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Real Estate Report: October 2022
Local Residential Market Inventory Slowly Building Back Up
KELOWNA, B.C. – November 4th, 2022. Residential real estate sales for the month of October in the region saw an increase in inventory while sales held steady, reports the Association of Interior REALTORS® (the Association).
A total of 1,001 residential unit sales were recorded across the Association region in October representing a 43.8% drop in sales compared to the number of units sold during the seasonally uncommon strong market of October 2021; dipping only 7.6% compared to last month.
“Unlike the last two years or so where we saw buyers’ and sellers’ expectations drastically unaligned from each other, a shift from the frenzy earlier this year coupled with the winter seasonal slowdown is bringing some equilibrium to the market amidst rising interest rates,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding “motivated buyers’ and sellers’ expectations are able to come closer together, resulting in a much more positive home buying and selling experience.”
New residential listings saw a decrease of 9.8% within the region compared to the same month last year with 1,689 new listings recorded. However, the overall inventory provides more options to buyers with a 67.5% increase over the availability in October 2021 with 7,450 units currently on the market.
“It’s nice to see active listings starting to build back up again,” notes Cruickshank, adding “however, we are not quite out of what is considered a seller’s market and into a balanced market.”
The Benchmark Price for homes in the Central Okanagan, North Okanagan and South Okanagan regions saw increases in year-over-year comparisons across all home categories, while the Shuswap/Revelstoke region was the exception showing a decrease in the single-family home category while seeing increases in townhome and condominium benchmark prices. The benchmark price for single-family homes in the Shuswap/Revelstoke lessened 4.1% compared to October 2022, coming in at $673,300.
The average number of days to sell a home, always a good barometer to watch, increased to 64 days compared to last month’s 50 days. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate market and how they can help you achieve your real estate goals.
Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.
SPOOKTACULAR SPOTS IN KELOWNA FOR TRICK-OR-TREATING
Halloween To-Do’s in Kelowna
Halloween is a fun opportunity for children to get dressed up in costumes and for adults to indulge in fun with the little ones. Whether you want to find a corn maze or go pumpkin carving, we know that your child’s highlight of the season will be trick-or-treating!
If you are looking for some safe, fun family-friendly spots to go trick-or-treating in Kelowna, check out C21Kelowna’s list of fang-tastic neighbourhoods below!
Kelowna Trick or Treating
If you are more interested in indoor or trick-or-treating events, also check out the following list courtesy of: https://www.dotheokanagan.com/trickortreating-hot-spots
SPOOKTACULAR PUMPKIN WALK – Kelowna (outdoors)
Free Event
When: Oct. 30 | 5 PM – 8 PM
What: Dress up and walk to paths lit up by jack-o-lanterns. Vote for your favourite!
Where: Mission Creek Regional Park, 2363 Springfield Rd
Click HERE for Facebook
Kelowna Pumpkin Patch
HALLOWEENIE AT GRIZZLI WINERY – Kelowna (indoors)
Free Event
When: Oct. 31 | 2 PM – 6 PM
What: FREE, safe, ‘lights on,’ family- and pet-friendly indoor event. Balloon twisting, colouring and trick-or-treating. Dress up!
Where: Grizzli Winery, 2550 Boucherie Rd
FALL FESTIVAL AT WILLOW PARK CHURCH – Kelowna (indoors)
Free Event
When: Oct. 31 | 5:30 PM – 7:30 PM
What: Dress up in a fun family-friendly costume and collect lots of treats along the indoor candy trail with over 40 collection stops. There will also be bounce houses, hot chocolate, balloons and more! This event is perfect for younger children as it is a non-scary event.
Where: 439 Hwy 33 (Rutland)
A SPOOKTACULAR HALLOWEEN AT THE EAST KELOWNA MARKET – Kelowna (indoors/outdoors)
Free Event
When: Oct. 30 | 10 AM – 2:30 PM
What: This market Sunday will be filled with all sorts of spooky surprises to have a fang-tastic day! Come check out over 75+ artisan, crafters, and food vendors to shop, eat, drink and be scary! Special treats for children along with a family monster walk outside of the hall filled with ghosts, witches, and other spook-tacular things! Don’t be a scaredy cat! Come dressed up to enter a best-dressed costume contest!
Where: 2704 East Kelowna Rd
Halloween in Kelowna
Century 21 Assurance Realty Earns Gold, Silver and Bronze!
We are proud to announce that Century 21 Assurance Realty Ltd. in the Central Okanagan, has been rated the #2 overall Century 21 Brokerage in all of Canada for the second consecutive time! This award was recently announced by C21 Canada at the Canadian Conference held in St. Johns, Newfoundland.
Our congratulations go to Century 21 Heritage House in the GTA which earned the #1 ranking.
This ranking is based on several factors, as listed below:
- Realtor performance
- Growth
- Technology & brand adoption
- Participation in C21 Canada activities
- Charitable contribution
- Collaboration and more!
Kudos go to Anne Wolfe (left) & Maureen Yakimchuk (right) from our office who were also nominated by C21 Canada as two of the top eight Realtors in all of Canada!
This year, Century 21 Assurance Realty was also voted the #1 Real Estate Brokerage in the Okanagan by Kelowna Capital News readers for 2022 AND the #3 Real Estate Brokerage in the 2022 Best of Kelowna award by KelownaNow readers.
Thanks go to our exceptional team of Realtors, Brokers, Mentor, and Staff who are committed to helping Clients in the Okanagan achieve real estate excellence. We are extremely proud of our colleagues who have earned and contributed to this acknowledgment as they are the ones who have truly earned these awards!
Century 21 Assurance Realty in Kelowna proudly helps clients to achieve the Gold Standard In Real Estate.
TAKE YOUR CAREER TO THE NEXT LEVEL!
Contact Max Carbone to learn more: CALL or EMAIL
OR
Contact Dean Desrosiers to learn more: CALL or EMAIL
What you NEED TO KNOW before moving to Kelowna
Your Relocation Guide To Kelowna
Moving to a new city is an important life choice. You’ll want to be equipped with everything there’s to know to make your move successful!
The team at C21 Kelowna has assembled the following Relocation Guide to Kelowna to make your move to the Okanagan a breeze.
By the end of this article, you’ll be aware of some of the pros and cons of living in Kelowna, the desirable areas of town for you and your family, and what type of lifestyle you can expect in Kelowna.
KELOWNA AT A GLANCE
Kelowna and its surrounding area has a population of 195,000 residents. In fact, Kelowna is one of the fastest-growing municipalities in the country and it’s no wonder why!
The landscape throughout the Okanagan is pristine, and one of the only places where you can drive for less than an hour from the beach and end up on a ski hill!
Whether you’re interested in lakefront property, a downtown condo, or a cozy family home, Kelowna has plenty of Real Estate options for you!
Browse through our listings to find your perfect Kelowna home OR CONTACT US and we’ll put you in touch with one of our knowledgeable and skilled Realtors®. They will customize a search based on your needs to save you time and help make your moving process to Kelowna much more manageable.
PROS OF LIVING IN KELOWNA
- Pristine natural landscape
- Tons of outdoor activities at no cost
- An international airport to make your vacation getaways much easier with direct flights to Hawaii, Mexico, Dominican Republic, and Jamaica, just to name a few!
- Kelowna is home to an increasing young adult population, which also means the entrepreneurial space is expanding as companies old and new alike expand into the new technological era
- Access to TONS of outdoor activities, like golf and skiing at world-renowned ski resorts such as BIG WHITE, SILVER STAR, and APEX which are nearby.
Big White Ski Resort
CONS OF LIVING IN KELOWNA
- Renting requires a damage deposit, and a pet deposit if you have one, landlords can restrict the size and number of animals allowed in rental property
- Growing traffic as roadways are not expanding at the same rate as the population
- Homelessness, drugs, and petty crime
WHAT KELOWNA’S FUTURE HOLDS FOR YOUTH
The University of British Columbia, Okanagan Campus, is helping expand Kelowna’s cultural district and innovation centers. For example, the University of British Columbia is projected to start building its downtown Okanagan campus in Fall 2022!
In addition to the Main campus by the airport, the University of British Columbia, Okanagan is projected to raise the student population to 18,000 by 2040! This one aspect helps attract and retain people of all ages and demographics!
In conjunction with a growing student population in Kelowna, the downtown core is also expanding with condominium towers. If the city isn’t your desired neighborhood, Kelowna’s residential areas are also growing.
University of British Columbia, Okanagan Campus
RECAP: MOVING TO KELOWNA 101
Kelowna is a booming city. Its natural landscape offers tons of summer and winter activities that families and residents will love. Not only is it a growing and evolving community but it’s also becoming increasingly multicultural.
Picking a place to live isn’t easy, but adjusting to Kelowna’s lifestyle will be a breeze if this sounds like the right place for you!
The Art of Selling and Living in the Okanagan
The Art of Selling And Living In The Okanagan
The Okanagan lifestyle is unmatched! The heart of Kelowna offers a blend of relaxation, adventure AND entrepreneurial zest. It's no wonder that Kelowna has numerous desirable neighbourhoods - CLICK HERE to check them out for yourself!
Starting a career in Real Estate can be daunting for agents. That’s why Century 21 Assurance Realty in Kelowna has engineered their brokerage services to make it easy for entrepreneurial Realtors® to prosper personally and professionally while living their Okanagan dream lifestyle.
“We begin with a proprietary purpose-based coaching program that helps our agents determine their life purpose, values and goals, says Max Carbone of Century 21 in Kelowna.
Our Realtors® are armed with a comprehensive, turn-key marketing services program called Elevate 21 which sets them apart. Each agent can count on powerful marketing materials for their clients' listings, every time "!
Most importantly, Century 21 Assurance Realty’s services translate to more time for agents to spend with clients, family and enjoying the Okanagan lifestyle!
It’s no wonder that 60% of Century 21 in Kelowna agents are award winners.
Read more here. If you’d like to learn more about what C21 can do for your career, visit Century21Kelowna.com
How to Protect your Home Against Wildfires in Kelowna
THE RISK OF WILDFIRES IN KELOWNA
The residents of Kelowna know wildfires all too well! Particularly, the Central Okanagan has seen devastating wildfires, including the Kelowna Mountain Park Fire in 2003, and the White Rock Lake fire in 2021. Both of these fires displaced tens of thousands of individuals (CBC 2021).
The fires cause poor air quality during the smoky wildfire season. What's wrose, the fires destroy landscapes and homes! In the past twenty years, the Central Okanagan alone had over 30,000 hectares burn (“Wildfire Season Summary - Province of British Columbia'' 2021).
Kelowna is exposed to low air quality on a near-annual basis due to wildfires happening throughout the western part of North America. With this in mind, every step counts as you protect your property against the wildfires!
HOW TO PROTECT YOUR PROPERTY FROM WILDFIRES
The most vital area that needs to be protected is around your home! The City of Kelowna advises residents to remove all hazardous vegetation within 10 meters of your home. This includes the collection of dry, dead, and fine materials. For example, you should remove all dry needles and conifer prunings (“FireSmart Community Chipping Pilot Program” 2022).
FIRE PREVENTION BY THE CITY OF KELOWNA
In 2022, the City of Kelowna started a new initiative called FireSmart Community Chipping Pilot Program. This FREE program helps the residents of Kelowna to mitigate the threat of wildfires. The city will collect highly flammable materials from your property. The pick=up service will be for dry and/or dead materials from cedar trees, juniper bushes, mugo pines, and conifer shrubs and branches. Please note that leafy tree materials are NOT collected for this initiative.
All other organic materials such as dirt, grasses, rocks, gravel, and flowers must go into your green waste bin. The green bins will still be picked up throughout the entire time of this initiative because these materials are not suitable for the wood chipper.
The City of Kelowna has a schedule posted on their website that outlines the streets and days that the collection services will follow. The following 8 areas will be serviced this year:
-
- Dilworth (April 19 - 22)
- Magic Estates (April 25 - 29)
- McKinley (May 2 - 6)
- Quail Ridge (May 9 - 13)
- Black Mtn. (May 16 - 20)
- Gallagher's (May 23 - 27)
- Mission Ridge (June 6 - 10)
- Kettle Valley (June 13 - 17)
Please note: the neighborhoods are chosen due to t higher rate of flammable materials in the landscapes. (“FireSmart Community Chipping Pilot Program” 2022)
SOURCES
CBC. 2021. “A look back at the 2021 BC wildfire season.” CBC. https://www.cbc.ca/news/canada/british-columbia/bc-wildfires-2021-timeline-1.6197751.
“FireSmart Community Chipping Pilot Program.” 2022. City of Kelowna. https://www.kelowna.ca/city-services/safety-emergency-services/fire-department/firesmart-kelowna/firesmart-community-chipping-pilot-program#msdynttrid=OHOMXv9deHu6YuMMr-v0klmfP6YmFPQUkKgqZdS82lw.
“Wildfire Season Summary - Province of British Columbia.” 2021. Gov.bc.ca. https://www2.gov.bc.ca/gov/content/safety/wildfire-status/about-bcws/wildfire-history/wildfire-season-summary#stats.
Real Estate Report: March 2022
Residential Real Estate Market Heading Into Seasonally Busy Spring Fling
Residential real estate sales for the month of March saw a slight uptick over February sales showing signs that the typically busy spring market has commenced in the region, reports the Association of Interior REALTORS®.
A total of 1,898 residential unit sales were recorded across the Association region, marking a 25% decrease compared to a record-high number of units sold in March 2021. New residential listings coming onto market in March saw a decrease of 7% within the region with 2,871 new listings recorded compared to the same period last year yet increased 55% compared to last month’s 1,850. The overall active listings clocked in marginally below last year March’s active listings with 4,018 listings that is a nearly 3% decrease in year-over-year comparisons.
“It is encouraging to see that in the month of March we saw a slight increase of sales, as well as an upswing of new listings compared to February, which is seasonally expected for the local real estate market as we head into the warmer spring months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the spring fling seems to have been kick-started which is great news for buyers and sellers, however, new listings are still not coming on to the market at the rate needed to meet demand.”
“Without a drastic supply of housing coming onto market, the lack of inventory will continue to impact buyers and sellers in the coming months,” noted Heizmann.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions had double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories, with the greatest increase being for single-family homes in the South Okanagan. The benchmark price for single-family homes in the South Okanagan recorded a 37.6% increase compared to March 2021 coming in at $731,400.
The average number of days to sell a home, always a good barometer to watch, dropped down to 46 days from 54 days last month. It’s important to note that the average of days on market is for the entire Okanagan region and that the indicator will vary depending on home type and sub-region.
Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.
Real Estate Report: February 2022
Lack of Supply Continues to Drive the Residential Real Estate Market
Residential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS®.
A total of 1,516 residential unit sales were recorded across the Association region, marking a 15% decrease compared to a record-high number of units sold in February 2021. New residential listings coming onto market saw a decrease of 12% within the region with 1,850 new listings recorded. The overall active listings were also far below last year’s February active listings showing a 19% decrease in year-over-year comparisons.
“The persistent lack of new listings coming onto market is far from adequate to meet the demand of buyers locally and those coming from other markets,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller’s market where lack of supply is putting upward pressure on pricing, and further on affordability.”
In the South Peace River region, there was a total of 38 residential unit sales recorded in February, with 229 overall active listings, a decrease of 26% compared to the same time last year. The average price for single-family homes and apartments both saw increases in year-over-year comparisons, coming in at $267,712 and $41,333 respectively, while the average price for mobile homes declined 9% to rest at $37,750 in the same period.
“The lack of housing supply continues to be the key driver of real estate market performance with homebuyers and sellers having to navigate through a high demand and low supply situation,” noted Heizmann.
“Instead of looking for quick fixes to dampen housing demand, government policies should focus on measures that could bring more housing to the market, as outlined in BCREA’s recent white paper – A Better Way Home. Providing more options for buyers can help soften competitive market conditions and provide much-needed inventory after months of supply drought,” says Heizmann.
The average number of days to sell a home, always a good barometer to watch dropped down to 54 days. It’s important to note that the average of days on market is for the entire Association region and that the indicator will vary depending on home type and sub-region.
Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.
Real Estate Report: January 2022
Active Listings Remain At All Time Low For Local Real Estate Market
Real estate professionals continue to support buyers and sellers in navigating the lack of inventory in residential real estate markets across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.
Residential sales for the entire Association region for January 2022 saw a 10% decrease compared to the same month last year with 701 units sold this month and 782 units sold in January 2021.
“The persistent lack of inventory on market makes for challenging times for buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “not only are new buyers frustrated at finding a home but sellers are frustrated at the lack of active supply hindering their ability to move on to a new property as well.”
“The value of working with a professional real estate agent really does make a difference in navigating the complicated buying and selling process, under any circumstances, but especially during these challenging conditions,” says Heizmann.
The supply of active residential listings dipped 38% across the Association region compared to the 2,787 active listings in January 2021 coming in at 1,721 this year. New listings also saw a downtick with 824 new listings for January 2022, compared to 1,094 units during the same month last year.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan, and Shuswap/Revelstoke regions continued their upward double-digit percentage increases in year-over-year comparisons for another consecutive month across all home categories.
In the South Peace River Region, where benchmark pricing is not available, the average price for single-family homes hit double-digit increases while inventory in the same category saw a double-digit decrease of 43% in year-over-year comparisons.
Contact your local REALTOR® to find out more about the real estate market
and how they can help you achieve your real estate goals.
How Are Property Taxes Calculated?
How are property taxes calculated?
It is January, the start of a new year, and everything is fresh, covered in pillows of white snow and you have wandered out to grab your mail and find your BC Assessment Notice. You open the letter, and your eyes scan quickly to the middle of the page to find the assessed value and the percentage increase from last year until now. WOW! You cannot believe your eyes, a 48% increase in value (this is what I saw on my property assessment this year!).
Now, if you are thinking of selling your home, this is fantastic news, you just doubled your money and equity from last year, right? Not quite. And if you were thinking about staying in your home, does this mean that your property taxes just went up by 48%? Not quite on that front either.
Here is what you need to know about what the BC Property Assessment means for a. market value if you’re thinking of selling, and b. your property tax bill if you are thinking of staying in your home. Firstly, what does your BC Assessment mean in relation to the market value of your home if you are thinking of selling? Assessment values DO NOT equal market value. The BC Assessment Authority is an independent organization that determines the assessed value of your property based on grouped data, the median price value and determines values at one point in time, July 1st of each year. Grouped data means that they pull data for homes with similar characteristics, such as location, view, size, age, beds, baths, garages, recent similar sold data in the area, etc., and lump all those homes into a similar group and then look at the median value.
Often this means that the individual homes and characteristics are not accounted for in determining the specific value of one home because there are not enough bodies to physically go and walk through every home in the province. Think of the assessed value as more of a general value of what some homes of similar specifications might be valued at in a specific area, but YOUR actual market value could be higher or lower depending on the condition of your specific property. You will often find variation between your assessment and your neighbors, and between homes that you know are the same as yours that have recently sold. Having said that, your assessment value should not be dramatically far off from the market value (plus or minus either side) and the best way to determine true value is to get in touch with your REALTOR® to have a comprehensive market analysis done for your specific home.
What if you are not selling your home and want to know how this incredible jump in property assessment is going to affect your annual property taxes? Well, good news, you can breathe a sigh of relief, a 48% increase in property values does NOT mean a 48% increase in your property taxes. Phew!
In January, you get your assessment in the mail, which tells you what the BC Assessment thinks your property WAS worth ON JULY 1st of the previous year, your property classification (ie. Residential, farm, commercial, etc), and any tax exemptions you get (ie. homeowner grants, old age exemptions, etc.).
In the early spring, your local taxing authority (regional, municipal, township, etc) sets its property tax rates for each of the nine property classes that the BC assessment categorizes all homes into and then applies the applicable tax rate, also known as the “mill rate”.
The mill rate is determined based on your taxing authorities’ annual budget and how much revenue they need to raise to cover the budget that year and it must be set before May 15th. If you want a say in your property taxes and the mill rate, you might consider getting more involved in following your local authorities’ budgets each year.
There is a different “mill rate” for each of the nine BC Assessment property classes and, since BC Assessment is a third-party organization, it has no part in setting the property tax rates. Local property tax rates are applied to each $1,000 of taxable assessed value; a higher assessment equals higher taxes.
Here’s an example of what the numbers could look like for a residential home in Kelowna, BC:
So, while an increase in property value does not equate to the exact same percentage increase in property taxes, it does, inevitably, mean an increase in your annual costs, if we assume that your municipality has an increasing annual budget and not a decreasing one.
I hope this blog helps to clarify what your BC Assessment means in relation to the current real estate market, to your property tax bill and alleviates some of your concerns about any huge spikes in your annual property taxes. If you would like to know the details of how your local authority sets the mill rate for each property class, you can take a deeper dive into that subject on the BC Government site by clicking HERE or connecting with your local municipality’s taxation department.
Justina LeeStolz
REALTOR®, Personal Real Estate Corporation
CENTURY 21 Assurance Realty Ltd.
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