A couple of days ago Premier David Eby announced sweeping changes to the rules around short term rentals typically provided through companies like Air BnB, VRBO and Expedia.

They will also apply to people posting privately on sites like Facebook Marketplace, Kijiji, Craigslist as well as classified ads in newspapers.

That was taken right from the BC Government website, yes it did say newspapers and referenced Craigslist!

These changes will not apply to reserve lands, hotels and motels as well as any treaty lands or treaty first nation unless the nation decides to opt into all or part of the legislation.

That last part will be interesting to see, if I were a betting man, I would probably put my money on them deciding not to opt into the legislation.

So how will this legislation take effect? 

This right from the BC Government website: “There are parts to this new legislation that will take place immediately, like the ability of regional districts to issue business licenses and increase maximum penalties. Other changes like the Province's principal residence requirement and registration system will come later.”

So here’s what will take place immediately:

1. The maximum fine will increase from $2000 to $50,000

2. In areas where a business license is required, short-term rental hosts will be required to display a valid business license number on their listing.

3. Platform Accountability: If a listing does not include a valid business license, where a business license is required by the local government, the short-term rental platform must remove the listing at the request of the local government.

Under the new rules, short-term rental platforms will be required to share information about short-term listings with the Province. The Province can then share this information with local governments. The Province will keep the short-term rental information confidential and will not disclose it to the public.

Alright here is what will likely take place in the new year:

1. Short Term Rentals will be restricted to the host’s principal residence as well to any secondary suite at the residence

2. This will apply province wide with municipalities with a population of 10,000 or more

3. The Province will establish a short-term rental registry. This will help ensure that short-term rental hosts and platforms are following the rules and provide local governments and the Province the information needed to follow up when they don't.

4. In order to ensure the rules are being followed, the Province will establish a provincial compliance and enforcement unit

Alright the timelines the government is putting in place is as follows:

Immediately after the proposed Bill receives Royal Assent: Increased fines and tickets, business licensing authority for regional districts

May 1, 2024: Principal residence requirement (including definition of exempt areas or accommodations), changes to legal non-conforming use protections

Summer 2024: Data sharing

Late 2024: Provincial registry launch, requiring platforms to remove listings without valid provincial registry numbers

Recently, in a statement, AirBnB said the legislation will not alleviate the housing crisis but instead will take money out of people's pockets, inflate the cost of accommodations for visitors and decrease tourism revenue.

Quote: "We hope the B.C. government will pursue more sensible regulation and listen to the many residents – hosts, travellers and businesses – that will be impacted by the proposed rules,"

Ok so let’s talk about how this is and what kind of an effect it’s going to have on the market, specifically here in the Okanagan.

According to AirDNA, a platform that tracks short term rental statistics, there are approximately 1727 total STR listings in Kelowna and the surrounding areas including Lake Country and West Kelowna. 

The vast majority, approximately 1599 are listings of the entire home and not just a room in the home. 

Now this data is just restricted to AirBnB and VRBO, the two major platforms in the area when it comes to short term rentals. This does not include those that are running their own STR on sites like Facebook Marketplace or Kijiji.

I am sure the actual number of units is probably closer to 2000 if you factor in all platforms and private listings.

So think about the Okanagan in the summer, our population here almost doubles during July and August, the short term rental market is going to dry up by May of 2024.

This will put a ton of pressure on the hotels and motels in the area that are already booked up through those summer months.

When supply is restricted, what happens to pricing?

It will increase. And likely to a level that will price individuals and families out of the market.

It is already expensive to visit here, gas is high, price of groceries is higher than ever before and now our tourism industry is going to be hit hard because of the restrictions being put into place.

My estimation is that well over half of those units will be gone from the short term rental pool which will drive the cost of hotel and motel rates through the roof. Lack of supply and the same demand as previous years and this will absolutely become a reality.

This will have an effect on every business in the central Okanagan that relies on tourism to pay their bills and to turn a profit.

Now let’s look at this from the governments side, they want to open up long term rental options for people, which incidentally, I don’t disagree with.

In order for these AirBnB operators to shift to a long term rental model they are going to have to charge rents that cover the cost of their mortgage, utilities, taxes and provide some kind of cash flow or profit margin.

According to RentFaster dot ca, the average rent for a single family home in Kelowna and the surrounding area is $3700.

Now I would expect rents to come down just a little bit as more inventory hits the market, but look for rents to likely increase as a result of owners and landlords that will look to cover the costs of keeping a single family home in the central okanagan.

The vacancy rate in Kelowna according to CMHC is sitting at 1.2%, the increase of rental units by restricting AirBnB and forcing these units into the rental pool will have a negligible effect on the vacancy rate here.

Even if all 1727 units come into the rental pool, which is highly unlikely, the vacancy rate likely wouldn’t even touch 2%. 

Realistically, out of those 1700 units we will probably see a lot of these homes being listed for sale as they won’t be able to stay net positive without the air bnb model.

If that happens, there would be even less inventory going into the rental pool, so one would have to wonder why the province is moving forward with such a punitive plan.

According to the government, they think that this new legislation will bring 16,000 new rental units into the pool and they hope that it alleviates the pressure on the housing crisis.

Based on the Okanagan model, I don’t see this happening. I think it looks good as a white paper and would certainly be a good discussion for experts and pundits alike.

Time will tell if the theory works to alleviate some of the stress, in the meantime, there will be a lot of people and businesses affected by this legislation.

The one big unknowns right now, after having had a quick chat with city planning, is how developments like Playa Del Sol will be affected. Will the city be allowed to apply for an exemption for these kinds of properties because of how they have been approved by city of Kelowna bylaws?

Also an unknown is how exemptions will play out, what if a city already has a healthy vacancy rate? Take West Kelowna as an example, their vacancy rate is 3%. Could they or better yet, should they be exempt from these rules as a city with a population over 10,000?

The legislation seems rushed and not really that well thought out.

I feel that it is punitive and is not going to have the desired effect that the government is hoping for.

What do you think about the legislation? I am interested to hear your comments below!

As always, if you are thinking of making a move into or out of Kelowna then we should talk, you can reach me on my cell at 403-827-7527 or by email at info@livelovekelowna.ca

Last month I told you I would have some exciting news that I am only making known to my clients at this point.

Well, it is official now, as of last week I have officially joined RE/MAX Complete Realty in Calgary and the RE/MAX in Kelowna.

All of my contact information will remain the same, nothing changes there, the big change is being aligned with the #1 most trusted brand in real estate.

Ok, now that's over with, on to the rest of the email!

📊 Rate Hikes & What That Means for Markets

💰 Quick Calgary Update

🏡 Quick Kelowna Update

🔥 How are Forest Fires Impacting the Housing Market?

📧 Save my Contact Information

______________________________________________________________________________

📊 It seems like every email I have sent you this year I have talked about rising rates, I really wish I didn't have to do that. It is time for the BoC to actually stop this madness and watch to see what (if any) affect there is on the marketplace. Many economists agree with this sentiment, so hopefully they listen to that advice. The BoC rate is now at 5% which is the highest it has been in over 20 years, typically we see a levelling off period with sales and a quick adjustment by buyers. We will see a lot of buyer's fulfill their rate holds in the next couple of months and that period of adjustment will happen, whether there is a positive bounce back remains to be seen.  Here's an article regarding a number of different local markets, click to see if yours is covered.

💰 Now that Stampede is officially over with record setting attendance, the craziness of the market will likely continue for the short term. There is always a bit of a slowdown in the market come end of August to about mid September, so if you are thinking of selling we should probably talk sooner than later. The month of June saw 1525 Single Family sales which was an increase of 3% from June of 2022. There are currently only 1323 single family listings on the market with 335 properties pending and 622 sales so far this month. Prices have increased steadily, for the first time in a very long time (think more than a decade) apartment and townhouse pricing is outpacing single family home prices. If you want more detail on these stats specific to your area, then email me back.

🏡 The overall benchmark price for single family homes is down 3.1% from last years numbers. Sales are up however for the month of June compared to last year, which is a good sign. However, that said, we are likely to see that same downturn in the market that Calgary is going to see. My prediciton at the beginning of the year was that the Kelowna market would balance out by this time in 2023, my revision is that balance will not likely come until closer to the end of the year. Sellers have to continue to have patience, while buyer's will continue to have their pick of the lot.

🔥 Given that we are seeing record numbers of forest fires in the country this year (I believe AB is down, but BC is up...don't quote me on that), I thought this article would be fairly relevant. Construction costs have skyrocketed and lack of supply due to a decrease in housing starts is what is fuelling new home price increases.

📧 Like I mentioned my contact info has not changed, if you are wanting to get a hold of me then reply to this email. If you are in Kelowna you can always reach me at info@livelovekelowna.ca, my BC number is 778-716-7527. My AB number is 403-827-7527. Make sure you save it in case you need it!

That's all I have for you this month! 

All the best,

KELLEY SKAR

If you are looking at making a move to the Central Okanagan and are stuck on a community to live in then you should check out some of our blogs as we cover areas like Vernon, Kamloops as well as the differences between Calgary and Kelowna.

In today’s blog and video below, I discuss the similarities and the differences between Kelowna and West Kelowna.

What are the Similarities between Kelowna and West Kelowna?

As you have probably guessed, both Kelowna and West Kelowna are located in the heart of the Okanagan Valley, surrounded by beautiful mountains and lakes. They both offer a variety of outdoor activities, including hiking, mountain biking, and skiing. 

Both cities have neighbourhoods with a great focus on families, as well as easy access to all three levels of schools. Not only are there some amazing parks, ball diamonds and soccer and football fields but you also have access to whatever sport our kids want to play through various sports leagues.

In fact, I did a video on those Kelowna sports leagues in the link right above my head!

They both obviously enjoy a thriving wine industry, with numerous wineries and vineyards in the area. Visitors can enjoy wine tasting tours and explore the local cuisine.

Both Kelowna and West Kelowna have stunning beaches that are perfect for swimming, sunbathing, and water sports. Some of the most popular beaches in the area include Gyro Beach and the Downtown Park in Kelowna and Gellatly Bay Beach in West Kelowna.

I would say that’s pretty much where the similarities end so now, let's take a look at the differences between Kelowna and West Kelowna.

What are the Main Differences Between Kelowna and West Kelowna?

West Kelowna is much smaller compared to Kelowna. It has a more laid-back atmosphere and is known for its stunning natural scenery and peaceful lifestyle. The population of West Kelowna sits at just over 38,000 people and makes it the third largest city in the Okanagan.

Kelowna, on the other hand, is a much larger city with a population sitting around 142,000 people. The city has a bustling downtown core and a vibrant nightlife and is also home to universities and colleges, making it a popular destination for students.

As we have already established, both cities have some amazing wineries to choose from, if we are looking specifically at spirits, wine and beer, I would say this is where the similarities end as Kelowna has a burgeoning craft beer scene that is currently not even close to be being rivaled by West Kelowna.

Kelowna has a more diverse economy, with industries such as technology, healthcare, and tourism driving its growth, while West Kelowna is more focused on agriculture and tourism."

So there you have it, the top similarities and differences between Kelowna and West Kelowna. 

If you are thinking of relocating or selling your current home and making a move to Peachland, West Kelowna, Kelowna or Lake Country, then we should talk.

You can always shoot me an email to info@livelovekelowna.ca or give me a call at 778-716-7527.

What you need to know about the proposed changes to Kelowna Single Family Zoning, as well, I address the elephant in the room…the Housing Affordability Crisis here in Kelowna.

Having lived in Calgary for 18 years and in real estate for 14 of those 18, I saw a lot of shifts taking place in the housing market.

Probably the biggest shift, fundamentally, was embracing this idea of growing up and not out.

The idea was to try and control urban sprawl by adjusting bylaws to allow for carriage homes, secondary suites and infills being built on larger lots.

It is looking like Kelowna is going to embrace this ideology as well.

But mostly for different reasons.

It is in part to control urban sprawl, I mean realistically, our geography already kind of controls that.

It’s not like there’s endless prairie to build in, mountains and lakes kind of restrict the option for sprawl.

So city planners are looking for different ways to increase density and affordable housing opportunities.

Changes to Kelowna Zoning Bylaws

Back in September of 2022 the city of Kelowna made some changes to the zoning bylaw, which included 6 main points.

They are: 

1. Consolidate zones

2. Consolidate land-use categories

3. Update building height regulations

4. Allow Towers and mid-rise buildings in Capri-Landmark Centre

5. Simplify the density bonusing policy

6. Provide a more streamlined, modernized, and user-friendly policy

As you can see from this infographic, the city has made some fairly significant changes to how different zones in the city are classified.

One of the changes here will have a direct effect on residents living in Rutland, Glenmore and the central part of the city, so think Kelowna North and Kelowna South.

This quote is straight from the infographic and it reads with respect to density:

“Sensitive infill in residential areas and greater densification within Urban Centres and along transit corridors are being expanded in the new bylaw”

Also, according to the city’s housing policy manager, James Moore:

“This kind of initiative is going to mean that we see more construction around us, we're going to be seeing carriage houses coming up, second houses coming up. And the plan is to open up the regulations so that these changes can happen without the risk, delay and expense for property owners to go through the rezoning process.”

Ok, so here’s how I read this.

There will be more secondary suites.

There will be more carriage houses.

There will be infills which will include duplexes and potentially fourplexes and maybe even sixplexes.

There may even be secondary homes on the same lot as the primary home.

This will all lead to greater density, putting further stress on infrastructure that is already stressed to the max.

What Does the City of Kelowna Need to do to Curb Infrastructure Issues?

I don’t have any problem with increasing density, but the city of Kelowna has to move away from the last 8 years of insufficient planning and plan the infrastructure first before increasing density.

Otherwise all you are going to do is piss off existing residents even more than they already will be with the increasing density in their neighbourhoods.

The traffic here can already get pretty bad especially in the summertime, the city needs to address these issues prior to building more homes.

And sorry, more bike lanes just aren't going to cut it.

If you live in these areas where they are going to be testing these new zoning bylaws out, Glenmore, Rutland and Kelowna’s core, know that you are going to see an increase in traffic and likely less street parking.

If you are looking for your first home, if you are looking to relocate to Kelowna or are looking to downsize, one of these new style home might be an affordable option.

At least, that is what the city is shooting for here, to make owning a home here in Kelowna attainable.

Tough to do when you don’t have a lot of land to build new homes on thereby increasing housing starts and supply.

That’s all I have for you. 

If you live in West Kelowna, Kelowna, Lake Country or Peachland and are thinking of making a move, then we should talk.

Give me a call at 778-716-7527 or shoot me an email to info@livelovekelowna.ca

How in the world did Kelowna crack the top 100 most loved travel destinations in the world?

Simple. Because Kelowna is Awesome.

Recently the Tourism Sentiment Index released their list of the top 100 travel destinations in the world.

There were 4 Canadian cities that made the cut. The top Canadian destination was Fernie. Kelowna came a close second and the list was rounded out by Niagara Falls and Canmore, Alberta.

The TSI explains how the scores are generated this way:

Quote: To calculate the score, we collect all the conversations and content around a destination and, through natural language processing, filter to those that are driven by a destination’s tourism experiences or products. The remaining data is classified as positive, neutral or negative as artificial intelligence deciphers sentiment from human expression.

How Was the Score Calculated?

So basically it sounds like they scour the internet, look for posts of pictures, videos of experiences and dialogued conversation and then feed it through an AI filter which then looks for the positive, neutral and the negative.

Then they give it a score based on an algorithm.

Ok, not sure if that’s right but hey, I gave it a shot at explaining the word salad that I found in an article on KelownaNow.

To give you some context, The Maldives came in at number 1 with a score of 40.26.

You know the Maldives right? Beautiful blue ocean. Resorts built in the ocean waters. A beautiful archipelago that spans across the equator.

Fernie came in with a score of 25.25 and Kelowna scored just behind them at 24.43.

What Was Kelowna’s Top Asset(s)?

So can you guess what the top asset was? 

Well if you’ve visited Kelowna, then you should have a pretty good guess.

Wineries and vineyards were at the top of the list.

That’s certainly a great place to start, but let’s add to the list, shall we?

What Else is Kelowna Known For?

Love to golf? So do I. Kelowna is home to about 2000 hours of sunshine per year with one of the longest and driest golf seasons in the country.

Add to that, 19 golf courses in and around Kelowna and you will never get bored of playing the same course over and over.

Hiking and Mountain Biking come to mind for sure when thinking about Kelowna. I’ve mentioned Knox and Boucherie before, but there is a ton of other spots to hike around Kelowna like Lebanon Creek, Paul’s Tomb, Glen Canyon, Layer Cake and many more spots to explore.

Loving the lake life? 

Lake Okanagan isn’t the only option to bust out the paddle board or ski boat. You’ve got Kalamalka and Wood Lake within minutes of the north end of the city. If you want to just lounge on a beach somewhere, you have about 30 to choose from.

So pack a cooler, take your lunch and head out for an afternoon but get there early to grab a good spot.

What about the winter months though?

Well, if you like to ski and snowboard you have your choice of three ski hills all within 40 to 90 minutes from downtown Kelowna in Apex, Big White and Silver Star.

Ice fishing more your thing? Well there are a ton of lakes all within an hours drive from Kelowna, plus you have the lakes that I mentioned earlier to choose from if you want to stick closer to home.

Ice skating at Stuart Park. Kelowna Rockets Hockey games at Prospera Place. Or snow shoeing at the Myra Canyon Trestles round out some winter activities nicely.

Kelowna is so much more than vineyards and wineries, in my opinion, Kelowna should have fared a lot higher than Fernie BC!

That’s all I have for you today on this video! If you can think of anymore amazing things to do here in Kelowna, then leave them in the comments below.

If you are thinking about selling your current home or looking to relocate to Kelowna, then we should talk. You can give me a call or send me a text to 778-716-7527 or shoot me an email anytime to kelley@kelleyskar.com

If you are thinking about making a move to Kelowna or the Okanagan in general and are having a hard time deciding on where to live, then keep reading. Today’s blog is going to compare living in Kelowna to living in Kamloops.

There are 5 topics that I am going to cover where I point out the similarities as well as some of the differences.

Both Kamloops and Kelowna are located in the Okanagan Valley region, but they have their unique characteristics that set them apart from each other. 

Today we are going to explore the five distinct similarities and differences between these two cities.

1. Geography and Climate

Kelowna and Kamloops are both situated in the Okanagan Valley region, but their geography and climate are quite different. Kelowna is located on the eastern shore of Okanagan Lake and has a semi-arid climate with warm summers and mild winters.

Kamloops, on the other hand, is located in the Thompson Valley and has a semi-arid climate with hot summers and colder winters. 

If you like a more desert-like landscape, then Kamloops is definitely for you. Kelowna on the other hand certainly has some of that desert like landscape going on but I would say it has more lush greenery including orchards and vineyards.

One last major difference is that Kamloops is what I would call a river city where Kelowna is a lake city right on the eastern shore of Okanagan lake. 

Both areas certainly have their share of water-sports right there in each city during the summertime. One thing that may be overlooked is the amount of lakes and camping outside of each city, you can be at multiple camping sites and fish stocked lakes within an hour of each location.

Ok number two on the list…

2. Population and Economy

Kelowna and Kamloops are both growing cities, but Kelowna has a larger population than Kamloops. Kelowna's population is around 142,000, while Kamloops' population is around 90,000. 

Kelowna has a diverse economy that includes tourism, agriculture, and technology. Kamloops, on the other hand, has a resource-based economy that includes mining, forestry, and manufacturing. 

That being said though, Kamloops has successfully been able to diversify its economy to include technology, bio energy, tourism and manufacturing.

In fact, Kamloops kind of reminds me of growing up in Prince George. They are definitely a river city with forestry as one of the main drivers of the economy and they have a pulp mill within the city itself. 

If you’ve lived in a town with a pulp mill, you know what kind of smells you can expect in the middle of a hot summer downwind from the mill!

Kamloops has a lot of the amenities and access to shopping that Kelowna does including all of the major big box stores that a city of almost 100 thousand people should have like a Costco, Home Depot and Canadian Tire.

Alright, number 3…

3. Recreation and Outdoor Activities

Both Kelowna and Kamloops offer plenty of opportunities for outdoor activities. Kelowna has a wide range of recreational activities, including hiking, cycling, skiing, and water sports. 

The city is also known for its beautiful parks and beaches. Kamloops,is also a popular destination for outdoor enthusiasts, with numerous hiking and mountain biking trails, fishing spots, and golf courses. 

The summers in Kelowna are amazing with multiple beaches right within the city if you’re into lounging. If you want a little more excitement you can take in some para sailing or rent a boat for the day and head out and explore the lake while at the same time, getting your surf on. 

If you’re into skiing in the winter months, you are about 45 minutes from Big White, an hour and a half to Apex out by Penticton and about an hour to Silver Star by Vernon.

In Kamloops you have the Thompson and the North Thompson Rivers which converge in the city which offers boating, fishing and paddle boarding options. The awesome part about living in Kamloops, if you are into the outdoor lifestyle, is the over 100 lakes that are within a 1 hour drive of the city.

In the winter the ski hill closest to Kamloops is Sun Peaks, which boasts 16 square kilometers of rideable terrain. This is the second largest in the entire country second only to Whistler Blackcombe. Of course we can’t forget to mention Harper Mountain, which is a great smaller ski hill that is only 30 minutes from the city!

On to number 4, one of my favorite topics, the housing market…

4. Housing Market

I have talked at great length on this channel about the housing market here in Kelowna and at the risk of sounding like a broken record, here are some quick stats once again.

The benchmark price of a home here in Kelowna is now sitting at around $977,000. The average days on the market is 37 and we are right now sitting in a buyers market. 

Kamloops on the other hand is a lot more affordable with the single family benchmark price coming in at $605,000 for January 2023. The single family days on market is sitting at 52 days on market and the market also currently favours the buyer, albeit with about a month less of supply than Kelowna.

Of course Kamloops is a smaller in terms of population than Kelowna, but the overall size of the city is quite a bit larger at 297.3 square kilometers compared to 218 square kilometers in Kelowna giving it a little more room to expand which will ultimately keep pricing lower than the Central Okanagan area.

Lastly, number 5 on the list is…

5. Education and Health Care

Kelowna and Kamloops are both home to several educational institutions, including universities and colleges. Kelowna is home to the University of British Columbia Okanagan, while Kamloops is home to Thompson Rivers University. 

Both of these schools offer great opportunities for students to stay here in the Okanagan, close to home and to get a great education. Both of these schools also offer a lot of employment opportunities for the residents of these two cities. 

According to the invest kelowna dot com website, the education sector accounts for approximately 8300 jobs here in the Central Okanagan.

Both cities also have well-established health care systems, with hospitals and medical centers that serve their respective populations. 

The healthcare and social assistance sectors in the Central Okanagan is the second largest employer in the region with about 13,700 employees. Kelowna of course has Kelowna General Hospital with many walk in and family clinics in the city as well as Lake Country and West Kelowna. 

I can tell you that there is a shortage of doctors in the Central Okanagan and if you are looking to make a move, be prepared to get yourself on a wait list for a family doctor.

According to Venture Kamloops, the health care sector is also the leading employer for the region with just under 8000 people employed. Kamloops has the Royal Inland Hospital which is a 254 bed acute care facility and one of only two tertiary care centres in Interior Health District.

Now, I can’t speak to the health care system there as I don’t live there, but the entire province is experiencing health care worker shortages so I have to assume that I would give you the same advice if you were looking at Kamloops as an alternative to Kelowna, get on a waitlist early!

There are a lot of similarities between these two southern interior cities, the biggest differences are in size/area, population and geography/landscape.  

Kelowna and Kamloops are two beautiful cities that have their unique characteristics. Both areas offer plenty of outdoor activities, a thriving arts and cultural scene, and excellent educational and health care systems. 

So what do you think? If you were making a move to BC and specifically to the Okanagan, which city would be right for you? 

If you are thinking of making a move to or selling your current home in, Kelowna, West Kelowna, Lake Country or Peachland, then we should talk. You can call me at 778-716-7527 or shoot me an email at info@livelovekelowna.ca

Kelowna Condo off Pandosy for Sale 

Have you seen all of the condo listings in Kelowna South for sale and are looking for a new opportunity to settle down and enjoy the condo life in the Okanagan?

Well you are in luck, #301 1883 Water Street has just hit the market and it is ready for its new owner.

This is an absolutely gorgeous condo with 3 bedrooms and 2 bathrooms, a walk in butlers pantry, large 10 foot Quartz 'Waterfall' island a ton of cabinet space and so much more.

Located just off of Pandosy, 1883 Water Street is a very quick 5 minute walk to the downtown core, which is critical if you want to take in some of the nightlife or the many events downtown during the summer months. 

Now you don't have to worry about parking or making the drive home after a few cocktails at your favourite watering hole!

If the beach is more your jam, then 1883 Water Street has you covered there as well. You would be within a 5-10 minute walk to 8 different beach access points on Okanagan Lake.

Imagine friends and family coming for a visit and you could walk over to the beach instead of having to drive and worry about finding parking!

Here is a full list of the Upgrades and Features of #301 1883 Water Street

 And there's more...

What About the Parking at 1883 Water?

Great question, this property comes with 2 parking stalls and ample street parking for friends and family when they come for a visit.

The parking rates in downtown Kelowna have gone crazy the last couple of years especially if you are looking to park in a lot managed by one of those large companies.

So rates are crazy and if you are looking for street parking, things are going to get tough as well, summertime parking downtown around the marina is impossible.

That's why you want to be close enough to downtown to walk and leave your vehicle, without being in the downtown core. This is something that Magala place has over SOPA up the road in Pandosy, proimity and walking distance to the downtown core.

Interested in a Virtual Walkthrough for this Kelowna South Condo?

I would STRONGLY urge you to view this home in person, the virtual tour just doesn't do it justice.

That said, this is a good place to start at least, check out the virtual tour for #301 1883 Water Street below:

If you are just interested in viewing this gorgeous property in Kelowna South in person, then reach out and give me a call at 778-716-7527 or email kelley@kelleyskar.com to set up your private tour.

How to Sell Your Home in Kelowna

If you're looking to sell your house in Kelowna, BC, there are a few things you NEED to know – the city's real estate market is has shifted, demand for homes and properties in the beautiful Okanagan Valley has dropped and it is more important now than ever to make sure you are ready and aware of what you need to do before you list your Kelowna home for sale.

Whether you're looking to sell your home to upgrade to a larger property, downsize to something more manageable, or simply move on to a new location, Kelowna has plenty to offer.

But selling a house can be a daunting process, especially if you're doing it for the first time.

From determining the right asking price to getting your home ready for showings and dealing with potential buyers, there's a lot to consider.

That's why we've put together this guide on how to sell your house in Kelowna, BC

Step 1: Determine the Right Asking Price

One of the first – and most important – steps in selling your house in Kelowna is determining the right asking price.

You want to get the best price possible for your home, but you also don't want to overprice it and turn away potential buyers. So how do you find the sweet spot?

There are a few factors to consider when setting your asking price:

• Market conditions: The state of the local real estate market can have a big impact on your asking price. If demand for homes in Kelowna is high and supply is low, you may be able to ask for more. On the other hand, if the market is slower, you may need to be more flexible on price. You can get a sense of the current market conditions by talking to a real estate agent or looking at recent sales data for your area.

• Comparable sales: Another way to gauge the right asking price is to look at comparable sales in your area. This means finding homes that are similar to yours in terms of size, age, condition, and location, and seeing what they sold for. This can give you a good idea of what buyers are willing to pay for a home like yours. You can find comparable sales data through a real estate agent or by searching online databases.

• Home improvements: If you've made any updates or renovations to your home, they can also impact the asking price. For example, if you've renovated the kitchen or added a new bathroom, you may be able to ask for more. It's important to keep in mind, however, that not all home improvements will necessarily increase the value of your home. A real estate agent can help you determine which improvements are likely to have the most impact on the value of your home.

Step 2: Get Your Home Ready for Showings

Once you've determined your asking price, the next step is to get your home ready for showings.

This means making any necessary repairs or updates, and staging your home to make it as attractive as possible to potential buyers.

Here are a few tips for getting your Kelowna home ready for showings:

• Make small repairs: Take care of any small repairs that need to be done, such as fixing leaky faucets or repairing holes in the walls. These little things can make a big difference in the eyes of potential buyers.

• Declutter and depersonalize: Remove excess clutter and personal items from your home to make it feel more open and inviting. You want buyers to be able to envision themselves living in your home, so it's important to remove

• Get Your Home Professionally Cleaned: Trust me on this, having a cleaner come in prior to photos will take a lot off of your plate and will ensure that the house or condo is going to shine when it comes time to getting the photos completed. You only get one chance to make a good first impression

Step 3: Get Yourself Ready for Showings

Of course we aren't suggesting that you go out and get a hair cut, a pedicure and a new wardrobe in order to get ready to sell your home. What we mean is to get in the right headspace, selling your home is not always easy especially with how the market has shifted here in Kelowna in 2023. Here are a few tips to help you get your mind right before your Kelowna home goes on the market: 

• Set Your Expectations: Your Kelowna Realtor should have educated you on the state of the market, so you should know what to expect as soon as you go live on the MLS. Being that we are now in a buyer's market, don't expect the door to be knocked down the first day or the first week.
• Make sure the House is Ready: Make sure you have a game plan to ensure the house is ready before you go to work. Clean and make sure the house is ready to go before you go to bed or prior to leaving for the day to go to work. It's up to you if you want to leave the lights on, I don't suggest all of them, but maybe the power rooms. Alternatively you can pick up remotes for your plug in lights at Home Depot for about $20, put the lights on a timer so they aren't on all day long.
• Be Accomodating: Something that a lot of seller's don't realize is that the buyer's and the buyer's agent will typically have a schedule for their tour. If you cancel showings because it's not convenient, you might be losing out on a showing in a market that has a lot more competition than it did in 2022 or 2021. Make sure you are ready to go as soon as the request is made, if you need an hour or two to make sure the house is ready to go, then make that clear with your Kelowna Realtor prior to listing.

Step 4: Dealing with Offers, Contract & Closing

There is a saying that a lot of us live by and that is: "The first offer is typically, the best offer". Not becuase it is the best offer, but becuase you got an offer on your home. In any market it is essential that you not turn that buyer and that offer away, it is imperative that you try and work with that buyer to come to an agreement. There is a caveat of course, and that is, if the number is ridiculously low and you don't feel you can come to an agreement, then feel free to let the buyer walk.

• Respond, Don't Ignore: When you get an offer, it is important to let the other side know that you received the offer and that you are working on a response. Keep in mind that buyer has probably looked at multiple homes and have decided that they loved yours the most so we need to show them that respect by being responsive
• Counter Offer: Unless the offer price is at full ask or on the dot at your number that you'd let the property go for, you HAVE to counter the buyer's offer. At this point, you should have already worked out a strategy with your Kelowna Realtor so that you have an idea of what the buyer will come in at and how you will respond. The trick is to keep the buyer interested while moving them to your number, this is where a master negotiator would be good to have in your corner.
• Acceptance & Deposits: In order to have an accepted offer you need initials and signatures by both parties to the contract. If you don't have signatures, you don't have an agreement of purchase and sale. Also, keep in mind that in BC (which is very different from Alberta) that deposits are typically delivered AFTER conditions are removed. THIS is completely negotiable and doesn't have to be this way, make sure you are informed before you accept.
• Recission Period: This part sucks but can be beneficial for you as a seller if you and your agent understand the rule. The buyer will have a 3 day period after acceptance of the offer to decide whether they want to rescind the contract. If they decide to do this, they wind up owing you, the seller, money. For more information on this new rule for BC Real Estate, watch the video I did here.
• Conditional Period: Typically you will find most buyers will need 7-10 days to waive their conditions. They will need a home inspection or a condo document review along with a financing condition. In the market we are in now, you might start to see a sale of the buyer's home condition as part of an offer as well.
• Closing & Possession Days: A lot of times, these two days are different but they don't have to be. It seems lawyers like to see the day the money is transferred to be the closing day and the possession day to be the following day so that they can make sure there are no hiccups. If this is in the contract, know that the day your home has to be ready for key release is the possession day!

Selling your home in Kelowna is not always an easy thing to prepare for, especially if you are a first time seller. Interestingly enough, this is an area that I specialize in, at some point in the last 4-7 years you were a first time buyer and now you are a first time seller.

There's a first time for everything, I can help you get prepared and feel confident about moving forward, whether you are looking to upsize, downsize or rightsize, you need an experienced guide.

If you are interested in downloading our pre-listing plan, then you can do that right here.

Want to chat about selling your home in Kelowna? Let's schedule a call, you can email me kelley@kelleyskar.com or you can give me a call at 778-716-7527