Thursday, 21 April 2011

OMREB's March 2011 Buyers Survey Results.

The results of OMREB's March 2011 Buyers Survey are in!

A total of 90 respondents participated in this survey –  disappointingly there was only a 19% response rate for the 476 deals completed by OMREB members representing Buyers for March, or 27% of the 335 OMREB sales representatives who closed sales on behalf of Buyers last month.

March Survey Highlights

Why were they buying - 25.6% of purchases were by Move Up Buyers, 18.9% by First Time Buyers, 13.3% Moving from Single Family to Home Strata unit, 11.1% Buying Revenue/Investment Property, 5.6% Moving from Strata to Single Family Home, another 5.6% Recreation Property Buyers, and 2.2% Moving into Retirement Home/Seniors Community;

Types of buyers - 25.8% of Buyers were Couples without Children, another 25.8% were Empty Nesters or Retired, 22.5% were Two Parent Families with Children, 13.5% Single Males, 6.7% Single Females, and another 6.7% were Single Parent Families with Children.

Financing was 45.3% via Conventional Mortgage (with more than 20% down), 37.2% paid by Cash, 16.3% by High Ratio Mortgage (less than 20% down), and 2.3% required Rental Income to Qualify for Financing;

Where were buyers from - 57.8% were from Within OMREB Board Area, 13.3% from Alberta, 8.9% from Other Areas in BC, 6.7% from Lower Mainland/Vancouver Island, 4.4% from Saskatchewan/Manitoba, another 4.4% from Manitoba/Maritimes, and 4.4% from Outside Canada;

Where were the purchases made -47.8% of purchases were in Kelowna/West Kelowna, 14.4% in Vernon/Coldstream, 12.2% in Shuswap/Revelstoke (other than Salmon Arm), 10% in North Okanagan (other than Vernon/Coldstream), 7.8% in Central Okanagan (other than Kelowna/West Kelowna), and another 7.8% in Salmon Arm.

Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty 

Wednesday, 13 April 2011

Reasons to buy Canadian Real Estate ....

Hi All,

As a balance to the reports of a Canadian Housing 'Bubble' which continues to reported by the media, Don R Campbell of the Real Estate Investment Network offers his positive arguments for buying Real Estate in Canada.

What I particularly like is that he says - "Markets are very specific (regional), and the fundamentals must be heeded exclusively to each individual area."

This is so true, and something that is so often missed in reporting.

Kind Regards

Trish Cenci
Coldwell Banker Horizon Realty
Tel 250 864 1707

Thursday, 7 April 2011

Canada -Real Estate A Sound Investment ?

Is Canada a ‘safe haven’ for real estate investment?

Read this interesting report by Don Campbell of REIN.

Kind regards
Trish Cenci
Tel 250 864 1707.

Friday, 1 April 2011

Kelowna Real Estate Update April 2011

What has been happening during March ....

My notes of optimism, for the Kelowna Real Estate market, last month, continue on an upward trend this month.

I am pleased to say we are continuing to see increasing traffic on listings and this is largely due to increasing numbers of visitors from the Lower Mainland and Alberta, and I am finding it much busier than this time last year.

At our Quail Ridge Office, we are seeing increasing numbers of visitors, even before the golf course opens. (The new greens on the Quail Course are being installed as I write!).

It seems that Clients are back looking for investment properties and they are being particularly drawn to complexes like Pinnacle Pointe, as it is in such close proximity to UBC Okanagan, which is expanding at such a great rate, and it also offers the opportunity of short and long term rentals.

As I speak to colleagues in the Real Estate Industry there is definitely a more positive mood. Forecasts continue to show an increase in sales for the Central Okanagan, however, everyone agrees that prices are likely to remain flat.

As you can see from the March 2011 OMREB figures, we have seen an increase in sales this month, which is to be expected from the seasonal market we experience here in Kelowna.

Central Okanagan Real Estate Stats March 2011

Type        Total    S Fam    Strata    Lot       Manuf

Mar 11*     325      185         106        18           16
Feb 11        249      142           86          7           14
Jan 11        200      115           66          9           10
Dec 10       157        93           46         10            8
Nov 10       199      117           68           7            7
Mar 10       355     193          119         24          19
*Figures as at close of business of business March 31st, 2011, which may be subject to small change.

If you are getting ready to Buy or Sell.

Sellers - we are about to enter our busiest time of year for visitors to the area, so now is the time to give me a call, to discuss the best strategy for your property. I can then prepare you an up to date Comparable Market Analysis to help set a suitable listing price.

Buyers - It remains a Buyers market here in the Central Okanagan, so now is an excellent time to start looking and make your purchase. Give me a call and I will be happy to help!

For those of you who have friends and family who may be thinking of buying or selling, please feel free to pass on my Newsletter, and as always, I am happy to offer you a referral fee on a successful purchase or sale.

Kind Regards

Trish Cenci

Cell 250 864 1707