According to statistics from OMREB Spring is the busiest time in the property market, with average house prices in the Central Okanagan rising 17.06% in 2017, averaging $703,809 a record high. Mobile Home prices have grown by 34.94%, because there are not enough houses on the market; especially homes for less than $200,000. With so…
According to PadMapper, who released a report in May 2017, Kelowna’s rent levels have become the 8th highest in Canada. Kelowna’s room rents fell 1.9% from the previous month, up 10.9% from last year. The rents for two rooms rose 5.3% from the previous month, up 12.7% from last year. The fast rise in rents has…
Vancouver, Toronto, Victoria and other cities are places with high prices, high taxes and are making more and more young people with small families decide to move to places with lower prices. At the same time international investors are also looking to the small and medium-sized cities. Kelowna is the fastest growing city in BC, the…
It is interesting to see the mainstream media reporting on topics that we at Letnick Estates already predicted would be happening in 2017. A recent news article from CBC News (Link Here) talks about the differences of what you can purchase in the Okanagan compared to larger cities like Vancouver. Many people from all over the…
Residential sales in Kelowna BC for January 2017 were roughly 5.6% higher than January of 2016. We also had roughly 30% lower inventory in the Okanagan for January 2017 than we had in January 2016 (Based on statistics from Jan 2017 provided by the Okanagan Mainline Real Estate Board). When you look at the number…
As everyone should have been expecting if you are keeping up with the trends; CHMC (Canada Housing and Mortgage Corporation) has announced that they will be increasing their rates on March 17, 2017 for anyone that will be getting a mortgage with less than 20% down payment. The silver lining for some of you is…
Kelowna is well known for it’s colleges and universities such as UBCO and Okanagan College; they are welcoming to students of varying languages while the temperate and comfortable climate attracts a lot of students each year to study abroad. Most of the students live in a home-stay or rent with their classmates, because most of…
Residents of the Okanagan district received a 16% surge in average home valuations on the property evaluation notice sent by the BC Assessment this year and are forecasting a 7% growth in 2017. In West Kelowna, Peachland and Summerland the average home valuation also increased by 11%. Many home owners are worried that property taxes…
Its that time again where we give you an update on the average home prices for the Okanagan region. As you may have guessed, the prices for everything from condos to single family homes have increased in comparison to this time last year. We’ve seen a rise of roughly $61,000 for average home prices from…
We recently posted about Kelowna having record high rental rates. Well today we are talking about record high home prices in the Okanagan. A post on Global News (http://globalnews.ca/news/2866168/okanagan-house-prices-soar-to-new-heights/?sf32594714=1) recently touched on the fact that housing prices in the Okanagan have reached all time highs. Both numbers for total average house prices and median single…