Newsletter

OTTAWA, March 6 (Reuters) – The Bank of Canada kept its key overnight rate steady at 5% on Wednesday as expected but dashed the hopes of borrowers seeking relief, saying underlying inflation meant it was too early to consider a cut. Overall inflation stands at 2.9%, still well above the bank’s 2% target.

What does this mean for the Okanagan Real Estate market? I predict a good Spring into Summer 2024, as prices recover from 2022 and 2023.

Sellers: If you’re considering a sale, list now – to capture our March/April/May buyers, for completions in May/June/July. If you miss that wave then best to hold-on until next Spring. Expect homes to stay on the market longer and to make concessions to buyers as we move into a Buyers’ market.

Buyers: 2024 may be the best time to buy a home in over five years as cities across Canada shift to a buyer’s market. Well priced homes are selling quickly and we’re even experiencing some multiples again for the median priced family homes. If you’re considering buying, look now rather than wait unitl next year when prices will be at least 10% higher. Although rates are yet to come down, if you get a flexible rate your protected, and I predict the savings you may achieve in price now versus next Spring, will more than make-up for the difference that.

Residential property owners in the designated taxable regions will have to complete an annual declaration to claim exemptions. If there are multiple owners of a home, each owner must complete a declaration by March 31. Information on how to declare is mailed to residential property owners within the taxable regions.

Revenue Canada will have sent you a Declaration Form, to the registered address via BC Assesssment. If you did not receive your forms, contact Revenue Canada here: BC Government – Spec Tax Help

If you do have your letter simply follow the instructions, its quite simple, or you can call and submit online

When a property has more than one owner, each person on title needs to make a separate declaration, even if the other owner is your spouse or relative.

The fastest and easiest way to declare is online. If you cannot declare online, you can declare over the phone. Call 1.833.554.2323 and they’ll help you complete the declaration.

The BC Home Flippin Tax is a 20% tax on the gain from the sale of property within a one-year time horizon and a pro-rated tax on sales up to within a two-year period.

The tax will apply to both properties and assignments of contracts and is in addition to any GST or Property Transfer Tax incurred from the sale of the property.

Exemptions will be available for certain life circumstances that might motivate the sale of a property within two years, including for added supply through the creation of rental accessory dwelling units.

More information here: Click here for more info

Melting snow from the mountains makes April the perfect time to discover some of the waterfalls in and around Kelowna.

South of Peachland, you’ll find Hardy Falls Regional Park. The short, approximately 1 km (0.62 miles) path to the falls is flat and easily accessible for hikers of varying abilities, including people using wheelchairs or families with strollers.

Other parks with waterfall hikes include Mill Creek Regional Park in Kelowna and both Fintry Provincial Park and Bear Creek Provincial Park in West Kelowna. Be sure to reference our Outdoor Safety page for helpful reminders when exploring outdoors.

Kelowna is the birthplace of BC wine, with more than 40 wineries in and around the city. In April, it’s time to celebrate BC Wine Month and the arrival of new wine releases, particularly aromatic white wine varietals. Read our blog post to discover why spring wine touring in Kelowna is incredible!

Fruit trees in the area also start to bloom—those who love golf can be surrounded by blossoms when playing a round at The Harvest Golf Club, nestled amongst fruit trees and vineyards. You’ll have expansive views of Okanagan Lake from the greens, too.

The increasing temperatures mean outdoor markets start to reopen. The Kelowna Farmers’ & Crafters’ Market, typically kicks off its outdoor season in early April. You’ll want to visit often as the selection of fresh produce will grow and change as fruit and vegetables come into season. This year, the Market will open on April 6, 2024, in its new location in the Landmark District—stay tuned to their Instagram page for more details!

Live Music

• AltiTunes, Canada’s biggest mountain music festival, is back at Big White Ski Resort on April 5 and 6, 2024! This year’s line-up for the high-energy outdoor festival includes Milky Chance, Elderbrook, X Ambassadors, Vandelux, and more. Learn more and purchase tickets on the AltiTunes website.
• The Rotary Centre for the Arts (RCA) has several shows taking place in April, including Comedian Derek Seguin on April 4, Magician Paul Romhany on April 14, and the Isidore String Quartet on April 19. Visit the RCA website for more details and to purchase tickets.

Markets

• More than 100 vendors will showcase local goods at Craft Culture’s Kelowna Spring 2024 Market, which takes place at the Kelowna Curling Club from 10 a.m. to 5 p.m. on Saturday, April 6, and from 10 a.m. to 4 p.m. on Sunday, April 7. Visit the Craft Culture website for more information and a list of vendors.
• On April 13, 2024, the East Kelowna Market will celebrate spring at its Bloom Where You Are Planted Market from 10 a.m. to 2:30 p.m., with more than 70 local vendors onsite.

Heritage, Arts & Culture

• Stay tuned to the Okanagan Heritage Museum‘s online calendar of events for announcements on what they have planned for April 2024.
• The Kelowna Art Gallery invites Indigenous and non-Indigenous crafters of all skill levels to attend its Indigenous Beading Circle on April 20, 2024, from 1 p.m. to 4 p.m..

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