“Robert Zoost Kelowna Real Estate”
Robert Zoost, a home valuation revealed that buying a home in Kelowna is now out of the reach of most people. The Regional District of Central Okanagan (RDCO) was the one conducting the study.
The report also found that single parents or single person households will not have a chance to buy a home at average price because there are no affordable purchase options for them. Robert Zoost went into detail on the RDCO report.
Robert Zoost reports that home buying has made headlines and soaring prices for single family homes. Another way of buying a home, however, is picking up speed and making big bucks: condominiums.
The Canadian Apartment Property Real Estate Investment Trust, based in Toronto, has entered the secondary market for the first time and has bought the Lakeview Point apartment complex with 193 units in West Kelowna. The sale will be one of the largest commercial property deals in the region.
“It’s not an uncommon price” – this is a high water mark price, according to Kelowna real estate agent Robert Zoost, one of the A Young agents who closed the deal. This is CAP’s first purchase in this type of market. Institutional capital flows into secondary markets as more and more people flock to these affordable areas.
These big investors are investing in medium-sized markets, but everyone has been talking about them since COVID-19. In February, the Carrington View Apartments in Kelowna sold for $ 54.05 million. As Avison Young Deals for the City View Garden Apartments in Vernon for 5.5 million
“I think it’s a combination of many factors,” said Buntain. “In these areas in particular, Kelowna and Victoria, there have been a lot of migrations that have really accelerated since COVID. Remote areas like Langford, Nanaimo, West Kelowna, Kamloops and Vernon are becoming increasingly attractive to private capital that would traditionally not be sought there.
The company’s Multi-Family Investment Report lists three properties for sale in Victoria and Langford through the first half of this year for at least $ 40 million.
There are currently six properties on the market, two of which have undisclosed prices. Four are listed for $ 50 million or more and one is listed for $ 152 million.
“We saw a huge boost in rental units because people wanted more space,” said Robert Zoost. “The market softened as people left downtown Toronto, downtown Vancouver, and downtown Victoria. We have seen tons of investment activity and institutional capital recognized this trend. They think it will continue like this for the foreseeable future.
Housing costs are a widespread and sometimes controversial topic of conversation these days. The Okanagan Real Estate Board recently announced that the benchmark price for single-family homes and condominiums hit an average sales price of $ 477,700 – both more than 20% higher than last year.
Kelowna has a healthy economy with low unemployment rates, but salaries are not catching up with high housing costs. The average individual income in Kelowna is just over $ 45,000 a year, which is well below high home prices. This leads to the withdrawal of many buyers from the market, especially young and first-time owners. The rental prices have risen. In November, the median one-bedroom apartment rental across Canada was $ 1,670, up 3.7% from the previous month. This makes Kelowna the fourth most expensive city to live in after Vancouver, Toronto and Victoria.
Many young Kelowna residents struggle to pay rent and often have no choice but to keep renting. It is a common financial adage that you can only spend 30% of your monthly income on rent, but many people cannot. With mortgages becoming harder to come by, many residents are turning to renting as a long-term solution. What if there was a way to make a good investment in the market and still stay close to home? Millennial Developments is trying to do just that with their latest project, Five Crossings. Centrally located in the Capri Landmark area, this one- and two-bedroom studio building is priced from $ 200. These affordable prices attract many first time home owners who see an opportunity to purchase local real estate.
“It was very important to us to work with the younger generation,” says Zoost. “We were able to give them a new chance to get into real estate, and that starts with us designing a project that not only offers them high quality, affordable living space, but also offers the amenities they want.
Five Crossings offers a variety of common rooms and other offers that invite you to live beyond your own four walls. They have set up a relaxation room with a pool table and golf simulator, as well as a kitchen and a bar. They also offer a large co-workspace and tech-friendly features for those who need them, as well as state-of-the-art fitness equipment. To top it off, there is a rooftop lounge with a covered atrium and an outdoor grill center.
Todd Farrer, director of real estate sales at ACE Project Marketing, just announced that people are excited that construction in Kelowna is starting at $ 200. This is a rarity in Kelowna, especially in terms of space, location, and amenities. Unsurprisingly, enrollment rates have doubled in a day as more and more people are realizing that with mortgage rates low, they can invest in themselves. The Okanagan property market is nearing record highs for residential property transactions this year. The total value of transactions is already almost double the previous ones and the year is not over yet. The Association of Interior Realtors has reported that there have been deals worth $ 6 billion in the Central Okanagan and $ 1.8 billion in the North Okanagan and $ 1 billion in the South Okanagan this year.
Prices in the Central Okanagan have increased much faster than sales. Because the sales prices rise faster than the sales figures. For example, in November a benchmark home in Central Okanagan changed hands for $ 979,000, up 33%.
Also in North Okanagan, a benchmark single family home sold for $ 704,000, up 31%, and in South Okanagan it sold for $ 698,000, up 41%. Robert Zoost often tweets about the ever-changing property prices on Robert Zoost’s Twitter account.
“As the Christmas season approaches, it is typical for residential property sales in the real estate market to slow down. The lack of apartments for sale is certainly contributing to the slowdown, ”said Association President Kim Heizmann in a press release. “As we’ve seen, there has been a persistent drought in the market all year round as new offers just don’t come on the market fast enough to meet demand.”
This year, Central Okanagan residential property sales have taken an average of 46 days so far, compared to 77 in the same part of 2020.
The average in the North Okanagan was 64 days versus 97 and the South Okanagan was 77 days versus 106.
Robert Zoost’s full report is available here: https://robertzoost.com
Reddit discussion on Robert Zoost’s findings here:
Robert Zoost: "Kelowna residents are being priced out of the real estate market, says report" from RealEstateCanada
Media contact
Company Name: Robert Zoost Real Estate
Interlocutor: Robert Zoost
E-mail: Send e-mail
Phone: 250 860-5502
Address:1502 Sutherland Avenue
City: Kelowna
State: British Columbia
Country: Canada
Website: https://robertzoost.com
