What You Need to Know

About BC’s New Home Flipping Tax

As the Okanagan real estate market continues to evolve, it’s important to stay informed about new regulations that could affect your decisions. One such change is BC’s Home Flipping Tax, introduced to discourage rapid property resales and promote housing stability.

For homeowners in Kelowna and throughout the Okanagan, understanding this tax and how it could impact your property’s value is essential.

BC Home Flipping Tax: The Basics

This tax applies to properties resold within two years of purchase. While it’s designed to target speculative investors, it can also affect regular homeowners selling sooner than planned.

How Does It Work?
  • Eligibility: The tax applies to most…

37 Views, 0 Comments

Read Full Post

2025 Housing Market Trends for the Okanagan

As we step into 2025, there’s plenty of optimism for homeowners and buyers alike. According to RE/MAX Canada’s latest Housing Market Outlook, residential prices are expected to grow nationwide this year. Here in the Okanagan, this signals an exciting year ahead in our local real estate market.

Key National Trends for 2025

  • National Average Price to Rise by 5%
    With interest rate cuts in late 2024, prices are rebounding across Canada.

  • A Surge in Seller’s Markets
    Nearly half of all regions are forecasted to favor sellers.

  • Increased Buyer Optimism
    Changes to mortgage stress tests and other affordability measures have made 50% of Canadians feel more confident about homeownership…

220 Views, 0 Comments

Read Full Post

Preparing Your Kelowna Home for Winter

Kelowna winters may be milder than some parts of Canada, but don’t be fooled! Winterizing your home is still key to staying cozy, saving on energy bills, and protecting your property from the chill. Whether you’re new to the area or a seasoned resident, here’s your go-to guide for getting your home ready for winter in Kelowna. Let's dive in!

1. Inspect and Seal Windows and Doors

Heat loss through windows and doors can significantly increase your energy bills. In Kelowna’s colder months, sealing these leaks can make a big difference:

  • Caulking and Weatherstripping: Inspect the edges of windows and doors for drafts. Use weatherstripping for movable parts and caulk for fixed joints to keep warm air in…

185 Views, 0 Comments

Read Full Post

As the crisp air of fall begins to set in, Kelowna’s real estate market remains a hot spot for sellers. The autumn season offers a unique opportunity for homeowners to showcase their properties with cozy charm and appeal. With the summer rush behind us, serious buyers are ready to find their next home before the year ends. If you're thinking about selling, now is the perfect time to take advantage of the fall market in the beautiful Okanagan region. Here are some tips to help you prepare your home and make it stand out to potential buyers.

1. Embrace Curb Appeal with Seasonal Décor

First impressions matter, and curb appeal is your home's handshake. Use the fall season to your advantage by enhancing your home's exterior. Add some potted mums, a…

487 Views, 0 Comments

Read Full Post

Navigating the New Tenancy Laws of 2024

Implications for the Okanagan Real Estate Market

Hi, Okanagan friends! It’s Gillian from Goldilocks Estates, here with some crucial updates about our local real estate market. The new tenancy laws of 2024 have introduced significant changes that both buyers and sellers need to be aware of. These updates aim to create a fairer balance between landlords and tenants, and I'm here to help you understand what this means for you.

Key Changes in the Tenancy Laws

Protection for Seniors in Retirement Homes One of the most notable changes is the protection of residents in retirement homes from illegal rent increases and evictions. This is fantastic news for our senior community, offering them peace of mind and…

915 Views, 0 Comments

Read Full Post

Welcome to Goldilocks Estates - Your Premier Guide in Central Okanagan's Market!

I'm Gillian Krol, owner of Goldilocks Estates, and I'm eager to delve into what the recent interest rate cut by the Bank of Canada means for both buyers and sellers in Central Okanagan.

Understanding the Bank of Canada's Decision

The recent decision by the Bank of Canada to reduce its overnight interest rate to 4.75% marks a significant shift in the economic landscape, especially for the real estate market in our region. This move comes amidst ongoing efforts to manage inflation and stimulate economic growth.

Implications for Buyers

Lower interest rates present exciting opportunities for prospective homebuyers. With reduced borrowing costs, owning a home…

823 Views, 0 Comments

Read Full Post

BC Policy Changes for 2024

What Okanagan Buyers and Sellers Need to Know

Hey Okanagan friends,

Exciting news from Goldilocks Estates about BC's latest policy changes! These updates are designed to make owning a home in Kelowna more achievable than ever. Here's a quick overview:

First-Time Homebuyers’ Program

Starting April 1, 2024, the threshold for the First-Time Homebuyers’ Program has increased from $500,000 to $835,000. This change is designed to help more people purchase their first home. Here’s how it works:

  1. Exemption on Property Transfer Tax: Qualifying individuals buying homes up to $835,000 now receive an exemption on the property transfer tax for the first $500,000 of the home’s value. This means potential savings of…

743 Views, 0 Comments

Read Full Post

A Goldilocks Guide

Navigating Okanagan Real Estate as a First-Time Buyer

Welcome to Goldilocks Estates, your trusted companion in the captivating realm of British Columbia's Okanagan Valley real estate scene! I'm Gillian Krol, the owner of Goldilocks Estates, and I'm excited to join you on this empowering journey into the world of first-time home buying.

In this comprehensive guide, we'll not only demystify the intricate process of purchasing your first home but also delve into the soul of Kelowna's real estate landscape, helping you make informed decisions that resonate with your aspirations and lifestyle.

Getting Started: Preparing for Your Home Buying Journey

Before diving into the exciting world of property exploration and purchase,…

1274 Views, 0 Comments

Read Full Post

A Guide to Property Transfer Tax Exemptions for First-Time Home Buyers in British Columbia

Unlocking the Potential of the First Time Home Buyers' Program in Kelowna

Hello, future homeowners! Are you ready to take the leap into homeownership in the picturesque city of Kelowna, British Columbia? The First Time Home Buyers' Program is here to pave the way for you by offering substantial benefits in the form of property transfer tax exemptions. Let's delve into how first-time home buyers in British Columbia can leverage these exemptions to turn their homeownership dreams into reality.

Understanding the First Time Home Buyers' Program

The First Time Home Buyers' Program is designed to provide a full or partial exemption from the property…

1316 Views, 0 Comments

Read Full Post

Spring 2024: A Snapshot of Central Okanagan's Real Estate Market

Hi, Okanagan friends! It’s Gillian from Goldilocks Estates, back with a quick update on our local real estate market as we step into spring 2024. The Central Okanagan region is abuzz with some intriguing developments, and I'm excited to share the insights with you.

 

BC's Market at a Glance

Across British Columbia, there has been a 15.3% jump in residential unit sales and a 4.7% rise in average prices this February compared to last year. With total sales reaching $5.4 billion, marking a hefty 20.7% increase, it's clear that the province is witnessing a significant shift. This sets a lively backdrop for our local market dynamics in the Central Okanagan.

The Central Okanagan…

1361 Views, 0 Comments

Read Full Post