creat investment and new jobs. I certainly hope this result.
Whether we agree with it or not, its coming July 01, 2010 to all neighborhoods across BC, and the best thing is to get educated on it. The best way is to visit the BC government website at www.gov.bc.ca/hst/ and read everything you can and write down questions for your accountant to answer. Remember, I'm a real estate agent and not a tax expert, so this blog post is for general infomation only and it's contents shall not be relied upon during a real estate transaction. Please visit the link to the governement website regarding HST.
With that in mind, I beleive the BC governement has us all a bit confused, so I'm going to take the time and read the details on their website concerning HST, therefore be ready for July 01, Happy Canada Day !