Finding​ ​affordability​ ​in​ ​Kelowna’s​ red-hot​ ​real​ ​estate​ ​market​ ​is​ ​tough,​ ​but​ ​there is a​ ​solution​ ​for​ ​buyers​ ​looking​ ​for​ ​the​ ​conveniences​ ​of​ ​a​ ​new​ ​home​ ​in​ ​the city.


There​ ​has​ ​been​ ​a​ ​lot​ ​of​ ​buzz​ ​around​ ​new​ ​RU7 zoning​ ​over​ ​the​ ​last​ ​year. The RU7 zoning allows certain city lots previously occupied by older, single-family homes to be re-developed into duplex, tri-plex and four-plex properties depending on the lot’s dimensions.


The​ ​majority​ ​of​ ​choices​ ​for​ ​new​ ​home​ ​construction​ ​downtown​ ​are​ ​larger​ ​multifamily developments, ranging​ ​anywhere​ ​between​ ​$500-$700​ ​per​ ​square​ ​foot. “While we have seen the prices for these older properties increase significantly over the last 18-24 months, the final price for these new homes, once they’re complete, is still far more affordable than the larger developments–like $70-$80 per square foot more affordable.” Says Century 21 Realty, because the price for this type of land is not going down anytime soon.


The other enticing feature of these projects is privacy. Each unit comes with its own yard similar to garden-style townhomes, and the living-to-sleep space is separated over two floors. There could be two or three bedroom units, ranging between 1158 and 1260 square feet.


They’re bigger than most new condos, but without the hefty price tag.


Timing is another huge factor for buyers looking into new construction pre-sales. A buyer purchasing during pre-sales of a larger project can expect an 18-to-30-month delivery time, but these smaller  projects can be handed over in six to nine months.


Out-of-town buyers looking to invest in a city where our vacancy is under one per cent are jumping.


They like the idea of renting it out for a couple years, seeing some appreciation and rental income, then making the move to Kelowna or selling it for profit. Kelowna is a hot market and with it being on the top ten lost of towns to invest in, it would be a great way to get into the Real Estate market. 


If you have any questions or would like to discuss things further, please contact Jamie at or


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Kelowna ranks 6th in list of top 10 B.C. housing markets to invest in.



A newly released report by Real Estate Investment Network (REIN), which shows where, when, and how to invest in B.C.’s best real estate markets have included Kelowna in their list of top 10 cities to invest in.

Studying 36 economic and market factors, REIN’s Top 10 B.C. Towns and Cities scorecard identifies real estate markets that are poised to outperform over the coming five year period



Kelowna ranked sixth in the list in order of potential for housing market strength over the next five years.

The detailed report provides additional analysis that concludes where each market is in the real estate cycle and what to expect as the cycle continues.

For Kelowna, when all the factors are added up, our real estate market is in the “beginning of boom” part of the cycle.




Kelowna spot on the list is attributed to its increasing employment opportunities, especially with the city’s reputation for being a tech industry hotspot, its population growth, and housing market growth.

“Each of these economic fundamentals indicates a further rise in the real estate market that is approaching its peak,” says the report.

“We determine that Kelowna has a great rental market opportunity, where the right property can deliver solid monthly cash flow,” REIN concludes.

The prediction is that as Kelowna reaches its peak in the market in 2018, month-to-month sales, values, and rental could begin to send “mixed signals.”




“There is still some runway as population-driven demand continues, but strategic investors are being very careful with the properties and neighborhoods they choose and the tactics they use.”

As the market approaches its next peak, REIN says that both “buy and hold” and “rent to own” are tricky, and the optimal tactic during the current phase of the cycle is ‘fix and flip.”


Article taken from KelownaNow website. 

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 I wanted to share with you a recent announcement affecting the real estate market, and how it may impact many people looking to obtain mortgage financing after Jan 1, 2018. The more you know the better prepared you will be, and buying before Jan 1st may be very beneficial to you.


New rules


Stress Test for all mortgages regardless of the amount of equity.  Today only High ratio mortgages (80% loan to value or greater) must meet the Stress Test requirement.  The Stress Test rate is the rate, high ratio mortgages currently must qualify at, regardless of the actual mortgage rate you get.


Current Stress Test is based on the 5 year Bank of Canada bench mark rate of 4.89% (this is the same for all lenders).  The new Stress Test will be based on the greater of the actual rate plus 2%, or the 5 year Bank of Canada bench mark rate.

  • example: Current 5 year rates today range from roughly 2.99% to 3.39%, so they would have to qualify at 4.99 to 5.39% which is higher than the current bench mark rate of 4.89%.

How does this impact you?

  • Conventional example: if you qualified for a $400,000 conventional mortgage today, at 3.29% amortized over 25 years, January 1st you will qualify for a $326,000 mortgage.  This is an 18.5% decrease in mortgage amount.
  • High ratio example: if you qualified for a $400,000 high ratio mortgage today, at 3.09% amortized over 25 years, January 1st you will qualify for a $392,000 mortgage.  This is a 2% decrease in mortgage amount.


If you wish to discuss how these changes will affect you, and discuss your buying or selling options, please contact me at 

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