okanagan real estate

Increased Activity at Big White and in the Okanagan

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We are seeing an increased amount of activity at Big White Ski Resort and within the Okanagan region within that last few weeks. The trend of the slower summer season was present, however, with summer coming to an end in the next few weeks, many buyers are keen to find a home.

Big White Ski Resort

Over 11 million dollars in sales have happened at Big White since July, a nice increase from the same time period last year where sales topped at 7 million. The average days to sell has however increased from 54 to 65 days because we are still seeing slower sales than average.

Closing day for the Summer season is September 4th. Meaning if you are wanting to get a few more mountain bike rides in, or finally get to the hike you only have a few weeks left. Winter ski season will be here before we know it and if this season is anything like last year we should except to see a large number of visitors, sales, and fun! Get to know everything Big White Summer here!

Some more exciting news is that Big White just introduced a state of the art car charging stations in Happy Valley! This is great to see for the growth of the resort. Read more about it here.

Okanagan

Since the beginning of August, 200 sales have happened within the Central Okanagan region including single family homes, condos, and townhomes. The average sale price within the same time period is 826,475. The average sale price for the month of August in 2022 was $854,854 so we seem to be fairly consistent with last year.

Although the smoke seems to have settled in hopefully it clears, maybe see a little rain, and we can soak in the remainder of August sun. The Okanagan has been blessed with a great tourist season thus far and many visitors are becoming more keen on purchasing real estate here in the Okanagan.

To be in the know, and receive up to date listings and information about the market, contact me here to get set-up!

Okanagan and Big White’s Summer Real Estate Forecast

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Lately the Okanagan and Big White’s forecast has been above average temperatures and somewhat smoky skies but what does their summer real estate market forecast look like? It’s hard to use the past 3 years of statistics to help forecast this summer as they were highly unprecedented, but we do remain seeing certain trends continue. It’s no secret this is a highly desired place to live and play and the number of buyers coming from out of town and purchasing still remains relatively high. That goes for the Okanagan area as well as Big White Ski Resort.

Big White’s Summer Real Estate Forecast

At the resort we’ve seen 15 firm deals since April 1st, keeping up fairly well to the record breaking last year when the same time period had 23 deals. Since the beginning of May, 6 new properties hit the market. It is a good time to list as the mountain is preparing for its upcoming summer season and most units are vacant and easy to view for potential buyers and their agents. Seeing strong activity through the shoulder season is promising and helps us foresee into a productive and busy summer season in Big White real estate.

Big White’s opening day is scheduled for June 29th, 2023 – events are starting to pop up including Fiv’r Fridays and Bike Big White BC Cup. On June 10th we will once again put on the gloves, grab the garbage bags and volunteer our time at the Big White Community Clean-up. And, after all the hard work, there is a complimentary lunch at noon!

Okanagan’s Summer Real Estate Forecast

Homes in Kelowna are spending more time on the market than last year but still averaging just 53 days. I believe this will not waver too much and will remain under the 60 day mark for the summer. A few months ago the average home price dipped under one million, but the past few months we have seen it climbing again. April hit $1,083,027, a number I believe will keep climbing but not at an alarming rate as we saw last year.

It’s hard to choose what to do in Kelowna in the summer as there seems to be endless activities and events to take in. It’s no wonder people are drawn to this spectacular city! From Rock the Lake, to Fat Cat’s Children Festival, to Diner En Blanc Okanagan, to Apple Trilithon, there is always something to enjoy and definitely something that is sure to be a good time! Check out all of the incredible events and more here.

Okanagan and Big White Ski Resort Real Estate Update

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January was a great start to the new year with the Okanagan and Big White Ski Resort real estate market leveling out yet still producing high levels of deals. Even with mortgage rates rising, and an already difficult market to jump into, it seems to have remained steady through January and is picking up momentum as we go through February. A slight decrease in listing and sales price has made the market a bit more achievable and many people who were waiting to see this decrease are now jumping in on the action.

It is still a quite even market with it not favoring neither the seller nor the buyer at the moment. Sellers are acknowledging the prices have taken a slight downturn, but are still, of course, wanting top dollar for their property. Buyers seems to notice the small decrease in price and have been committing to purchase.

Okanagan Real Estate Update

Sales have seen a decrease in the Okanagan area with just 63 single family residence sales in the month of January, a 59% drop compared to January 2022. However the inventory has increased dramatically with 161% more properties available for sale. Currently sitting at 699 single family homes on the market. The average days to sell has increased to 81 – a large leap if compared to the same time last year when it was just 36 days. Which we know was unfamiliar and unprecedented.

The price ratio for January sat at 95.51% – on par for the market we were used to seeing prior to the pandemic. Comparing to last year is almost irrelevant because as we know most homes were selling for full list price and some way above list price.

So far this year the market seems steady throughout the Okanagan and is giving a chance to buyers to be able to purchase their first property or even their first investment property.

A great development that would work as a primary residence or investment property are the new townhomes at West 61 at Shannon Lake in West Kelowna. These 2/3 bedroom units offer views of Shannon Lake, top notch amenities, and modern luxury elements. Starting at $799k, these properties are a must see and are scheduled for completion August 2023.

Big White Ski Resort Real Estate Update

Big White Ski Resort had a slower January, with only 3 sales at the resort. However, the activity has increased quite a bit over the past two weeks and inventory has been selling at a faster pace that the beginning of this year. The average sale price at the resort in January was $650,667 – an increase of 13% when compared to January 2022.

All of the events happening at the resort are a factor in the real estate market. More and more locals and travelers alike are spending much more time at the resort. It’s also a factor with overseas buyers that the resort is exempt from the Foreign Buyer Ban really making Big White the ideal place to invest. The average days a property is spending on the market at the resort is just 53 days. Fairly on par if you compare to the same time last year where the average was 50 days.

If you are looking to build at Big White Ski Resort, Monashee Way is offering lots starting at $375k – these properties are ski-in/ski-out, with no rental restrictions. Build your dream chalet with the builder of your choice.

If you, or someone you know is looking to either get into the real estate market or perhaps free up some of your property assets, feel free to reach out – I would be happy to answer any questions and assist throughout the process.

CLICK HERE TO VIEW ALL OF MY CURRENT LISTINGS

Seeing a Shift in The Okanagan’s Real Estate Market

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We are fairly used to seeing a shift in Okanagan’s Real Estate market in the Fall. However, this is not the typical shift we are used to seeing. There are many properties being listed but we have seen a decrease in closed deals, about 35% less than last September. Many factors contribute to this shift. Including the increase of mortgage rates and rules, more inventory being available, and of course the listing price spike that has not come down as much as many potential home buyers would like to see.

Seeing a Shift in The Okanagan’s Real Estate Market

Properties are staying on the market a bit longer than last September with an increase of about 65%. The inventory level has increased a substantial amount (112%) compared to September of 2021, leaving potential home buyers more options. This is good to see as it creates a more balance buyer/seller market and not necessarily favoring one side or the other. The price ratio has also dropped,. Meaning properties are not all going for full list price and/or over list price, which again is nice to see for potential home buyers looking to get into the market for the first time.

Inventory at Big White Ski Resort has also increased when compared to last year, an increase of about 48%, but with less sales overall in September 2022 vs. September 2021. The market at the resort has remained strong throughout the off season and is already picking up as we get closer to the opening of the Winter 2022/23 season. The average sale price in September 2022 was just over $500,000 ($516,750) while September 2021 saw an average sale price of $479,450.

The prices at the resort are competitive, strong, and overall a great starting point when looking to invest in a ski property. Currently there are 68 active listings at Big White, some starting below $175,000 and some all the way up to luxury prices around 1.5 to 2 million dollars.

If you are interested in further discussing the real estate market, or how your property can fit in todays market, I would be happy to chat further – contact me here or give me a call at 778-231-0308.

Okanagan’s Real Estate Market is Getting Real

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As we head closer to fall weather, the Okanagan’s real estate market is getting real and finally cooling off. After 18+ months of a frenzy, we are now seeing a more balanced market. The market is favoring neither the buyer or seller at the moment but is teetering in between a buyer and seller market. This can make it more difficult in some cases as both the buyers and sellers may plan to wait it out to see how the power shifts. This creates lower number of sales, a drop in average sale price, and more days being spent on the market.

However, with all of that being said, we are never sure of the turn real estate will take and if, in your life, now is the time to either sell or buy, you will get a satisfactory outcome. There are always buyers looking, and always sellers selling, but the two need to match up in order to create a transaction.

So let’s look at the recent stats

The average sale price for a single family home in the Okanagan has not dropped under 1million yet. It has however dropped a touch since last month and now sits at $1,077,431. The price ratio has dropped to 96.90% compared to the 100.68% it sat at in July of 2021.

As expected in the summer months, sales at Big White Ski Resort have taken a slight dip. Although the mountain is open in the summer months, the volume of visitors is not nearly what the winter months bring in. Thus creates less of a frenzy when looking to purchase a property at the resort. The resort has seen over 100 residential transactions thus far in 2022. The average sale price is sitting at an affordable $616,904.

Big White’s inventory is on par, with 59 active residential listings and 4 commercial listings. As always there are affordable, studio units, or more luxurious million dollar properties. (Check out all current listings here) Both are great for producing revenue while renting out or to enjoy yourself during a weekend family getaway.

For more real estate information, to start on your real estate journey, or to build your current portfolio, reach out today.

LIVE WHERE YOU PLAY

Okanagan Region is growing rapidly

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The Thompson-Okanagan region is rapidly growing. Population hit 620,000 residents in 2021 with an average of 10,000 new residents every year. It is the fastest growing population in Canada according to Statistics Canada. The City of Kelowna itself now has over 224,000 residents. Making it double the size of Kamloops, Prince George and Nanaimo. It’s no wonder the real estate development is continuing to accelerate even with this slight downturn in sales.

The City of Kelowna recently voted unanimously to approve a 425 home development in the Tower Ranch neighborhood and a 1000 home development on Lakeshore Road. Those developments in addition to many pre-sales happening throughout the region are a direct correlation to the influx of out of region residents. Okanagan real estate has been stifled with supply in the past months creating a rise in prices. With the new projects arising, we are hoping to see a shift, making housing more affordable within the region.

Even with residential sales slowing recently, the average price is still on the rise. We saw May’s average single family home sale price increase from just under 1 million ($997,441) to $1,139,144 from the same time last year.

It is estimated that investors make up nearly 60-70% of condo buyers in the city. This I believe goes hand in hand with Kelowna’s rental vacancy rate which sat at just 0.6%. The lowest level in Canada in May. With the average price of condos sitting at $518,637 in May, its an affordable and wise investment choice.

The Thompson-Okanagan region, especially Kelowna, is rapidly growing. Now may be the best time to capture that piece of Okanagan paradise. Feel free to reach out and contact me with any questions or to get started finding your perfect home.

Okanagan Summer is HERE!

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The day all of us in the Okanagan have been waiting for, Summer is officially HERE! With the prolonged spring weather here in the Okanagan, it’s nice to see the weather changing and bringing that beautiful Okanagan sunshine we all crave. Summer in the Okanagan is when our city thrives. Welcoming back tourists to our amazing town and seeing all of the locals get out and enjoy all of the events happening after a two year hiatus.

Live, Work, Play – Summer in the Okanagan …

The Okanagan is a sought after area to live, work and play. There’s no question why its an attractive city to purchase a home in. And with the real estate market changing, it is becoming a little more attainable than the recent months. We are seeing a shift in prices, including many price reductions on already listed properties. This however, doesn’t mean its a buyers market quite yet because the market is still favoring sellers at the moment.

The Okanagan continues to attract people to own property here. Coming from out of town, and out of province, buyers are dedicated to find their own piece of paradise here in the Okanagan. Whether that’s in Peachland, at Big White Ski Resort, or in Lake Country. That’s the thing about Kelowna and area, there is a neighbourhood for everyone and anyone. No matter your price point or requirements.

Summer is also on everyone’s mind at Big White Ski Resort. With the resort now open for the summer 2021/22 season, many are making their way up the mountain to get outdoors. Enjoy mountain biking, hiking, or check out this year’s Craft & Country Music Fest on July 16th! This year, the resort is packed with events and fun for everyone. Check it all out here.

With the shift in the market, you may be left wondering where that places you and your situation. If you are planning on selling, are you curious what the price drops mean for the value of your home? If you’re buying, are you wondering if now is the time to make an offer on that home you’ve been humming and hawing over? I am always here to answer any questions so reach out via email, phone, or contact me here.

Okanagan Real Estate Market Update: May 2021

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The Okanagan real estate market has continued to showcase steady growth and chart topping numbers. Okanagan’s dynamic market displays fast moving inventory and competitive offers in many cases. A high demand, with predictions to remain steady into the upcoming months is becoming a common theme.

Okanagan is consistently seeing historically high numbers of sales and low inventory. This creates increases in value and remains apparent that the market still favor sellers as we continue in the second quarter of 2021.

The current market conditions are driven up by many factors. Some of which include; low interest rates, flexibility of remote working, and the intriguing Okanagan lifestyle. The “small town” feel that the Okanagan showcases is sought after with many buyers relocating from large cities.

With world-class wineries, sandy beaches, countless lakes and an abundance of outdoor activities, the Okanagan is a hot spot for people of any age. Many people are looking for more of that outdoor lifestyle. Whether its boating, golfing, or heading to Big White for some mountain biking our community offers all of that, and then some!

Okanagan Real Estate Market Recap

Market activity continues to exceed levels our area is accustomed to. We experienced 9845 sales totaling over 5.7 billion dollars in 2020. Year to date, we sit at 3.2 billion with 5002 sales. Value continue to climb and the increase of pressure will likely continue in the short term.

Not only are listings selling for more, but they are taking less time to sell, 28.23% less time compared to 2020 actually. In March 2021, residential listings were taking, on average, 33 days to sell.

A Closer Look

As we experience high level activity within our market, individual market segments performed differently. The number of residential sales increased by 115%, and the condo market is ahead of that with an increase of 130%. Townhomes are slightly behind at 114%. But the real dominator here was lot sales, as more and more people decide to build. We saw a 383%, yes 383% increase in number of sales compared to 2020.

Average prices in all segments have increased. The average price of residential soared to $930,251 a 28% change from 2020. Townhomes also increased by 24% to $621,485 and condos trailed with an average price of $415,411 compared to $352,444, a 17% increase.

Looking Ahead

With our current markets status, we expect a similar quarter. Demand remains strong throughout our region and combined with a high level of available capital market trends are expected to continue. We are in a time where market growth seems to remain stable and steady for the foreseeable future and sellers are still in a perfect pocket of opportunity.

For more information about the Okanagan real estate market contact me anytime.

Spring in the Okanagan – Real Estate Edition

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Spring has arrived in the Okanagan. With above 20 degree weather, the grasses are greening and the homes are selling faster than ever before. It’s not new news that in the Spring time we see a rush in homes being listed and sold, but this year is taking it to another level. Because this is a strong sellers market, many of the homes are going into multiples and ending up going for above listing price with no conditions. It is a frustrating time for buyers looking for that perfect home but with a qualified, professional, knowledgeable agent, finding and purchasing your dream home is possible!

The Okanagan has so much to offer and people from all across Canada are discovering this little piece of paradise we call home. The outdoor lifestyle, great weather, and endless opportunity are appealing to everyone. That appeal however is driving up prices for anyone local trying to get into this market.

As we near the end of April lets take a quick peek at some stats:

  • We have already seen 597 sales in the Central Okanagan whereas last years April saw 214. That is a 178% increase and the month isn’t even over yet
  • $561,463 was the average price in April 2020, and with the sales conducted so far this April we are at an average sale price of $723,368
  • A home is sitting on the market an average of 36 days compared to last years 66 days (45% decrease!)

Even though its now closed for the Winter Season, Big White Ski Resort is seeing the same increase. Number of sales and average sale prices are up tremendously from previous years. With their summer season approaching, everyone is keen to get outside and enjoy the activities offered; like world-class biking, hiking, festivals and more. More and more people are purchasing vacation homes close to home to escape to during these restricted times. You can check out Big White’s summer season here.

The velocity of the recent COVID-19 third wave, driven by the variants, is likely going to cause further restrictions and the Okanagan market has proven to be resilient and is expected to remain fast paced.

This is the time for sellers who are debating listing to really consider all of the incredible options out there. The Okanagan has never before seen a demand like this making it the perfect time to sell. On the other hand, if you are a buyer looking to purchase into this market, don’t get discouraged. Low borrowing rates create opportunity to step into the market.

As always, I am happy to answer any questions you have about the Okanagan and Big White real estate markets. Contact me today!

LIVE WHERE YOU PLAY!

Kelowna Real Estate Market – March 2021

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Kelowna, the third largest metropolitan area in BC, has been a hot spot for real estate for the past few months. The lifestyle that Kelowna provides is appealing to everyone. An active outdoor lifestyle is what everyone is looking for these days especially within these restricting times. With people working remotely the mass exodus from metropolitan cities continues. People from Ontario, Alberta, and Lower Mainland are flocking to the Okanagan and falling in love with the valley. With many non-locals being drawn to the area, we saw 23% of purchases with buyers from the Lower Mainland/Island compared to 51% of buyers from within the board. So let’s take a look at the Kelowna Real Estate Market Stats.

Kelowna Real Estate Market Stats

With that, we have been seeing a major increase in single family home sale prices and a large decrease of that same inventory. February saw a benchmark price for single family homes at an astonishing $776,300. An increase of 17% from the same time last year. If that statistic doesn’t shock you, the listing inventory will. With a decrease of 51%, February had just 388 active listings. Days to sell are also down, about 40%, to just 44 days on average.

7 Day Market Watch

Single family homes remain sought-after; however, the condo market is steadily increasing for those who enjoy the low maintenance, lock and leave lifestyle. In February 2021 there were 183 sales, an increase of 108% compared to February 2020. Inventory is also sitting at 23% below last years. Kelowna’s condo market will be seeing a large increase of availability with new developments and proposals.

With many of the new listings, especially single family homes, getting multiple offers, the final sale price is often going above the list price. Competitive buyers are winning offers by agreeing to less subjects, quicker removals, and of course, higher prices. As agents we are seeing an increase of listing notes with “Sellers will review all offers by such and such date.”. This allows any interested buyers to view the property in an allotted time and make an informed not rushed decision.

March continues to show us that the market is not slowing down. If anything, it’s getting crazier. Buyers are feeling the stress of not being able to find a place, and sellers are wondering if now is the right time to list. With so many questions going around, I am always happy to answer any that you may have. You can always contact me here to have a chat. You can also check out all of my current Kelowna listings here.

Check out my latest SOLDS in Kelowna & Area!

Joan Wolf

Cell 778-231-0308 
joan.wolf@century21.ca

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