Okanagan realtor Archives - Joan Wolf, Big White REALTOR®

Increased Activity at Big White and in the Okanagan

August 16, 2023 by Joan Wolf

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 Ski Resort Real Estate Update

February 7, 2023 by Joan Wolf

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

Okanagan Region is growing rapidly

October 27, 2022July 5, 2022 by Joan Wolf

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.

May in the Okanagan

October 27, 2022May 16, 2022 by Joan Wolf

It’s been a fairly cool start to May in the Okanagan but the same cannot be said for the real estate market. Although it has slightly shifted to a more level market, it still remains to be a hot spot for many home buyers. We are finding it’s not just locals who are moving up from condos and buying single family homes. There are many buyers coming from out of province, and even out of country to purchase their own piece of paradise in Kelowna. And who can blame them!? The Okanagan, Kelowna in particular is the most amazing place to live.

There are countless opportunities in the city in careers, adventures, and your real estate portfolio. This summer is shaping up to amplify all three with many events making a come back after a two year hiatus. This brings more revenue to the city and with many tourists visiting the city, real estate will remain strong.

May in the Okanagan- Real Estate Recap

Real estate in April marked a decrease in number of units sold compared to April 2021. But that’s not to say they are low. They are just lower in comparison to the record breaking 2021 we saw. We are still seeing a fairly low inventory, which we know has been driving up the home prices, but it is starting to transition to a more stable environment.

The average days to sell is still on the decrease. Single family homes are sitting on the market just 22 days on average. Condos and townhomes are also seeing big decreases in days to sell. Townhomes dropped 54% compared to last April – with an average of 19 days on market.

Lakeview Heights in West Kelowna and South East Kelowna continue to be sought after neighbourhoods. These are popular with buyers because of the spaciousness of the homes, the peaceful settings, and larger lot sizes. Other neighbourhoods that are also popular are Joe Rich and Lake Country.

From affordable fixer uppers to large commercial lots, there are plenty of sales happening in the Okanagan. Like the 11 million dollar commercial deal on Truswell that I just firmed up, and the many single family homes throughout the region. I may specialize at Big White, but I’ve been bringing my expertise to the Okanagan and expanding!

Summer is just around the corner here in Kelowna. I think I can speak for all of us when I say that Kelowna in the summer is unmatched. Whether you are enjoying it in your backyard pool at your home in Lower Mission, or at a beach just down from your downtown condo, its the reason most of us live here.

If you are looking to purchase a piece of Kelowna to either start, or build your real estate portfolio, I am happy to assist you along the way. Feel free to contact me here or give me a call at 778-231-0308

Okanagan Real Estate Market Update: May 2021

October 27, 2022May 4, 2021 by Joan Wolf

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

October 27, 2022April 21, 2021 by Joan Wolf

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

March 22, 2021 by Joan Wolf

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.

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!

Big White Real Estate Market Update & More!

October 27, 2022June 26, 2020 by Joan Wolf

Let’s dive into Big White Real Estate Market Update & More! Although snow has postponed the Summer opening day at Big White Ski Resort this year the Real Estate market remains strong coming into the summer months. With the resort now opening on July 10th, many are eager to get outside and explore the mountain.

Many are investing in the local real estate market for vacation and investment properties. Big White Ski Resort has been a popular choice among those looking to purchase because of its incredible investment opportunities. Big White Ski Resort offers a variety of rental and vacation options whether you want a turn-key condo in the rental pool, or a larger single family home for those family getaways.

Real Estate Snapshot

We’ve seen thirty new listings hit the market since the beginning of May and nine properties have changed ownership including one for $950k.

With the help of virtual tours and other online marketing tools, out of country buyers are still able to complete transaction without stepping foot in the property. Real Estate agents have been working hard to ensure buyers and sellers are still able to carry out their Big White Ski Resort property dreams. Whether your budget is 100k or 1M, there is a Big White property that will suit your needs!

Big White Ski Resort Updates

Near the end of May, the resort announced a 20% rebate on the 2020/2021 season pass for people renewing their 2019/2020 pass because of the early closure. Early big passes are available now, click here.

At Big White, we believe it is better to be outside. With that in mind, the resort has implemented new protocols and procedures to ensure we are safe all while still being able to enjoy the outdoors. New touchless systems are now in place, additional outdoor washrooms are just a few of changes at the resort. Check out all their new procedures here!

School is now out and families are looking for local activities and Big White Ski Resort offers something for everyone. Come visit me at my office in the Village, right under Snowshoe Sams. I’d be happy to chat real estate and all things Big White Ski Resort!

To get in touch with me today, click here to contact me!