What Kelowna Homeowners Need to Know About Equity — And Why It Matters More Than You Think
Did you buy your home before 2020?
If so, chances are you’re sitting on a serious amount of untapped equity — and it might be time to start putting it to work.
🏡 What Exactly Is Home Equity?
Home equity is simply the difference between what your home is worth and what you still owe on your mortgage.
For example, if your home is valued at $930,000 and your remaining mortgage is $500,000, your equity is $430,000.
That’s your money — and in Kelowna, that number has grown dramatically over the last decade.
📈 Kelowna’s Equity Boom: 2015 vs. 2025
In 2015, the median single-family home price in Kelowna was around $535,000.
Fast forward to 2025, and that same home is worth roughly $930,000 — nearly a $400,000 gain.
Even compared to the 2021 market peak of about $1,050,000, most homeowners have held onto the majority of their equity growth.
That’s nearly 75% more value than just ten years ago — proof that time in the market can create real wealth in the Okanagan.
⚖️ Why Equity Matters — But Only If You Use It
Here’s the thing: equity only matters if you use it.
Too many homeowners treat equity as a number they’ll “cash in one day.”
But like any financial asset, it only works when you put it to work.
Common ways to use equity include:
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🔧 Renovating your home (and increasing its value)
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🏠 Buying an investment property
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💵 Paying off high-interest debt
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🎓 Helping kids or grandkids buy their first home
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🧳 Funding life experiences like travel or retirement upgrades
💡 What Does “Pulling Out Equity” Mean?
“Pulling out equity” simply means borrowing against the value of your home — usually through a refinance or a home equity line of credit (HELOC).
It gives you access to the cash you’ve built up without selling the property.
Think of it as using your home’s appreciation to create financial flexibility.
Equity can be both your safety net and your wealth-building tool — depending on how you use it.
🕒 Why Timing Matters
If you’re holding onto equity and expecting prices to drop — remember, once equity is lost, it’s gone.
If you’re betting on the market rising, that’s fine too — but life can change fast.
Unexpected events like job loss, illness, or even a car breakdown can impact your plans.
Or maybe you’ve been waiting to finally renovate, take that family trip, or help your kids get into the housing market.
Timing is everything.
You don’t need to sell to benefit from your equity — but you do need a plan.
💬 Example: Downsizing and Unlocking Cash
Let’s say your Kelowna home is worth $1,000,000, and you’re looking to downsize to a townhome for $800,000.
That $200,000 difference (minus fees) is your realized equity — cash in hand that can fund your next chapter.
Equity isn’t just a number on paper.
It’s money you can access to live better, invest smarter, or plan for retirement.
🧠 Thinking Long-Term: Using Equity to Build for the Next Generation
Maddie and I talk about this often.
Our kids are six and eight, and we wonder — what will home prices look like in 10–15 years?
If homes keep appreciating, what will it take for them to own a place in Kelowna?
That’s why we’re using our equity strategically now — to invest in properties that can help set them up for the future.
For many families, equity can be leveraged to create generational opportunities — whether it’s a rental, a second home, or helping family members enter the market sooner.
🌅 The Big Picture
If you bought before 2020, you’ve likely built more equity than you realize.
And while it’s easy to see it as “locked in the walls,” that money can help you:
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Reduce debt
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Build wealth
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Improve your quality of life
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Support your family’s future
Because equity only matters when you use it — and the best time to start is while it’s still working for you.
💬 Thinking About Unlocking Your Equity?
Whether you’re considering a renovation, a move, or investing in another property, I can help you explore your options safely.
Let’s talk about what makes sense for your goals — and how to put your equity to work the smart way.
MARK and MADDIE
📞 778-744-0872
✉️ [email protected]
🏡 Selling Kelowna Real Estate Group | eXp Realty Kelowna
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