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September 2017 Buyer Statistics for the Central Okanagan - Who is Buying Real Estate: 

October 31st, 2017
September 2017 Buyer Statistics for the Central Okanagan - Who is Buying Real Estate: 

Property Type:

20.2% buying Revenue/Investment Property (down from 20.4% in August)
17.6% by Relocating and moving to similar property type (down from 18.0%)
15.3% by Buyers Downsizing (down from 15.8%)
15.3% by First Time Buyers (up from 15.0%)
13.7% by Move-Up Buyers (down from 14.7%)
6.9% buying Recreatio ...

Western Investor Names Kelowna as Hot Market for Real Estate Investments

October 27th, 2017

Western Investor Names Kelowna as Hot Market for Real Estate Investments

 

Western Investor is a prominent business magazine. Western Investor's report states that a combination of ideal economic and geographic factors combined with location government initiatives place Kelowna number 1 on its list of Top 5 places to invest in real estate in 2018.

 

More homes were started in Kelowna thi ...

Ellis Parc, Kelowna, British Columbia Canada

October 27th, 2017

Ellis Parc, Kelowna, British Columbia Canada

 

Ellis Parc is Kelowna's newest proposed residential condo tower in Kelowna's downtown core. The property sits right next to Prospera Place at 1232 Ellis Street on the corner of Ellis Street and Clement Ave.

 

The project is slated to be 14-stories high with 91 units.

 

Right now there are more than 1,500 rental units under construction in ...

New Stress Test Rules - The ACTUAL Impact

October 27th, 2017

New Stress Test Rules - The ACTUAL Impact

 

I have heard the "sky is falling" all week over the newly announced mortgage stress test rules that will come into effect in Canada January 1, 2018. Yes there will be buyers negatively affected by the new rules but is it doom and gloom and the entire market is going to collapse?!?! NO. Here is the actual impact:

 

If you are renewing an existing ...

New Lakeview Lots in Lakeview Heights area of West Kelowna!

October 26th, 2017
10 new lake view lots coming on the market soon in the Lakeview Heights area of West Kelowna: lake views, near world renowned Mission Hill Winery, large lots, on the wine route. PLR is almost approved then pre-sales begin! Price point $400,000.
 
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Alexandra Axsen
Lake Okanagan Realty Ltd.
Managing Broker
Tel: (250) 870-2792
Email: Alex@LakeOkanaganRea ...

New $3M House Ordered to be Demolished

October 26th, 2017
The West Vancouver district  has ordered a couple to demolish their new $3M home within 60 days as they built the home bigger than they were suppose to and without the proper permits.

I have seen this happen many times where a home owner will build without all the proper permits, build bigger than they are suppose to then go back to the city and pretend they didn't know they were breaking the ...

Business Development Bank of Canada

October 25th, 2017

Business Development Bank of Canada (BDC)

 

The BDC is a popular finance option for businesses and entrepreneurs. Below are notes from my meeting with them on what they can offer:

 

  • They can tailor payments to cash flow for seasonal businesses
  • They have a non-demand fixed term
  • They do not do residential loans or lines of credit
  • They do finance commercial real estate, change of owners ...

New Mortgage Rules Coming January 2018

October 20th, 2017

New Mortgage Rules Coming January 2018

The government of Canada will be introducing new mortgage rules January 2018. The rules change the minimum qualifying rate for mortgages to the greater of the Bank of Canada’s five-year benchmark rate or the contractual mortgage rate plus 2%.

If you already have a mortgage your renewal is NOT affected but here is the kicker – if you try to refinance yo ...

Kelowna ranked #1 job market in Canada

October 18th, 2017

Kelowna ranked #1 job market in Canada

The City of Kelowna has seen an amazing turnaround from last year when it was ranked one of the worst job markets in Canada.

According to BMO’S new Labour Market Report Card, released in October 2017, Kelowna has gone from ranking the second worst job market in the country to ranking the best.

With an increase of jobs of 14.3% over the past year and a ...

Vancouver’s middle-aged exodus raises concerns about city’s economic future

October 18th, 2017
Vancouver’s middle-aged exodus raises concerns about city’s economic future
 
While a lot of fuss has been made about Millennials leaving the Lower Mainland, the bigger exodus may be the group that is either nearing middle age or well into it. Generation Xers, or people from 35 to 55, could start bailing at a rate that could turn into a crisis, says Chris Fair, president of Resona ...
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