Real Estate for Real People

In this podcast episode, the Sisters chat with Amanda Van Der Lee, owner of How to Host. She discusses the process of renting out properties on Airbnb as well as the Airbnb regulations in Kelowna, British Columbia. Amanda talks about her company, How to Host, which offers property management services, interior design, and cleaning services for Airbnb and rental properties. She also discusses the popularity and profitability of different types of rental properties in the Okanagan region, the i...

In this podcast episode, Kim Appelt, a fashion designer and TV personality, joins the hosts of the podcast "Real Estate for Real People" to discuss dressing for success and creating personal style. They delve into the importance of decluttering one's closet and letting go of items that no longer serve a purpose. Kim shares tips on organizing and refreshing a wardrobe, including using velvet hangers and investing in quality pieces. She also emphasizes the significance of understanding one's bo...

In this podcast episode, The Sisters, Shannon and Tamara Stone sit down with Peter Borszcz to discuss the legal aspects and precautions related to fire season in the Okanagan region of British Columbia. They highlight the importance of including clauses in real estate contracts to protect buyers in case of a fire, such as force majeure clauses and subject to insurance clauses. They also emphasize the need for obtaining insurance well in advance and the role of real estate agents in guiding clients through these processes.

Peter Borszcz is a Lawyer and partner at Montgomery Miles and Stone Law Firm. Peter practices in the areas of business law, real estate development, real estate regulation and licensing, commercial lending and commercial real estate, with an emphasis on shopping centres, agricultural businesses (including vineyards and wineries), liquor licensing, telecommunications and utilities, commercial financing, and residential, commercial and resort developments.

Peter has worked on numerous projects for business owners, developers, mobility and utility providers, and institutional lenders. Peter has extensive experience in the following areas: structuring co-ownership, joint venture, and limited partnership relationships for real estate development projects; representing institutional lenders in real estate financing transactions; representing parties in the acquisition and sale of wineries and agricultural businesses; assisting with the acquisition, sale, relocation and purchase of liquor licenses; representing both landlords and tenants in commercial, retail and industrial leasing transactions and advising clients with respect to zoning, bylaw and other real estate regulatory compliance matters.

In addition to his work at the firm, Peter Borszcz is a legal-update instructor for the Real Estate Council of British Columbia and teaches both Commercial Legal Update and Residential Legal Update to real estate licensees across the province.

When not in the office, Peter enjoys spending time with his two children, swimming, skiing, sailing, and enjoying everything the Okanagan has to offer.

What We Discuss:

[00:03:58] Explanation of what a force majeure clause is in real estate contracts, and its purpose in providing a 30-day extension in case of unforeseen events.

[00:05:04] Importance of obtaining insurance well in advance of closing and the shift in industry practices due to recent events like wildfires and floods.

[00:08:57] Requirements for using the force majeure clause, including showing best efforts to obtain insurance and activating the clause within the three-day period prior to closing.

[00:09:58] Discussion on the details and implications of the force majeure clause, including the 130-day extension and its effect on independent deals.

[00:11:43] Explanation of covenants related to fire and flood zones, including requirements for non-combustible materials and flood preparedness.

[00:16:24] Explanation of sellers' legal rights and potential adjustments to the purchase price in case of property damage, as well as the binding nature of the contract for buyers and the importance of joint conversations with realtors and lawyers.

[00:19:24] Discussion on the options available when a property is completely destroyed and the buyer still wants to proceed with the purchase.

Episode Resources:

Montgomery Miles & Stone Law Firm | Website

In this podcast episode, real estate professionals Shannon and Tamara Stone are joined by interior stylist Hannah Thomas to discuss the importance of staging a home for sale. They debunk the misconception that staging means removing all personal items and explain that it's about creating a welcoming atmosphere. They discuss the importance of curb appeal, using neutral colours, and creating inviting entrances. Hannah also shares tips for lightening up dark spaces, staging kitchens and walk-in ...

This week's episode features Alex J Wilson, President and Founder of Wealth Builders Real Estate Broker Owner, who shares his insights on real estate investing. Alex emphasizes the importance of buying and holding real estate for the long term, rather than seeking quick profits. He goes over the best amortizing period for maximum ROI, and encourages listeners to think long-term and consider the potential value of their real estate portfolio in the decades to come.

Alex J Wilson, RE/MAX #1 Realtor 2022, Wealth Builder, and Owner and Broker of records for RE/MAX Wealth Builders. Alex has been selling real estate in Toronto for over 15 years. In 2022 he was recognized as the number one RE/MAX agent in Canada for individual transactions. He is also number four for commissions in Canada and eleven for commissions worldwide for RE/MAX. As an individual, he was inducted into the RE/MAX Hall of Fame Award of the RE/MAX Lifetime Achievement Award at 35 and entered the RE/MAX Circle Legends Award at 40. Alex is passionate about helping people build generational wealth through the power of real estate.

What we discuss:

[00:03:03] Alex emphasizes the importance of holding onto real estate investments for at least 30 years to maximize returns and avoid losing money.

[00:04:28] Alex explains how leveraging mortgages and compound annual growth can lead to significant wealth accumulation in real estate investments over time.

[00:07:50] Alex explains how owning real estate can help build a pension plan, using leverage and long-term investment strategies.

[00:09:00] Shannon and Tamara Stone discuss the stability of real estate investments, citing population growth and low vacancy rates as factors.

[00:13:33] Alex discusses the potential for real estate investment in Calgary, citing its affordability, strong economy, and diversification efforts. He also addresses concerns about the city's boom and bust cycles and vacancy rates.

[00:16:20] Alex discusses the statistical demographic data for population growth in Alberta, which is expected to grow by 48% over the next two decades.

[00:17:42] Shannon and Tamara Stone talk about the affordability and economic growth in Calgary, including the low corporate tax rate, no provincial sales tax, and no land transfer tax.

[00:22:49] Alex predicts that Calgary will take an outsized role in taking in new Canadians due to its affordability and international airport, leading to a true multinational and multi-ethnic city in Canada.

[00:24:14] Discussion on the challenges of managing tenants, particularly with a large portfolio, and the benefits of owning condos over single-family homes.

[00:29:09] Advice on the ideal size of condos to invest in, depending on the market, and the importance of having a second bedroom or den for remote work.

[00:31:51] Insight into the Calgary real estate market, its affordability, and potential for growth, as well as advice on buying property for children and investing in multiplexes.

[00:31:50] Shannon and Tamara discuss the importance of networking in the real estate industry.

[00:32:10] The speakers talk about the challenges faced by real estate agents, including the need to constantly generate leads.

Episode Resources:

Alex J Wilson | Website

Alex J Wilson | Linkedin

Alex J Wilson | Youtube

Alex J Wilson | Instagram

In this podcast episode, real estate professionals Tamara and Shannon Stone discuss the current state of the real estate market. They note that while the market is still busy, it is not as frenzied as during the height of the pandemic. They compare current inventory levels to those of 2019 and discuss the significant increase in average prices. They also mention that interest rates have remained stable, making the cost of living more expensive. They conclude by highlighting the shortage of good properties and the return of a more balanced and negotiating market.

What we discuss:

[00:00:38] Discussion on the current inventory levels in the real estate market, comparing it to previous years and the impact of COVID-19.

[00:02:02] Comparison of the number of homes sold in different years, highlighting the increase in sales in 2021 and 2022 compared to 2020 and 2019.

[00:03:16] Comparison of the average house prices in 2019 and the current year, emphasizing the significant increase in prices despite a slight decrease from last year.

Episode Resources:

The Stone Sisters | Website

The Stone Sisters | Facebook

The Stone Sisters | Instagram

In this episode of the Real Estate for Real People, Doug Gilchrist, the City Manager of Kelowna, shares his insights on the city's policies for sustainable growth through urban densification and the importance of alternative modes of transportation. He stresses the importance of creative housing development to adapt to demographic changes and supports streamlined processes for new developers in Kelowna. Gilchrist also shares his excitement about the city's plans for improving water and sewer ...

In this episode of "Real Estate for Real People," hosts Shannon and Tamara Stone discuss the use of artificial intelligence (AI) in real estate and everyday life. They share their experiences using chat GPT for writing, creating content, and finding recipes, while also acknowledging the potential risks associated with AI technology, such as the ability to duplicate voices and create fake videos. The hosts emphasize the importance of using AI safely and responsibly, staying informed, and maint...

This episode of "Real Estate for Real People", hosted by the Stone Sisters, features an interview with Christopher Alexander, President of RE/MAX Canada. He talks about the challenges of staying on top in the industry and the importance of membership and community. Alexander also discusses the current state of the Canadian real estate market, emphasizing the need for a national housing strategy and smarter adaptation to change. The interview ends with a discussion on the demographics of realt...

In this episode of "Real Estate for Real People," hosts Tamara and Shannon Stone discuss the value of real estate in the Okanagan Valley, particularly in Kelowna, compared to other cities in the world. They highlight the potential growth of the high-end real estate market in the area and compare it to other cities like Vancouver and Toronto. The hosts also discuss the investment potential of real estate in the Okanagan Valley and address concerns about the market dropping. They address common concerns about the market, providing listeners with a well-rounded perspective on the real estate industry in the area. Overall, this episode is a must-listen for anyone interested in the real estate market in the Okanagan Valley. The Stone Sisters encourage listeners to reach out with any questions about the real estate market.

What we discuss:

[00:01:18]

Tamara and Shannon discuss the value of real estate in Kelowna compared to other places in the world, such as the recent sale of a $239 million condo in New York City.

[00:01:54]

Tamara and Shannon discuss the potential growth of the Okanagan Valley's real estate market, comparing it to Napa Valley and the changing climate.

[00:05:15]

Tamara and Shannon discuss the current market for properties over $10 million in Central Okanagan, including the most expensive property for sale listed at just under $46 million and the five properties that have sold over $10 million in the past.

[00:09:55]

Tamara and Shannon discuss the growth of the high-end real estate market in the Okanagan Valley, with five properties selling over $5 million in the last six months.

[00:11:17]

The hosts compare the real estate market in the Okanagan Valley to other markets, such as Napa Valley and Toronto, and discuss the potential for buyers to sell their properties in other markets and move to the Okanagan.

[00:15:25]

Tamara and Shannon discuss their efforts to promote the Okanagan Valley as a desirable place to live, with its international airport, high-tech industry, and cultural offerings.

[00:17:06]

Discussion on the investment market in Kelowna compared to Toronto and Vancouver, and the potential for positive cash flow and appreciation.

[00:18:13]

The hosts discuss the steady increase and appreciation in real estate values in Kelowna, as well as the lack of supply and sales of high-priced properties.

[00:19:09]

The hosts mention the most expensive non-waterfront property sold in Kelowna for $44 million and compare it to the most expensive property for sale at just under $46 million, highlighting the value in Kelowna's real estate market.