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 impact of increasing supply on vacancy rates, and the screening process for guests and potential damages to properties. Amanda emphasizes the importance of creating a unique and memorable vacation rental experience. Amanda Van Der Lee stumbled upon the world of Airbnb when she transitioned from her 11 year career in the insurance industry to brokering mortgages. She was looking to bridge a temporary gap in income and wound up falling in love with the industry. Through How to Host, she integrated her two passions - design & business. By combining these, she began to revive the boring world of property management and add a fun and intricate twist to the industry. What We Discuss: [00:05:30] The requirements of obtaining a license for short-term rental properties in Kelowna, and the time it takes to get licensed. [00:02:08] Amanda shares her journey of transitioning from being an insurance broker to starting a property management company specializing in Airbnb rentals. [00:10:08] The current challenges faced by the condo market due to oversupply and lack of amenities. [00:11:07] Exploring the pros and cons of investing in a condo versus a house, considering factors such as budget, usage, and potential returns. [00:12:05] The potential effects of the upcoming influx of over 400 new luxury condos on the vacation rental market and the competition it may create. [00:19:57] The strong demand for downtown and waterfront areas as popular locations for condos and houses. [00:20:43] What is the average nightly rent for a two-bedroom condo with amenities? [00:22:46] How to screen guests and the challenges of maintaining properties including damages, cleanliness and reviews. [00:29:25] Amanda discusses the importance of making vacation rentals unique and creating an experience for guests. [00:30:53] Exploration on the different websites used for promoting vacation rentals, and Amanda mentions Airbnb, VRBO, their private booking site, and Google. Episode Resources: How to Host | Website How to Host | Instagram

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 body type and incorporating personal style into everyday outfits. Kim Appelt is a leading celebrity fashion stylist, TV personality, and YouTuber. Professionally trained as a fashion stylist in New York, she returned to Canada and established herself as a namesake in the country’s fashion industry, working with a multitude of high-caliber clients, ranging from personal, musical, models, and A-list red carpet celebrities. She currently lives in downtown Toronto with her family. What We Discuss: [00:04:11] The importance of decluttering your wardrobe and how it can have a positive impact on your mindset and energy. [00:11:19] Why it's a good idea to buy high-quality clothing + the impact of low-quality items. [00:12:13] Exploring the option of selling luxury items and buying new pieces from consignment stores. [00:16:09] Tips on discovering personal style by reflecting on childhood preferences and incorporating them into current fashion choices. [00:17:16] Kim discusses how her personal style, influenced by her childhood in Botswana, still defines her fashion choices today. [00:18:00] How to incorporate femininity into your style, even if your lifestyle requires more practical clothing choices. [00:18:47] The importance of understanding one's body type and how it affects fashion choices. [00:28:21] Kim discusses her favourite places to find style inspiration, including Instagram and Pinterest. [00:30:30] Emphasis on the importance of not being hard on oneself and having fun with fashion, while also being thoughtful in what you buy. [00:31:57] Kim shares where people can find her, including her Instagram and Pinterest accounts, as well as where to purchase her book. Episode Resources: Kim Appelt | Website Kim Appelt | Instagram

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 closets, and removing personal items from bedrooms. They emphasize the need to create spaces where potential buyers can envision themselves living. Hannah offers remote consultations for clients outside the Okanagan area. Interior designer, Hannah Thomas, brings her natural design flair to commercial and residential projects across the Okanagan and virtually around the world. Hannah is skilled at showcasing the natural beauty of any space through design elements and combining function with beauty regardless of your budget. A child of the 70s growing up in a small mining village in Wales, Hannah credits the start of her career with hanging wallpaper with her dad as a child and strives to bring that same playful and creative element to all of her projects. Today, Hannah’s work combines function with beauty. She helps her clients maximize the potential and appeal of every square inch, every room and every occasion. What we discuss: [00:00:00] Tips on packing and colour-coordinating clothes for moving, including the importance of smelling good. [00:04:31] Hannah talks about creating curb appeal, including using greenery, keeping colours neutral, and ensuring proper maintenance. [00:08:34] Hannah shares how to make a dark home look brighter, including using lighter colours, accessories, and curtains. [00:09:12] Hannah stresses the importance of using white accessories, such as towels, in bathrooms to create a fresh and new impression. [00:10:33] The group have a discussion on whether to paint dark kitchen cabinets or accessorize with white items, such as backsplash, KitchenAid, or hardware. [00:17:15] The group discuss whether knife blocks should be removed from the kitchen for staging purposes. [00:18:15] Tips on staging the kitchen, including adding greenery and clearing counter space. [00:20:24] Hannah shares how to get rid of fruit flies in the kitchen, including using corks in the fruit bowl. [00:25:22] Hannah talks about the importance of neutralizing and depersonalizing bedrooms, including removing sex toys and personal items. [00:26:33] Hannah explains how you should use of white bedspreads in bedrooms and the recommendation to remove rugs in most areas of the house for a more streamlined and spacious look. [00:28:35] Tips on arranging furniture closer together for a cozy feel and clearing spaces near windows to maximize natural light and views. Episode Resources: Hannah Thomas | Website Hannah Thomas | Instagram

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 services and the rebuild of Parkinson Rec Center.  City of Kelowna Podcast, City Manager, CAO of Kelowna. Meet Doug. Doug Gilchrist is the Chief Administrative Officer for the City of Kelowna. When he’s not strengthening the partnership between the City of Kelowna and the tech community, you’ll find Doug skiing, boating, hiking, or coaching his son’s lacrosse team. What we discuss: [00:00:00] Doug discusses the city's growth and development policies, including the approval of policies that may not see the fruits of that labour for quite a number of years. [00:04:45] Doug talks about the city's plan for growth, including infill and urban densification as the policy guidance, and the densification of neighbourhoods. [00:08:23] The hosts ask about the plan for the roads, including the possibility of overpasses, and Doug talks about the high transportation corridors and the need to connect those town centers. [00:08:41] Doug discusses the city's plans for pedestrian overpasses and enhanced cycling infrastructure, including the construction of a new pedestrian overpass at Central Green. [00:13:35] Doug talks about the city's plans for population growth and development, including the possibility of a bypass and the extension of Clement from Springfield to the university. [00:15:41] Doug discusses the city's infill program, which allows for four units on a lot, and the potential for expanding this program in all of the city's areas in and around town centers. [00:17:39] Doug discusses the need for creative housing solutions to adapt to demographic changes and the market's needs. [00:20:04] The hosts ask about the ease of the development process and permit process for new developers in Kelowna, and Doug explains the city's current infill program and advancements in technological advancements to improve the process. [00:24:35] Doug expresses his excitement for the potential development of the North End and the Tolko lands on the waterfront, which will include public access to the waterfront and high amenities within the development. [00:27:40] Doug talks about the growth of UBC, including their targets for residential on campus and the construction of new buildings. [00:28:39] The guest speaker and Doug discuss the rejuvenation of the downtown core, with more people living and enjoying the area, and the importance of a mix of residential and employment uses. [00:29:29] Doug mentions the largest private sector employer in Kelowna, KF Aero, as well as the school district, interior health, and the two post-secondary institutions, UBC and OC, as big players in terms of overall employment. Episode Resources: Doug Gilchrist | Linkedin Doug Gilchrist | Kelowna Talks Podcast

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 maintaining personal connections with clients in the real estate industry. They invite listeners to share their thoughts and experiences with AI and plan to revisit the topic in the future. What we discuss: [00:01:06] Shannon and Tamara discuss their experiences using the chat GPT platform and how it has helped them with writing, creating content, and finding recipes. [00:05:47] Shannon and Tamara discuss the potential risks and concerns associated with AI technology, such as the ability to duplicate voices and create fake videos. [00:06:43] Shannon and Tamara share tips on how to use AI safely and responsibly, including deleting chat conversations to prevent AI from learning on its own. [00:07:22] Shannon and Tamara discuss the increasing use of AI in everyday life, including their experiences with the chat GPT platform and the potential risks and concerns associated with AI technology. [00:10:12] The hosts discuss the use of AI in marketing, including how companies use data to personalize coupons and advertisements for individual consumers. [00:13:42] Shannon and Tamara emphasize the importance of adapting to new technology, including AI, in order to stay informed and competitive in the real estate industry. They also stress the importance of maintaining personal connections with clients despite the increasing use of AI. [00:15:44] Shannon and Tamara plan to revisit the topic of AI in October or November to discuss the changes and advancements in the field. [00:15:28] Shannon and Tamara discuss the potential risks and concerns associated with AI technology, such as the ability to duplicate voices and create fake videos. To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

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 realtors in Canada and the importance of professionalism in the industry. Christopher Alexander oversees operations for the company-owned RE/MAX Canada region, which includes Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan. Christopher began his career as a RE/MAX Sales Associate at an independently owned and operated brokerage in 2010 before joining sub-master franchise RE/MAX INTEGRA as a Franchise Sales Consultant in 2014. He then served as Chief Strategy Officer and Executive Vice President of RE/MAX INTEGRA, and was responsible for the day-to-day operations as well as developing and overseeing business strategies. He joined RE/MAX, LLC as Senior Vice President of RE/MAX Canada in July 2021 and was named President of RE/MAX Canada in November 2021. What we discuss: [00:01:03] Christopher Alexander discusses the history of RE/MAX Canada. [00:04:34] Christopher shares his personal experience working for RE/MAX, including starting as a janitor and eventually becoming President of RE/MAX Canada. [00:08:14] Christopher discusses the recent merger of RE/MAX Canada and RE/MAX Integra to form RE/MAX Canada, and the creation of a powerhouse real estate company. [00:13:26] Christopher talks about the disruption in the real estate industry and how different entrepreneurs are trying to make things cheaper, faster, and more efficient. [00:18:07] Christopher and the host discuss the sense of community and belonging that comes with being a part of the RE/MAX brand, using the term "membership" to describe it. [00:21:01] Christopher discusses the state of the Canadian real estate market, the limited inventory, and the unsustainable growth. [00:24:08] Christopher talks about the challenges in the Canadian housing market, the lack of a national housing strategy, and the need for all three levels of government to work together. [00:29:26] Christopher discusses the need for realtors to work smarter, adapt to change, and focus on productivity rather than social media fame. [00:30:29] Discussion on the average age and experience of realtors in Canada, and the shift towards more first-career realtors. [00:32:29] Forecast for the Canadian real estate market, including the recent increase in activity, mortgage rates, and potential for a competitive marketplace in the fall. [00:34:56] Advice for homebuyers, including the importance of patience, not overextending oneself, and making sure the property meets one's criteria. Episode Resources: Christopher Alexander | Linkedin  Christopher Alexander | Website  To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

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.

In this episode of the "Real Estate for Real People" podcast, Tamara interviews Juliana Wong, owner and operator of JWC Mortgages, a mortgage brokerage firm. Juliana shares her expertise on getting a mortgage and qualifying for one, emphasizing the importance of finding the right fit for each client and working creatively to make it work for them. They discuss the current state of the real estate market in Kelowna, British Columbia, and the importance of being pre-approved for a mortgage before making an offer on a property. Juliana also explains the requirements for first-time homebuyers to qualify for a property tax exemption. Juliana Wong has been in the industry since 2017, and has extensive knowledge around mortgage products and problem solving in complex client scenarios. She is the owner and operator of JWC Mortgages - a team of strong, educated, and passionate women who are ready to help and support people with any home financing needs. She has spent over 10 years working as a Respiratory Therapist in an acute care hospital. This has provided her with an advanced skill set of critical thinking that sets her apart from others in the industry. A mom of two children, Juliana knows how to keep moving forward, despite any obstacle. What we discuss: [00:01:12] Juliana shares her story of becoming a mortgage broker and her experience in the industry. [00:06:48] Juliana explains the stress test rules and how they affect qualifying for a mortgage, including the importance of managing debt and finding the right fit for the borrower. [00:09:09] Tamara discusses the market fluctuations and population growth in Colonna, and how it affects the real estate market. [00:11:06] Juliana talks about the benefits of shorter-term rates and refinancing after the market stabilizes. [00:13:31] Juliana explains the different types of mortgage penalties and the importance of working with a broker to avoid them. [00:18:30] Juliana explains the importance of getting pre-approved for a mortgage and how brokers can help access multiple lenders. [00:21:21] Juliana and Tamara discuss the advantage of brokers' availability during negotiations and how it can benefit clients. [00:26:11] Juliana explains the minimum down payment required for a mortgage in Canada and the additional costs associated with purchasing a home. [00:27:35] Discussion on the five-year limit and the $500,000 limit for the first-time homebuyers' property tax exemption. [00:28:42] Breakdown of the costs associated with closing a deal, including legal fees, property taxes, and strata fees. [00:33:24] Importance of exploring options and seeking expert advice when renewing a mortgage, including adding a line of credit for future investments. Episode Resources: Juliana Wong | Website Juliana Wong | Linkedin

In this episode of "Real Estate for Real People," Tamara Stone and her husband Derek Moran discuss financial planning and real estate investing. Derek shares three $10,000 ideas for real estate investing and ownership, including bundling insurance policies, purchasing a last home within a trust, and allocating more of the mortgage debt to the rental portion of a duplex or multi-unit property to maximize tax deductions. He also emphasizes the importance of shopping around for insurance and getting quotes from different providers to save money on premiums. Tamara and Derek also discuss the importance of tenant's insurance and encourage listeners to sign up for Derek's optimism newsletter. Derek Moran is the owner and founder of Smarter Financial Planning in Kelowna BC. He has worked in the financial industry for over 26 years and is a regular contributor to the Globe and Mail, National Post, FP Magazine and many others. His goal is to provide unbiased, comprehensive, high quality information to clients so they can make informed decisions. He specializes in financial planning in the truest sense, hourly-based, objective and qualified advice, retirement, and tax & estate planning advice. What we discuss: [00:04:57] Derek shares his first $10,000 idea, which is to shop around for house insurance and life insurance to find the best rates. He recommends using companies like Mola Monex or Sonnet to get binding quotes quickly. [00:07:31] Derek briefly discusses mortgage insurance, which is just life insurance. He advises against getting it from the bank and instead recommends getting simple term insurance for the shortest term possible, as it is much more cost-effective. [00:01:25] Derek explains his job as a comprehensive financial planner, focusing on when clients can retire and what it will take to get there. He also touches on other areas such as tax reduction, life insurance, and debt repayment. [00:08:46] Derek and Tamara discuss the ideal term for life insurance and the importance of keeping costs down while still having adequate coverage. They also talk about the drawbacks of mortgage insurance and the benefits of having a simple term 10 coverage. [00:15:59] Derek suggests setting up a trust to avoid probate when downsizing and retiring to a smaller place. He explains the benefits of having an alter ego trust for single individuals and a joint partner trust for couples. [00:14:52] Derek advises checking into paying insurance premiums once a year instead of monthly, as it can save up to 5-8% on life insurance costs. He also suggests consulting with a tax professional about having life insurance owned and paid for by a corporation for tax benefits. [00:16:51] Derek explains how setting up a trust for your last home can save you money on probate fees, but also adds complexity to your life. [00:20:05] Derek suggests allocating financing for rental properties differently to maximize tax deductions, potentially saving thousands of dollars. [00:24:15] Derek recommends getting separate mortgages for the rental and personal sides of a duplex, paying off the personal side first and renting it out quickly, while paying off the rental side as slowly as possible. [00:26:11] Derek shares how he was able to get tenants insurance for his daughters for only $4 a year, saving them $600. Episode Resources: Derek Moran | Website  Derek Moran | Linkedin Derek Moran | Facebook  To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Do you want your dock to be a piece of art you will have for a lifetime? This week The Stone Sisters interview Mike Dorian and Nick Yasku from Burton Marine Pile Driving, one of the largest pile driving companies in the Okanagan that has been in operation for over 20 years. They have three barges, 20 employees, build around 50 residential docks a year and also build commercial marina complexes across Canada and the US.  In this episode, Mike, Nick, and The Stone Sisters talk all things dock related. Mike and Nick walk us through the process of applying to build a dock and the challenges people face within that process. They stress the importance of really understanding the legislation when it comes to lakefront properties to know what you are really buying. This includes whether your property has issues such as being located in spawning zones, which means you may have problems building a dock. They discuss the rough cost of building different types of docks, what materials work best over time, and what happened to floating docks. Mike and Nick share their thoughts on the changes in the lake in the last 50 years and how that has affected current legislation.  To learn more about The Stone Sisters or to get in touch, visit www.stonesisters.com Want to connect with Burton Marine Pile Driving? Check out the website Follow them on Facebook , Instagram , and Linkedin Call the Office at 778 755 6600 Email info@burtonpiledriving.com  To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Now might be the time to get into financing commercial projects, but maybe not the way you thought.  This week The Stone Sisters sit down with Nick Renton from William Wright Commercial Real Estate Services. He joined William Wright because they have the most dedicated offices of any commercial brokerage in BC. They have offices located in many different regions so that they can be actively involved in and connect different markets. Nick comes from a background in business and commercial banking, which gives him a unique and strong depth of experience that he can provide to his customers.  In this episode, Nick and The Stone Sisters talk about what is currently affecting the number of leasing transactions vs purchases of new commercial spaces in the Okanagan. They chat about what changes this is bringing to our downtown commercial areas, and how they see those areas moving forward. Nick shares his perspective on financing commercial projects and gives some tips on how people can get into the market right now. The group also chats about how rent hikes look in residential and commercial real estate; specifically, how the cap rate of commercial real estate fits in. Nick brings more clarity to this topic by comparing the commercial cap rate system to GIC’s and rates of return.  To learn more about The Stone Sisters or to get in touch, visit www.stonesisters.com Want to connect with Nick? Check out the website  Reach him directly at 778 584 5308 To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Have you ever wondered what really goes into the appraisal process of your home? This week The Stone Sisters sit down with Chris Roworth, a local appraiser with Okanagan Appraisals, a longstanding and reputable company in the Okanagan Valley of British Columbia, Canada. He has 23 years of experience and has appraised 20-25 thousand homes in his career.  Chris is a designated member of the Appraisal Institute of Canada (AIC) and an associate member of the Okanagan Real Estate Board (OMREB).  In this episode, Chris walks us through the appraisal process and outlines what is involved in an appraisal that's done correctly. He sheds some light on how the value of appraisals are like stocks, they can trend up or down depending on the market. He and The Stone Sisters talk through what they see affecting the current market and Chris shares what that has meant for his business. He also outlines what determines the value of a home and gives specific examples for homes with suites, lake views, and pools.  To learn more about The Stone Sisters or to get in touch, visit www.stonesisters.com Want to connect with Chris? Check out the website  To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Are you considering buying lakefront property? In this episode, The Stone Sisters sit down with Patrick Tobin, senior authorization officer with the ministry of forest. He has worked for the ministry for 25 years, protecting the Okanagan waterfront and managing provincial/crown land business lines. He and The Stone Sisters dive into the process of obtaining licenses and permits when buying waterfront properties with existing docks, or before adding a dock to your property.  Patrick outlines the pieces of legislation that affect your ability to have a structure on the lake, The Land Act and The Water Sustainability Act. Another piece of the puzzle is Common Law, which for example, includes your right to deep water accessibility on your property, which is useful for dock extensions. He also sheds some light on the Kokanee salmon colour code zones and how those zones can affect your property. Patrick and The Stone Sisters talk through the fine details of what your first steps in building a dock are, and what your role is when buying a property with an existing dock. Finally, Patrick shares some useful online resources for people looking for more info, Okanagan Large Lakes Foreshore Protocol and Private Moorage To learn more about The Stone Sisters or to get in touch, visit www.stonesisters.com Want to connect with Patrick? Send questions to fcbcfernon@gov.bc.ca To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Another episode all about the current state of the market!  Shannon and Tamara give you an update on the state of the market after the first month of 2023. They outline what they’re seeing right now in the market, how 2022 finished out, and they’ll do a comparison of today’s market to recent years. Tamara starts by comparing last year’s real estate stats to those of 2019—their similarities will surprise you. She’ll outline why she believes the Kelowna real estate market is still very healthy and will only keep growing. Shannon then compares 2022 stats to 2021. The Sisters illustrate how what you’re reading in the newspapers or hearing in the media does not accurately reflect the actual statistics of real estate right now. To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Have you heard about the new rental restrictions that have been lifted in BC?  In this episode, the Stone Sisters sit down with James Rayburn, a residential property manager at Associated Property Management in Kelowna. James works with strata and short-term rental properties and has over 440 tenants under his umbrella of properties. The sisters and James discuss the recent changes to the rental industry and James gives his expert advice on which types of investment properties are the best to buy in this market. James outlines the two new rental restriction removals—stratas are no longer allowed to impose rental restrictions on their units and age restrictions that allowed 55+ communities are also no longer in effect. James explains why the BC government chose to remove these restrictions and what this means for BC renters and property investors. The Stone Sisters and James talk about why it's now so important to hire a property manager for your investment property to ensure you have an expert in your corner. Want to connect with James? Head to the Associated Property Management website. To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Thinking of getting a pool in 2023? This episode is for you! In this episode, the Stone Sisters sit down with Cam Laker,  co-founder and co-owner of Purely Pools in the Okanagan. Cam started this business last summer with his two business partners and it’s already been a huge success. Cam gives an overview of the pool industry in Canada, and reveals that Kelowna has the highest pools per capita out of any city in Canada.  Cam explains what makes their process at Purely Pools stand out in the industry. He goes through the steps that it takes to create a pool in the Okanagan, and outlines different problems that can arise throughout the building process. Cam shares all the questions you should ask your pool builder before hiring them. The Sisters and Cam talk about the new trends they’re seeing in the pool industry in 2023.  Want to connect with Cam and the Purely Pools team?  Check out their website.  Follow them on Instagram and Facebook. To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com

Wondering how the new real estate laws will affect the BC market?  In this episode, The Stone Sisters sit down with Alison McLeod, a partner at Doak Shirreff—one of Kelowna’s full-service legal firms. Alison’s areas of practice include both real estate law and business law, with a focus on commercial and residential real estate. The Stone Sisters and Alison discuss all the latest updates in the real estate industry since the beginning of 2023 and what people need to take into account from a legal standpoint. This episode examines the foreign buyers ban, the rescission period regulation, and the new anti-flipping tax.  Alison outlines what the foreign buyers ban means for the real estate market in Kelowna. She explains the ins and outs of this new law, and dives into some of the potential pitfalls that people need to look out for. The Sisters and Alison reveal why it’s important to proceed cautiously with all the new real estate laws that were put into effect, and why now more than ever it’s important to consult legal counsel when it comes to complex real estate transactions.  Want to learn more about Alison? Read her bio on the Doak Shirreff website. Head to her LinkedIn. To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com To learn more about the Stone Sisters or to get in touch, visit www.stonesisters.com