Sunday, 31 July 2011

New Walking Trail for Quail Ridge Kelowna.

Hi All,

I hear Quail Ridge is to get a new walking trail! Attached is a plan that illustrates where the path is going.
It is going to be a 3.0m wide multi-use gravel trail for use by pedestrians, cyclists and equestrians. 

Much of the alignment of this trail corresponds with the existing service access road. There are two small sections of trail that will be newly constructed –

1) approximately 100m at the proposed Trailhead at the north end (off the Existing Quail Ridge Linear Trail  - noted on the attached drawings) and;
2) approximately 400m of looping trail adjacent to the Landfill gate.

Due to the nature of the site, and the potential fire hazard risk in the height of the summer, they have allowed the contractor until the beginning of October to complete the trail.

Kind Regards

Trish Cenci

Tel 250 864 1707

Tuesday, 26 July 2011

I love golfing in the Okanagan, but don't take my word for it! Read Score Golf's latest article!

Hi All,
Found this great article today on the Okanagan Golf Club at Quail Ridge and Predator Ridge, from Score Golf.com.

Yet another reason why I live here!!

Thursday, 21 July 2011

RBC gives its Canadian Home Market Forecast for 2011 /2012 - what is the likely impact for the Kelowna Real Estate Market?

Royal Bank of Canada has today provided us with their latest Home Market forecast for 2011 /2012.

They are predicting that the housing market will continue towards moderation - citing increased interest rates and deteriorating affordability as some of the key reasons.

To read the full report please view http://www.rbc.com/economics/market/pdf/houseupdate.pdf.

How will this affect the Real Estate Market in Kelowna?

I agree that as interest rates rise, we will see buying a home much less affordable, for those needing to borrow, and this will, in particular, affect first time buyers, who have formed the largest percentage of buyers in the Central Okanagan this year.

I do believe this will be balanced out by an increase in demand for investment properties and second homes, particularly from buyers in Alberta, where stronger than average economic growth is forecast for the next year.

On this basis, we should continue to see house prices fairly stable, and I do not see any reason currently for this to change.

However, if we do see a 'spike' in interest rates, or a rise in unemployment, that would seriously affect consumer confidence, and that would then affect demand growth and have a negative affect  house prices.

If you have any questions about the current Kelowna Real Estate market or about buying or selling your home, please do not hesitate to contact me.

Kind Regards

Trish Cenci

Telephone 250 864 1707



Wednesday, 20 July 2011

Kelowna Real Estate OMREB Buyers Survey Results for June 2011

Hi Everyone,

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

A total of 153 respondents participated in this survey – representing 42% of the 369 OMREB sales representatives who acted as Buyers Agents and 29% of the 538 deals closed on behalf of Buyers in June.

JUNE SURVEY SUMMARY HIGHLIGHTS
Property Type:

23.8% by First Time Buyers
21.1% of purchases were by Move-Up Buyers
10.9% buying Revenue/Investment Property
6.8% moving from Single Family to Home Strata unit
6.1% moving from Strata property to Single Family Home
6.1% moving into Retirement Home/Seniors Community
5.4% Recreation Property Buyers

Where did the Buyer move from?

45.6 % From within the OMREB Board area (Peachland to Revelstoke)
18.8% From the Lower Mainland or Vancouver Island
2.8% From Other areas of BC
16.1% From Alberta
3.4% From Saskatchewan/Manitoba
0.7% From Eastern Canada/Maritimes
2.7% From outside Canada

In what area was the property purchased?

56.8% Kelowna/West Kelowna 
7.4% Central Okanagan (excluding Kelowna/West Kelowna)
14.9% Vernon/Coldstream
7.4% North Okanagan (excluding Vernon/Coldstream)
3.4% Salmon Arm
10.1% Shuswap/Revelstoke (excluding Salmon Arm)

Kind Regards

Trish Cenci

Tel 250 864 1707

Tuesday, 19 July 2011

Thinking of Buying a Second Home in the US ? More good advice for Canadians.

Hi All,

For those of you thinking of buying a second home in the US, this article offers some useful reminders of things for you to consider.

Kind Regards

Trish Cenci

Tel 250 864 1707

Coldwell Banker Horizon Realty

Wednesday, 13 July 2011

TD Bank Reports moderation in store for Canadian Real Estate Markets - What Impact for Kelowna?

Hi All,

I have been reading the special report, on the Canadian Housing Market, from the TD Banks Economics Department today.

Over the medium term they are predicting a correction in some markets, and their reasons why. They then give detailed report on various specific markets - including Vancouver, Calgary and Edmonton.

What is interesting is that they have now also amended their forecast for rising interest rates to January 2012.

To read the full report please go to - http://www.td.com/economics/special/sg0711_housing.pdf

How do I feel this will affect the real estate market in Kelowna? 

In this report, the Bank is forecasting a fall in first time buyers. These buyers are very important to any real estate market, and have definitely been active in the Central Okanagan this last year.

This would have a negative effect on demand, however, I believe some of this will be offset by investors, as Kelowna has already undergone quite a correction in its pricing, and there is some good value product available - particularly if the investor is looking to 'hold' for the long term.

I am sure some investors are waiting to see whether the market is going to fall further. One of the questions they need to answer is - if  they are borrowing to facilitate a purchase, what will the  increased cost of their financing be(if they wait), as interest rates are going to rise. Will that cost be offset by a larger fall in price?

If you have any questions about this article, or the Kelowna Real Estate market in general, please feel free to contact me.

Kind Regards

Trish Cenci

Tel 250 864 1707


Wednesday, 6 July 2011

Kelowna Real Estate - "Housing Market More Stable Moving into Summer" says OMREB

Hi All,

Here are the key highlights from today's OMREB Media release on the June 2011 Real Estate sales for the Central Okanagan.

Kelowna, BC – Media Release July 6th, 2011.

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2011 sales activity of all MLS® property types were down compared to sales reported at this time last year but improved over May as the market shows more stability moving into summer.

During June, overall sales dipped by 5.51% over last year to 343 from 363, with sales volumes of $133.1 million compared to $156.8 million in 2010. However, sales improved 1.78% over May’s 337. While total residential sales last month declined 6.89% compared to June 2010 (to 311 units from 334), single family unit sales were in line with last year (182 compared to 181), and improved 13.75% over May (160).

Inventory continues to decline over 2010 down by 8.11% to 5,301 units in June compared to 5,769 last year. New listings for the month fell by 7.21% over last June (to 1,094 from 1,179) – a 9.48% decline over last month (from 1,212 in May).

“The slight rebound and gradual improvement in June is promising. We hope to continue to see modest gains in sales if activity picks up with the warm weather and an influx of out-of-town buyers," says Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone.

“While many factors have affected consumer confidence,created buyer hesitation, and deterred potential recreation, investment and retirement property buyers to date, it is still too soon to tell if there will be a slow down over the summer.This next month (July) will be a good indicator as to the ongoing trend".

Kind Regards

Trish Cenci

Tel 250 864 1707




Friday, 1 July 2011

Kelowna Real Estate Update - July 2011

First and foremost – Happy Canada Day everyone!

After another relatively slow month during May, I am sure everyone was anxious to hear whether the market improved in June.

Well the answer to that is yes - for single family homes, lots and manufactures homes, but not for strata properties. Numbers are rising and adding to this, I have seen an increase in web traffic and a lot more enquiries from potential buyers, and I have shown a lot more property during these last few weeks. This certainly backs up my theory that the market is about 6 weeks later this year, along with the weather!

Central Okanagan Statistics for June  2011

Date         Total     S/F    Strata    Lot     Manuf

June 11     331     200         90       20          21

May 11     328     184       119       13          12

Apr 11      285     161         89       12          23

Mar 11     324     185        105      18          16

Jun 10      337     204         96       17          20

Figures are as at close of business June 30, 2011 and may be subject to minor change.
In reading the latest forecast for the Central Okanagan made by Cameron Muir, Chief Economist for the  BC Real Estate Association

“The average annual MLS® residential price is forecast to edge down 2.7 per cent to $384,000 this year, after increasing 3.9 per cent in 2009. While the inventory of active listings remains relatively high, the number of new listings to the market has pulled back sharply, suggesting that market conditions may soon trend toward balance. The average annual MLS® residential price is forecast to remain relatively unchanged in 2012, up by 0.3 per cent to $385,000.”

To read his full report for BC please go to http://www.bcrea.bc.ca/economics/HousingForecast.pdf

In reading this, my feelings are that we have seen selling prices lower already this year, as it has remained a buyer’s market. The better news is that the number of new listings is slowing and we are therefore heading towards a more balanced market – so it logically follows that prices will flatten out.

Longer term predictions are looking healthier, with the number of ‘new households’ rising, which will bring an increase in demand.

Summary

It remains a Buyer’s market and Sellers will need to continue to be very ‘keen’ with their pricing to attract activity. I expect the increased momentum in sales to continue, particularly as the weather forecast is for sunny Okanagan days!

If you have any questions about my latest update, please do not hesitate to contact me.

Kind Regards

Trish Cenci

Tel 250 864 1707