Monthly Archives: August 2022

THE REAL ESTATE REPORT – Buyer’s vs. Seller’s Market

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Is it a better time to buy or Sell?

Is the Okanagan currently a buyer’s or a seller’s market? To answer that question let’s review each:

Buyer’s Market

A buyer’s market is usually characterised by more homes (inventory) on the market than there are buyers. As demand decreases, prices tend to follow. This allows the buyers to have more leverage to negotiate. They can also take more time shopping around as it’s unlikely they will lose out on a property there interested in. For sellers, they need to be more careful than usual to price competitively and work harder to make sure their home is in tip-top shape for selling.

Seller’s Market

A seller’s market is when there is a shortage of inventory which can lead to prices appreciating as more buyers compete for fewer available homes. Sales can happen
very quickly and sometimes there are even multiple offer situations. Buyers sometimes
need to make quick decisions and may even choose to waive conditions on their
offers. Sellers can maximise their likelihood of multiple offers by having their home
ready to show at a moment’s notice and perhaps pricing it just below top dollar.
Currently in the Okanagan, we are coming into a more balanced market. It has been a
hot seller’s market for some time. but recent interest rate hikes have led to levelling out. Multiple offers are becoming rarer, as more homes receive a finale offer that goes through inspection and financing conditions before completing. This likely means that buyers have a little more power to dictate terms. Conversely, there is still a shortage of supply. which means prices are expected to flatten rather than dropping drastically. That means it may continue a seller’s market for some time What should you do in this market? Contact us for a plan of action tailored just for vou.

Real Estate Statistics Overview – August 2022

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Kelowna bait bike program a success, say RCMP

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BAIT BIKES SNARING CROOKS

The Kelowna RCMP say their bait bike program is working.

Earlier this year, the program was started to help combat the increase in bike thefts in the community, and according to RCMP, the bike has been picked up multiple times by well-known suspects.

“Our officers will continue using bait bikes to go after these individuals in an effort to curb the thefts,” said Sgt. Scott Powrie with the RCMP Community Safety Unit.

Police say it’s important for the public to know that the thefts all occurred in less than 20 minutes of officers placing the bike in position, the quickest being within eight minutes.

This is a common crime that happens fast, so it’s crucial to always lock up your bike.

If your bike is stolen, you should report the following information to the RCMP:

  • Serial number
  • Make and model
  • Colour of the bike
  • Any modifications made
  • Recent pictures of your bike

You should also consider registering your bike, before it is stolen, on Project 529.

Central Okanagan benchmark home price falls for third consecutive month

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HOUSE PRICES SLIDE YET AGAIN

For the first time in at least five years, the benchmark price of a single-family home in the Central Okanagan has dropped for the third month in a row.

Association of Interior Realtors released its July report on Friday, and it featured even more evidence that the housing market has cooled off substantially in recent months after running red hot through most of 2021 and the early part of 2022.

The benchmark cost of a single-family dwelling in the Central Okanagan last month was $1.06 million, which represented a relatively large drop of 4.7%. The benchmark hit a historic high of $1.13 million in April but has now slid in three consecutive months for the first time since at least the beginning of 2017.

AIR said the market in July simply returned to pre-pandemic activity, noting there were 1,196 residential unit sales across its region last month. That represented a 33.3% decrease from July 2021.

“Seasonally, it is not out of the ordinary to see a dip in sales in the summer, although real estate market activity across most regions in the province was below average last month, not just within the Interior,” AIR president Lyndi Cruickshank said in a press release.

“A number of factors, or even a combination of factors, such as the interest rate hikes, recommencement of travel and the school break, could all be reasons consumers pushed pause on their real estate plans as they focused on enjoying the hot summer days.”

Another reason for the price and sales decline is likely the number of homes available. There were 56.8% more listings across the entire AIR region in July compared to last year during the same month. There were 92.1% more listings in the Central Okanagan compared to 12 months ago.

“We are seeing inventory starting to accumulate, slowly moving upward to healthier levels of inventory, which is a welcomed relief for prospective buyers,” Cruickshank said. “However, the higher mortgage interest rates are still impacting the real estate market, with some home buyers finding it more difficult to qualify for mortgages.”

The benchmark price of a single-family home in the North Okanagan also dropped in July, falling from $798,500 in June to $774,400 last month. That price has fallen for the last two months, marking the first time it has gone down since April 2020.

The cooling market did not affect the benchmark price of townhouses in the Central Okanagan, as that figure increased 2.6% in July to $783,500.

How Much Are Closing Costs When Buying a House?

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One of the top pieces of advice for anyone planning to buy a house is to make a watertight budget. However, it’s worth noting that your budget needs to account for many things beyond the down payment.

Closing costs are easy to overlook, but to do so would be a costly mistake that could cause you to fall into debt or lose out on your dream home. With that in mind, let’s examine just how much you can expect to pay in closing costs.

The amount you pay on closing costs depends on several variables. However, on average, buyers in the U.S. can expect to pay anything between 2% and 5% of the total sale price. Meanwhile, the figure is generally slightly lower in Canada, usually between 1.5% and 4% for a typical house purchase.

How Much Are Refinancing Closing Costs?

If you’re planning to refinance your home, you’ll also need to pay closing costs, typically between 2% and 6% of the total loan amount. These closing costs comprise several services, some with a flat fee and others charged as a percentage.

How Much Are Closing Costs for the Seller?

If you’re also selling your home while buying a new one, you must budget for the closing fees on both transactions. It’s usually the seller’s responsibility to pay any real estate agent commissions, which can add a hefty chunk to the closing costs, typically around 5% to 6% of the sale price. In addition, you can expect to pay an extra 1% to 3% in other closing fees, taking the total to around 6% – 8%.

Breaking Down the Typical Closing Costs for Buyers

Now that you know how much you should budget for closing costs, let’s look at each component in detail.

Legal Fees

You’ll typically need to work with a closing attorney when buying a home. It’s their job to oversee the entire process, and while they don’t represent either the buyer or the seller, their fee is generally split between the two. Depending on your location, the cost ranges from $500 to $1,500.

Appraisal Fee

Your lender will need to have the house valued before they agree to lend you the money you need to purchase it. On average, it costs $300 to have a house appraised, though it may be more for larger properties. In addition, if the seller completes repairs on the home after the appraisal, your lender may require a reinspection, which costs another $300.

Mortgage Fees

There are several fees associated with your mortgage. These include credit report fees, around $30, and application fees which generally cost between $300 and $500. But, most important is the mortgage orientation fee that all lenders charge to cover their services and admin costs. On average, this will cost around 1% of the loan value, though some lenders offer lower prices, and it’s a good idea to shop around.

Title Insurance Policy

Typically required by the lender, this insurance protects both the lender and the owner against future title claims. It can cost anywhere between $500 and $3,500 depending on the location and size of the property.

Home Inspection (optional)

While not mandatory, it’s well worth having your future home inspected by a professional before signing on the dotted line. Depending on the size of the house, it typically costs between $250 and $700. Of course, for additional inspections, such as lead paint, pest and roof, you’ll need to budget more.

Escrow Fees

An escrow account is a third-party holding account in which you’ll deposit various fees, such as the down payment. Once the sale is complete, the funds will be distributed to the appropriate individuals. Escrow fees typically cost around 1% of the sale price. This is often split between the buyer and seller, though it must be agreed upon first.

Private Mortgage Insurance (PMI)/Mortgage Default Insurance

If your down payment is less than 20%, most lenders will require you to take out mortgage insurance. PMI costs between 0.5% and 2.5% of the mortgage and is usually rolled into your mortgage payments. However, you’ll often need to pay the first month before closing.

Recording and Documentation Fees

Several companies will be involved in processing your real estate transaction, each with a fee to be paid. Courier fees are required if you’ve had to send your documents physically and typically cost around $20. Bank processing fees are also required, generally between $25 and $100, and you’ll need a notary to make the signing of all documents official, so another $100. Finally, the lender will charge a recording fee of around $50 to pay the county to make a public record of the transaction.

Prepaid Property Taxes and Utilities

Any taxes and utilities that have been paid ahead by the seller need to be reimbursed by the buyer. The attorney will calculate the cost, which generally runs between $1000 and $2000.

House Insurance

Most lenders require you to take out homeowners insurance, typically paid annually or biannually. The cost varies by house type and location, so be sure to get a few quotes.

10 Pool Design Ideas to Transform Your Backyard

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A swimming pool can be a superb addition to your backyard. Not only does it provide a fantastic way to cool off and enjoy some exercise, but it’s also a great place for socializing. And the best news? Gone are the days of standard rectangular pools that look somewhat out of place.

New materials and building techniques have enabled imaginative designers to create endless pool designs. So, no matter your space, you can almost certainly find a pool to fit. Whether it blends in or stands out, the choice is yours.

Let’s take a look at ten fabulous pool design ideas:

1. The Natural Look

This design focuses on allowing your pool to fit in with the nature around it rather than standing out like a sore thumb. Remember, there are no straight lines in nature, so a curved pool design is best. Surround the water with natural elements such as rocks, pebbles and shrubs, and maybe even add a waterfall. Use local plants and trees to complete the look, or simply work with what is already there.

2. Shipping Container Pool

This innovative design allows you to quickly and easily add a pool to any space. Work with a professional company to create a heated pool that’s safe and attractive. It can either stand atop the ground, complete with viewing glass and steps up to it, or be dug into the soil.

3. Flower Pool

This colorful design sees your swimming pool bordered by a dazzling array of flowers. Sure to cause a splash, it not only looks fantastic but will smell great too. Care should be taken to prevent the pool water from reaching the plants; otherwise, you’re free to experiment. With proper planning, your pool can be surrounded by color throughout the season.

4. Desert Oasis

Create an oasis in the desert with this fabulous design that works great in hotter climates. Your pool sits amid a landscape of drought-tolerant plants and shrubs, with boulders and sand to complete the look. Add a palm tree for that classic vibe, and be sure to provide some shade, perhaps a canvas canopy.

5. Tropical Paradise

This is a top choice for subtropical climates and makes the most of the weather and plants that you’re likely to already have in your yard. Coral stone flagstones surround a brilliant, blue mood-lit pool, recreating the tropics’ bright white sands and sea. Further back, lush green tropical shrubs, grasses and trees complete the look.

6. Historical Restoration

If you own a historic house, why not create a pool that matches it? Use materials that would have been common when it was built, such as period clay tiles to match a Colonial home, for instance. And don’t forget to add the relevant features from the time, including fountains and spa areas.

7. To Infinity and Beyond

If you own the house on the hill and your yard commands a stunning view, it’s well worth creating a pool that takes it all in. Infinity pools are a great choice in these situations, allowing you to swim to the horizon and enjoy the view.

8. Rustic Retreat

Looking to capture the rustic feel of a Tuscan farmhouse? This design uses a curvilinear pool shape that fits naturally into the landscape. Surrounded by large natural stone paving slabs, pebbles and grasses with the occasional shrub, it oozes charm.

9. Enclosed Lap Pool

Designed for those looking to enjoy a little exercise all year-round, this heated pool is ideal for cooler climates. Rather than being outside, it’s enclosed in its own room, with large windows looking outside and providing natural light. As a narrow lap pool, it won’t take up much space either.

10. Rock Pool

With a cascading waterfall and natural rock flagstones surrounding the pool, you’ll feel as if you’re swimming in a secret cave! Large, free-standing boulders add to the effect, with the occasional shrub or fern to provide a little color. A rounded pool design works best in this case, adding to the rugged, natural look. For something a little special, why not add a rustic stone bridge?

 

3 Story For Sale in Penticton Main North, Penticton

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3 Phenomenal Units- Spectacular from the moment you arrive!

•  6824 sqft , 7 bath , 6 bdrm 3 story – FOR SALE  CAD6,800,000 . Desirable property comprises 3 floors – MLS® 195698

In Penticton Main North, Penticton  – 88 Lakeshore 3 Phenomenal Units- Spectacular from the moment you arrive! This rare & desirable property comprises 3 floors of architectural splendor. Main floor entry offers full size hi-efficiency commercial elevator security controlled for each floor which delivers on a promise of breakthrough quality & unsurpassed engineering excellence. 3 garages, each assigned independently to the 3 homes for a total of12 vehicles. Second floor offers 2,992 sq. ft. with a separate suite for guests, rentals or caretaker. Transcending the skyline of Okanagan Lake northward is “The Penthouse” offering 3,003 sq. ft. to enjoy life without compromise. Adjacent to a beautiful park & one of the finest beaches on Okanagan Lake. The walking score to shops, restaurants, farmers market & all of what the downtown can offer is at your doorstep. This property offers masterclass in luxury, lifestyle, & design innovation. Learn more about this property by contacting the listing agent for a complete package

Click here for: Property information and Virtual Tour

The Pros and Cons of Open Kitchens

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Open kitchens have had their heyday, but some think the trend could be waning as people spend more time at home and with each other. The design offers fantastic opportunities for families to connect but can also be seen as lacking privacy and making it difficult to establish “zones” in the home.

So, how can you decide whether an open kitchen design is something that will work for you and your lifestyle? Check out this list of pros and cons to see what benefits and drawbacks open kitchens can have.

Pro: Increased Interaction

One of the biggest advantages of having an open kitchen is the ability to interact with family and guests during meal preparation. While traditionally, you would have been tucked away in a closed kitchen to prep and cook, an open kitchen means no breaks in the conversation and an opportunity to socialize with everyone. By bringing the action into one space, you don’t feel like you’re missing out on the fun.

Pro: A Good View

If you have little ones, an open kitchen allows you to keep an eye on their activities while you make meals or clean up, ensuring that everyone’s on track and you don’t have to worry every time things get suspiciously quiet in the next room. An open kitchen offers opportunities for you to be involved in homework time, craft time or just “tell me about your day” time, all while getting meals ready for the family.

Pro: More Light

Open kitchens allow more light to flood the space, thanks to fewer walls closing things in. It can brighten the space and make it feel even more open, airy and cheerful. In addition, more natural light means the potential for fewer light fixtures being needed, so less energy consumption.

Pro: The Illusion of Space

Even in a smaller home, an open kitchen will make the room seem less closed in and more spacious. Without the constraints of walls, you can push the kitchen out further or bring things in closer, helping you make the most of your space. An even more open design can be achieved with fewer heavy cupboards and more open shelving or the use of cabinets with glass doors to lighten the look.

Con: More Noise

With open kitchens comes the potential for more noise due to the lack of walls keeping sounds contained. Whether it’s kids burning off energy in the loudest ways possible, lively conversation during after-dinner drinks, or the clinging and clanging of pots and pans during cooking, noise can travel easily in open kitchens. Bringing textiles such as rugs, mats and curtains into the mix can help, as can including textured ceilings and paneled screens to help absorb some sound.

Con: Messes on Display

With closed kitchen designs, hiding messes from guests is a lot easier. Unfortunately, open kitchens don’t really give you that option, so you end up having to choose between being extremely diligent about cleaning and organizing or being comfortable enough to say “don’t mind the mess.” Incorporating plenty of storage and organization options, eliminating clutterand using various cleaning tools to make it easier to manage messes are ways to keep your open kitchen looking great.

Con: Traveling Odors

When cooking in an open kitchen, food odors aren’t contained like in a closed kitchen and can travel to other areas of the home. This might be fine for smells like bread baking in the oven or a fresh pot of coffee brewing, but odors like used frying oil or cooked fish are likely not the ones you want moving into other spaces and possibly lingering there. Opening your windows, using your range hood and air fresheners should help.

Con: Limited Storage Space

Without additional walls to house storage options, open kitchens can make it more difficult to put away the things you need and keep everything from looking too messy. Incorporating an island with storage into the kitchen can be a good solution, or you can take advantage of ceiling space with hanging racks for things like pots and pans.

BC Sports Hall of Fame to hold summit in Kelowna this fall

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HALL OF FAME IN KELOWNA

For the very first time, the BC Sports Hall of Fame will host its annual summit in Kelowna.

Partnering with the Central Okanagan Sports Hall of Fame, this event will mark the first time in the BC Sports Hall of Fame’s 56-year history that it’ll be held outside of the Greater Vancouver area.

The two-day summit will pay tribute to several defining moments in BC sport history with a luncheon event. There will be a dinner honouring 2022 winners of the Eric Whitehead Inspired Service Awards, a series of community development workshops, a pin ceremony for BC Sports Hall of Famers who are Okanagan-region residents, and the annual general meeting.

The chair of the BC Sports Hall of Fame Tom Mayenknecht says part of the plan is to move the annual summit to a new city around the province each year.

“We’re grateful for the warm welcome and support of Patrick Kennedy and the team at the Central Okanagan Sports Hall of Fame,” said Mayenknecht.

“We will build on this year’s annual summit in Kelowna and previous pilots in New Westminster and Surrey, to make the annual meeting an important coming together of those who advocate for the promotion of sport history, heritage, and culture in British Columbia. We’re keen to make it a valuable opportunity for professional and community development for honoured members and other supporters from throughout the province.”

The BC Sports Hall of Fame Annual Summit will be held at the Rotary Centre for the Arts in downtown Kelowna – and is being co-chaired by Aziz Rajwani and Joan McMaster of the BC Sports Hall of Fame Board of Trustees, along with Patrick Kennedy, manager of the Central Okanagan Sports Hall of Fame.

“Given several postponements due to COVID-19, this is an opportunity that has been three years in the making,” said Kennedy. “We consider it an honour to be co-hosting the BC Sports Hall of Fame Annual Summit, and we are looking forward to welcoming trustees, directors, and other stakeholders, including members of the BC Sports Hall Network. It will be a big weekend for us at the Central Okanagan Sports Hall of Fame.”

The event takes place September 23 and 24. Registration for this event is now open.

 

What to Rent: Condo vs. Apartment

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If you’re looking to rent, you may be struggling to choose between apartments and condos. At first glance, they seem more or less the same. But delve a little deeper, and you’ll find many differences. Let’s take a closer look and figure out which is the best option for you.

Both apartments and condos are individual residential units within a larger building containing several other similar units. They can be within tower blocks or smaller buildings, with or without amenities such as a swimming pool or doorman. But despite these similarities, there are several differences worth knowing.

1.     Ownership

Ownership is by far the most significant difference between condos and apartments. In an apartment complex, all units are owned by one person, whereas in a condo building, each individual unit has a different owner.

2.     Management

Apartment building owners generally work with a management company to deal with tenants, maintenance, and other tasks. A condo building is usually managed by a homeowners association (HOA), which sets the rules and takes care of shared spaces. When renting a condo, you deal with your landlord, the owner of the unit, rather than a management company.

3.     Maintenance and Repairs

While renting an apartment, if something goes wrong, you can generally contact the management company 24/7, and they will take care of the issue. In a condo, however, you’ll need to get in touch with your landlord, who might not always be available. In case of any urgent repairs that surface, you might have to pay the bill yourself and recover the money afterward. It’s best to agree on such scenarios in advance.

4.     Rules

In a condo, the HOA will set the ground rules that owners and tenants must adhere to regarding common spaces and outside decoration. Within the condo unit, the owner may impose additional restrictions, such as no pet policies, for instance. Apartments also come with rules, though these tend to be stricter with no room for negotiation. In either case, be sure to check the lease agreement thoroughly before you sign.

5.     Costs and Fees

In a condo, the unit owner is solely responsible for setting the rent. This means that tenants in the same building, in similar units, often pay different rents. In addition, the rent will typically also include the HOA fee and the utilities. You’ll basically be paying a flat fee throughout the year and won’t have to worry about seasonal fluctuations. With these fees added to the rent, condos are often considered more expensive, but it isn’t always the case.

When renting an apartment, utilities are often billed separately, while maintenance and repair costs are typically rolled into your rent, in addition to the upkeep of any shared amenities.

Condo or Apartment? Which Is the Right Choice for Me?

To answer this question, it’s worth looking at the major advantages of both options.

Condo Pros:

  • Great condition and amenities: Condos owners tend to put more personal touches into their units and may install upgrades to improve their chances of finding a tenant. Plus, there’s a chance that the owner previously lived in the unit, so it’s more likely to be in good condition. Apartment owners may be more likely to cut corners on these things.
  • More room for negotiation: Not all condo owners are looking to make a profit from their tenants. Some simply want to cover their costs and ensure the unit is lived in and looked after. As such, you may find more room to negotiate on price, pet policies and renovation requests.

Apartment Pros:

  • Experienced management: With a professional management company, many things are streamlined, such as trash collection, online rent payments, repairs, complaints and maintenance requests. They are often available round the clock to take care of issues as and when they arise.

In general, if you prefer the peace of mind of not having to worry about dealing with maintenance and repairs and don’t mind having any say in what appliances and amenities you have installed, an apartment is a good choice.

Meanwhile, a condo may be the better option if you’d prefer a more personal relationship with your landlord and the potential flexibility that might come with that. The flip side is that in case of repairs and maintenance, things don’t always run as smoothly as they might with an apartment.