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Welcome to my first column for KelownaNow!
Since moving to the Okanagan nearly 10 years ago now, it’s been amazing to witness the shifts, changes and wild growth in our community. But, as anyone who’s been in the Kelowna real estate market in the past few years will tell you, just because it has been buoyant, doesn’t mean that there still aren’t many issues that impact the decision to buy or sell. My goal is to provide some insider insight!
When I purchased our family home in Kelowna in late 2007, the market was pretty robust! New home starts were still booming, multi-family home developments were selling out and sellers and speculators were flush with healthy returns on their real estate investments.
Within months however, everything changed as our region also suffered the impact of the US real estate crash. For me, it certainly was not the best time to be launching a real estate business in a new town. What I discovered though, is that this market is quite unlike the bigger metropolitan markets of Vancouver and the Fraser Valley that I had come from.
Here’s why:
We are a destination region. Tourists come from all over the world to visit and experience the unique Okanagan lifestyle. Some of them, many of them, aspire to stay and make the Okanagan their home.
There’s still room for growth. Costs of land and construction still allow the Okanagan to remain relatively affordable compared to other highly desirable markets.
A robust tech sector has brought opportunities and jobs.
Entrepreneurial haven. More and more people who can work remotely are choosing to live in the Central Okanagan.
Proximity to Vancouver and Alberta. Centrally located between western Canada’s largest urban markets has brought both commuters, and allows still more to eventually make the switch to a city that is more affordable with so many lifestyle rewards.
Undiscovered. Despite all of this, the Okanagan has been still kind of a secret. This market is still a tiny dot on many investor’s radar. But with the local wine industry exploding, this won’t be for long.
Real estate is always a hot topic of discussion. Everyone has an opinion! And the answers aren’t black and white.
Investors, developers and speculators are evaluating the market from a very different lens than Joe and Jane Homebuyer/seller. With all of this in mind, we will consider the impact of the current issues we are facing today in the Lake Country, Kelowna and West Kelowna real estate markets including;
- Speculation Tax
- Foreign Buyers tax
- Buyers market or Sellers market
- Kelowna Real estate hot spots
- New developments
- Risks and benefits of buying Pre-sales
- Real estate market BUZZ
- Financing options
I would also like to invite you, the reader, to reach out to me on what topics you are curious about! Chances are if you are wondering, someone else is too.
Darcy Nyrose, Personal Real Estate Corporation of Nyrose & Associates, Coldwell Banker Horizon Realty - Kelowna, BC, is a top-selling real estate professional and leader of one of Canada’s most successful real estate teams. He has been in the industry since 1996, first as an executive with large developers and marketing groups in the Lower Mainland and Vancouver, then serving the real estate needs of Okanagan developers, home buyers and sellers since 2008. Have a question? Feel free to reach out to Darcy at darcy@kelownarealestatepros.com.
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