The Bank of Canada has Done it Again

Here we are on September 6th of 2022 staring yet another interest rate hike in the face, yes the Bank of Canada has increased rates again by 75 basis points.

In the event you've been living under a rock the last 8 months, this is being done to try and get inflation back to their bench market rate of around 3%. 

We are currently at just over 7% down from a 40 year high of over 8%.

Now before you go and lock in that mortgage (the banks are pushing you towards this) at 5.14% or 5.49%, think about where we are and where we are headed.

Below is a graph of historical interest rates compared to the Bank of Canada overnight lending rate, have a look and see what's happened over the last 15 years.

It's Almost 2007 all Over Again

If you look at the peak between 2000 and 2010 you will notice that rates peaked at just over 6%.

We haven't hit that mark yet but there's a good chance that we will.

Here's why.

Look at the drop in rates right around 2008 and all the way to 2021, why did rates drop to almost nothing?

One word, recession. The 2007-2009 housing/financial crisis in the US had a massive impact globally, Canada did not escape this at all. 

Housing and our economy were affected and we did wind up in recession. So what do central banks do when there's a recession?

They drop interest rates.

Why? To get you, as a consumer, to get out and buy things like cars and houses and boats. You know, the things that you finance.

We didn't see an increase in rates until this year because inflation was way up.

With a recession looming in 2023, and hopefully inflation falling back to manageable levels, there's a good chance that we see rates begin to ease off and likely start to go back to 'recessionary' levels.

All of that said, we are likely to see this as the peak of higher rates with the 'bottom of the market' in terms of pricing (in British Columbia as a whole) peaking in the Spring of 2023.

Where are Prices Right Now?

Believe it or not but prices in the Central Okanagan are up for all property categories including townhomes, single family and apartment style condos.

When you listen to the media, they always talk about SALES when they talk declines and yes, sales are most certainly down but compared to what?

Compared to 2021?

Of course sales are going to be down compared to 2021! Last year set records in the Central Okanagan in terms of sales and price increases for every sector of the market.

The Canadian average is about 400,000 moved per year and that is where we are trending towards right now, so yes, sales ARE down to the tune of about 30% but we are getting back to some sense of normalcy.

Where is the Kelowna Real Estate Market Headed?

My crystal ball has never really worked, but let me put it to you like this...we in a balanced market right now and I do see us moving to a bit of a buyer's market into the Spring of 2023 if interest rates don't correct.

The average days on market right now is sitting firmly at 46 (average of all segments).

Inventory levels are up over 100% in all segments and demand has been tapered due to rising interest rates. 

There is still a serious lack of inventory in this part of BC and that will continue as they just aren't 'making' anymore land. Where are builders able to build? there are only a couple of communites (Wilden, Black Mountain to name two) that have new construction opportunites.

Will those two communities continue to feed the demand?

Likely not. 

This is why I am still very bullish on the Central Oakangan market, because we have a shorted of land that can be developed and not everyone wants to live in a condo.

It's time to stop listening to the sexy numbers put out by the media and to start talking to your Kelowna Real Estate Professional about what is taking place in the market.

What Does it Cost to Buy a Home in Upper Mission?

On today's Kelowna Home Buying Tour I take you to three different homes in three different areas of Upper Mission in the southeast section of Kelowna.

The prices in Upper Mission range from (in August of 2022) $830,000 to $18.6 Million dollars and everything in between.

As of right now there is no multi-family development in Upper Mission, so you will only be able to find townhomes and single family homes for sale. 

Now don't let the term 'townhome' fool or confuse you, some of the townhomes in Kuiper's for example are well over 3000 square feet which in some cases is the same size as a single family property.

What's it Like Living in Upper Mission?

A few of the things that I love about living in Upper Mission are:

1. The views. There are some really spectacular spots throughout the community that offer breathtaking views of the lake, the valley and the city. In my opinion, what you get from certain areas of Upper Mission like the Ponds or Fawn Run will give areas like Dilworth a run for the money any day of the week.
2. Proximity to Schools. There are two levels of schools in Upper Mission, the elementary school is Chute Lake Elementary, the Middle School is Canyon Falls and the high school is Okanagan Mission or OKM. No matter where you live in Upper Misison, the commute time to the schools is very quick. You may even find your kids walking, biking or taking the bus to school, kind of like we did when we were kids. Remember that?
3. The Quiet. Ok so I am not into the whole party scene anymore, living in the suburbs gives me my quiet that I love in the mornings and in the evenings when we are winding down. Upper Mission is a family friendly community with an average age in the mid 40s, probably not a lot of big parties happening, at least ones that I have heard or attended!

Watch the Video Below to See the 3 Examples of Homes in Upper Mission

What's it Like Living in Kettle Valley?

Today we are featuring the southeast Kelowna community of Kettle Valley.

If you come down Harvey Boulevard and take a turn onto Lakeshore and follow it all the way south it will eventually turn into Chute Lake Road. If you follow that road south you eventually wind up in Kettle Valley, one of the most view friendly neighbourhoods in the entire city of Kelowna.

If you are thinking about making a move and are looking for homes in Kelowna for sale, check out Kettle Valley, watch the video as we cover parts of the neighbourhood, the different home styles, schools, shopping and price points.

Kettle Valley truly is one of the premier neighbourhoods in Kelowna and has access to miles and miles of hiking and biking paths and is about a 5 minute drive from Okanagan Mountain Park if you are an avid mountain biker, you will love this location.

Wondering about beaches? You have a few options from Kettle Valley, you can head down Lakeshore Road and get access to Bertram Park or you can go straight down to Hobson Beach or Sarsons right off of Lakeshore Drive.

Most of your major shopping is going to be done in Lower Mission at Save On or off of Harvey at Superstore or Walmart, yes, you will have to drive. However for smaller items there is always the Kettle Valley Convenience Store!

If you are looking for homes in Kelowna for sale, then get in contact with us below, we would be more than happy to have a conversation about helping you to make a move to the Okanagan.

What's the Commute Like from Kettle Valley?

Make sure to leave yourself some extra time when you are leaving for work, you have two things to contend with all year long.

From May to September you have to put up with tourist traffic, this will bog you down and make you frustrated if you don't allow for it.

The second part is between September to June which is the school year, so if you are considering buying a home in Kettle Valley, you need to ensure you take this timeline into consideration when making your commute.

Of course if you work from home, just make sure you are getting the kiddos to school on time as there are no school buses that run through Kettle Valley.

Watch the Video on Kettle Valley and all that you need to know below:

Is Living in Upper Mission Worth the Hype?

I may be coming at this blog post today with a little bias in me, full disclosure, I live in Upper Mission.

So do I think it's worth the hype?

Of course I do! But that isn't what this post is about, I want to introduce you to what it's like living in the Upper Mission, in southeast Kelowna.

The video below gives you a great explanation of where Upper Mission is, head up Lakeshore to Barnaby, this is the northern 'border' of the community. If you continue south on Lakeshore it will eventually give you an option to continue up Upper Mission Drive or to go right down Chute Lake.

If you go right down Chute Lake Road you will run into the southern 'border' street of Upper Mission in Lark, before it turns into Kettle Valley.

Isn't Kettle Valley Part of Upper Mission?

I would argue that it is. In fact I would argue that Crawford Estates, Kettle Valley, Thompson Flats and parts of Lower Mission are all a part of the Upper Mission.

The city of Kelowna had to make some boundaries when it comes to growth, taxation and school districts so that's why the separation. 

These two communities are so intertwined that they are a part of the same school district for Kelowna's southeast. 

Elementary school for both Upper Mission and Kettle Valley is Chute Lake Elementary. The middle school for Upper Mission and Kettle Valley is Canyon Falls Middle School and the high school for Upper Mission is Okanagan Mission Secondary or OKM.

What is There to do in Upper Mission?

Upper Mission is home to Kelowna Mountain, which as of this publication, is shut down. That said, Kelowna Mountain is still pretty fantastic for mountain biking as well as hiking.

Located right off of Upper Mission Drive, Kelowna Mountain is literally in the heart of Upper Mission.

If you're a lover of hiking then you should certainly check out Lebanon Creek which is at the end of Kettle Valley. You can get started at Lebanon Creek and hike towards Kettle Valley off of Lakeshore Road.

You can also start at John's Family Conservatory which is above Kettle Valley, you get there by taking Upper Mission Road and just follow it after it turns to dirt road, you'll find the parking lot there on the right hand side.

If being outside and getting fresh air and exercise isn't your jam, then check out Dunnenzies, Barn Owl Brewing, Kettle Valley Pub on Main or grab some Dominoes or Papitos and head down to Hobson Beach, Bertram Park or even down to Gyro Beach for a picnic.

All of these beaches and parks are less than a 10 minute commute coming from Upper Mission.

What is the Commute Like Coming from Upper Mission?

The locals will tell you that it will take you 15 minutes to get anywhere in Kelowna, that is certainly true outside of high traffic and tourist season.

If you are heading into the office from Upper Mission from September to June, make sure you leave some time to get where you are going. 

Coming out of Upper Mission between 8-9am can certainly be a nightmare, if sitting in traffic isn't the funnest thing you can think of doing first thing in the morning. If you leave early enough, then that commute time of 15 minutes doesn't matter what time of the year it is.

Getting up to UBCO will take you about 25 minutes with the traffic and the airport will tack on another 10 minutes, give or take.

For grocery shopping you WILL need your vehicle or you can take the bus, either way I would venture to guess that most of your groceries will be bought at the Save-On on Lakeshore which is a quick 10 minute drive. Otherwise you are headed to Superstore (15-20 minutes), Wal-Mart (15-20 Minutes) or Costco (same time) to get your shopping done.

Watch the Video Below and Make Sure to Like and Subscribe to our Channel

The Upper Mission video is below, if you want to subscribe to the channel you can do that here.

Get Outside and Hike Knox Mountain

There are so many things to do in Kelowna, BC from wine tours to beach time to golf and of course, hiking.

In today's vlog we are hiking Knox Mountain which is located on the North end of Downtown right at the end of Richter.

So, if you're visiting Kelowna or you've just moved here and you like to get outside, I highly recommend taking a look at hiking Knox Mountain.

If you have some experience hiking you will find this to be a relatively easy go, there's 250M of elevation gain and it should take the average hiker about 30-35 minutes up and about half that time down if you aren't stopping to take in the views.

Which is what hiking Knox is all about.... THE VIEWS.

Take in the beauty of the Okanagan Valley, the lake and downtown. Once you are the top take a little walk and you'll be able to view the north end of the lake up towards Vernon.

There are some placards over there as well that explain the geology of the area and how the lake was formed. Knox Mountain park also has a frisbee golf course, tennis courts and I believe you can play pickle ball there as well.

If you don't want to hike it, you can certainly drive it, either way, put Knox Mountain park on your list of things to do while you're here in Kelowna, BC.

Costs Associated with Buying a Home in Kelowna BC

This is a question we get often from our clients looking to relocate to Kelowna from Alberta, Ontario and the rest of Canada.

How much is the land transfer tax? What are the closing costs? What is the cost of buying a home in Kelowna BC?

If you're from Ontario you are very familiar with the land transfer tax, if you're from Alberta, probably not so much.

In a nutshell the land transfer tax calculation as of 2022 is 1% on the first $200,000 and 2% on the balance up to $2,000,000 and then 3% of the balance above $3,000,000.

So, if you are buying a home in Kelowna for around $600,000 you can expect to pay a land transfer tax of around $10,000. If you are buying a home in Kelowna for $500,000 then the tax would be $8,000.

This fee is required as part of your closing costs, so when you meet with your lawyer or notary here in Kelowna, make sure that you have the funds to cover off the tax.

What is the Speculation Tax?

This is where I get a little bit political...the speculation tax was put in by the NDP government in 2018 to try and stop foreign investors from taking over the housing market in BC.

What the government, in their infinite wisdom, failed to realize is that the prices were not being driven up by less than 3% of the buyers in BC.

The price of housing is all about supply and demand, what the government has done is hurt local investors looking to provide solid housing for the rental market as well as the parents looking to buy a place in Kelowna for their kid to have a place to live while they go to UBCO.

Sometimes having a place here is cheaper than paying rent.

So, if you're a Canadian citizen and you are looking to purchase an investment property here in Kelowna or West Kelowna you will be subject to a tax of about .5% of the homes value which will be required to pay during tax time.

Legal Fees and Other

Alright, if you are looking for a lawyer or a notary here in Kelowna the prices are going to vary somewhat. 

This will mostly come down to the price of the home that you are purchasing, expect to pay somewhere between $1500-$2500 (or more) for your legal fees including disbursements and taxes.

The other costs associated with buying a home in Kelowna would be things like a home inspection or condo document review. Both of these are going to run you somewhere between $400-$700, so make sure that they home you are making an offer on is THE one you want.

It can get expensive if you walk away during the conditonal phase of the offer period by figuring out you don't like the home as much as you thought you did.

These fees are non refundable.

As for your Kelowna Realtor or your Kelowna Mortgage Broker, you don't have to pay either of us. As your Realtor I am compensated by the llisting agent's brokerage who is paid by the seller and the broker is paid by the lender.

If you're interested in having a conversation about making a move to Kelowna BC you can book in with me right here.

For videos about what it's like to live here, make sure to subscribe to my YouTube channel: LiveLoveKelowna

The Okanagan Trestle Tour: Is it Worth It?

After two years of being off the organizers of the Okanagan Trestle Tour got it off the ground for 2022!

The big question is, was it worth the investment of $500 for a family of 4?

Before I get there, let's talk a little bit about the trip itself.

How Were the Trestles?

The Okanagan Trestle Tour had three options:

1. 20 KM
2. 40 KM
3. 80 KM

If you wanted to see the amazing Myra Canyon and ride over the trestles then you needed to sign up for the 80 KM trip. Unfortunately, we didn't realize that when we signed up.

We weren't too worried about it though, our 13 year olds likely would have tried to off us in our sleep if we made them ride 80 KMs, we were pushing it when we told them about the 40km option.

Luckily though we did a 17 km ride starting at Myra Canyon and heading out to Trestle #2 and then back, so we got to see what those riders saw during their ride.

What was the Ride Like?

It was raining when we got started but it stopped less than 20 minutes in, the skies opened up and we had sunshine for the rest of our ride.

It was a nice and comfortable 22 degrees, the rain cooled everything off, the day before was 30 degrees.

I couldn't imagine doing that ride in that kind of weather.

The trail was mostly downhill from the 40 KM start, at least it felt like it. The only incline was when we were about 3kms from Penticton, and even then it wasn't anything any of us couldn't handle.

The trail was mostly sand and rock at the beginning, once we hit the 23 km mark though the trail turned to crush gravel and was far more taken care of with no potholes or mud.

The views were amazing!

Although the start took you through a lot of bush, once you broke out to the mountain side the views of the lake, orchards and vineyards were truly breathtaking.

The Volunteers Were Amazing

An event like this could not run and operate with volunteers to help with registration, bike loading, bike off loading, bik transport, rider transport, running aid stations, security, first aid and so much more.

The volunteers at the aid stations were some of our favourties, they were so personable and so happy to be out there handing out bagels, juice boxes and our fave...watermelon!

THANK YOU to everyone that put in their time that weekend, you were truly appreciated.

So, Would You Ride the Okangan Trestels Tour Again?

In talking with my wife afterwards during our well deserved burger and beer, we figured it would be a perfect set up for a couple or a couple of couples.

Truthfully, we didn't see a lot of kids on this tour, it was almost all adults.

Part of the cost of this ride was bike transport, if we had two bike carriers or a truck and a bike carrier, we would be able to do this trip ourselves.

So, would we do it again as a family?

Likely not, at least not through this organized event. We will likely go back up there for another ride this summer, the views never get old.

That said, we would love to sign up with some of our friends to do this ride as a couple, that would be a lot of fun.

It is one of those Okanagan experiences though that you must take in at least once!

What is the Kelowna Real Estate Market Like in the Summer?

What is the market like in Kelowna is something I've been asked a lot these last few weeks especially by agents and buyers out of Alberta and Ontario.

The first part of my answer is, "Not anything like it was in 2021!"

I think you could look at any market in the entire country and have the same response as 2021 will go down as a record year for most market across Canada.

As an example, the board that I am a part of here in the Central Okanagan is called the AIR or Association of Interior Realtors. It covers Revelstoke, Kamloops, Kootenay's, South Peace, North & South Okanagan and of course the Central Okanagan.

Sales were down across all of those districts so far this year by 25%, while inventory is up in the Central Okanagan by 72% when looking at May statistics.

Ok, so Sales Down, Inventory Up...What Does it Mean?

Usually in a larger market like Calgary (where we also sell homes), I would say that spells disaster for what's to come as typically builders were building to try and keep up to demand.

When demand starts to wane and you have a lot more invetory to move, prices are going to slip.

Right now in the Central Okanagan, this doesn't seem to be the case as prices are up on single family homes by 8.2% this year. Condos and townhomes are up 26% and 20% respectively, with the condo market leading the way in terms of price growth but also inventory levels dropping by 10% comparative to last year.

A big part of the reason there is a bit of a run on condos this year is because single family affordability is out of reach for some, especially with an increase in interes rates looking to slow inflation down it will have a similar impact on the housing market.

So, is the Okanagan market about to crash? Are we on the precipice of disaster? Do we believe everything that the media is saying or the naysayers like Garth Turner who has been calling for a market crash for the last 25 years?

I'll answer those questions like this, so long as demand remains strong for the Okanagan and the ability to build new construction (except for condos) is low, prices will likely remain where they are.

The single family market is going to see a slight correction, the caveat to that is this, oil is going to $180 per barrel.

That will be a fact of life in 2023. Why? Because 'they' are calling for a massive shortage in oil supplies by next year.

There WILL be a need for Alberta oil in Canada and across the globe. There WILL be more Alberta money flowing through to the Okanagan in the coming years, like there was pre pandemic. 

So long as there is demand and a shortage of supply, prices will likely remain stable.

If you are thinking about making a move to Kelowna, you should check out these other blog posts right here first:

1. How Much Are Housing Costs in Kelowna?
2. What can $500,000 Buy in Kelowna?
3. What is Health Care like in Kelowna?

If you want to chat more about the Kelowna Real Estate Market then feel free to email me kelley@kelleyskar.com or text 403-827-7527

Can I Find a Doctor in Kelowna?

As I've mentioned in previous blog posts, I grew up in BC, Prince George actually.

I left the province when I was 23 and moved to Alberta in 1998, really the only health care system I have known in my adult life was based in Alberta.

So when we moved our family to Kelowna in 2021, I really had not frame of reference to go off of. It was like I was a brand new resident in the province I spent 1/2 my life in.

We had to secure health care, a new dentist, an orthodontist for our kids, a new doctor for the famiy and we had to look at insurance options as well as both of us are self employed.

It was a lot of work and took a lot of organizing, so with all of these blog posts, I am going to take you through our experiences in the hopes that it helps you during your transiton to Kelowna.

What is Insurance Like in BC?

Coming from Alberta there was really only one insurance provider that we knew about in Blue Cross.

When we got here, we looked online for a Blue Cross equivalent and found one...litlte did we know that it wasn't the ONLY insurance provider.

There are multiple Blue Cross companies in BC all providing varying levels of insurance and customer service.

If you're an entrepreneur and require additional insurance when coming to BC, just do a quick google search for Health Care Insurance Providers in BC and you'll get a variety of options.

The MSP or Medical Services Plan in BC

Just like all other provinces in Canada, BC has a medical services plan and covers off some basic health care providers, in fact this is right from the government website:

"These include medically necessary services provided by physicians and midwives, dental and oral surgery performed in a hospital, eye examinations if medically required and some orthodontic services."

The MSP does not require premiums, they were done away with back on January 1st of 2020. Just keep in mind that if you want dental coverage among other things, you will need additional insurance.

How to Find Doctors and Dentists in Kelowna

This was tough for us, anyone you talk to here in Kelowna will tell you that every doctor has a wait list and it could take up to 2 years for you to be accepted as a patient.

This was hard for us to accept considering we had the same family doctor for close to 2 decades in Alberta.

We were directed towards the DivisionsBC website to help find a doctor but that's where we found a lot of frustration. Once you get on a list, you are on the list and you have to formally request to be removed if you wind up finding your own doctor.

We did a google search (again) and wound up finding a practice that was accepting new clients. Finding a dentist was far easier to do, we looked for recommendations through our neighbourhood Facebook group and had a couple of conversations with the providers.

We selected one that was close to our home and one that we had the best rapport with. 

Making a move across provinces seems like an easy thing to do from the outside looking in, and certainly if you are single or you are in a realtionship with no kids, it is going to be a little easier.

If I can help to make your transition to Kelowna a little more smooth, feel free to reach out to me with any questions that you may have by clicking this contact me link. I will get back to you right away with whatever answers I have!

What Does it Cost to Operate a Home in Kelowna?

This was something that my wife and I had to look at very carefully before making a move here to Kelowna.

I did as much research on the topic as I possibly could, I found the investkelowna.com website to be very helpful when it came to the economics of the region.

However, I was never really able to find the kind of information that I was seeking out. Things like how much are property taxes? How much do utilities cost? Who are the utility providers? How much do groceries cost? How much are gas prices?

You know, the usual things, the costs associated with running and operating a house but also your every day costs.

So my intent with this post is to try and provide you with everything that I was looking for prior to us making the move to Kelowna in June of 2021.

How Much do Utilities Cost in Kelowna?

Utility providers here for your gas and electric are through FortisBC and they come on separate bills.

In Calgary we could get our services through a couple of different providers if we chose to, if we chose to go with Enmax we could have our gas, water and electric all on the same bill. It was very handy.

Now here in Kelowna I have an online account for FortisBC Electric and one for Gas, it's a bit of a pain to be honest.

Something else that is interesting to note, our electric bill is sent out every two months, not monthly like it was back in Alberta. The gas bill though is a monthly and so is our water bill, which is not through either of those providers, we are actually billed for water by the City of Kelowna.

On average over the last year this is how our utilities have shaken out on a fully developed 2700sqft bungalow:

• Average Gas Bill: $84
• Average Monthly Electric Bill: $132
• Average Water Bill: $80

Now, can you expect the same? Of course not but at least you have a baseline to go off of. If you're buying a strata/condo there's a good chance your water and gas (heat) will be included in your fees and if you're buying a larger home of course your cost's are going to increase.

How Much are Property Taxes?

Property taxes in Kelowna are less than what we were paying in Calgary, by a country mile.

Now, that may not be the same for everyone as different parts of that city and different parts of the country are subject to different tax roll rates.

So I'm not going to blow smoke here and say you're going to save a bunch of money on taxes. If you're coming from Winnipeg though you probably will!

There is something called the Home Owner Grant and it has to be applied for in May of your current tax year. Once applied it actually reduces the amount of property tax that you owe.

I won't get into how much our taxes are on an annual basis but I will tell you that our grant was $770 this year. If you want to read up on the grant you can do that right here: BC Home Owner Grant Information

How Much are Gas Prices and Food Prices in Kelowna?

As of this writing you can expect to fill up here in Kelowna for around $2.20/litre, or if you go to Costco you can usually save as much as about .20/litre on average.

It.Is.Pricey!

It does get a little cheaper if you head north of the city up towards Vernon but likely not enough to justify the time it would take to head up there.

Food prices have skyrocketed everywhere in 2022, I can say that $100 doesn't get you very far anymore. That said, use some of the big box stores like Superstore, Freshco and Walmart to cut down on some of the expense. 

Get yourself a Costco membership as the items you get there are in bulk and you can typically save by buying a little more than you sometimes think you need.

Summer time is awesome because of all the fruit and vegetable stands in Kelowna so try and take advantage of those spots, you will save a little bit and of course you'll be supporting local.

Would I Make the Move Again?

Absolutely.

There are things here in the Okanagan that are in your face, way more expensive than where we came from like gas and groceries.

Here's what I can tell you...my property taxes have dropped by 25% and my utility bills have dropped on average of about $60-$70 per month.

Again, it's not in your face, but there are some savings here.

Of course there is the provincial sales tax, if you're moving here from any province that already has a PST then no problem, you're used to it.

If you're coming from Alberta, you're going to NEED to get used to it!

The locals call the expense here a 'Sunshine Tax', to live here it's expensive, they say, but you get to live here.

If you're interested in more information about the Okanagan and are considering a move here, give me a call at 403-827-7527 or you can click the contact form to submit a request to book an appointment.

Wondering How Much $500,000 Can Buy You in Kelowna?

Welcome back to the Kelowna Real Estate Blog!

Here we are in June of 2022 and the weather is finally starting to turn for the better. We saw a very wet May this year, but noone is really comlaining, hopefully all this water will help keep the forest fires at bay this summer.

This isn't an Oakanagn Weather Blog, you are here because you want to know what five hundred grand will buy you in Kelowna.

If you are looking at spending $500,000 in Kelowna on the nose, you are out of luck.

That said, I put in a search for a range from $500,000 to $550,000 and only included Kelowna proper (not West Kelowna, Fintry, Ellison or Big White) and we came up with 38 options.

Can I Buy a Single Family Home for $500,000 in Kelowna?

The answer right now is not really.

What I mean by that is, out of the 38 properties that came up on my search there was one half duplex in Rutland and a Cottage out in Beaverdell.

The rest of the homes listed between $500-$550k were condos.

Now condo could mean a couple of different things, it could be a bareland condo or a townhouse style condo or an apartment style condo.

All a condo, or strata as it's commonly referred to here in BC, refers to is the type of property. By buying into a strata you are buying into a corporation that owns the land and the buildings that the apartment or townhouse is sitting on.

A strata can act as an excellent entry point into the market if you are a first time buyer or an active investor. If you are looking to invest in the Okanagan there is a lot to learn and this will be a topic of my next real estate blog.

What Kelowna Neighbourhoods Have Homes for Sale at $500,000?

That's a great question.

Out of the properties that I searched today you would be looking in the following areas:

• Lower Mission
• Rutland
• Kelowna South
• University District
• Kelowna North
• Glenmore
• Springfield

To name but a few.

If you want unfettered access to view some of these listings you can click here to see a pre-defined search of homes in Kelowna between $480,000 and $550,000

If you've never purchased a home in Kelowna and are unsure of the area and what the process looks like you can check out some previous blog posts here:

• How to Move to Kelowna BC
• What is the Real Estate Market Like in Kelowna BC

If you'd like to jump on a discovery call you can book in with me on my calendar right here or you can email me kelley@kelleyskar.com