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Real Estate Blog

Will the coronavirus affect our housing market?

There is no denying the impact the coronavirus is having on the global economy in the world. It is scary to see the stock market crash so much! The virus has halted production and caused major interruptions to the supply chain and economic volatility, and it could lead to an estimated $2.7 trillion in lost global output, according to Bloomberg Economics. Usually with a stock market crash, comes a slow down in real estate.

On the other side, if the challenge persists over a more extended period, Canadian housing markets are likely to become even more attractive to investors who would like to move their capital from markets with ominous health risks to the relatively safe environment. Investors might want to 

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Hope you all had a great Family Day long weekend. Hard to believe middle of February arrived.

Last week I was at an Exp real estate conference and it was great to be updated on the latest and newest in real estate, covering marketing, social media etc. Knowledge and cutting edge are the key to any business.

The market picked up very early this year as I had a busy start for February already.

Our Market starts strong for 2020!

  • Residential sales for January are up across the region of Revelstoke to Peachland and saw a 20% increase compared to the same time last year marking a positive start to 2020.
  • New listings more than doubled December’s count, with 758 compared to 446 last month, which is a common seasonal market trend for the time of year.
  • The
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Hope you had a wonderful Christmas Season with great relaxing times with family and friends.

I was up at Silver Star with my family and we all enjoyed the snow and the atmosphere up there. Being away from it all, definitely has a great effect on everybody!

Now back to Real Estate…

  • Market has not changed much from last month, which is normal for the Season. 2019 got mostly busy towards the end of the year as the election was over and buyers were on the fence too long, and finally decided to buy.
  • Kelowna ranked No. 1 for investors buying in Western Canada for 2020. No. 2 is Prince George, Chilliwack is 3rd, Lethbridge Alta., at 4th, and Moose Jaw, Sask., in 5th. Excellent for our market here!
  • Kelowna’s airport is the second busiest airport in BC
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For me this year has gone by very fast and hopefully it was a very successful one for you on a personal and business level. It is always fun to reflect on what we have accomplished and what we would like to change in the new year.

It is hard to stay in touch with everybody as our lives are consumed with so many tasks and demands but know how much I appreciate your continued support.

I had a busy November in regard to Sales and it feels that Buyers are looking again more.

Here are our average prices:

Central Okanagan:
Condos 402,589   Townhomes  534,407   Lots  443,106    Homes  752,004    Days on the market  72

Average Price compared to a year ago is down 0.50%, but Waterfront homes down 32.28%

North Okanagan:
Condos 205,914   Townhomes  366,974   Lots 

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Annette helped us with the purchase of our first home. We could not have accomplished our dream without her steady hand, patience, experience and incredible professionalism. We have referred many friends to her and she continues to deliver, every time. In a world of inflated egos and incompetence, Annette is an oasis of competence and true service based guidance.

Adriano S

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Hard to believe December is just around the corner… Time seems to be flying by!

As the holiday season is approaching it is not unusual for our market to slow down. Listings and Sales have dropped already, which is normal for this time of the year. We see less activity as we head into the colder months, but often it is good to list, as there is not that much inventory on the market.

Average price for single family homes are up 5% from last October, but 10.9down from last month.

Condo prices saw a larger shift and went down 5% from last October. It is too early to say whether this shift in the condo category is an anomaly or the beginning of a trend or merely just a case of construction of more affordable units having caught-up to the buyer demands creating

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I am an extremely high maintenance client and wanted more information than most. I always felt like I was the only customer that mattered in Annette’s portfolio and she is always there to answer questions and deal with my concerns. I would not hesitate to use Annette for all of my real estate needs. I have referred many friends and family and have heard nothing but positive feedback.

Thank you for all of your assistance. You are a true professional, Annette.

Kevin M

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As the economists are saying, in-spite of the politics, the residential real estate market numbers are improving. Sales are up for September by 14.5% over last September. Numbers are still a bit behind last year on a YTD basis but they are quickly catching up.

Prices are still a bit below last year with the average down 1.22%. If the price gap is narrowing we may even get ahead of last year by the end of December.

Listing numbers are lagging compared to 2018 which may be accounting for some of the improvement in prices. It certainly is a buyer’s market at this time and will probably remain so for a while yet. The outlook for the balance of this year and well in to next is for continued increased demand and rising sales. Things are looking up!

Most of all my

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August has been a very busy month, and buyers are making offers, as most of my listings are either sold or are getting good action of showings and lots of inquires from out of town buyers.

  • August 2019 residential sales are up by 9.1% compared to August 2018, but for the first time in a while, prices are higher than last year with the median up by 2.4%.
  • The big jump in sales occurred in the $320K-$440K range with a still healthy rise in the $440K-$560K range. Above the $560K range sales were lower than last year. Luxury homes are selling slower, and we see many price reductions in the 1 Mill and up.

Where are we headed in the current market:
There are many potential influences on the real estate market and the economy as a whole could play a

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