Tuesday, 27 September 2011

Regulator warns Banks on Mortgages - tough but makes sense in the long term.

Hi All,

I was reading this article today with some interest.

While this will be tough for some, in terms of borrowing, I do believe it makes sense long term.

Kind Regards
Trish Cenci
Tel 250 864 1707.

Quail Ridge Kelowna - Looking for a House Sitter this winter?

Hi All,
I was talking to one of my Business Neighbors, here at Quail, this week and she mentioned that an older couple they know are looking to house sit in the Quail Ridge area.
They are non smokers and have no pets.
If you know someone who would be interested, please pass this on.
Kind Regards
Trish Cenci.

Going South for the Winter?? Check This Out
Lovely Vernon couple is looking for an opportunity to house sit in Quail Ridge, Kelowna  to be close to their daughter, son-in-law and grandchildren who live in the area. 
 If you're heading south over the winter  (or know someone who is) and would welcome an opportunity to have someone look after your home in your absence, please contact Carol Broderick at: 1- 250-549-4459.  
We personally recommend Mr. & Mrs. Broderick and would welcome an opportunity to have them join our neighbourhood even if  it is only just for the winter months.
Please call Carol at your earliest convenience so they can confirm their plans as soon as possible.
Thank you so much for your help.
Harley & Dale Lockhart

Saturday, 24 September 2011

Consumer Price Index Rises in August 2011 - cause for concern?

Hi All,
I was just catching up today on the Stats Canada figures that came out this week.

With the CPI rising we will have to keep an eye on this,for next month, as if this continues it will certainly put pressure on the Government to bring it back in check!
Kind Regards
Trish Cenci
Tel 250 864 1707.

Thursday, 22 September 2011

OMREB Buyers Survey Results for August 2011

Hi All,
The results of OMREB's August 2011 Buyers Survey are in !  

A total of 146 respondents participated in this survey – representing 43% of the 339 OMREB sales representatives who acted as Buyers Agents and 32.5% of the 448 deals closed on behalf of Buyers in August.
Property Type:
22.9% by First Time Buyers
17.4% of purchases were by Move-Up Buyers
11.1% buying Revenue/Investment Property
10.4% moving from Single Family Home to Strata Unit
7.6% Recreation Property Buyers
5.6% moving into Retirement Home/Seniors Community
3.5% moving from Strata property to Single Family Home

Moving From:
50% from Within OMREB Board Area
18.8% from Alberta
10.4% from Lower Mainland/Vancouver Island
10.4% from Other Areas in BC
6.3% from Eastern Canada/Maritimes
2.8% from Outside Canada
1.4% from Saskatchewan/Manitoba
As you can see First Time Buyers and Move Up Buyers continued to hold up the market. With Buyers continuing to come from within our local area.
Kind Regards
Trish Cenci

Tel 250 864 1707

Saturday, 17 September 2011

BCREA Reports Home Sales Stable During Summer Month - September 2011 Update

Vancouver, BC – September 14, 2011. The British Columbia Real Estate Association
(BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province
rose 16.4 per cent to 6,504 units in August compared to the same month last year.

The average MLS® residential price climbed 10.7 per cent to $539,953 last month compared to August 2010.
“BC home sales edged up one per cent in August compared to July on a seasonally adjusted basis,”
said Cameron Muir, BCREA Chief Economist.“Low mortgage interest rates continued to underpin housing demand in the province last month.”

 “Total active listings in the province remained elevated in August,” added Muir. “Most regional markets exhibited buyer’s market conditions, meaning little upward pressure on home prices.

For the full report please view http://www.bcrea.bc.ca/news_room/2011-08.pdf

Kind regards

Trish Cenci

Tel 250 864 1707

Friday, 9 September 2011

Quail Ridge Water - Update on the new GEID Okanagan Lake Intake and Pump Station.

Hi All,

The news is clean water is coming!!

Glenmore-Ellison Improvement District sent out their Fall Newsletter recently. I read that they now appear to be making progress with the construction on the intake and wet wells for the Okanagan Lake pump station.

Having received a Fisheries Act Authorization on May 24, 2011, Hayter Construction Ltd began work on the site in early June, and as of mid August had completed the majority of blasting and access construction work.

Multiple barriers were installed to prevent sediment release into the lake, including silt fences and two silt curtains in the lake. These  provide primary and secondary containment for works below the high water mark.The work window for construction in the Lake ends on September 30th, 2011.

This has been the most technically challenging part of the work and GEID will be drawing down McKinley Reservoir during the fall to allow for the completion of the outlet structure construction which is expected by March 2012.

With the supply of Okanagan Lake water to GEID’s McKinley Reservoir, residents in the Glenmore Valley should expect to see less colour and turbidity in their drinking water. It is then planned that GEID will monitor water quality for up to a year to obtain design information for ultraviolet disinfection, which is the next step to meeting Interior Health guidelines.

It will take until the summer of 2013 to replace the majority of the Mill Creek water in McKinley Reservoir, and I am sure we all can't wait!

Kind Regards

Trish Cenci

Tel 250 864 1707

Wednesday, 7 September 2011

News Update on the new Sheraton Four Points Hotel for Quail Ridge in Kelowna

Hi All,

Many of you will have been wondering when or whether work was going to start on the new Hotel at the entrance to Quail Ridge, within the Airport Business Park.

I am please to report that Members of the Quail Ridge Residents Association (QRRA) executive met with Mr. Ted Callahan, President & CEO of Argus Properties Ltd. Argus is the developer of the properties in the Airport Business Park, which are located on the south side of Quail Ridge Boulevard., on the right hand side approaching the Highway 97 traffic light.  Mr Callahan was able to give an update on the latest development plans for these properties.

Everyone will be pleased to know that plans have been finalized for a Sheraton Four Points hotel to be built on the property to the south west of the "Starbucks" building.  The highlights for the hotel are:
- 6 stories high
- 120 rooms
- 4,000 sq. ft of meeting & ballroom space which will make it the 3rd largest meeting space in Kelowna behind The Grande & Capri hotels
- they are negotiating to have a higher quality, brand name restaurant in the hotel, but no name can be released yet as negotiations on that piece aren't quite finalized
- there will also be an indoor pool and fitness facility in the hotel
- construction is expected to start in October 2011 with a target completion date of November 2012

They also talked a lot about what they would like to see on the balance of their properties:
- discussions are ongoing with Starbucks to see if they will move into the finished building
- possibly develop a gas bar, convenience store.
- maybe some type of pub/liquor outlet, although nothing in the works at this time
- more development of suburban office space for tenants such as engineering firms, technology, etc.

This is really exciting news for the community, as it will have a very positive impact on the entrance to Quail Ridge, and should be a magnet to encourage other businesses into this area, as well as provide additional amenities for the Quail Ridge Community.

Kind Regards

Trish Cenci
Tel 250 864 1707

Tuesday, 6 September 2011

OMREB detailed report on the Central Okanagan Real Estate Results for August 2011

Hi All,

The Okanagan Real Estate Board (OMREB) has just published its latest detailed commentary on the August Real Estate Results for the Central Okanagan today.

Summer Finishes with Steady Home Sales
Kelowna, BC –

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported August 2011 sales activity of all MLS® property types slower than this time last year and down marginally compared to July as a buyers’ market continues into the fall.

During August, overall sales dipped 2.05% over last year (to 286 units from 292) and were down 16.12% over July (from 341), with sales volumes of $113.3 million compared to $155.7 million in 2010. Total residential sales last month were down 3.72% compared to August 2010 (to 259 units from 269). Single family home sales rose 1.54% over last year (to 132 compared to 130) – a 2.94% drop from the 136 homes sold in July.

While inventory continues to decline over last year (down 1.23% to 5,230 units from 5,295), new listings for the month rose over last August (up 0.97% to 832 from 824) but declined 13.6% compared to listings taken in July (from 963).

“The summer finished with steady home sales and stable home prices in the Central Zone. Most market segments continue to move along and hold their own in the Okanagan - Shuswap while the recreation and investment segments are still sluggish – being most affected by attractive U.S. opportunities and a slower than expected recovery in Canada,” says Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone.

“Concerns over personal debt loads, net worth and employment fueled by reports of American economic instability have cooled consumer confidence and overall demand in most BC markets, and volatility in the equity markets could result in further belt tightening and apprehension about making big purchases moving into fall. However, we’re hopeful the BC Government will reveal its HST transition plan quickly to alleviate some market uncertainty. ”

Jorgenson notes, “Serious buyers are looking for well - priced properties – recognizing that now is the time to buy while there is still a good selection of homes and room to negotiate, and knowing that higher interest rates anticipated later this year could impact their purchasing power and determine the home they can afford.

Sellers can benefit from working with a professional REALTOR® to price strategically at current values and make the most of buyer activity. Homes with good curb appeal that are listed by vendors with the sharpest pencils are selling quickly in this competitive market. “

The results of OMREB’s Board - wide monthly Buyers Survey profiling who the buyers are, what they are buying and where they are from shows that the majority of buyers are from within the Board area. First - time buyers and move up - buyers are a driving factor, and stimulate the chain of ownership.

The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway 33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,126 member REALTORS® and 92 real estate offices in the Southern Interior of BC.

Kind Regards

Trish Cenci

Tel 250 864 1707

Thursday, 1 September 2011

Kelowna Real Estate Update September 2011

Dear All,

It really has been quite a month, in terms of the economic doom and gloom, in world news and a wild ride for those investing in the Stock Markets.

This has continued to make everyone look long and hard at whether now is the time to buy Real Estate, or whether to wait and see if prices are going to fall further.

In my continuing quest to answer this question, I read the latest report on the Commercial Lending Indicator (CLI) written by BCREA, with interest as I feel it offers some clues. I published a full copy of the transcript on my Blog Post earlier this week which can be found at http://trishcenci.blogspot.com/2011/08/why-are-parts-of-bc-real-estate-market.html .

In summary, the CLI fell again this quarter, largely as a result of weak growth in retail sales and employment, and also weakened provincial manufacturing sales.

The state of employment growth is a big factor in whether the general public feel confident in going out and making major purchases such as a home, even though interest rates are not predicted to rise in the short term.

This coupled with the uncertainties of the US Economy, which has a major bearing on B.C. and Canada, has left consumer demand for Real Estate weak, particularly in the Central Okanagan.

Central Okanagan Real Estate Sales for August 2011

*Aug -11
Jul -11
Jun -11
May -11
Aug -10
*Figures are as at close of business 31st August 2011, and may be subject to slight change.
As you can see sales numbers have been quite disappointing this month. It is quite usual to see a dip in numbers during August, but Agent’s were reporting increased showing activity, so it is a surprise that numbers were quite this low as at the month end.
If we compare the number of sales to the number of listings in each category, we also do not find any better news for Sellers – Single Family Home sales represented 6.5% of listings, of which 25% of total sales were over $550,000. Strata sales were around 6%, Lots 2% and Manufactured Homes 4.4%. It is still clearly a Buyer’s Market!
So what are my predictions for the coming months?
I believe that Buyers need to feel confident about their monthly disposable income , and this confidence has been bruised in recent months causing many to stay on the fence.
In reviewing the market results I am seeing some amazing deals coming together for those who have bought recently.
My advice is that if you see the property that is right for you buy it now, as even if the market does adjust a little more, I do not believe it will be significant.
The reality is that only a few people are ever lucky enough to buy at the very bottom of the market, and for those who will be borrowing it may never be a better time to lock into a fixed rate than now.
Kind Regards
Trish Cenci
Tel 250 864 1707