Thursday, 23 December 2010

7 Tips On Buying A Home In A Down Market

Dear All,

Saw this interesting article on Investopedia, I thought you might be interested in.

http://www.investopedia.com/slide-show/buying-homes-down-market/?partner=globeandmail

Kind Regards

Trish Cenci

Coldwell Banker Horizon Realty
3A 3185 Via Centrale Kelowna, BC V1V 2A7
Cell: (250) 864 1707
Website: http://www.mykelownarealestate.com/
Email:trishcenci@shaw.ca

Main Office #14 - 1470 Harvey Avenue, Kelowna, BC, V1Y 9K8

Tel 250 860 7500











Wednesday, 22 December 2010

Real Estate Market Outlook 2011 from John Geha, President of Coldwell Banker Canada.

Dear All,

I thought you would be interested to view John Geha, President of Coldwell Banker Canada, reviewing the year in Canadian real estate and looking ahead to 2011


http://www.theglobeandmail.com/globe-investor/investment-ideas/features/2011-market-outlook/2011-real-estate-look-ahead/article1845489/
 
Season's Greetings !

Trish Cenci

Coldwell Banker Horizon Realty

Cell 250 864 1707

Main Office #14 - 1470 Harvey Avenue, Kelowna, BC, V1Y 9K8

Tel 250 860 7500






Wednesday, 1 December 2010

Kelowna Real Estate Update December 2010.

Starting last month, the Okanagan Real Estate Board (OMREB) invited Selling Realtors® to give brief details about their previous month’s sales. Of the questionnaires returned, the analysis for October 2010, showed that 21% of Buyers were first time buyers, 23% moved up and 10% purchased for investment purposes.

As I have been saying for a while, most of these Buyers have been coming from within the OMREB area (Revelstoke to Peachland) – 57% of Buyers came from our area, 14.5% from the Lower Mainland and 13.6% from Alberta.

Tuesday, 23 November 2010

Q3 Landcor® BC Residential Housing Report

I have been reading with interest, today, the Quarter 3 report on the BC residential housing market from Landcor® Data Corporation.

What I continue to like about these reports is that they explain the current market without being sensationalist, which is something we have become used to with our Real Estate headlines.

As you will see, it gives a balance report and, we have every reason for optimism in the Central Okanagan, with some exciting future developments coming our way.

https://www.landcor.com/market/reports/q3_10_Residential_Sales_Summary.pdf


Kind Regards
Trish Cenci
Coldwell Banker Horizon Realty
Cell: (250) 864 1707
Email:trishcenci@shaw.ca

Monday, 15 November 2010

CMHC Housing Market Outlook for Fall 2010

Having read the latest market outlook produced by CMHC for Fall 2010,  I regard this as one of the most detailed and realistic articles I have read on the Kelowna real estate economy in a while.

For those of you who like a little more detail please view -: http://tinyurl.com/2c2ln89

Kind Regards


Trish Cenci Coldwell Banker Horizon Realty
3A 3185 Via Centrale Kelowna, BC V1V 2A7
Cell: (250) 864 1707 
Email: trishcenci@shaw.ca

Thursday, 11 November 2010

Brookstone Condos Open House this weekend!

Reminder for this Saturday and Sunday November 13th, 2010 and November 14th, 2010 1:00 PM to 3:00 PM. I will be hosting an Open House at 103, 3180 Beaver Lake Road, Winfield.

This is a great opportunity to visit our brand new 2 bedroom Condos at the Brookstone Development.We still have a variety of floor plans available.


Please do not hesitate to give me a call at 250 864 1707, if I can answer any questions before the open house, or if you would like to book a private showing.

To view details of the units now, please visit my website - http://www.mykelownarealestate.com/

Additional home and meal support available for Senior Owners - please ask me for details.


Kind Regards

Trish Cenci

Coldwell Banker Horizon Realty

Cell 250 864 1707



.

Sunday, 31 October 2010

November 2010 Newsletter

Central Okanagan Sales Stats for October 2010

Type       Total       S Fam       Strata       Lot       Manuf

Oct 10     246         149           74            10            13

Sep 10     219        132            72             5             10

Aug 10    269         129          107           15            18

Jul 10      219         122           72           11            14

Jun 10     343         207           97           18            21

Oct 09     406         242           129         16            19

Whilst October did not seem as busy, you can see from these stats. that that more buyers came to buy rather than browse, which is good news.

Within these figures there were some obvious highlights - 14 single family home sales over $1m and 1 sale of $10m.

The bulk of the home sales remained within the 'affordable' side of the market with 123 sales under $600,000.

My forecast for the Central Okanangan Real Estate Market.

It is interesting that as I read information from such sources as the Globe and Mail, and CREA (Canadian Real Estate Association) they are all predicting a down turn in real estate markets. Anything from a modest fall to 'the bubble is about to burst'!

Whilst markets in Toronto and Vancouver may certainly be looking at a downward price correction, areas such as Winnipeg are still holding up well.

In my opinion the Kelowna Real Estate market has largely gone through the painful transition into a much more realistic market. We all knew that house price increases could not be sustained above inflation on an ongoing basis.

I am far more willing to subscribe to the view that basic economics are going to form the basis of our future pricing - i.e. supply and demand.

We certainly have an oversupply of inventory in the valley, and this will continue to affect condo prices in particular.

My current view is that we will see residential property prices be fairly stable over the winter and spring,as the sellers who didn't really need to sell, have decided to hold off for now. The rental market has improved a little, and that option will, in most cases, at least cover their costs.

During the next year, I believe a rise in prices between 2% and 5% is possible, however that is very dependant on consumer confidence, which is in part influenced by interest rates.

The good news is that the Government is well aware that Real Estate related spending forms up to 20% of our GDP and it would be dangerous for the economy as a whole, if the market fell too heavily across the country.

It remains a buyers market here in the Central Okanagan, and correct pricing and good presentation of a property is everything at.

In all cases buyers and sellers should expect to negotiate!

Feedback.

As many of you who read this newsletter are from 'out of town', I would be very interested to know how you feel about the market, both here and in your area.

I encourage you to e.mail me with your thoughts - trishcenci@shaw.ca.

Kind Regards

Trish Cenci
Coldwell Banker Horizon Realty
Cell 250 864 1707

Thursday, 28 October 2010

Buyer Protection Plan http://www.buyerprotectionplan.ca - Waiting for the right market to buy or sell your home? Wait no more!

Falling house prices are the greatest concern in today’s market, so wouldn't it be great to say to buyers that if you are emotionally and financially ready to buy this home but you won’t because you are worried that the price of this home will drop, I can assist in protecting you.

This is a valid concern in the current Kelowna market, but then when will they buy? The answer - they're waiting for the price to drop to a magical number, where society tells then it is now safe to buy a home.

The problem is that they really don't know when the market has reached the bottom, until it actually starts to go back up. So they listen to the community, watch and listen to the media and when they feel it is safe to get in, the buyer, and as well as all their competitors jump into the market, resulting competitive offer situations and often they lose the property because they invited competition by waiting for the market to fall to where everyone wanted it and missed out.

The Buyer Protection Plan ( http://www.buyerprotectionplan.ca/ ) is designed to give a buyer the confidence to step out of the herd now and buy that house that they want, by helping and protecting against the prospect of prices falling.

As only a small number of local real estate agents will be able to offer this service in the Kelowna area, I encourage you to view the video on this link http://www.buyerprotectionplan.ca/realtor/trish-cenci and then give me a call to discuss this further.

Trish Cenci
Coldwell Banker Horizon Realty 
Cell: (250) 864 1707

Sunday, 3 October 2010

Newsletter October 2010


It seems that as we start the month of October, I am more inclined to rave about the gorgeous warm, sunny weather we have had over the last few days rather than the latest Real Estate Stats for the Central Okanagan!!

Sept 2010      Central Okanagan Real Estate Stats

Type              Total       S Fam      Strata     Lot       Manuf


Sept 10           219          132            72           5           10

Aug 10           269           129          107         15           18

Jul 10             219           122            72         11           14

Jun 10            343           207            97         18           21

Sept 09          382           225          136         11           10



Sadly, as you can see from the latest figures, real estate sales have again taken a downturn.

The encouraging thing is that we have seen more single family home sales, and it has been condo sales that have taken the biggest hit.

Interestingly the average residential sale is currently $466,000 which is only 0.27% below the average last year. Whereas the average Condo price has fallen 9% to $235,000 and the average Town home price has fallen 4% to $341,000.

On the Inventory side there are currently 1666 Residential homes for sale -up 5%, Condos are down 12% to 988 and Town homes are down 0.4% to 493. I believe this reflects the number of condo owners who decided to rent their units this fall.

Summary

It remains a great time to Buy, particularly with interest rates remain lower.

Kind Regards


Trish Cenci

Cell 250 864 1707

Web site http://www.mykelownarealestate.com

Thursday, 23 September 2010

Latest Video Podcast by Cameron Muir regarding the BC Housing Market

I have watched the latest video from Cameron Muir today regarding the latest B.C. housing market update for September 2010.
He is the Chief Economist for the British Columbia Real Estate Association.

Take a look at his thoughts on the B.C. Real Estate market and mortgage interest rates on http://www.bcrea.bc.ca/economics/videos.htm

Kind Regards

Trish Cenci
Coldwell Banker Horizon Realty
Cell: (250) 864 1707
Website: http://www.mykelownarealestate.com Email:trishcenci@shaw.ca

Friday, 3 September 2010

Wednesday, 1 September 2010

September 2010 Newsletter

The August Media really was full of doom and gloom for the BC Real Estate market.

Looking at the sales stats and ratio of sales to listing, I would have to agree, and yet the market has felt a little busier during the last week or so.

In Quail Ridge, for instance, there have been 4 sales in just over a week at the Pinnacle Pointe condos, where as it had previously been very slow.

I have also seen new sales in Discovery Bay and Waterscapes, in Sunset Drive, and a new sale this week in The Cove Lakeside Resort, which shows we have been seeing buyers again in the more recreational properties.

We have also been seeing buyers, that we have been working with for quite some time, thinking the Kelowna market is now representing quite good value, they have then found willing sellers, and have put together some great deals.

Aug 2010 Central Okanagan Real Estate Stats

Type       Total       S. Fam       Strata      Lot      Manuf


Aug 10       269       129             107         15          18

Jul 10        219        122              72          11          14

Jun 10
       343        207              97          18          21

Aug 09       370       199             135         10          26


At last, we have reversed the downward trend in sales, however we are still well below the sales numbers for last year. Looking at the listing to sales ratios we are still showing no sign of a balance market, and we will have to see a significant reduction in listings or increase in sales to see the trend improve.

CMHC have also just issued their current predictions for housing starts for the remainder of 2010 and 2011—for the full report please review http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2010/2010-08-31-0815.cfm it also predicts fewer house sales through out Canada in 2011.

At the moment, I am still predicting a ‘difficult’ market for sellers for the foreseeable future and it remains a buyers market.

Kind Regards

Trish Cenci

Cell 250 864 1707

E.Mail trishcenci@shaw.ca

Web site http://www.mykelownarealestate.com

Tuesday, 17 August 2010

CBC News - Consumer Life - Canadian home sales drop in July

CBC News - Consumer Life - Canadian home sales drop in July

Read the latest news on July Real Estate Sales across the country, from CBC.

Kind Regards

Trish Cenci
Coldwell Banker Horizon Realty
Cell: (250) 864 1707
Website: http://www.mykelownarealestate.comEmail:trishcenci@shaw.ca

Monday, 9 August 2010

Thinking of buying a home in the US ?

I received a very interesting article today, from The Calgary Sun, which outlined some of the important questions Canadian need to have answered before buying a property in the US.

http://www.calgarysun.com/homesandcondos/features/2010/08/08/14960716.html

I hope you find it useful?

Kind Regards

Trish Cenci
Coldwell Banker Horizon Realty
Cell: (250) 864 1707
Website: http://www.mykelownarealestate.com/
Email:trishcenci@shaw.ca

Sunday, 1 August 2010

Newsletter, August 2010

I read, with interest, a recent article in the Toronto Sun, regarding the Real Estate market.

It seems that property sales fell sharply in June, across most of Canada, as concern about higher interest rates and tighter mortgage rules cooled activity.

CREA chief economist Gregory Klump, has predicted that with interest rates on the rise, housing affordability and home sales activity are expected to continue to erode over the second half of 2010.

The Harmonized Sales Tax in BC from July 1st, also added to the Real Estate Market’s woes.

There is reason for some optimism, in that long term mortgage rates have dropped, employment remains on a roll and prices have stabilized,” said Douglas Porter, BMO Capital Markets deputy chief economist, in a note.

What is interesting is that our nearest big cities have, up to now, been doing better than Kelowna, however, compared with the same month in June of last year, housing sales had their biggest drop in Calgary, plunging 40%, followed by Edmonton and Vancouver, which fell 35% and 29.5%, respectively.

July 2010 Central Okanagan Real Estate Stats

Type      Total    S. Fam    Strata    Lot    Manuf

Jul 10      219       122          72      11       14

Jun 10     343       207          97      18       21

May10    384       209         134     19       22

Apr 10    391       217         128     28       18

Jul 09     459       257          170    16        16

As you can see we have had a dramatic fall in Real Estate sales in the Central Okanagan this month.

Of the Single Family Homes sales, 30 were over $600,000, with 11 of those being over $1 million. Within the Strata sales there were only 2 over $500,000, one of which was over $1 million.

The first 3 weeks of July were particularly slow, however, some Agents are now reporting that the end of the month was better.

Apart from the effects of HST, I am particularly seeing potential sales being affected by what seem to be stricter financing rules from the lending institutions and particularly CMHC.

Penalties for paying off  mortgages early, are also proving a disincentive.If you are thinking of moving, I strongly suggest checking the closing costs with your lender, before you start the process, to avoid any unpleasant surprises.

Enjoy the rest of the Summer!

We have had some really hot sunny days here in the Okanagan during the last month, and I am pleased to say that we seem to have lots of people visiting the Valley at the moment, which can only be good for the vacation trade and businesses in general.

Enjoy the rest of the Summer!

Kind Regards

Trish Cenci

Coldwell Banker Horizon Realty

Cell 250 864 1707

Web site http://www.mykelownarealestate.com

Wednesday, 28 July 2010

Open House Announcement for Saturday 31st July 2010

Dear All,

I would like to announce that I will be undertaking an open house at 2465 Quail Place, situated in the Quail Ridge Golf Course Community, in Kelowna, on Saturday July 31st 2010, between 1 p.m. and 3 p.m.


This is a compact 4 bedroom 3 bathroom grade level entry home, overlooking woodland and the linear trail.
New Stainless Steel Kitchen appliances.
Flat, fenced, low maintenance rear garden with separate dog run.
I hope to see you there!
Kind Regards
Trish Cenci
Coldwell Banker Horizon Realty
Cell: (250) 864 1707
Website: http://www.mykelownarealestate.com/
Email:trishcenci@shaw.ca

Sunday, 18 July 2010

Looking for UBCO Accomodation to rent or Buy?

After what has felt like a slow start to people looking for accommodation ready for UBCO this fall, I am now starting to see a steady stream of students and their parents visiting our Quail Ridge Office in search of condos ready for the start of the school year.

Whilst I do not hold a licence to rent out properties, only to sell them, it has come to my attention that their is a brand new web site available for people looking to rent properties for this purpose.

The web site is - http://www.kelownastudentrentals.com/. So do check this out.

If you are looking to buy either a one or two bedroom condo before the start of the school year, you are now at the optimum time to do so, as once you have your financing in place, you should just be able to organise closing before the end of August.

As I have done a great deal of these types of sales over the last few years, please feel free to give me a call if you require any assistance.

Kind Regards


Trish Cenci
Cell: (250) 864 1707
Office Fax 250 765 4282
Website: http://www.mykelownarealestate.com/
Email:trishcenci@shaw.ca

Friday, 2 July 2010

July 2010 Newsletter

What is happening in Kelowna Real Estate?

People seem to remain ‘on the fence’ as to whether to purchase new real estate this year, as they continue to ask the question—will prices fall further?

Economic forecasters are predicting that if Governments don’t get the right balance between consumption, investments, government spending and imports -(GDP) , some countries may go back in to recession, which will really put a damper on things.

It is certainly keeping Real Estate prices down in the U.S, and there is plenty of evidence that people continue to make their buying choices south of the border, whereas normally they would be choosing the Okanagan.

June 2010 Central Okanagan Real Estate Stats


Type      Total     S. Fam     Strata     Lot     Manuf

Jun 10     343       207           97         18        21

May10    384       209         134         19        22

Apr 10    391       217         128         28        18

Jun 09     429       379         147         13        17



June got off to a weak start, following on from a slower May. The weather didn’t help, and it was only towards the end of the month that we started to see more evidence of out of town buyers visiting, both on line and in person.

These results are very disappointing, even against 2009 figures, when we were just starting to see a slow down.

We have now had our first 30 degree days, so hopefully that will be the springboard we need to an improved spell of buying.

There is plenty of product to chose from, and I think the Buyers will continue to find some great value this year.

Kind Regards

Trish Cenci

Coldwell Banker Horizon Realty

Cell 250 864 1707

E.Mail trishcenci@shaw.ca

Web site http://www.mykelownarealestate.com

Tuesday, 22 June 2010

Are you ready for HST?

The Canada Revenue Agency answers questions on the Harmonized Sales Tax (HST)

The answers to dozens of questions on housing rebates, grandparented housing sales and more are available from the Canada Revenue Agency (CRA).

The CRA recognizes that understanding how the HST applies to transactions that straddle the July 1, 2010, implementation date can be complex. To provide you with answers, the CRA is developing an ever-growing list of information products to help businesses understand the transitional rules that will apply to transactions that are in progress on July 1-:

www.cra.gc.ca/E/pub/gi/notice244/notice244-e.html, and Harmonized Sales Tax for British Columbia – Questions and Answers on Housing Rebates and Transitional Rules for Housing and Other Real Property Situated in British Columbia (Notice 246) at www.cra.gc.ca/E/pub/gi/notice246/notice246-e.html.

For more information about the implementation of the HST, go to www.cra.gc.ca/harmonization. The CRA updates these pages regularly. To receive information as it is updated, sign up for the HST electronic mailing list (www.cra.gc.ca/lists) or RSS feed (www.cra.gc.ca/rssfeeds).

Kind Regards

Trish Cenci
Coldwell Banker Horizon Realty
Tel 250 864 1707

Sunday, 20 June 2010

Great weather for the Quail Ridge Biz BBQ yesterday!

The local businesses situated within our business complex, at the Borgata Lodge, in Quail Ridge, held their first charity BBQ yesterday, in aid of the Canadian Cystic Fibrosis Society.

It was nice for Tanis and I to meet some of our friends and neighbours, who enjoyed great burgers and all in a good cause!


Trish Cenci
Coldwell Banker Horizon Realty
3A 3185 Via Centrale,
Kelowna, BC V1V 2A7
Cell 250 864 1707
Website: http://www.mykelownarealestate.com/
Email:trishcenci@shaw.ca

Wednesday, 9 June 2010

UBCO buys former Tutt Farm from city - Kelowna News - Castanet.net

More exciting news from the University.

UBCO buys former Tutt Farm from city - Kelowna News - Castanet.net

Trish Cenci Coldwell Banker Horizon Realty 3A 3185 Via CentraleKelowna, BC V1V 2A7 Cell: (250) 864 1707 Office 250 765 4282 Fax: (250) 765 4282 Toll Free 1-888-KELOWNA Website: http://www.mykelownarealestate.comEmail:trishcenci@shaw.ca

Sunday, 6 June 2010

Kelowna housing numbers moving up - Kelowna News - Castanet.net

Positive news about housing numbers.

Kelowna housing numbers moving up
by Contributed - Story: 54969
Jun 4, 2010 / 6:00 pm



Statistics for the first five months of 2010 show an increase in the number and value of building permits processed by the City of Kelowna compared to the same period last year.

“The first five months of 2010 are showing more strength than during the same time last year,” says Chief Building Official Mo Bayat. “The numbers for 2010 are much closer to the average of the last five years than in 2009 – particularly construction values.”

From January 1 to the end of May 2010, the City issued 2,208 permits with a construction value of approximately $153 million. In comparison, the same period in 2009 saw 1,722 permits issued with a total construction value of approximately $104 million. This represents a 28 per cent increase in the number of permits and a 47 per cent increase in construction value in 2010.

Looking back to the first five months of 2006, the City issued 2,877 permits – 669 more than this year. However, the construction value in 2006 was approximately $146 million – $7 million or 4.8 per cent less than in 2010. The higher number of permits in 2006 was mostly due to an additional 479 plumbing permits. These permits do not have a construction value attached to them and therefore, this is a major reason why the significantly higher number of permits in 2006 has resulted in a lower construction value than in 2010.

The number of building permits for new homes was also up in the first five months of 2010. The City issued 136 building permits for new single family dwellings (SFD), compared to 48 SFDs during the same period in 2009. This represents an increase in single family dwellings of 183 per cent compared to this point last year.

There have also been 29 building permits issued for new townhouses totaling 74 new units so far this year. This is the highest number of permits issued for new townhouses in more than five years and the highest number of townhouse units created since 2008.

Another statistic of note from the first five months of 2010 is the 154 lots created to date is more than double the 76 lots created in all of 2009.

Kelowna housing numbers moving up - Kelowna News - Castanet.net

Kelowna housing numbers moving up - Kelowna News - Castanet.net

Trish Cenci
Coldwell Banker Horizon Realty
3A 3185 Via Centrale Kelowna, BC V1V 2A7
Cell: (250) 864 1707 Office 250 765 4282
Website:http://www.mykelownarealestate.com
Email:trishcenci@shaw.ca

Tuesday, 1 June 2010

June 2010 Newsletter

Almost half way through the year!

I can’t believe we are already half way through the year, it really seems to have flown by!

It has certainly been a busy time for me following my recent office move, to Coldwell Banker Horizon Realty and it has certainly been a tough 6 months in Real Estate sales in Kelowna.

I am pleased to say that whilst the actual Real Estate sales figures for May 2010 do not reveal any really noticeable increase, market activity has certainly been much greater, and there is definitely more evidence of buyers coming in to the market to make offers.
I therefore anticipate that we will see a flurry of sales in June.

May 2010 Central Okanagan Real Estate Stats


Type         Total      S. Fam      Strata      Lot      Manuf

May 10     384        209            134         19         22

Apr 10     391         217            128         28        18

Mar 10    356         194            119         24         19

May 09    369        217             132         11          9

As you can see, interestingly there has been a slight drop off in sales during May with Single Family Home and Lot numbers falling.

Of the Strata sales, only 2 were over $600,000 with 8 Single Family homes over $1m and 34 homes over $600,000.

I certainly seems that people have been holding back on their Real Estate purchases, possibly waiting to see what interest rates were going to do.

Well, now we have our answer, a quarter point increase, which I suspect was something no one would have taken bets on!

And Finally …

Just in case you did not receive my new contact information recently, I have now published it again below-:

Coldwell Banker Horizon Realty


Quail Office -:

3A, 3185 Via Centrale

Kelowna, BC, V1V 2A7

Cell 250 864 1707

Office Tel 250 765 4282

Fax 250 765 4282

My e.mail – trishcenci@shaw.ca

My web site – http://www.mykelownarealetstate.com/
Twitter - http://www.twitter.com/AKelownaRealtor/

Downtown Office

Coldwell Banker Horizon Realty

#14-1470 Harvey Ave.

Kelowna, BC V1Y-9K8

Office: (250)860-7500

Toll Free: (888) 535-6962

Fax: (250)868-2488

Email: horizon@kelownarealestate.com

Kind Regards

Trish Cenci

Wednesday, 26 May 2010

Important Office News

Special Announcement of Office Changes.
As many of you will know Tanis Read and myself opened our own personal Real Estate Office in Quail Ridge, earlier this year.

After long and careful consideration, I have with immediate effect moved from Premier Canadian Properties to Coldwell Banker® and I am very excited to announce that our office in Quail Ridge has now become their fifth Real Estate Office in the Valley.

Whilst I enjoyed my 5 years at Premier Canadian Properties, I have joined a strong and highly skilled team of professionals with extensive real estate & local knowledge, combined with the full resources of Coldwell Banker Horizon Realty.

Please can I ask you to make a note of my new contact details and I look forward to speaking to you again very shortly.



Trish Cenci

Coldwell Banker Horizon Realty
Quail Office -:
3A, 3185 Via Centrale
Kelowna, BC, V1V 2A7
Cell 250 864 1707
Office Tel 250 765 4282
Fax 250 765 4282
My e.mail – trishcenci@shaw.ca

My web site - http://www.mykelownarealestate.com/

Twitter http://www.twitter.com/AKelownaRealtor

Downtown Office
Coldwell Banker Horizon Realty
#14-1470 Harvey Ave.
Kelowna, BC. V1Y-9K8
Office: (250)860-7500
Toll Free: (888) 535-6962
Fax: (250)868-2488
Email: horizon@kelownarealestate.com


Trish Cenci,
3A, 3185 Via Centrale
Kelowna, BC V1V 2A7
Cell:250 864 1707
Website: http://www.mykelownarealestate.com/
Email: trishcenci@shaw.ca

Saturday, 1 May 2010

Trish May 2010 Newsletter

Update on the Economy
It would seem that the Canadian economy continues to improve, although mortgage rates have risen slightly, the effects of HST are yet to be felt and mortgage rules can now be regarded as more prudent.

The latest Stats Canada figures show unemployment as largely unchanged between February and March, and we would expect this to improve in the Okanagan during the next few months as we see the effects of summer tourism.

I am sure you have all read that some housing markets have completely rebounded to spring 2008 levels, sadly that cannot be said of the Central Okanagan area – see below.

We do have some really exciting things happening in the area, however, which will give the Okanagan a great boost.

Sparkling Hills, the spectacular new Spa situated overlooking Lake Okanagan, in the Predator Ridge area, is due to open its doors on April 30th, with the first bookings due May 20th 2010. With the international marketing they are undertaking for this facility, I expect it to have a very positive effect on our local economy.

The other good news is that Kal Tire, one of the Okanagan’s biggest International Companies is expanding its Vernon International Head Quarters.

Central Okanagan Statistics for April 2010

Type         Total      S. Fam    Strata     Lot      Manuf


Apr 10      391         217         128        28        18

Mar 10     356         194          119       24        19

Apr 09     304         177          103         7         17

As you can see, yet again, there has been a positive increase in the number of sales during April 2010, which reflects the seasonality of sales in the Okanagan area.

Of the 128 Strata sales only 3 were over $600,000, and of the 217 single family home sales only 38 were over $600,000, 7 of which were over $1m and none over $2m.

These figures continue to show the market going in the right direction, and with the increase in viewing activity over the last two weeks, I expect to see this continue to rise further next month.

The Harmonized Sale Tax and Real Estate.

The federal Harmonized Sale Tax is scheduled to take effect in British Columbia on July 1, 2010. This is a tax that combines the provincial sales tax and federal Goods and Services Tax (GST) to create HST, with the rate currently set at 12%.

The tax will apply to real estate services provided by licensees. E.g. commissions, as well as certain trades.

For more information on how the new tax there are two web sites to look at www.cra-arc.gc.ca/gncy/hrmnztn/bc/menu-eng.html or www.sbr.gov.bc.ca/business/Consumer_taxes/harmonized_sales_tax/hst.html.

Any finally ...

As always, if you have any questions, please do not hesitate to give me a call or send me an e.mail.

Kind Regards

Trish Cenci.

Premier Canadian Properties
3A 3185 Via Centrale Kelowna, BC
V1V 2A7
Cell: (250) 864 1707
Office 250 765 4282
Fax: (250) 717 1889 
Website: http://www.mykelownarealestate.com/
Email:trish@pcrealty.ca

Sunday, 11 April 2010

Update on the Economy

Having expressed concerns last month regarding the potential effects of inflation on the Real Estate Market, I read the recent inflation figures with interest.

Consumer prices rose 1.6 % in the 12 months to February, higher than Economists forecasts and fuelling thoughts of an interest rate rises.

The 12-month core rate of inflation - which factors out some of the most volatile components - came in at 2.1 %, (February forecast was 1.7%).

The 2% threshold is important, as that is the Bank of Canada's stated target for the core rate - far above levels in Q1 that the Bank of Canada expected just two months ago.

Contributing Factor - Travel services soared to 17.9% as hotel rates soared due to the Olympics during the month -accounting for most of the increase in the core CPI . Experts therefore predict that the core rate will remain below the central bank's 2% target once the impact of that is negated.

Following on from this, we have now seen some of the major banks increasing their longer term rates, and we must see how this affects market confidence.

Central Okanagan Statistics for March 2010


 Type

 Total

 Single Family

 Strata

 Lot

 Manuf

 Mar 10

 355

   193   

 119

 24

 19

 Feb 10

 310

 143

 91

 21

 22

 Mar 09

 238

 138

 81

 5

14 

As you can see there has been a positive increase in the number of sales during March 2010, which reflects the seasonality of sales in the Okanagan area.

What is most interesting is that of the 193 Single Family home sales 152 were sales under $550,000, which continues to point towards ‘end user’ purchases rather than investors.

Of the 119 Strata unit sales 113 were under $500,000.

The other point to note this month, was the total number of listings taken during March was 1362, making a total of 4977 properties listed in the Central Okanagan. This is a significant increase on the number of new listing last month at 1097.

This has the effect of keeping us far from a balanced market at the moment, and I expect to see a further increase in the number of listings during April.

My recommendations on the Real Estate Market

Buyers - If you are planning to buy this year, and you will be looking to finance with a fixed rate mortgage, ensure that you get pre approved, by your financial institution, in the next little while, as the writing is now on the wall for interest rates to continue to rise.

Also, be mindful if you are looking to buy new property. Whilst it has not become policy yet, check on the implications of the new Harmonised Sales Tax on your potential purchase. You may find it better to act sooner rather than later.

Sellers - Sales numbers are increasing steadily, but price is everything. Ensure that you are keeping a sharp eye on the competition in your neighbourhood, in terms of new listings and sales.

There are more buyers around, and there is definitely increased activity in the numbers of people looking on the real estate web sites, but they seem to be monitoring prices rather than using it as a means to find a property to buy at the moment.

We keep seeing reports of the market in BC as being good. Prices in Vancouver are still doing well, but the market here in the Okanagan remains quite tentative.

And finally ... If you have any questions, please do not hesitate to give me a call or send me an e.mail.

Also, don’t forget to follow my tweets -  http://twitter.com/AKelownaRealtor !

Kind Regards

Trish Cenci
Premier Canadian Properties                                      
3A 3185 Via Centrale
Kelowna, BC V1V 2A7                                      
Cell:   (250) 864 1707 
Office 250 765 4282                                          
Fax: (250) 717 1889                                            
Toll Free 1-866-765-0579                                

Website:
http://www.mykelownarealestate.com
Email:      trish@pcrealty.ca