135725
59611

Real Estate  

Is a townhome for you?

Kelowna TV production company Visland Media is back with a new season of real estate themed television.

You may recall we featured Visland's Seller's Market on Castanet this past year.

Now, as a new season of its sister show, Realty Reality, awaits release, we're offering a sneak peek of Okanagan-focused episodes from the show's first two seasons.

We've also added a video player to our Real Estate page and have included a real estate section in our video archive, so you can catch up on the episodes in one handy location.

The series has also featured homes across B.C., and as the new season unfolds, you will see episodes from Metro Vancouver, Vancouver Island and elsewhere.



57956


Living the golf lifestyle

​Kelowna TV production company Visland Media is back with a new season of real estate themed television.

You may recall we featured Visland's Seller's Market on Castanet this past year.

Now, as a new season of its sister show, Realty Reality, awaits release, we're offering a sneak peek of Okanagan-focused episodes from the show's first two seasons.

We've also added a video player to our Real Estate page and have included a real estate section in our video archive, so you can catch up on the episodes in one handy location.

The series has also featured homes across B.C., and as the new season unfolds, you will see episodes from Metro Vancouver, Vancouver Island and elsewhere.



At home in Summerland

Kelowna TV production company Visland Media is back with a new season of real estate themed television.

You may recall we featured Visland's Seller's Market on Castanet this past year.

Now, as a new season of its sister show, Realty Reality, awaits release, we're offering a sneak peek of Okanagan-focused episodes from the show's first two seasons.

We've also added a video player to our Real Estate page and have included a real estate section in our video archive, so you can catch up on the episodes in one handy location.

The series has also featured homes across B.C., and as the new season unfolds, you will see episodes from Metro Vancouver, Vancouver Island and elsewhere.





Realty Reality is back

Welcome to Realty Reality.

Kelowna TV production company Visland Media is back with a new season of real estate themed television.

You may recall we featured Visland's Seller's Market on Castanet this past year.

Now, as a new season of its sister show, Realty Reality, awaits release, we're offering a sneak peek of Okanagan-focused episodes from the show's first two seasons.

We've also added a video player to our Real Estate page and have included a real estate section in our video archive, so you can catch up on the episodes in one handy location.

The series has also featured homes across B.C., and as the new season unfolds, you will see episodes from Metro Vancouver, Vancouver Island and elsewhere.



Rocky Point in Wilden

To get to Rocky Point you drive up to the Wilden Skylands, either from Union Road in Glenmore or from Clifton Road, then take a left turn into Wilden’s Lost Creek Neighbourhood. From there, Rocky Point Drive winds up Wilden’s west ridge offering a beautiful panorama of Wilden, neighbouring communities and finally the downtown area and Okanagan Lake. The road continues along the ridge, following the shoreline of the lake, until it ends in a cul-de-sac. The area is not yet open for public traffic but visitors can book a tour with the Wilden Sales Team.

Wilden has spent considerable time and effort incorporating a number of design and construction innovations in the development of this premium neighbourhood. Lots are arranged in a tiered style, offering the majority of homeowners an unobstructed view of Okanagan Lake – some of the best the valley has to offer. All lots are tucked away in a quiet, natural setting, and being a cul-de-sac, there is no through traffic.

Rocky Point lots are designed to accommodate home widths up to 70 feet. Many of them are level lots, allowing the main floor to flow directly to the backyard, pool and outdoor living space. Building guidelines allow for a wide range of home styles from classic to modern while still ensuring the nature-inspired, warm and inviting look that shapes the Wilden streetscape. To give buyers some inspiration, the Wilden team has been working with some of the best designers in the Okanagan to develop fresh new home styles that will blend harmoniously with the surrounding area. The new home design program called “Okanagan Modern” is currently being finalized.

All four of the Wilden Select Builders are well prepared to work with lot buyers on exceptional new homes. The Showhomes in Skyland Drive and Sky Court offer a wide array of inspiration. On July 11th, the day of the Rocky Point introduction to the public, a new Showhome in the Wilden Sky Parade will be opened as well. It is built by Chatham Homes, Wilden’s latest addition to the Select Builders program. Wilden Showhomes and Presentation Center are open daily from 1-5 pm except Fridays.

Further information on the Rocky Point Neighbourhood can be found at www.Wilden.ca/RockyPoint.  



Demand outweighs inventory

The real estate market continues to hum along in the Okanagan, with sales activity in November up four per cent over last year.

It has shown no signs of slowing down as we get ready to enter 2015, with year-to-date improvement already up 24 per cent compared to 2013.

“While an early cold snap dampened sales activity last month and demand edged back after accelerating for most of the year, Okanagan-Shuswap home sales have already outperformed 2013 and we will finish the year off on a positive note,” says Darcy Griffiths, OMREB President.

“We experienced an extraordinarily busy summer and fast paced fall, and are now moving into the holiday season when activity typically slows down as winter sets in.”

The North Okanagan lead the way in November, with a 10 per cent improvement over the same time last year. That was followed by small growth in both the Central Okanagan (three per cent) and the Shuswap (one per cent).

The north zone also saw a 27 per cent rise in single family residential sales compared to last year, with levels remaining the same in the Shuswap and declining by eight per cent in the Central Okanagan.

“We are seeing more balance in our board area, but conditions in the Central Okanagan are still somewhat split between balanced and sellers’ markets with more demand than supply for homes priced below the $500,000 mark due to declining inventory,” Griffiths says.

“The North Okanagan market remains stable for both buyers and sellers, while the best value for buyers is in the Shuswap.”

She also reports that active listings have been on the decline for the past eight months and are currently 13 per cent lower than last November, meaning there have not been enough new listings added to keep up with demand.



Housing numbers surge

The numbers continue to be hot in the Kelowna housing market, with sales activity up 15 per cent in October compared to 2013.

Overall property sales in the Okanagan-Thompson area (stretching from Peachland to Revelstoke) saw 706 units change hands last month, with 636 of those being residential sales.

“While October numbers were lower than the September highs, they were still well ahead of the seasonal average as home sales in the Okanagan-Shuswap market continue to outperform last year,” says Darcy Griffiths, President of the Okanagan Mainline Real Estate Board.

“Spurred by pent-up demand, robust consumer confidence, and a steadily improving provincial economy, the strong upward year-over-year and month-over-month trajectory in our board area has continued for seven consecutive months. We are cautiously optimistic that this trend will carry onward and into 2015 as confidence builds, especially with the variety of positives in the region and their multiplying effect on our market.”

The market area is made of up three zones: Central (Peachland to Lake Country, North (Predator Ridge to Enderby), and Shuswap (Salmon Arm to Revelstoke) and each tend to fluctuate month to month among property types.

During the month of October, the Shuswap zone led the way with a 27 per cent improvement over 2013. It also saw a 50 per cent rise in single-family residential sales with 45 units changing hands, compared to 30. Sales in the Central (14 per cent) and North (12 per cent) were also well ahead of numbers from last year.

“The best value for buyers is still in the Shuswap, where there is more supply than demand and prices remain relatively low, despite confident local buyers coming back into the market,” Griffiths notes.   

“Conditions in the Central Okanagan are in sellers’ market territory with more demand than supply in some areas – especially in homes priced below $500,000 where inventory is short – and a buyers’ market in the higher price category. On the other hand, the North Okanagan market remains stable for both buyers and sellers.”

According to the OMREB, the price of single-family homes is fairly steady in most areas, with modest gains seen in some locations where supply is tightening. They specifically point to the Central and North Okanagan where new listings are scarce with active listings currently 12 per cent lower than in October 2013.



Property sales highest in 9 yrs.

September was a record month for real estate sales, they reached their highest point in nine years. According to the Okanagan Mainline Real Estate Board (OMREBA) numbers improved by 32 per cent over the same period last year across the Okanagan.

This is especially true in the Central Okanagan, which saw a 36 per cent improvement in overall sales compared to 2013, while both the North Okanagan and Shuswap saw a 25 per cent improvement in overall sales.

OMREB president Darcy Griffiths says the rise in summer sales activity has continued into the fall with improvements across the board, when compared to numbers from 2013.

“Reflecting the renewed consumer confidence and demand that began to unfold in the spring, the Okanagan-Shuswap housing market has maintained a strong upward year-over-year and month-over-month sales trajectory since April,” she says.

“Conditions in the Central Okanagan are in seller’s market territory with more demand than supply in some areas – especially in homes priced below $500,000 where inventory is short – and a buyer’s market in the higher price category.”

Overall sales of all property types from Peachland to Revelstoke realized an almost 32 per cent improvement in September, with 871 units changing hands last month. That continues the hot trend that has seen a 26.8 per cent improvement in sales since the beginning of 2014.

The Central Zone (Peachland to Lake Country) has seen 552 units exchanged with an 38 per cent improvement in total residential sales.

A total of 188 units changed hands in the North Zone (Predator Ridge to Enderby) while 131 units in the Shuswap Zone (Salmon Arm to Revelstoke) were bought and sold.

“Despite tightening supply, the price of single family homes is fairly stable in most areas, and mortgage rates remain at historic lows, so there are great opportunities for buyers and sellers to get into the market,” Griffiths says. 

“If you are looking to buy and find the right house, make an offer now as fewer new listings are coming on.  If you are looking to sell before winter sets in, now is the time to list while prices are strong, the demand is high and inventory low."

The Okanagan Mainline Real Estate Board is comprised of 1,027 members and 96 real estate offices in the Southern Interior of BC.



A building housing market

Whether it's the construction of new homes or the selling of homes - the housing market in the Central Okanagan is in good shape right now.

Figures released for August show housing starts in the Kelowna Census Metropolitan area (Peachland to Oyama) are similar to those posted in July.

According to the Canada Mortgage and Housing Corporation, housing starts in August sat at 1,213 units compared with 1,276 in July.

The trend is a six month moving average of the monthly seasonally adjusted rates of housing starts.

"The trend in housing starts for both single detached and multiples was relatively unchanged in August reflecting stable demand for new homes," says Sarena Teakles, CMHC Senior Market Analyst.

"This level of new home construction is consistent with Kelowna's balanced resale market and in line with CMHC's outlook for the year."

The stand alone seasonally adjusted annual rate was 973 in August, down slightly from the 1,065 units the month previous.

While new home starts are showing some strength, sales across the board are up on the Central Okanagan.

Figures released by the Okanagan Mainline Real Estate Board shows a 23 per cent increase in sales activity of all MLS® property types over August of 2013.

Conditions in the Central Okanagan are now in sellers’ market territory with more demand than supply in some areas – especially in homes priced below $400,000 where inventory is short – and a buyers’ market in the higher price category. 

New listings have fallen during five of the last six months with total inventory in the Board area down 11% compared to August 2013, resulting in levels similar to those last seen in 2008 when active listings were particularly tight.

“The selection of entry level home choices has been significantly reduced with the drop in listings, so buyers are viewing properties in a higher price range to find better selection.   With strong prices, high demand and low inventory, if you are looking to sell, now is the time to do it before winter sets in,” says OMREB President, Darcy Griffiths.

“However, there are still tremendous opportunities for buyers to get into the market with the price of single family homes fairly stable in most areas, and mortgage rates still at historic lows.” 



Upper Canyon in Wilden



Sales up 30 per cent in July

Real estate sales activity in the Okanagan was up 30 per cent last month, making it the strongest July on record since 1980.

Just under 1,000 units of all property types changed hands from Peachland to Revelstoke, compared with 715 units in 2013.

“Month-over-month, the Okanagan-Shuswap housing market continues to remain strong as we make steady strides toward recovery,” says Darcy Griffiths, President of the Okanagan Mainline Real Estate Board.

“Renewed consumer confidence has boosted demand as buyers return to mid and higher-end homes, and sellers who had given up are trying again with more success.”

She says the north and central regions of the Okanagan are moving into a sellers’ market, with more demand than supply in some areas – although that is not true in the Shuswap.

New listings across the board are also up almost 6 per cent compared to last July, while inventory (or active listings) was down 11 per cent.

The north led the way last month with a 56 per cent improvement in overall sales; that compared to 24 per cent in the Central Okanagan and 23 per cent in the Shuswap. The northern region saw a particularly noteworthy increase in the number of townhouse sales (95 per cent) and apartment sales (63 per cent).

“With strong prices, high demand and low inventory, there is more opportunity for sellers who wish to list and take advantage of the window of opportunity to sell before winter sets in,” says Griffiths.

“On the other hand, with the price of single family homes fairly stable in most areas, and mortgage rates remaining at historic lows, there are tremendous opportunities for buyers to get into the market before the possibility of rates rising as the economy and employment further improve going into 2015.”



Sun shining on Copper Sky

Things are looking up at the Copper Sky condo development in West Kelowna.

They have a brand new pool, deck, and entranceway as part of the rebuilding of amenities following some remediation work that began in 2012.

Residents at the time were not happy, saying it did not appear that builders did a good enough job during the initial build.

The property had already gone into receivership in 2010 and the condos were eventually turned over to KPMG. The value priced homes were sold until the spring of 2012, but that’s when the big problems were discovered.

Cracks began to show up on the pool deck, and along a retaining wall, which forced a massive rebuild of some parts of the development.

Copper Sky then found itself with more negative press last year during reconstruction, when a contractor hit a gas line that leaked fumes for almost an hour and forced the evacuation of the entire property.

But according to those in the know at Copper Sky, things are flourishing once again with a brand new pool, large deck, year-round hot tub and tennis courts overlooking Okanagan Lake.

Long time resident Rod Yule says there had been a lot of dust, noise and eyesores throughout the tough times, but that is all over with now and he has no complaints.

“For a while there it was hard to stay optimistic, because we didn’t know through the receivership what was going to happen.”

He thought about selling when times were tough. But due to dropping prices and the loss of appeal following media coverage of the developments problems, he decided to ride it out.

“When I saw how well they were doing everything -- a lot more attention to detail -- and they did a lot better job this go around, so there was more room for enthusiasm,” he says.

“Its exactly what it was supposed to be in the beginning. I won’t lie, it was tough going through that; the deconstruction and the reconstruction, and we didn’t really know at that point where we were going to end up.”

Those sentiments are echoed by Helen Katnich, who also chose not to sell her unit, and instead bought another.

“Things were changed on the pool deck for the better, but it was a long haul. And I certainly would not have wanted to be one of the first owners, that’s for sure, because it has been a long haul for them,” she says.

“There were some disappointing times when we thought the pool would have been finished earlier, but all in all, I knew there was a lot of negativity, but I knew one day it would be fixed and it would be a great place.”

Things are looking so good at Copper Sky that management now says there is potential for more buildings in the development.



More Real Estate News

59155
59155


134915