Kelowna’s Spring Events: A Weekend of Community Appreciation, and Laughter!

April 26-28th

Experience the best of Kelowna’s spring events all in one place! Celebrate the 6th Annual Spring Extravaganza, the thrilling Kelowna Boat Show, honor the bravery of the Okanagan Wildfire Responders, and laugh with the comedic stylings of Gabriel Iglesias. This unique combination of events promises a weekend filled with maritime adventures, community appreciation, and side-splitting laughter. Don’t miss out on this extraordinary celebration of resilience, unity, and fun!

1. 6th Annual Spring Extravaganza

Location: Rutland Centennial Hall
Presented By: Kelowna’s Christmas Extravaganza and Michelle Hudson Knuttila
Date & Time: April 27 @ 9-3 pm
Link: https://www.tourismkelowna.com/event/6th-annual-spring-extravaganza/35599/

Ah Spring how we love you, The weather warms up, everything blooms and becomes fresh & new again. Come check out the Spring Extravaganza Market for all your fresh finds & to stock up on your favorites. 50+ Vendors with a fantastic selection of wares to share with you Bake Sale, Door Prizes, Refreshments Available. FREE Admission, but Food bank donations welcomed

2. Kelowna Boat Show

Location: Kelowna Yacht Club & Marina
Presented By: Kelowna Boat Show
Date & Time: April 27-28 @ 10-4 pm
Link: https://www.tourismkelowna.com/event/kelowna-boat-show-%40-kelowna-yacht-club-%26-marina/35715/

Hosted by Kelowna Yacht Club at its spectacular waterfront location, this engaging and lively event is open to the public is geared towards boating and watersport enthusiasts, and is great family fun! With over 150 new and used boats for sale, ranging from entry-level to pontoon, wakeboard and cruiser, kayaks, and paddleboards, the Boat Show has something for everyone.

3. Okanagan Wildfire Responders

Location: Memorial Park
Presented By: OkanaganWildFire2023.ca
Date & Time: April 27th @ 10-4:30 pm
Link: https://www.tourismkelowna.com/event/okanagan-wildfire-responders-gratitude-event/35726/

The Okanagan wildfires had a profound effect on so many individuals. However, due to the efforts of so many firefighters, first responders, and support workers, the impact on our community was greatly mitigated.

Our OWRGE committee made up of residents, neighborhood associations, and service clubs, has partnered with local governments to ensure all wildfire responders are appropriately acknowledged for their heroic efforts. This free community event will be an upbeat, family-oriented event highlighting the efforts of all frontline workers. The event will include live music, food, special activities, and a formal gratitude ceremony. To allow sufficient time for our wildfire responders to wrap up their efforts and get some well-deserved rest, the event is planned for Memorial Park in West Kelowna on Saturday.

4. Gabriel Iglesias: Don’t Worry Be Fluffy

Location: Prospera Place
Date & Time: April 26th @ 6-8 pm
Link: https://www.tourismkelowna.com/event/gabriel-iglesias%3a-dont-worry-be-fluffy/33787/

Comedian Gabriel “Fluffy” Iglesias will be performing at Prospera Place this Friday. This is part of his Gabriel Iglesias: Don’t Worry Be Fluffy Tour.

Gabriel “Fluffy” Iglesias is one of the world’s most successful stand-up comedians. He recently became the second highest-grossing touring comedian and is one of the most-watched comedians on YouTube with over 1.1 billion views and over 25 million fans on social media.

 

We post weekend events every Thursday on Facebook and Instagram!
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And of course, if you have any questions about the real estate market – Contact us here.

Flipping Tax & Capital Gains: How to Navigate the New Rules

Maximizing Your Rental Property Investment in 2024

New tax proposals have been announced for British Columbia. Key highlights include an increase in the inclusion rate for Capital Gains, a speculation tax effective from January 2024, and a flipping tax effective from January 2025.

Various strategies can be employed such as making use of the capital gains reserve or incorporating the rental property business. The BC home flipping tax applies to residential properties owned for less than two years, with rates at 20% for sales within 365 days, and will decline to zero between 366 and 730 days. The new flipped property rule considers a gain from the disposition of residential property in Canada after 2022 that was owned for less than 365 days to be fully taxable as business income regardless of intention.

To minimize capital gains tax on rental properties, there are several options such as making a gift or inherited property your principal residence, putting earnings in a tax shelter, or making use of the capital gains reserve. If planning to flip a home, be aware of the new tax rules effective from January 2023.

Tips to Minimize Capital Gains Tax:

Exemption for Principal Residences
Make a Gift or Inherited Property Your Principal Residence
Incorporate Your Rental Property Business
Put Your Earnings in a Tax Shelter
Make Use of the Capital Gains Reserve
Capital Losses Offset
Carry Forward Your Losses

 

Starting January 1, 2024, the existing Speculation and Vacancy Tax Act will undergo minor changes. Registered leases in the Land Title Office will now be responsible for paying the tax, instead of the property owners.

Flipping Tax & Capital Gains: How to Navigate the New Rules Maximizing Your Rental Property Investment in 2024

Effective January 1, 2025, a proposed BC home flipping tax will apply to income from the sale of a property, including presale contracts, in British Columbia, if the property was owned for less than 730 days. This is separate from federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax. The tax is imposed under the Residential Property (Short-Term Holding) Profit Tax Act.

The BC home flipping tax applies to residential properties owned for less than two years and will have rates at 20% for sales within 365 days, and will decline to zero between 366 and 730 days.

Starting January 2023, the Principal Residence Exemption will no longer apply if you plan to flip a home while owning it for less than 365 days. Speak to a professional accountant if this situation may apply to you.

The BC home flipping tax applies to net taxable income from the sale of taxable property that was owned for less than 730 days. Your net taxable income is calculated by multiplying your taxable income by your tax rate, less the primary residence deduction.

Under the new rule, a gain from the disposition of a residential property in Canada after 2022, owned for less than 365 days, is considered fully taxable as business income regardless of intention.

To minimize capital gains tax in Canada, designate the property as your principal residence for each year you own it. The number of years that you can claim the principal residence exemption is limited to four years.

For more information:

Government of BC – BC Home Flipping Tax

Government of BC – Speculation and Vacancy Tax Act

Government of Canada – Changes in Use of Your Property

 

Reach out, we are here to help and answer any questions you may have!

Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.

New Housing Legislation, Rental, and Zoning Updates

 

The Canadian government aims to introduce more affordable housing by changing zoning rules in municipalities to allow for multi-unit housing options. The Province of British Columbia will soon introduce legislation to create more small-scale, multi-unit housing options.

Starting on May 1, 2024, the Province will enforce a provincial principal residence requirement in some areas of the province. This will limit short-term rentals to the host’s principal residence and one secondary suite or accessory dwelling unit on the same property.

In January 2025, the government will require municipalities to change their zoning rules to offer more affordable multi-unit housing options, such as townhomes, multiplexes, and laneway houses. The Province will introduce new legislation to provide more small-scale, multi-unit housing options for people and to fix outdated zoning rules. This will help build more homes faster.

New Housing Legislation, Rental, and Zoning Updates

The Province will make limited exemptions to certain properties, such as hotels, motels, timeshare properties, lodges, student accommodations, and strata guest suites. There will also be exemptions for certain communities, such as farmland, ski and resort regions, and Trust areas under the Islands Trust Act.

The crackdown on Airbnb rentals will be aimed at operators of multiple investment units, rather than homeowners who have a primary residence with a suite to rent out. The principal residence requirement will not take effect until May 1, 2024.

Residents of British Columbia will only be allowed to lease their primary residence plus one additional secondary suite for short-term rentals when new regulations are enacted. This includes rental listings on various online platforms like Airbnb, VRBO, Expedia, and FlipKey.

Province of British Columbia – New zoning, amenities, and tenant protections support people and create livable communities

Province of British Columbia – More small-scale, multi-unit homes coming to B.C., zoning barriers removed

City of Kelowna – Short-term rentals

 

Reach out, we are here to help and answer any questions you may have!

Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.

Farmers Market & Jazz It Up

April 19-21st

Looking for something fun to do in Kelowna this weekend? Check out the Kelowna Farmers’ & Crafters’ Market for some amazing local goods. If you’re a jazz fan, don’t miss the BC Interior Jazz Festival featuring Juno Award winner Brad Turner. And if you’re in the mood for some shopping, make sure to take advantage of the Small Shop weekend and support local businesses. Finally, if you love musical theater, be sure to catch MASK – Musical Actors and Singers of Kelowna. There’s something for everyone in Kelowna this weekend, so come out and enjoy all that this beautiful city has to offer!

1. Kelowna Farmers’ & Crafters’ Market

Location: Landmark District | 1717 Harvey Ave
Presented By: Kelowna Farmers’ & Crafters’ Market
Date & Time: April 20, 2024 @ 8 am – 1 pm
Link: https://www.tourismkelowna.com/event/kelowna-farmers-%26-crafters-market/35663/

“Kelowna’s Original Farmers Market” – The Kelowna Farmers Market offers a huge variety of farm products, organic produce, and local artists displaying a wide range of products. We have over 30 booths with ethnic foods, baking, organic meats, and preserves. Garden perennials, annuals, woodwork, pottery, soaps, jewelry and much more. Over 120 vendors, making it the largest Farmers’ Market in BC! Market: Saturday & Wednesdays.

2. BC Interior Jazz Festival | Juno Award Winner, Brad Turner

Location: 1375 Water St.
Presented By: Kelowna Community Theatre
Date & Time: April 19, 2024 @ 7 pm
Link: https://www.kelownanow.com/events/events/Concerts/24/04/19/52939/BC_Interior_Jazz_Festival

The BC Interior Jazz Festival proudly presents one of Canada’s most highly esteemed jazz musicians, three-time Juno Award winner, Brad Turner. Turner, a trumpeter, pianist, drummer, and composer, is the Featured Artist at this year’s Jazz Artists’ Showcase. The dynamic jazz concert will also highlight small group performances from each of the festival’s adjudicators: Emily Denison, Dennis Esson, Kinga Heming, Michael Perkins, Dave Robbins, Bob Rogers, and Mike Rud, each performing a set with the BC Interior Jazz Festival Big Band, directed by Craig Thomson.

3. Small Shop Weekend. Spring to It. Shop Local.

Location: Downtown Kelowna
Presented By: Downtown Kelowna Association
Date & Time: April 19-21, 2024
Link: https://downtownkelowna.com/events/small-shop/

Small Shop Weekend is a three-day promotion that celebrates and highlights the important role small businesses play in our community. What may seem like a small act of shopping locally can make a HUGE impact by keeping jobs and dollars in Downtown Kelowna.

Visit participating businesses for special events, in-store specials, and more. PLUS: enter the Shop Local & WIN Contest, featuring a Grand Prize Package valued at over $500 and other fantastic prizes from our generous sponsors.

4. MASK – Musical Actors and Singers of Kelowna

Location: 3240 Pooley Rd.
Presented By: The Vibrant Vine
Date & Time: April 19, 2024 @ 6-8 pm
Link: https://www.tourismkelowna.com/event/mask/35654/

What do you get when you combine the greatest jazz, pop, rock, Broadway, and acapella songs from the 1970’s? You get MASK (Musical Actors and Singers of Kelowna) – a singing group that’s been bringing performances to the Okanagan for the last 30 years. Join us for an evening of some of the best tunes from one of the greatest decades of music!

 

We post weekend events every Thursday on Facebook and Instagram!
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And of course, if you have any questions about the real estate market – Contact us here.

Five Key Real Estate Trends for 2024

The real estate industry is constantly evolving, and 2024 is shaping up to be a year of significant change. To stay competitive, agents need to be aware of the following five key trends: digitalization, changing buyer preferences, suburban markets, data analysis, and sustainability. Real estate websites offer easy-to-buy products to help agents drive engagement and turn prospects into leads.

The Rise of Digitalization
  • Virtual tours, digital staging, and AI-powered tools are revolutionizing the way we buy and sell homes.
Shifting Buyer Preferences
  • Co-living spaces, multi-generational living, sustainability, and outdoor amenities are top priorities for today’s buyers.
The Rise of Suburbs and Secondary Markets
  • Many are migrating towards suburbs and smaller towns, creating demand for agents who specialize in these markets.

 

 
The Growing Importance of Data and Analytics
  • Agents who leverage data analysis tools can gain valuable insights into market trends and buyer behavior.
Increased Focus on Sustainability
  • Environmental concerns are driving demand for sustainable properties with energy-efficient features and green building certifications.

 

 

Kelowna, a rapidly growing city in Canada, has witnessed a surge in the selling price of townhouses. At the end of 2023, the benchmark selling price of a typical townhouse in Kelowna was $731,600, which is a bit higher than the previous year-end price of $726,000. However, it’s still $97,400 less than the record-high price of $829,000 set in May 2022.

According to the Community Trends report, Kelowna has grown faster than other fast-growing cities like Surrey. Between 2016 and 2021, the population of Kelowna increased by 13.5%, which is higher than the growth rate of 7.6% in British Columbia and 5.2% in Canada.

Kelowna is becoming one of Canada’s fastest-growing cities due to its excellent cuisine, pleasant weather, and easy access to nature and outdoor activities.

Some 492,083 residential properties are forecast to trade hands via Canadian MLS® Systems in 2024, a 10.5% increase from 2023. This is mostly unchanged from CREA’s previous forecast. The national average home price is forecast to climb 4.9% on an annual basis to $710,468 in 2024.

Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.

Spring Into Fun

April 12-14th

It’s time to embrace the sunshine, blossoming flowers, and the vibrant energy of the season. And what better way to do that than by diving headfirst into a whirlwind of local spring events. From community festivals to outdoor markets, there’s something for everyone to enjoy. 

1. Bloom Where Your Planted Spring ARTISAN Market

Location: 2704 East Kelowna Rd.
Presented By: East Kelowna Market
Date & Time: April 13, 2024 @ 10 am
Link: https://www.tourismkelowna.com/event/bloom-where-you-are-planted-market/34113/

Celebrate everything “Spring”. 70 of the finest blooming artisans, crafters, makers & bakers for all your shopping needs. From health, beauty, gourmet foodie items, hand-sewn treasures, woodcrafts, art, clothing and so much more to explore. Check out the amazing local seed community giveaway table to start your spring seedlings. Take that drive to the countryside and join us for a super spring day!

2. I ❤ Animals – Okanagan Humane Society Fundraiser

Location: 2550 Boucherie Rd.
Presented By: Grizzli Winery
Date & Time: April 13, 2024 @ 2 pm
Link: https://www.tourismkelowna.com/event/i-%E2%9D%A4-animals-okanagan-humane-society-fundraiser/35407/

Join Grizzli Winery and the volunteers from the Okanagan Humane Society on April 13th, 2024, from 2 to 5 pm for our jump-into-spring fundraiser! Let’s raise proceeds and awareness, support our community, and find “fur-ever” homes for animals in need. This is a family & pet-friendly event, so bring the whole family down. Parents can enjoy wine and an extended cocktail menu while enjoying a performance by Anna Jacyszyn and Loni Moger, who will serenade us with live music in our wine lounge!

3. Okanagan Vintage Fair

Location: 1800 Parkinson Way
Presented By: Okanagan Vintage Fair
Date & Time: April 13, 2024 @ 10 am
Link: https://www.tourismkelowna.com/event/okanagan-vintage-fair/34211/

Come out and shop over 40 tables full of vintage treasure! Collectibles, antiques, clothing, accessories, decor, small furniture, art, comics, toys, music, jewelry, vinyl, primitives, vintage-inspired crafts…And more! Come dressed in your finest vintage threads, and bop to vintage beats while you shop. Find that one-of-a-kind vintage treasure. Meet vintage vendors from around the Okanagan.

 

We post weekend events every Thursday on Facebook and Instagram!
Like us on Facebook  |  Follow us on Instagram

And of course, if you have any questions about the real estate market – Contact us here.