When we moved to Kelowna in 2014 from Vancouver, we didn't know whether or not we were making the right decision. The Vancouver Real Estate Market was blowing up and I had personally been there for 10 years.

However, we knew this was where we wanted to be. Where we wanted to settle down and have a family. We have now been here 2 years and I can say without any doubt that this was one of the best decisions of our lives.

I get calls from Vancouverites quite frequently thinking about making the move. They are from all walks of life, empty nesters, retirees and young families.With the current state of the Vancouver Real Estate Market, many are concerned as to whether they will ever be able to afford a home.

There are a ton of good Reasons to move to Kelowna. These are my Top 5.

1) Traffic - NO MORE TRAFFIC. Well...at least the traffic isn't like it was when I was in Vancouver. Between the Massey Tunnel and the Oak street bridge in the same commute, I was pretty sick of it. We currently live in West Kelowna and I'm driving over the bridge into Kelowna every morning. With Traffic, im getting to the office in 25 Minutes. No traffic 15minutes. This is a breeze compared to what i used to experience. However, that doesn't stop the Kelowna locals from being reluctant to cross the bridge. You will learn quickly that people rarely like to travel between Kelowna and West Kelowna unless mandatory.

2) Home Prices - A single family home on the vurge of being a tear down in Vancouver costs easily over 1 million and climbing. While Kelowna is seeing record sales numbers and our entry level homes have spiked, I can currently say that depending on the area, you can get a fixer upper for as low as $350,000(prices currently climbing). You can get into New construction single family residences for the low 500,000's. Sounds good to me!

3) We are in a Tourism area - We used to come here for a local vacation. Now we live in a Vacation Destination!

We would come up and hang out by the lake or golf. Now we can do this whenever we want. Work has been redicuously busy so these times are few and far between, but to have the option to take advantage of these things is a dream.

4) Family - Kelowna is the perfect size to start a family. We are currently almost 5 months pregnant so I haven't lived this first hand. But all the clients and friends we have met with kids adore the Okanagan. There are so many sports and activities to take part in. There are great schools and programs, and in many areas, your kids can play outside without the worry of traffic and other big city issues.

5) Community - When we lived in Vancouver, there was no sense of Community. We had our circle of friends, but outside of that, there was little reason to get involved. Since we have moved to Kelowna, we have become involved in charity work, and community events. We take part in multiple networking groups and sports activities. People are typically friendly and interested in meeting new people. We love the community out here.

So there it is, my TOP 5 REASONS TO MOVE TO KELOWNA. Some may disagree or have there own top 5, but I think it is safe to say Kelowna is a wonderful place to live. For People in Vancouver thinking about making the move out here, please call me. I would love to discuss our experience in more detail with you.

David Delorme - Coldwell Banker Horizon Realty - 778-821-3885

As we move to a more global audience, online marketing is more important than ever. In Kelowna, a majority of our buyers are coming from other areas of Canada and in many cases other parts of the world.

I have personally dealt with offers that are "subject to viewing," meaning that clients will have an accepted contract with a seller that is conditional of them viewing and approving the property. In a market where properties are selling as quickly as they are, this is a good way to gaurantee that the home they want will still be available when they arrive to town.

This being said, professional photography is a must; but photographs don't show the layout of the home very well. It is hard to do this from a 2D experience. Others turn to video which helps, but areas are still missed. MORE IS NEEDED!

So what is the New Way to View Homes Online?

The new technology used by BUZZ Internet Solutions is immersive Virtual 3D space capability. It creates a 3D experience where one can navigate through the whole property. Much like using google street view.

Buzz Virtual Spaces is pioneering this new, innovative way to advertise listings. They have just finished this property I have listed. Go to the link here and navigate the platform: 2153 Golf Course Drive West Kelowna

There are 3 ways to view the property:

 A doll house view which gives a creative way to see how the home was built.

A floor plan view which allows you to see the layout for each floor

A tour style view where you can navigate through the home just as if you were walking through it.

Notes can be added for important features and buyers can click on those notes as they walk through the home.

Step it up a notch and use 3D Goggles to give a realistic walk through of the home!

As an out-of-town buyer, aren't you impressed? If only the entire Real Estate Market did things this way!

If you are interested in selling your home or want to know more please contact David Delorme of Coldwell Banker Horizon Realty at 778-821-3885

I was intrigued to see what type of role Albertan Buyers would have on the Kelowna Real Estate Market last month. Last February, we saw our first significant reduction in Sales by Albertans since Oil Prices declined at the back end of 2014. Now it is safe to say things have returned to normal and March saw 17.2% of buyers coming from Alberta.

The past 6 Months are as follows:

% of buyers from Alberta:

March 2015: 17.2%
February 2015: 11.8%
January 2015: 17.4%
December 2015: 15.7%
November 2015: 15.1%
October 2015: 18.5%

However, Kelowna is much more diverse than some people think. We have buyers coming from all areas of Canada and from all walks of life. You can see below who is buying and from where they are buying:

MARCH SURVEY SUMMARY

Property Type:

23.0% by First Time Buyers (down from 25.4% in February)
19.7% by Buyers Downsizing (up from 17.4%) *
17.7% by Move-Up Buyers (up from 16.7%) *
8.0% moving from Single Family Home to Strata Unit (down from 13.0%)
7.5% buying Revenue/Investment Property (down from 13.0%) *
6.6% moving from Strata Property to Single Family Home (up from 0.7%) *
6.1% buying Recreation Property (up from 3.6%) *
1.4% moving into Retirement Home/Seniors Community (up from 0%) *

* During March, there were increases in purchases by buyers who were downsizing and moving up, revenue and recreation property buyers, and people moving from stratas to single family homes - compared to the previous month.

Buyer Type (Family Dynamic):

26.7% Two Parent Family/Children (up from 19.4% in February) **
24.9% Couple without Children (up from 21.5) **
20.2% Empty Nester/Retired (down from 22.2%)
12.7% Single Female (down from 15.3%)
9.8% Single Male (down from 16.0%)
5.6% Single Parent with Children (up from 4.2%) **

** There were more purchases by two-parent families, couples without children and single parents during March, while other buyer categories were down compared to February

Moving From:

60.2% from Within OMREB Board Area  (down from 66.7% in February)
17.2% from Alberta (up from 11.8%) ***
9.2% from Lower Mainland/Vancouver Island  (up from 6.9%) ***
5.5% from Other Areas in BC (down from 6.2%)
2.7% from Saskatchewan/Manitoba (down from 4.2%)
2.7% from Outside Canada  (up from 1.4%) ***
2.3% from Eastern Canada/Maritimes (down from 3.5%)
0% from NWT/Yukon (same as February)

*** More buyers moved from within the Board area, Lower Mainland and Vancouver Island, and from overseas during March, while migration from other areas declined compared to February.

These stats are important when developing a Marketing Strategy for Selling your home. If we know what types of people are buying we can focus on marketing to certain areas, or showing your home in a particular way that will appeal to specific Buyers. Contact David Delorme to discuss how we can help you market your home most effectively.

*this is an interpretation of market statistics and an opinion only. Information should not be used as a way to predict future market trends.

The January 2015 stats are in and I thought I should emphasis that while the media is putting everyone into a scare, perhaps we aren't expecting an economic meltdown due to low oil prices.

Kelowna is more diverse than people think. While we used to be known as a retirement area we have seen things change over the past few years. While having a large amount of money invested into Kelowna associated with oil and gas, it is just a small piece of what drives this healthy economy.

Dont Forget:

We have a young tech entrepreneur community growing in Kelowna.

We have a huge health sector bringing a young demographic to care for our retirement base.

We have a vacation sector where people have bought strictly for vacation rentals or personal vacation use.

We have our Oil and Gas workers that choose to drive or fly out of Kelowna instead of the cold alternative of living elsewhere.

We have the rest of us, tradesmen, teachers, city workers, service workers, salesmen etc. that make up a vast majority of the 179,000+ growing population in the Kelowna Metropolitan Area.

Here are the January Sales stats for the Okanagan Mainland Real Estate Board showing that at least for January we have nothing to worry about.

Moving From:
55.1% from Within OMREB Board Area  (down from 59.5% in December)
17.4% from Alberta (up from 15.7%) ***
11.2% from Lower Mainland/Vancouver Island  (up from 9.4%) ***
8.2% from Other Areas in BC (same as December)
4.1% from Eastern Canada/Maritimes (up from 3.5%) ***
2.0% from Saskatchewan/Manitoba (same as December)
2.0% from Outside Canada  (up from 1.3%) ***
0% from NWT/Yukon (same as December)
 
*** Compared to December, more buyers moved from the Lower Mainland/Vancouver Island, Alberta, Eastern Canada/Maritimes, and from
outside Canada during January.

Property Type:
28.0% of purchases were by Move-Up Buyers (up from 20.0% in December) *
14.0% by First Time Buyers (down from 18.6%)
11.8% by Buyers Downsizing (down from 17.9%)
9.7% moving from Single Family Home to Strata Unit (down from 11.7%)
9.7% buying Recreation Property (up from 9.2%) *
7.5% buying Revenue/Investment Property (down from 11.0%)
7.5% moving from Strata property to Single Family Home (up from 2.1%) *
2.2% moving into Retirement Home/Seniors Community (up from 1.4%) *
 
* During January, there were increases in purchases by move-up buyers, recreation property buyers, and people moving from stratas
to single family homes compared to the previous month.
 
Buyer Type (Family Dynamic):
24.7% Two Parent Family/Children (down from 25.2% in December)
23.1% Couple without Children (down from 24.5%)
19.6% Empty Nester/Retired (down from 24.5%)
16.5% Single Female (up from 12.2%) **
11.3% Single Male (up from 10.2%) **
4.1% Single Parent with Children (down from 6.1%)
 
** There were more purchases by single females and single males during December, while other buyer categories were down.
 

With record low interest rates and low housing inventory, now is a better time than ever to buy and sell Real Estate. Give me a call today to discuss in more detail - David Delorme Coldwell Banker Horizon Realty - 778-821-3885

A key reason many people choose to rent instead of buying their own home is their reluctance to sign their name to a long-term mortgage agreement.

As a renter, you’ve probably already made a commitment to a fixed schedule of payments for housing – but instead of a mortgage, it’s a lease or rental agreement. In reality, rather than being a negative, one of the major advantages of a mortgage agreement is that payments can be locked in for an extended period—which can work in your favour. Your Landlord can increase your rental payments year over year so chances are you will be paying more three or even five years down the road. Your mortgage agreement can actually protect you from the unexpected increases you may experience when you rent.

Still, some people are intimidated by the large amount of debt that is represented by a mortgage agreement. Yet if you added up all the rental payments you could expect to pay over a space of many years, you may find that going the mortgage route is actually the more affordable of the two options. Plus, at the end of the process, renters are left with nothing to show but a pile of receipts.

Rent of $1400 a month over 5 years = $84,000

Lets say you bought a home and the Mortgage was 250,000. Your amortization was 25 years and your rate was 3% fixed for a 5 year term. Your payment would be just under $1200, which gives you room for property tax and insurance to put you up to that $1400 mark. The amount you pay in interest over the 5 years is $34,600. A difference of almost $50,000. Even if your home only keeps its value after those 5 years you will have gained $50,000 in equity. Much better than the alternative of paying $84,000 to someone else.

Let’s not lose sight of the biggest financial benefit of all.

The simple fact is, when you rent, you’re building someone else’s ownership equity in the property where you live. On the other hand, when you buy a home a portion of your mortgage payment builds personal equity for you. If you decide to sell sometime in the future, that equity is something you’ll take with you as you make your next move.

Lastly, let’s not forget the creative freedom and pride of ownership that comes with owning your own property. When you buy, you decide about the home improvements and decor changes you want to make. You decide colour schemes and where to hang that favourite picture. And you’ll also earn the added equity that any such improvements may add to your home. Spending money to improve a rental property just puts value in someone else’s pocket.

With today’s low mortgage rates and some creative financing, the cost of buying a home may be lower than you think.

If you’re tired of paying off someone else’s mortgage for them, then why not call me, David Delorme for a no obligation consultation with myself and Mike Huber of Lending Max to help you find out how to make your dream of home ownership a reality.

David Delorme - Coldwell Banker Horizon Realty - 778-821-3885