Purchasing Luxury Waterfront Real Estate in the Okanagan

Are you considering purchasing luxury waterfront real estate in the Okanagan? A great first step is to hire real estate agents who have experience selling waterfront real estate, as it is important to have someone representing you that has your best interests in mind.

There are many important details when buying luxury waterfront property in the Okanagan. Rules and regulations are constantly changing with regards to waterfront properties, and as a client, you need to know what questions to ask. However, having a professional real estate agent on board helps you know which questions to ask and when to ask them.

Before moving to Kelowna and diving into this large investment, the following factors should be considered and carefully examined. Some of these important factors could drastically change the use of the property or even the value.  As waterfront specialists, Rob and Jason can help protect your investment and bring some clarity when buying a luxury waterfront property in Kelowna.

Things to Consider When Purchasing Luxury Waterfront Real Estate in the Okanagan waterfront:

When you are buying luxury waterfront real estate in the Okanagan, you are buying the land, but you do not own the waterfront. There are very few properties in the Okanagan where the homeowner owns the foreshore right.  This means you do not own the beach out in front of your home.

Docks

If that waterfront home has a dock, the dock must have specific permission or general permission. You must ensure it is compliant with the rules and regulations set out by the ministry. Different areas of Lake Okanagan have different requirements for dock construction.  This is based on the salmon spawning, depth of the water, protection of the foreshore and indigenous plants to name a few.  You will want to make sure your dock is a legal dock before your purchase.

Building

When buying luxury waterfront real estate in Kelowna and tearing down the current home, there are new setbacks that are now in place for new home construction on the waterfront. Years ago, structures were allowed to be closer to the water but new guidelines are in place once that old cabin or beach house is taken down.

When looking into buying a waterfront property in Kelowna, it is important to hire a real estate agent who is experienced and familiar with property regulations. They’ll be able to help make sure you’re satisfied with everything from the roof to the foundation, and everything in between.

Rob and Jason of Kelowna Life Real Estate Group and Macdonald Realty Kelowna are two of the top luxury real estate agents in the Okanagan.  They have been selling waterfront property for years and their extensive knowledge gives their clients the advantage when buying a waterfront property in the Okanagan. We look forward to helping you with all of your real estate needs. Contact us today at 250.864.5445 or info@kelownalife.ca

How COVID-19 has changed the Real Estate industry in Kelowna

COVID-19 has changed the way many of us are doing  business now and in the future. The service industry, including restaurants, pubs, salons, to even law firms, accounting firms, and of course Real Estate Brokerages have all adopted a new normal. The Real Estate industry has adapted quickly to the changing environment to ensure safety for all of our clients while maximizing our clients experience within the new guidelines..

We have noticed a substantial increase in online traffic, and it is now more important than ever to ensure our clients properties are showcased effectively and are easily accessed online over many platforms for all to see. Kelowna Life Real Estate Group have been industry leaders in the market place when it comes to new technology and innovation and will continue to lead the way in these new times.

Showcasing your property during COVID-19 

Kelowna Life Real Estate Group continues to use every tool available to showcase your property to potential buyers in their search for a new home. Tools such as virtual tours, virtual showings, virtual open houses, extensive video and photography, drone and floor plans will reduce non qualified buyers in an effort to get the right people through your home.

Matterport Virtual Tour

Kelowna Life is continuing to use health questionnaires, social distancing, cleaning and prevention tools, and following the latest advice from both the Provincial and Federal governments. We will continue to implement any new needed protocols to do our part to encourage the safety of everyone. For additional information on COVID-19, click here.

So what everyone is really wanting to know now is…..How does all of this effect the value of our homes moving forward? Well the encouraging news is homes have been continuing to sell and people are remaining pretty optimistic about the future. We would be happy to meet with you in person ( from a social distance ) on the phone, or by zoom meeting to discuss what the market is doing now or what we anticipate the future holds. Please do not hesitate to contact Kelowna Life Real Estate Group here and we would be happy to answer any questions you may have. Stay safe and we look forward to seeing you soon.

Selling Your Home in The Spring Market

As Spring gets closer, are you getting anxious to get your home on the market? Do you know what you need for selling your home in the spring market? Have you chosen the right Kelowna Real Estate agent to sell your home? Choosing the right professional agent is the most important step when listing your Kelowna home. When you chose your agent, you should be confident in their qualifications and knowledge to get your home sold for the price you want.

Selling Your Home in The Spring Market

The Kelowna Life Real Estate Group knows that you need to be strategic when listing your home in the spring. It can be a competitive time and having the right real estate agent who is knowledgeable about the Kelowna real estate market is essential.

Tailored marketing plans, attention to detail and listening to your needs are just a few of the attributes you should be looking for in an agent.

Kelowna Life Real Estate Group

Award winning Kelowna REALTORS® Rob Nelson & Jason Abougoush with Kelowna Life Real Estate Group & Macdonald Realty Kelowna have extensive knowledge and marketing plans to ensure your home stands out from the rest. Our team includes active productive agents, a professional photographer, a social media expert, a marketing team, and an assistant to ensure we are delivering the upmost of service to our clients.

It’s an important decision when selling your home, and it’s imperative to chose wisely who you have represent you. Find out what makes us different!

Contact us today and let us help you with all your Real Estate needs while you ENJOY KELOWNA LIFE.

2020 Property Assessment – Things To Know

You have probably already received your 2020 Property Assessment in the mail. How does your assessment this year compare to last year? Did it decrease or increase? According to Okanagan area Deputy Assessor Tracy Wall, “For the Okanagan region, the majority of homeowners can expect to see stable values with slight changes from last year.”

Compare To Last Year

In Kelowna, there was a two percent drop from last year’s typical assessed value of a single-family residential property. The typically assessed value now sits at $629,000, down from $643,000. Overall, the Thompson Okanagan’s total assessments increased from about $147.7 billion in 2019 to $153.1 billion this year. A total of about $2.7 billion of the region’s updated assessments is from new construction, subdivisions, and rezoning of properties. BC Assessment’s Thompson Okanagan region includes the urban centres of Kelowna and Kamloops as well as all surrounding Okanagan and Thompson communities as listed below.

2020 property assessment Kelowna life

Does It Affect My Taxes?

Tracy Shymko explained, “It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes.” “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”

There’s More Info Online

BC Assessment’s website at bcassessment.ca includes more details about the 2020 property assessment. It also provides further property information and trends such as lists of 2020’s top valued residential properties across the province.

Property owners can register for a free BC Assessment custom account. Such an account unlocks additional property search features such as; check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use the interactive map.

If you have any inquires, please contact us. We would be happy to answer any questions you have!

Luxury Condos in Kelowna: Finding Your Dream Home

Located in the heart of Kelowna, the Bernard downtown area offers beautiful views of Kelowna and Okanagan Lake. Living in the downtown core means convenient access to the city’s best amenities, shopping centers, restaurants and more. The area has a mix of townhomes, single-family homes luxury, and condos in Kelowna. If you’re looking for a home or luxury condo in Kelowna, keep reading!

Experience Downtown Kelowna on Bernard Avenue 

If you’re thinking of moving to downtown Kelowna, you can’t get closer to the heart of the city than Bernard Avenue. Living on Bernard means access to the best the city offers right outside your doorstep. You can experience the artistic culture of Kelowna by checking out local art galleries, the Kelowna Actors Studio and performing art centers; all just a short distance away from your home on Bernard.  

World-class restaurants and other amenities are located down Bernard. Check out restaurants, nightlife and local wineries offering varietals from the Okanagan Valley. Great hiking and outdoor recreation like City Park Beach and Knox Mountain are all close by.  

If you’re looking for the convenience of city life, downtown Kelowna may be the next place you should call home!  

Luxury Condos in Kelowna | Kelowna Life Real Estate Group

Luxury Condos in Kelowna 

If you’re looking to experience all downtown Kelowna has to offer in luxury, there are many luxury Condos in Kelowna that offer luxury living in downtown. One of our current listings, #1701, 1160 Bernard Avenue boasts 4,000 square feet and sweeping views of the city’s lights and Okanagan Lake.  

Located in the Centuria Urban Village, this rare opportunity is located on the 17th floor, meaning sweeping views of the city’s lights, Okanagan Lake and more. Centuria Urban Village offers access to amenities like a hot tub, gym, sauna and more. This particular unit offers 4 parking spots to keep all your vehicles and easy access to the building’s indoor car wash and vacuum. 

Hosting friends and family is a breeze in luxury condos in Kelowna like this one. Inside the unit, you’ll find an oversized chef’s kitchen, making prepping meals and cooking an event you look forward to! The large, spacious dining room, living room, and entertainment room give plenty of options to kick back and relax or host friends and family.  

Imagine opening up one of the region’s finest wines to enjoy with guests on one of your three patios overlooking the beautiful valley. Dinner parties, relaxed evenings and more are yours to enjoy in a luxury Kelowna condo like this one!  

If you’re interested in finding out more about this luxury condo in Kelowna, don’t hesitate to contact the team at Kelowna Life to book a private showing. 

Kelowna Realtors: Helping You Find Your Dream Home

Many of our clients who choose to move to Kelowna from one of Canada’s larger cities like Vancouver or Calgary are amazed at the real estate market in the Okanagan. Luxury living is more affordable, traffic is more manageable and both these qualities combined with the scenic views of Kelowna make the Okanagan the ideal place to live. 

Our team is here to help you find the home you’ve been looking for. Whether you’re purchasing, selling or just looking for more information on what Kelowna has to offer, give our team a call! Our team is experienced in the Kelowna market and can help you find the right home for your specific needs. We’d be happy to take the time to understand what you’re looking for and help you through every step of the process to find your new property.  

 

Contact our team today if you would like to find out more about how we can help you purchase or sell, or if you’d like to learn more about the Kelowna real estate market. 

New Mortgage Rules in 2018

The Canadian government wants to provide new homeowners the ability to withstand rising interest rates. In 2017, the Canadian Government implemented changes for new applicants of high-ratio mortgages. The change was based on having applicants qualify at a higher interest rate, while still offering lower interest rates. By doing this, it ensured that if rates go up, these homeowners would still be able to afford the debt.

New Mortgage Rules in Canada

As of January 2018, additional mortgage changes have been implemented. The new 2018 mortgage changes simply take that philosophy and apply it to conventional mortgages. All Canadian buyers are required to pass a Mortgage Stress Test, which is essentially a worst case scenario. Homeowners must also qualify for the Bank Of Canada 5 year benchmark rate, currently set at 4.99%.

Borrowing Capacity on Buying a Home in Kelowna

New homeowners should expect their borrowing capacity to decrease based on the mortgage stress test. “The larger the gap between your pre-approved interest rate and the stressed rate will further impact/reduce your borrowing capacity.” However, new homeowners will not to be out of pocket any more on their monthly mortgage costs. For examples of the approximate reduced borrowing power under new stress test regulations, view the examples and payment calculator from Rampone Marsh.

Borrowing capacity is geared towards your GDS (gross debt service) and TDS (total debt service). An increase in these ratios, decreases your borrowing capacity. Placing a higher down-payment on your home, an increase in household income, or reduced debt will increase your borrowing power.

Kelowna Life’s Advice For Homebuyers

It’s important to have a good team surrounding you when it comes to your home purchase. Buying a home and signing a mortgage is a major milestone and a decision that requires qualified and trustworthy professionals.

It goes beyond just the real estate agent. A good mortgage broker can present different options and opportunities to make something work for your specific situation. We highly recommend doing some research on mortgage brokers in Kelowna or the Okanagan, or suggest using a mortgage broker recommended by Kelowna Life real estate professionals. We are happy to recommend trusted and knowledgeable mortgage brokers to our clients.

We have a great team at Kelowna Life Real Estate Group. It is imperative that you choose your representative carefully when making such an important decision. The help of our experienced team with extensive knowledge of Kelowna and surrounding area will ensure you make an informed decision. We listen to your needs, develop a custom tailored plan, and ensure every detail is taken care of so you can find the right home for you and your family.

Contact our hard-working and highly qualified real estate professionals at Kelowna Life today.  

Current State of the Market in Kelowna Real Estate

The state of the real estate market is always a hot topic. It seems like opinions change daily and it can be difficult to gain an accurate understanding of the “big picture”. Kelowna Life Real Estate Group prides itself on having a deep insight into our local market. Our finger is always on the pulse, so when the time comes for you to buy or sell, we can provide you with the solution that maximizes your dollar and more importantly, your happiness.

 

Growth Rates and Goldilocks

There was some concern in the past few months from some real estate investors when the Bank of Canada decided to raise interest rates at the same time as new regulatory changes were coming into effect. This could have caused stress for borrowers with uninsured mortgages and potentially cooled the market. The analysts that warned of a dip in the market said that a downturn would only last until early to mid-2018, which would then lead to a healthy rebound.

Well, it seems that we have dodged any major downturns here on the West Coast and the market has continued to grow at a healthy rate. Of course we want to see growth in the market, however, when the market grows too rapidly, there is also cause for concern. So what is the current state of affairs? We are in, what some call, a “Goldilocks Moment”. Not too hot, not cooling, just right. This is great news for buyers, sellers, and the overall health of our industry. As 2017 comes to a close in such a state, 2018 already looks promising, not only in Kelowna but all across Canada.

 

Now is the Best Time To Invest In Kelowna

Here in Kelowna and the rest of the Okanagan Valley, we have our own unique lifestyle and way of life. When it comes to healthy, inner provincial competition between Kelowna and Vancouver, many citizens get excited and start to brag a little. At the moment, you have one more thing to brag about as Kelowna is offering higher returns on real estate investments than Van-City and shows no signs of slowing down with a plethora of new, low-cost developments.

Colliers International is calling Kelowna, the “next great development hub”. Investors and homebuyers that are frustrated with Vancouver’s prices (and rain) are coming to sunny Kelowna to contribute to our continued real estate growth and resilience. On top of impressive growth rates and new developments, Kelowna is also a leader in the rental market for landlords. Kelowna has one of the lowest vacancy rates in Canada (lower than Vancouver’s rate for those keeping score).

What does this mean for you as a local home buyer or someone that is looking to move to Kelowna in the near future? It means that purchasing now will be an investment that should grow at a steady, healthy rate for many years to come.

 

Will Interest Rates Continue to Rise?

It appears that home buyers that require a mortgage will be safe in the near future with all the signs pointing towards controlled interest rates. Interest rates will increase at a rapid rate when there is a large spike in wage inflation. Wage inflation has been kept in check in almost all international markets due to globalization and the global supply of labour. Prices can only increase if consumers buying power (ie wages) increases at a similar or greater rate.

Another reason purchasing right now is a safe bet is due to the levels of household debt across the country. Canadians are carrying more debt than ever, and a large portion of that is high-interest debt, such as credit cards. If interest rates rose too quickly, a large portion of the Canadian population would be absolutely crushed by debt payments. By making smart investments (such as real estate) with debt instruments, you are saving for your future while being protected by those who are using debt in the wrong manner.

Regardless of the state of the real estate market, when you are looking to buy or sell, you want a team that is going to work harder than the competition to find you the property of your dreams while keeping your wallet in mind.

 

Let’s get started today! Send us an email or drop by our office on Harvey Avenue to grow your real estate portfolio!

Lots for Sale in Kelowna: Build Your Dream Home

Building your own home definitely provides some unique peace of mind. Being involved with every factor from the ground up is one of the ways to ensure that all of your custom ideas are implemented. There is no better way to personalize your space or create your very own master plan than building your dream home. Lucky for us Okanagan residents, there are numerous vacant lots available within every possible surrounding. Whether you enjoy sweeping lake views, beach access, equine acreages or mountain vistas, there are plenty of different lots for sale in Kelowna. Glenmore is booming and older properties are abundant throughout the valley. Kelowna Life Real Estate knows the benefits and offerings of each neighbourhood and is happy to help you transform your dreams of building your custom home into reality.

Custom Built Homes Deliver Your Unique Perspective

While it can be tempting to completely renovate an existing property until it suits your needs; homeowners often run into difficulty and unexpected expenses when tearing down older structures. However, selecting your land, taking the views, sunshine, drainage and privacy into account prior to commencing construction, offers privatized selection unlike any other. Maximize your dollar and only pay for the features you will love to utilize when you enjoy the benefits of starting from the ground up.

Energy Efficient Options

Being able to determine your layout can dramatically influence your future energy bills. Selecting the most efficient windows, doors, insulation and roofing materials during construction will save you in the long run. Strategically planting some trees or keeping as many existing ones alive and thriving on the property may help you reduce or eliminate your air-conditioning needs or save you from installing a heat pump; depending on your shade situation. From your waste to water consumption, appliances and heating and cooling requirements, there are a variety of green energy options to consider. Factoring these items into your budget from the beginning can often save copious amounts of time, energy and money.

Save Money Pre-Wiring

Planning ahead saves you from hiring someone to punch a bunch of holes in your new drywall down the road. Pre-wiring your home security alarm system and CCTV cameras will help you protect your investment. Use an internet connection to check in and see your home while you are away on vacation or at work during the day. Pre-wire your automated window coverings and shade solutions to help you keep your daylight ambiance at a comfortable temperature and avoid coming home to a sauna!

Living Your Kelowna Lifestyle

Perhaps you enjoy the sprawling orchards of South East Kelowna or the openness of Lake Country; maybe you want to have a hobby farm and board your own horse for a change. Possibly, retiring beachside or within close proximity to a golf course is more your style. From compact view lots perfect for your summer home to sprawling acreages of possibility and every exciting lot in between, Kelowna Life and Home Real Estate can help you turn your dreams into reality.

Feature Kelowna Lot for Sale

1519 Rocky Point Drive Kelowna, BC V1V 3E2

Lots for Sale in Wilden | Kelowna Life Real Estate Company

Your opportunity to build your dream home is waiting for you! This beautiful lot includes stunning lake and valley views all within 10 minutes to the downtown core of Kelowna. View Listing >>

Property Details

  • ID: 10129570
  • Status: Active
  • Neighbourhood: Wilden

Our team is available to meet with you at your convenience and show you the listings that deliver the options you desire. You can always get in touch by phone at 250.575.4300.

Thinking of Selling? Find Out How Much Your Home is Worth

There are several methods real estate agents will use when valuing your home. To reach a compromise between the price the seller wants and the buyer is willing to pay, agents must use a somewhat standardized method for determining property and housing pricing. If not, then housing prices would vary wildly and become more like online classifieds for used electronics than a housing market. For the owner, their upkeep and maintenance of the home will begin to pay off massively. For the seller, having a home inspector to discover and uncover any hidden areas of damage or neglect is a necessity in finding the right home at the right price. For both the seller and the buyer, having a real estate agent that understands what you are specifically wanting in your home, and how or where to get that on budget, is a big part of their role and job in working with you. Let us walk through some of the specifications that agents inspect when listing or looking at a home.

How Location Affects Your Home’s Value

Determining the correct price for your home is scientific in method. There is generally an agreed upon or “market value” for homes in a specific neighbourhood which were built at roughly the same time and with relatively similar amenities and distances to shopping centers or other destinations. When an agent inspects a property to determine the price, they already have a strong inclination as to the price before even stepping inside. This is because of the market value which has been set by the ongoing sale and purchase of homes in that area of town.

Kelowna Lots for Sale!

Be it an empty lot or a large scale home, Kelowna has a variety of properties that range from farmland life to city living. When evaluating these properties there are a few general details that will be front and center for every listing going out to the public. For starters, the simplest specifications of the home will play the largest part in determining the listing price: the number of bedrooms and bathrooms, as well as the square footage and number of floors are the most relevant to home buyers. Trailing those, the age of the house is of concern, as the older the home, the more renovation or repair costs will be incurred by the buyer, not much different from an aging car. Just like an aging car, if there has been many renovations or many repairs, that too can hurt the value. Keep in mind that while repairs may seem costly, they pale in comparison to the price fluctuations between locations and the age of the home itself.

For Sale in Kelowna: How to Get Your Best Price

Hiring a professional to stage and list your property can go a long way in building the value of your home, or maximizing the offers you receive for it. There are minor touchups that may not cost you much in terms of money and can really help your listing. The “curb appeal” or how the home looks when viewed from the street is always a conscious thought of the buyer – so to get the most for your property, consider sprucing up the front yard, ensure there is no visible damage from the road, and take proper care to maintain your home when it is on the market.

To get an estimate on your property valuation, fill out this form on Kelowna Life’s website! You can always get in touch by phone at 250.575.4300.

Own vs. Rent

Kelowna is quickly becoming one of the most expensive cities to rent in Canada. It recently ranked the eighth most expensive city in terms of rentals in Canada, with single bedroom apartments renting out at just shy of $1000. Job creation has been an objective of the city, erecting modern buildings such as the new Interior Health building in the heart of downtown, which is rumoured to be creating over 800 new jobs, driving rental prices up as tentative employees flock to the city, despite rental rates hovering consistently at less than 1%.

The alternate option presented to aspiring Kelowna residents is to buy a home, which statistically proves to not only be more profitable, but in some cases, more affordable as well. Kelowna is seeing a rise in work & live construction, a blend of residence and lifestyle, with developments such as Sopa Square, and The Shore. These areas of Kelowna are a trendy blend of live and play, typically located in the Lower Mission area of Kelowna, and offer it’s residents not only a scenic area of town to call home, but also a stone’s throw from desirable amenities such as popular restaurants, bars, sports arenas and recreational centers. Because of the recreational offerings Kelowna has, trendy Microlofts are also becoming popular amongst new buyers, and builders are meeting the demand with a rash of new Microloft housing construction, trying to keep up with cities such as Toronto and Vancouver.

Kelowna’s popularity as a final destination is on the rise and investors are keenly watching. Why rent when you can own? Don’t struggle with high rental prices and a competitive market- become one of Kelowna’s prideful home owners by calling Rob Nelson today and ENJOY KELOWNA LIFE as an established member of our community.