NORTH OKANAGAN STATS – NOVEMBER, 2017

Residential Detached Homes

Sales By The Month: 66, down 9.59%

Sales Year To Date: 1163, down 8.06%

Days To Sell: 79, up 14.75%

Inventory: 265, down 16.93%

Average Price By The Month: $458,805, up 5.42%

Average Price Year To Date: $470,169, up 9.21%

Sales for the month were down significantly from October, as expected with the cooler weather, but even so they were down almost ten percent from the same month last year. This supports a trend of slowing sales, partly linked to not enough inventory and housing affordability pushing some buyers to the sidelines or into alternative housing such as strata. Despite this slowing sales trend, the average sale price continued to climb and is expected to do so through 2018.

While most Sellers prefer to list their home in the spring, with current inventory incredibly low, they may want to consider going against the flow this year and list during winter. Less competition will help their home stand out and increase the chance of a multiple offer and higher sale price.

Condos

Sales By The Month: 21, up 75%

Sales Year To Date: 209, up 30.63%

Days To Sell: 53, down 81.32%

Inventory: 67, down 22.09%

Average Price By The Month: $219,504, up 17.12%

Average Price Year To Date: $205,041, up 7.29%

Condo sales are up dramatically, seventy five percent this year, with the bulk of the increase reflecting the high price of detached homes driving sales to more affordable living. Strata is also attractive to investors looking for a low maintenance option, depending on the financial position and bylaws of the strata corporation.

Lots

Sales By The Month: 6, down 45.45%

Sales Year To Date: 133, up 24.30%

Days To Sell: 393, up 61.41%

Inventory: 180, down 15.89%

Average Price By The Month: $217,167, up 79.34%

Average Price Year To Date: $206,650, up 25.66%

Lot sales slowed as seasonal conditions make breaking ground on a new build more challenging. With low inventory of resale homes, the high pace of building activity is expected to continue for the foreseeable future in the North Okanagan.

Top Tips To Save Money On Home Insurance

Home insurance protects your most valuable asset, but that doesn’t mean it should cost more than it has to. What if you could take just six simple steps and save literally hundreds of dollars per year off your insurance costs?

1. Shop Around
This is such good practice yet for some reason we blindly renew year after year without questioning whether we are getting the best coverage at the most competitive rate possible. Companies will work hard to earn your business.

2. The Power Of One
If possible, keep your varied insurance premiums with one company. Many insurers will offer discounts for carrying multiple policies.

3. Consider Increasing Your deductible
You may go years without a claim and the substantial savings from the lower annual premium may more than make up for the higher deductible if you do eventually have a claim.

4. Don’t Over Insure
Read your coverage thoroughly and identify coverage that may not apply or to the extent currently insured. Discuss with your insurance agent potential areas to save.

5. Install Precautionary Measures
Insurance companies reward low risk customers with lower premiums. Discuss with your insurance provider about installing security, water mitigation equipment and safety measures that decrease the likelihood of a claim.

6. Did you know you can save money if you have a good credit score?
Discounts are now available with a positive credit check score. This will not impact your credit rating and may save up to 30% on your premium.

Insurance companies will work hard to keep your business. An annual check in with your trusted insurance provider will ensure you are receiving a customized and competitive policy that best fits your needs.

Stay safe!

North Okanagan Market Stats – October, 2017

 

Residential Detached Homes

Sales By The Month: 106, down 17.83%

Sales Year To Date: 1097, down 7.97%

Days To Sell: 69, down 7.74%

Inventory: 296, down 16.62%

Average Price By The Month: $482,400, up 13.42%

Average Price Year To Date: $470,853, up 9.44%

Even though sales were down compared to the same month last year, inventory continued to slide as less people listed their homes.  The average sale price edged higher from the previous month and is an astounding 13.42% higher than the same period in 2016.  

 

Condos

Sales By The Month: 18, up 5.88%

Sales Year To Date: 188, up 27.03%

Days To Sell: 127, up 1.39%

Inventory: 71, down 26.80%

Average Price By The Month: $219,932, up 1.07%

Average Price Year To Date: $203,426, up 6.28%

Condos continue to provide a great opportunity for first time home buyers and investors. With a scarcity of newer buildings in the area, look for new strata buildings to come online in 2018 to satisfy demand. .

 

Lots

Sales By The Month: 12, up 9.09%

Sales Year To Date: 127, up 32.29%

Days To Sell: 235, up 14.08%%

Inventory: 177, down 25.32%

Average Price By The Month: $230,792, up 31.89%

Average Price Year To Date: $206,153, up 21.69%

Inventory of available building lots continues to slide, down a massive 25.32% compared to the same period in 2016. The main culprit has been high resale prices and limited choice of detached homes enticing buyers to build their own dream home.  Building lots have become very scarce as demand outstrips supply.  Look for new subdivision developments to hit the market at the end of 2018.

 

Do-It-Yourself Okanagan Wine Cellar

 

This blog started as indoor safety tips, but even I became bored. Let’s face it, install a smoke and carbon monoxide detector, have a plan to get out in case of a fire and you’ve pretty much got it covered.

Okay, now onto the fun stuff. Who wants a wine cellar inside their home? That’s right, a wine cellar, why not? We do live in the Okanagan with fantastic wines on our doorstep. If you love wine then a wine cellar is a no brainer and you don’t even need to own a mansion to have one.

A very cool, budget friendly and easy to build wine cellar with room to hang out for you and your friends can be yours.

Step 1: Buy wine.  Actually this is step six but you’re going to need a glass or two to keep you company along the way.

Step 2: Choose the right location in your home.

Avoid rooms with lots of natural light, preferably a dark area in your basement with enough space to accommodate a good size wine rack and comfy chairs

Step 3: Cooler is best.

Ideally the temperature for your wine cellar should be no higher than 15 degrees celcius but let’s keep it real, your wine isn’t going to sit on the shelf long enough to spoil. J Add extra insulation if you want but first consider installing an insulated door and weather stripping and see if that does the trick.

Step 4:  Wine rack

You can find affordable wine racks online but if you would rather do-it-yourself, there are a number of online guides that can show you how to build your very own rustic wine rack sourced from old pallets, old dresser drawers and wooden crates.

Step 5: Decorating the space

Buy a barrel at a garden supply store as a cool side table adding great character to the space. Drape an imitation grape vine along the wall and wine rack. Throw in a colorful area rug and comfortable seating with ample cushions. Add muted lighting with a vintage stained glass lamp and soft music, decorate with prints and artifacts from your travels. Personally, I love the Tuscan look, terracotta tiles and lots of colour, but whatever works for you.

Step 6: Buy copious bottles of your favorite wines.

Step 7: Invite friends over to help christen and share the space.

Step 8: Take a beginner wine appreciation course and enjoy.

 

North Okanagan Market Stats- September 2017

With the back to school frenzy over and Halloween fast approaching, it’s time to check in on recent market developments in Vernon/Coldstream, surrounding areas and what it means for future sales. Are prices destined to go even higher next year or has this real estate cycle run it’s course? As you can see from the stats below, continued low inventory, a healthy local economy and inward migration are placing enormous upward pressure on pricing. However recent changes to mortgage qualifying rules may have a slowing impact on this trend. Watch for future blogs on this and other changes to the real estate market.

 

Residential Detached Homes

Sales By The Month: 103    up 6.19%

Sales Year To Date: 991 down 6.77%

Days To Sell: 56 down 36.31%

Inventory: 367 down 16.59%

Average Price By The Month: $460,778 up 4.42%

Average Price Year To Date: $469,618 up 9%

Coming off a very strong year in 2016, the 2017 residential detached housing market has out performed yet again with an average price gain of 9% for the year to date.

 

Condos

Sales By The Month: 16 down 11.11%

Sales Year To Date: 170 up 29.77%

Days To Sell: 146 up 55.38

Inventory: 75 down 20.21%

Average Price By The Month: $198,625 up 10.56%

Average Price Year To Date: $201,678 up 7.27%

Condos are fast becoming the starter home for young people as detached housing becomes out of reach for many. It remains a very good option for those buyers looking for monthly cost certainty.

 

Lots

Sales By The Month: 8 up 60%

Sales Year To Date: 115 up 35.29%

Days To Sell: 141 down 37.17%

Inventory: 197 down 15.09%

Average Price By The Month: $240,000 up 83.07%

Average Price Year To Date: $203,582 up 20.68%

Sales of lots have increased substantially in 2017 as has the sale price. This is a combination of low inventory and high demand applying pressure on the existing housing stock limiting options for higher priced buyers, also an opportunity for people to build their dream home while mortgage rates remain low.

For those who regularly receive my monthly market update, my apologies for missing the last couple of months. A team member’s serious health concern took precedence.

North Okanagan – June 2017 – Market Statistics

June-2017

 

 

Impressive sales for the first half of 2017. Year to date home sales have reached 1,296 homes sold, compared to the 1,333 for the same period in 2016. This is an amazing result considering the substantial price increases and lack of inventory hampering sale numbers.

Speaking of home price increases, June has seen increases to most home prices, except for townhomes, which slightly decreased this month.

 

JUNE 2017 – PRICE INCREASES

 

Acreage Homes – June 2017 Increased 49%

Average Price: $1,027,498.00 – Days to Sell: 104

Residential Homes – June 2017 Increased 15%

Average Price:  $496,279.00 – Days to Sell: 55

Townhomes – June 2017 Decreased 8%

Average Price: $303,170.00 – Days to Sell: 48

 

The inventory is slowly recovering as the increase in pricing tempts more sellers to list and realize equity gains.

 

JUNE 2017 – INVENTORY

 

Acreage Homes – This June Increased 6%

June/17: 53 Homes Listed – June/16: 50 Homes Listed

Residential Homes This June Increased 12%

June/17: 218 Homes Listed June/16: 195 Homes Listed

Townhomes This June Increased 20%

June/17: 55 Homes Listed June/16: 46 Homes Listed

 

Hopefully we’ll see this trend progress and inventory continue to climb, which will offer more choice to buyers as well as more options for sellers to find their next home.

I look forward to sharing July’s real estate numbers with you.

If you are curious about how much your home is worth or are looking for opportunities in real estate investing, give me a call today.

250 550 4203

Have a fantastic summer.

Doug Cuthbert

Supercar Rentals, In the Okanagan – Sign Me Up!

Supercar

Another year past, and my kids, another year grown! In fact, my son just turned sixteen, which was an exciting event for our family. Of course, we spoiled him a bit (you only turn sixteen once!) and among other things, we decided to give him a gift certificate to help with the purchase of his first car. While most of his friends had received help from their parents, our son was okay with getting there on his own. He wasn’t expecting any help from us. You can just imagine the surprised look on his face when he saw his gift, it was so genuine and awesome. I knew we had made the right choice, sharing in his car buying endeavor.

Of course, my son and I share a love for beautiful cars. We’ve spent time perusing dealerships, test driving the odd high-end vehicle, and of course lots of shop talk! It’s been on our bucket list to test drive a supercar. So I decided to look into what kinds of rentals the Okanagan has to offer.

Here is what I came up with:

Kelowna Exotic Car Tours & Rentals

At Kelowna Exotic Car Tours & Rentals, you can rent a super car for the day or go on a guided tour where you’ll have the opportunity to drive four different super cars over the course of an afternoon. For more information, you can email [email protected]

August Luxury Motor Cars

You can rent exotic cars from August Luxury Motor Cars, however they are currently restructuring their rentals division. For more information on their supercar rentals and rates contact [email protected]

Kelowna Performance Rentals

You can rent a Lamborghini Gallardo Spyder from Kelowna Performance Rentals, for details and rates go to http://kelownaperformancerentals.ca/ or call 250.215.5247

Enterprise

Enterprise has a luxury rental collection, but not much information is available online. You’ll have to contact them via their form on their website for pricing and availability. You can visit their website at  https://exoticcars.enterprise.ca/en/index.html#  for more information.

I cant wait to scratch this one off my bucket list!

 

Okanagan Beaches, More Options Than You Thought

Beaches - Kin Beach

Aahhhh the promise of another hot Okanagan summer is finally just around the corner.  Barbecues, tennis and hanging out at the beach.  In fact, going to the beach is what draws most visitors to our corner of paradise. There’s the well known hot spots of course,  Kalamalka, Kin and  Paddlewheel Park beaches, but there are so many more.  Some are well known, beautiful Jade & Juniper Bays, others are tiny hidden gems, perfect for a peaceful family picnic away from the crowds.  With over thirty nine lake accesses, there is something for everyone.  For a detailed map and links to all the best beaches in the North Okanagan CLICK HERE

North Okanagan – Statistics March, 2017

Statistics March 2017

Aaaaaaand the cold weather continues, hard to believe this time last year it was 30c. This unseasonably cold, wet spring is effecting housing activity (and everyone’s general mood).

Residential Statistics March 2017

In March we had 156 new listings compared to 185 March of the previous year, down 15.68%. This trend of month after month of reduced listings coming into the market and higher sales, is not helping supply. Sales were up 7% at 107 compared to 100. These numbers are placing an inexorable squeeze on supply with inventory down a massive 33.67% to 327 compared to 493 previously. Homes are selling faster because of the competition amongst buyers, down 23.68% to 74 days compared to 97 previously. No surprise that this reduced supply and increased demand translates into an increase of 12.72% in the average sale price to $452,043 compared to $401, 027 previously. Curious as to how much the average price has increased in just the last two years? Up 28.9% from $350,471 in March, 2015. As long as we have more buyers than sellers, and we will for the foreseeable future, there will be no end in sight to the current market conditions.
As the fastest growing BC interior community second only to Lake Country, Vernon and the surrounding areas have been “discovered”. People are relocating primarily for the lifestyle, traditionally this was retirees but along with a healthier local job market, we are seeing a lot more families with young children moving in. A great sign for the long term health of our communities.

I Can Sell My Own Home for Free, Right?

For Sale By Owner

For Sale By Owner

It’s a great question. “If there are so many Buyers out there and it is sooooo easy to sell a home, why would I pay a realtor to sell it for me?  Crazy!” “Why don’t I just bang a sign in the lawn, sit back and watch it sell?”

It’s true, no one needs a realtor, some people choose to list their home “For Sale by Owner”.  If they’re lucky legally, it can sometimes work out and it’s certainly cheaper.  Odds are, if it does sell, it will likely sell for less… but hey, you’ll have sold it yourself and not payed ANY commission.  So then why do so many informed sellers choose to use a realtor, even in a sellers market? It’s a bit redundant isn’t it?

As a professional Realtor, I am at work in this industry every day! I have access to the latest sales data for comparable homes, possess an in depth understanding of  neighborhood values and contract law. I have extensive experience at marketing, negotiating, and selling homes. A top realtor with a strategic and well executed listing plan, will net you more money with a higher sale price, protect you legally and guide you through the process while helping you to understand each step along the way.  This means your left with more money in your pocket, your protected legally and the process is much less stressful. Listing with a competent realtor in any market, just makes sense.

If you’re looking for more information on the Okanagan Real Estate market, or have any questions or concerns regarding hiring a Realtor, call me anytime. I love what I do, and am happy to help clients better understand the process, so that everyone is comfortable and informed along the way.