Friday, 14 December 2012

December 2012 Real Estate Market Update from BCREA

Hi All,

For those of you who prefer visual rather than written updates, here is the latest video report from Cameron Muir of the BC Real Estate Association, giving his December 2012 update.


 Kind Regards
 Trish Cenci
 Tel 250 864 1707
 Email trishcenci@shaw.ca

Tuesday, 4 December 2012

Kelowna Real Estate Sales News December 2012

Hi All,

Looking for an update Kelowna Real Estate sales for November 2012?

View my latest report in the attached link.

Kelowna Real Estate Sales News December 2012

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Thursday, 15 November 2012

Kelowna Buyers Survey Results - November 2012



The results of OMREB's OCTOBER 2012 Buyers Survey are now posted!  A total of 183 respondents participated in this survey – representing 54% of the 339 OMREB sales representatives who acted as Buyers Agents, and 38% of the 479 deals closed on behalf of Buyers in October.

There appear to be no real surprises in this months figures, with Move Up Buyers continuing to be the most active type of Buyers and the number of 'out of town' buyers falling off , as we head in to winter.

OCTOBER SURVEY SUMMARY
Property Type:

27.4% of purchases were by Move-Up Buyers (27.6% last month)
19.1% by First Time Buyers (21.2% last month)
10.1% moving from Single Family Home to Strata Unit (10.3% last month)
8.4% buying Revenue/Investment Property (up from 7.1% in September)*
7.3% purchasing Recreation Property
5.6% moving from Strata property to Single Family Home  (up from 2.6% in September)*
2.8% moving into Retirement Home/Seniors Community

* During the month of October, there was a jump in the sales of Single Family Homes to owners of Strata Properties, and in the sale of Revenue/Investment Properties compared to September– as noted above. Other categories remained at similar levels to the previous month.

Buyer Type (Family Dynamic):

18.6% Two Parent Family/Children (22.6% last month)
24.0% Empty Nesters/Retired
23.0% Couple without Children
16.4% Single Male
14.8% Single Female (up from 12.6% in September)**
3.8% Single Parent with Children (up from 1.9% in September)**

** In October, there was a significant increase in purchases by Single Parents with Children, and by Single Females compared to September – as noted above, while other categories remained at similar levels as the previous month.


Moving From:
57.1% from Within OMREB Board Area  (up from 50.9% in September)***
14.3% from Alberta  (down from 21.4% in September)***
13.7% from Lower Mainland/Vancouver Island  (up from 10.7% in September)***
8.8% from Other Areas in BC (up from 6.9% in September)***
2.7% from Eastern Canada/Maritimes (up from 1.3% in September)***
2.2% from Outside Canada
0.5% from Saskatchewan/Manitoba (down from 6.3% in September)***
0.5% from NWT/Yukon (14th month reported)

*** Compared to September, there was less migration from Alberta and Saskatchewan/Manitoba in October, but more movement from the Lower Mainland/Vancouver Island, other areas of BC, and Eastern Canada/Maritimes -- as noted above.

Kind Regards
Trish Cenci
Tel 250 864 1707
EMail trishcenci@shaw.ca

Wednesday, 14 November 2012

BCREA Reports Kelowna Real Estate Sales Strengthening October 2012


 Hi All,

I am pleased to say that when I read the Real Estate Sales report from the BC Real Estate Association today, the figures for Kelowna and the Central Okanagan Area are continuing to show signs of recovery.

Numbers of active listings are down to 5,767  from 6,053 this time last year, which is a 4.7% reduction, and sales to active listings have increased to  7.8% from  6.7% last year.

Whilst that is not yet balance market territory, it is getting closer!

Vancouver, BC – November 14, 2012. 

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 14.6 per cent to $2.7 billion in October compared to the same month last year. A total of 5,276 MLS® residential unit sales were recorded over the same period, down 10 per cent from October 2011. The average MLS® residential price was $508,292, down 5.1 per cent from a year ago.

"While consumer demand was stronger in October on a provincial basis, home sales continue to trend below last year’s level,” said Cameron Muir, BCREA Chief Economist. “Tighter mortgage credit regulation has moderated housing demand on the South Coast."

“However, an increase in residential sales was recorded in the Okanagan, Kootenay, Chilliwack and BC Northern board areas,” added Muir. Year-to-date, BC residential sales dollar volume declined 18.2 per cent to $31.1 billion, compared to the same period last year.

Residential unit sales declined 10.5 per cent to 59,946 units, while the average MLS® residential price was 8.6 per cent lower at $518,321.

For the full report please go to  http://www.bcrea.bc.ca/docs/news-2012/2012-10.pdf

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca   


Monday, 5 November 2012

Kelowna Home Sales Forecast 2013 – Brighter Outlook says CMHC


Hi All,

As I read the latest Kelowna Housing Market Outlook for Fall 2012, from CMHC today, I was pleasantly surprised!

Here are some of the headlines -:

- Demand for new and existing Homes expected to strengthen in 2013.
- MLS® Home Sales Forecast to increase by 8% in 2013
- Prices set to increase by 2% in 2012.

To read the full report please view the attached link -:

Kind Regards
Trish Cenci
Tel 250 864 1707
Email trishcenci@shaw.ca

Thursday, 1 November 2012

Kelowna Real Estate Sales Update for November 2012

Hi All,

After such beautiful weather in September, we have been brought down to earth  in October, with rain and snow on the hills.

This has meant that the 'Snowbirds' have gone South, Golf Courses are closing and life is settling down towards winter here in the Okanagan.

Central Okanagan Real Estate Sales Figures October 2012

Date
Total
S/Fm
Strata
Lots
Manuf
Oct - 12
290142 99 24 25
 Sept - 12
260
134
93
13
20
Aug - 12
380
205
136
22
17
Jul - 12
409
232
131
31
15
    Oct - 11
265
147
87
12
19

When I look at this months Real Estate sales,  I am pleased to see that they have 'rallied' after last months dip, which indicates that the change to the mortgage rules did have an effect on our First Time Buyers.

Points of note for September
- there were 15 Lake Shore Property sales.
- 10 sales over $1m.
- 91% of the sales were under $600,000.

Looking back to the detailed summary for September, inventory levels were still quite high. There were 15.66 months of Single Family Home inventory, 14.07 months for apartments and 15.28 months for Town Homes.

I do expect these numbers to fall during November as some Sellers take their homes off the market for the winter.

Just a reminder

I just want to remind everyone that Tanis and I have now closed our office in Quail Ridge and during the next week or so, once the major office renovations are  finished, we will be moving to our Main Office at -:

14, 1470 Harvey Avenue,
Kelowna, BC
V1Y 9K8
Office Telephone 250 860 7500
Toll Free 1 888 KELOWNA
Fax 250 868 2488

Don't worry though, I still plan to have a strong profile in the Quail Ridge area, as I continue to live in the Community.

Update on the Quail Ridge area 

I attended the Quail Ridge Residents Association (QRRA) AGM last week. It is always a great opportunity to catch up with my neighbours, and as usual there was a really good turnout.

Interesting things to note - Sheraton are hoping to have their new Four Points Hotels Opened at the entrance to Quail by July of next year, and the Airport announced plans to build a Gas Bar and Restaurant on the vacant land on the right as you enter the Kelowna International Airport Entrance, which they hope to start fairly soon.

That's all for this month.

Kind Regards
Trish Cenci
Tel 250 864 1707
Email trishcenci@shaw.ca

Friday, 26 October 2012

BC Real Estate Association Forecasts Home Sales to Grow in 2013

BCREA 2012 Fourth Quarter Housing Forecast
Vancouver, BC – October 26, 2012.

The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast today.  BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLS® residential sales were recorded in 2005.

“Despite stronger consumer demand in the interior, BC home sales will fall short of last year’s total,” said Cameron Muir, BCREA Chief Economist. “A moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population base point to more robust consumer demand in 2013. ”

“While the average MLS® residential price is forecast to decline 7.6 per cent to $518,600 this year, the change is largely the result of luxury home sales returning to more normal levels after an unusually active 2011,” added Muir. In addition, the Lower Mainland’s share of provincial home sales is expected to decline to 57 per cent this year from 62 per cent in 2011.The average MLS® residential price in BC is forecast to edge up 0.7 per cent to $522,000 in 2013.

To read the full report, which includes the Central Okanagan,please go to http://www.bcrea.bc.ca/docs/news-2012/2012-10-26forecast.pdf

Kind regards
Trish Cenci
Tel 250 864 1707
Email trishcenci@shaw.ca

Tuesday, 23 October 2012

Kelowna North gets a mention as one of the best BC Neighbourhoods for Investment

Hi All,

It is interesting that as the media continues to talk about a potential bubble bursting in Real Estate, that I am actually reading stories that areas of Kelowna are now proving some of the best BC neighbourhoods for Real Estate Investment. See the report below -:

I have always believed that some of the Real Estate complexes in downtown Kelowna represent great potential for Real Estate Investment, as they are easily rentable - being close to beaches, restaurants and downtown, and their location can't be duplicated.

If you are interested in receiving more information about these properties, please feel free to give me a call.

Kind Regards

Trish Cenci

Tel 250 864 1707

EMail trishcenci@shaw.ca

Friday, 19 October 2012

Kelowna Buyers Survey Results for September 2012


Hi All,
The results of OMREB's SEPTEMBER 2012 Buyers Survey are now posted!   A total of 160 respondents participated in this survey – representing 54% of the 299 OMREB sales representatives who acted as Buyers Agents, and 39% of the 416 deals closed on behalf of Buyers in September.
It seems that sales to First Time Buyers recovered this month by 5%, after the drop in sales to this sector of the market during August, as a result to the changes in Mortgage Rules.
SEPTEMBER SURVEY SUMMARY
Property Type:

27.6% of purchases were by Move-Up Buyers (maintaining - 26.6% in August)
21.2% by First Time Buyers (up from 16.2% in August)*
15.4% purchasing Recreation Property (maintaining - 15.3% in August)
10.3% moving from Single Family Home to Strata Unit (up from 8.6% in August)*
7.1% buying Revenue/Investment Property
3.2% moving into Retirement Home/Seniors Community
2.6% moving from Strata property to Single Family Home(maintaining - 2.7% in August)
* During the month of September, there was a noticeable jump in sales to First Time Buyers and to Purchasers of Strata Units (moving from Single Family Homes) compared to August – as noted above. Other types maintained similar numbers from the previous month.Buyer Type (Family Dynamic):
22.6% Two Parent Family/Children
23.3% Empty Nesters/Retired  (maintaining - 24.6% in August)
23.3% Couple without Children (up from 20.5% in August)**
18.2% Single Male (up from 11.6% in August)**
12.6% Single Female (up from 6.3% in August)**
1.9% Single Parent with Children

** In September, there was a significant increase in purchases by Couples without Children, Single Males and Single Females (12.6% from 6.3%) compared to August – as noted above. 
Moving From:
50.9% from Within OMREB Board Area
21.4% from Alberta (up from 19.1% in August)***
10.7% from Lower Mainland/Vancouver Island (up from 9.8% in August)***
6.9% from Other Areas in BC (up from 4.9% in August)***
6.3% from Saskatchewan/Manitoba (up from 2.7% in August)***
1.9% from Outside Canada
1.3% from Eastern Canada/Maritimes
0.6% from NWT/Yukon (13th month reported)
*** Compared to August, there was more migration from Alberta, the Lower Mainland/Vancouver Island, other areas of BC and Saskatchewan/Manitoba – as noted above.
Kind Regards
Trish Cenci
Tel 250 864 1707
EMail trishcenci@shaw.ca

Thursday, 18 October 2012

Why interest rates will rise gradually & the importance of focusing on Region rather than National Real Estate Trends

Hi All,

I read this really interesting article from Don Campbell today.

It gave a reasoned approach to why interest rates will rise gradually and why it is important to focus on what is happening in your local region with Real Estate rather than the Media Headlines covering National Trends.


Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Monday, 15 October 2012

BCREA reports Tighter Regulation Trims BC Home Sales September 2012


 
Vancouver, BC – October 15, 2012. 

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 28.5 per cent to $2.2 billion in September compared to the same month last year. A total of 4,539 MLS® residential unit sales were recorded over the same period, down 24.3 per cent from September 2011. The average MLS® residential price was $494,213, down 5.6 per cent from a year ago.

"Stricter high-ratio mortgage regulation further exacerbated a moderating trend in consumer demand,” said Cameron Muir, BCREA Chief Economist. “Reducing the maximum amortization from 30 to 25 years had the equivalent impact to affordability as a 100 basis point increase in mortgage interest rates."

“An expanding population, strong full-time employment growth and persistent low mortgage interest rates are expected to bolster housing demand in the months ahead,” added Muir.

Year-to-date, BC residential sales dollar volume declined 18.5 per cent to $28.4 billion, compared to the same period last year. Residential unit sales declined 10.6 per cent to 54,670 units, while the average MLS® residential price was 8.9 per cent lower at $519,289.

To read the full report, please go to http://www.bcrea.bc.ca/docs/news-2012/2012-09.pdf

Kind Regards

Trish Cenci
Tel 250 864 1707
Email trishcenci@shaw.ca

Friday, 12 October 2012

Looking for ideas to update your kitchen without replacing the cabinets - read on!

Hi All,

Whether you are getting ready to sell your home or just thinking it's time to freshen up your old kitchen, here is a useful article on updating without changing your cabinets.

http://houseandhome.com/design/ask-designer-affordable-kitchen-update

Kind Regards

Trish Cenci

Tel 250 864 1707

Thursday, 4 October 2012

5 P’s for Success - by Guest Blogger Chris Rowe of Quest Martial Arts in Kelowna


Hi All,

Today my thanks go to Guest Blogger, Chris Rowe of Quest Martial Arts here in Kelowna.

He has put together a great article on 'Success', which can apply to life or to business.

Read on!!

5 P’s for Success 

Watched a great video from Les Brown this morning, and in this video he talked about the 5 P’s.

Purpose – Why are you here? What is your real purpose, not the surface stuff but really why do you
want to do what you do? Drill down and continue to ask what else? The last thing any of us want to is
reach the end of the race and know we could have done more. So that you don’t leave this planet with
any “I wish I could have…”

Persistence – Daily habits towards your goal, you have to keep striving for your higher purpose. To do
that read 10-15 pages of positive material a day, listen to positive speakers while you do other things,
every day!

I will assume you have heard of MacDonald’s, Subway, or Pizza hut…they know you have heard
about them yet they continue to advertise so that they affect your thinking. It is the same way with
positive and motivational material. Let it permeate your day. I was at breakfast with some friends and
we started talking about time, there is not enough in a day. We often say that as we sit in front of the
TV for the 4th episode of Big Bang Theory, or while staying in bed pressing the snooze button for the 4th
time. As I write this I am listening to Anthony Robins speak on TED tv…love this stuff!

Passion – Share your passion with others, don’t hold it in and hide it like a candle under cover. Let that
light shine and fill the room, because I believe that is part of what we are called to do. I love listening to
people who are just on fire for their belief, or goal or company. It is awesome! Have you ever gone to a
seminar and the key note speak motivated you to get out of the room? I challenge you to listen to Les
Brown or Anthony Robins and not want to go and walk on fire!

People – Who is the greatest Hockey player on the planet right now? Or the greatest golfer? These
great athletes still surround themselves with people who will help them to achieve their goal of being
the best at their craft. “You don’t climb the high mountain alone.” – Master Zaleksi, and it is always
more fun at a party that has more than 1 person. Surround yourself with people that love and care
about you, but also people who will tell you what you NEED to hear not just WANT to hear.

Perseverance – Les Brown’s famous line sums it all up “if you get knocked down try and land on your
back, because if you can look up you can get up.” However too many of allow the hard times create fear,
which then over runs our desire to achieve our goal.

Respectfully,

Chris Rowe ~ Quest Martial Arts
Website http://www.kelownamartialarts.com/
Telephone 250-869-0111

Kelowna Martial Arts focuses on the students and helps them achieve their own personal goals

Monday, 1 October 2012

Kelowna Real Estate Sales Update October 2012

 Hi All,  

The highlight for Kelowna during the last month had to be the weather. We really did enjoy some beautiful sunny days, and although it is forecast to be cooler in the mornings now, it looks like the sunshine is set to continue.

Our latest real estate sales figures on the other hand, do not show such a happy picture, with total sales being down 20% on this time last year.

Central Okanagan Real Estate Sales September 2012

Date
Total
S/Fm
Strata
Lots
Manuf
Sep - 12
260
134
93
13
20
 Aug - 12
380
205
136
22
17
Jul  - 12
409
232
131
31
15
Jun - 12
410
235
142
19
14
    Aug - 11
313
167
115
11
20

So what happened? Should we be worried? The answer is that we usually see sales taper off as we enter the Fall months and I believe the figures look worse, as we have had such good sales numbers over the summer months.

Probably the biggest impact on the market, however, has been the new Mortgage Rules introduced by the Government in July. Whilst it was not clear from the August figures that this was the case, we have seen a more marked impact during September.

Whilst I do see this continuing to have an impact in the short term, long term the economic outlook for this area is looking relatively stable, and barring some major 'meltdown' in the World Economy, I see no reason why we should not continue to see the modest price increases, which have been forecast for this area.

Other news - Change to My Office Location

The other news I wanted to share with you is that my business partner, Tanis Read and myself will be moving from our Quail Ridge Location at the end of October.

As we have been growing our business, we have been spending less time in our Quail Office this year, and now feel that we need to have a full reception presence and the backup of our Reception Team at the main Coldwell Banker Office at Harvey Avenue, down town.

We will therefore be moving our ‘base’ to #14 – 1470 Harvey Avenue, Kelowna, V1Y 9K8  and I will have the same Cell and Fax Number.

I certainly intend to remain very active in the Quail Ridge area, as I live in the area, and our out of town  clients who like to keep in touch with what is happening in Quail can continue to do so on our web site  www.quailridgerealestate.com

If you have any questions or concerns, please do not hesitate to contact me.

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Thursday, 27 September 2012

BC Condo Owners - Don't be caught out by high insurance deductibles - read on!

Hi All,

If you are a condo owner and do not know what your Strata Insurance deductibles are you need to find out!

I have just read the attached article and thought I should share it. http://www.cbc.ca/news/canada/british-columbia/story/2012/09/25/bc-condominium-leaks-deductibles.html

Kind Regards

Trish Cenci
Email trishcenci@shaw.ca
Cell 250 864 1707

Friday, 21 September 2012

Mortgage Penalties - 10 Useful Questions to ask your lender

Hi All,

I was undertaking some 'back reading' today and saw this useful article, about working out the penalties on fixed rate mortgages, from the Globe and Mail recently, and thought I would share it with you.

1. Is your fixed-rate mortgage penalty based on posted rates, bond yields or discounted rates?

The logic: Some lenders – including the Big Six banks – base penalties on posted rates, which can drastically inflate your penalty. Other lenders use bond yields, which can also cost you a small fortune, depending on bond performance. A few are even bold enough to use posted rates when calculating simple “three-month interest” penalties.

2. If I break the mortgage and stay with you, will you forgive a percentage of my penalty or apply unused prepayment privileges, to reduce my penalty?

The logic: More lenders are doing this as competition grows.

3. If not, can I make a prepayment a few weeks before breaking my mortgage to lower the balance used to calculate my penalty?

The logic: When determining a penalty, some lenders refuse to consider prepayments 30-90 days before you request discharge.

4. What term do you use to calculate the nearest comparison rate for an IRD penalty?

The logic: Some lenders use a shorter term than the nearest term, which can significantly increase your prepayment costs.

5. Can I increase my mortgage without a penalty? T

The logic: This is important if you ever upgrade your home or need additional funds.

6. If I sell my home and port my mortgage to a new property, how long can I take to close on that new property and still avoid a penalty?

The logic: Some lenders unreasonably require you to close your old and new home on the same day.

7. If I break the mortgage early, do I have to pay “reinvestment fees” on top of the penalty, or pay back any cash incentives that I’ve received?

The logic: Other things equal, why pay a reinvestment fee on top of your penalty? The latter answer is usually “yes.”

8. Can I get out of my fixed mortgage early if I pay a penalty?

The logic: Some “low frills” closed mortgages don’t let you out before maturity – no matter what – unless you sell your home.

9. Do you charge IRD penalties on your variable-rate mortgage, as opposed to the standard three-month interest?

The logic: Despite being highly unorthodox, a few lenders actually do this and it can cost you.

10. How long will you honour your IRD penalty quote?

The logic: This is relevant if you’re trying to discharge a fixed-rate mortgage while rates are dropping. Falling rates can increase your IRD penalty.

To read the full story, please view http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/ten-questions-to-help-you-avoid-mortgage-penalty-shock/article4545693/

It's quite a 'mine field', so my advice would be to contact your Mortgage Broker!

Kind Regards

Trish Cenci

Tel 250 864 1707

 

Tuesday, 18 September 2012

Where did the Kelowna Real Estate Buyers Come from in August 2012 ?



September 18, 2012

The results of OMREB's AUGUST 2012 Buyers Survey are now posted!   

A total of 225 respondents participated in this survey – representing 54% of the 414 OMREB sales representatives who acted as Buyers Agents, and 39% of the 581 deals closed on behalf of Buyers in July.

As I look at the figures this month, it seems that Jim Flaherty's changes to the First Time Buyers rules are now having and impact with First Time Buyers numbers reduced from 19.9% last month to 16.2% this month. 

Buyer numbers from the Lower Mainland have also fallen, which could be a reflection of tougher Real Estate market conditions in the Vancouver area.

AUGUST SURVEY SUMMARY
Property Type:
26.6% of purchases were by Move-Up Buyers
16.2% by First Time Buyers
15.3% purchasing Recreation Property  (up from 9.7% in July)*
9.9% buying Revenue/Investment Property
8.6% moving from Single Family Home to Strata Unit
6.8% moving into Retirement Home/Seniors Community (up from 3.9% in July) *
2.7% moving from Strata property to Single Family Home

* During the month of August, there was a noticeable jump in sales to Buyers of Recreation Property (15.3% compared to 9.7%) and to Purchasers of Retirement Home/Seniors Community Units (6.8% compared to 3.9%) over July.

Buyer Type (Family Dynamic):
33.0% Two Parent Family/Children (from 26.4% in July)**
24.6% Empty Nesters/Retired 
20.5% Couple without Children
11.6% Single Male
6.3% Single Female
3.6% Single Parent with Children
** In August, there was a significant increase in purchases by Two Parent Families with Children -- 33.0% compared to 26.4% in July.
Moving From:
58.7% from Within OMREB Board Area  (47.2% in July)***
19.1% from Alberta
9.8% from Lower Mainland/Vancouver Island 
4.9% from Other Areas in BC 
2.7% from Saskatchewan/Manitoba 
2.2% from Eastern Canada/Maritimes
1.3% from Outside Canada 
1.3% from NWT/Yukon (12th month reported)

*** Compared to July, there was more movement within the Board Area in August -- rising to 58.7% of purchases from 47.2% in the previous month

Kind Regards

Trish Cenci

Tel 250 864 1707


Monday, 17 September 2012

Kelowna Real Estate reports improved Sales for August 2012, not so for other parts of BC

Hi All,

Here is the latest Homes Sales report from BCREA today. Overall it doesn't make very good reading for BC, at the moment, which seems to go against our improving economic trends.

That been said, the figures for the Central Okanagan , show our Sales and Dollar volumes up, number of listings falling and average sale prices holding steady.

To see the full report, please read below.

Vancouver, BC – September 17, 2012.

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 25.4 per cent to $2.6 billion in August compared to the same month last year. A total of 5,337 MLS® residential unit sales were recorded over the same period, down 17.9 per cent from August 2011. The average MLS® residential price was $491,145, 9.0 per cent lower than a year ago.

"Consumer demand continued to trend lower in August," said Cameron Muir, BCREA Chief Economist. "Tighter mortgage credit conditions introduced in July appear to be taking a toll on an already tentative market. However, with home sales slower than improving economic conditions suggest, a rebound may be in store before year-end."

Year-to-date, BC residential sales dollar volume declined 17.5 per cent to $26.2 billion, compared to the same period last year. Residential unit sales dipped 9.1 per cent to 50,131 units, while the average MLS® residential price was 9.3 per cent lower at $521,599.

To read the full report, please click the attached link-: http://www.bcrea.bc.ca/docs/news-2012/2012-08.pdf

Kind Regards

Trish Cenci

Tel 250 864 1707

Friday, 14 September 2012

World Real Estate Update September 2012 from Scotiabank

Hi All,

As I usually tend to focus my Real Estate Reports on the Kelowna and British Columbia Real Estate Markets, I thought you might be interested to see how things were progressing around the rest of the World.   Attached is a link to today's Scotiabank Global Real Estate report by Adrienne Warren http://www.gbm.scotiabank.com/English/bns_econ/retrends.pdf

Kind Regards
Trish Cenci
Email trishcenci@shaw.ca
Tel 250 864 1707
 

Saturday, 1 September 2012

Kelowna Real Estate Sales Update September 2012

Hi All,

After a busy 3 months, August 2012 saw a reduction in residential real estate sales. This is quite normal, as August is traditionally a time when many people focus on holidays rather than buying a home.  

During the last week in August I certainly experienced an increase in enquiries from people thinking of buying a property in the coming couple of months, so it is highly possible that we will experience a busy September and October, particularly if the weather stays good.

  Central Okanagan Sales Figures August 2012


Date
Total
S/Fm
Strata
Lots
Manuf
Aug - 12
380
205
136
22
17
 Jul - 12
409
232
131
31
15
Jun  -12
410
235
142
19
14
May -12
419
223
154
23
19
    Aug -11
276
145
103
17
11

As you can see numbers are well up on last year. Highlights for August - there were 18 sales last month over $1 million, and 55 of the 205 (26%) single family home sales were sales over $550,000. Compared to 52 of the 233 (22%) single family home sales in July. 

I suspect that this will be as a result of continued activity from 'out of town' buyers who were shown to be buying recreational and investment properties in last months Buyers Survey Results, for the Central Okaganan. It will be important to watch the Buyers Survey results for at least the next couple of months, to see whether the change in Mortgage Lending Rules has affected First Time Buyer Sales.

Ongoing Okaganan Housing Outlook.

I am finally starting to read more positive things about the local Real Estate Market, in the media, and it has been interesting that they have made specific mention of BC's Interior. More 'robust demand in the Interior', was the comment in  the latest BC Real Estate Association Housing Forecast, for Quarter 3, and in the Globe and Mail this week-  "The region’s established popularity with vacationers mean the values to be had now will look good well into the future." 

To Buyers - I realise this is no basis on which to form a buying decision, but you have been warned ( from various sources), that interest rates will never be better and average house prices, in the Okaganan, are likely to start to rise in 2013.

To Sellers - if  you are still thinking of selling your property this year, it isn't too late, so please feel free to give me a call and I will be happy to provide you with an up to date Market Analysis.

And Finally.. You may have noticed I have changed my website around this month. If you have any feedback of additional things you would like to see, to help you with your buying and selling decisions, please feel free to telephone or email me, as I would love to hear from you!!

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Friday, 31 August 2012

BC Real Estate Association 3rd Quarter Housing Forecast for 2012

 
Vancouver, BC – August 30, 2012.

The British Columbia Real Estate Association (BCREA) has now released its 2012 Third Quarter Housing Forecast Update.

BC Multiple Listing Service® (MLS®) residential sales are forecast to edge down 4 per cent to 73,400 units this year, before increasing 7.5 per cent to 78,900 units in 2013. Since 2009, MLS® residential sales in BC have ranged between 74,000 to 78,000 units.

A record 106,300 MLS® residential sales were recorded in 2005. “Despite more robust consumer demand in the Interior, fewer home sales in Vancouver will pull the BC total lower this year,” said Cameron Muir, BCREA Chief Economist.

 “However, a notable growth trend in full-time employment combined with persistently low mortgage interest rates is expected to boost housing demand around the province in 2013.”

“MLS® residential prices are expected to remain relatively stable this year and through 2013, with changes in average price statistics largely the result of a differing mix of home types sold and shifting regional demand patterns,” added Muir.

 Average price data for Vancouver was skewed artificially high in 2011 by a wave of detached home sales in the priciest neighbourhoods. Lower Mainland’s share of provincial home sales is expected to decline to 58 per cent this year from 62 per cent in 2011.

The average MLS® residential price in BC is forecast to decline 7.8 per cent to$517,500 this year, and remain relatively unchanged at $519,000 in 2013. T

To read the full report, please link to http://www.bcrea.bc.ca/docs/news-2012/2012-08-30forecast.pdf

Within the report it forecasts that the number of Units Sold for the Okanagan Mainline in 2013 will be up 4.5% and the average MLS price will be up 1.7%.

 Kind Regards

 Trish Cenci

 Tel 250 864 1707

 Email trishcenci@shaw.ca

 

Wednesday, 29 August 2012

Kelowna Real Estate - OMREB Buyers Survey Results for July 2012

 Hi All,

The results of the Okanagan Mainline Real Estate Board's (OMREB) July 2012 are now out.

A total of 216 respondents participated in this survey – representing 54% of the 402 OMREB sales representatives who acted as Buyers Agents and 36% of the 603 deals closed on behalf of Buyers in July.

JULY SURVEY SUMMARY

Property Type:

22.8% of purchases were by Move-Up Buyers
19.9% by First Time Buyers
13.1% moving from Single Family Home to Strata Unit
10.7% buying Revenue/Investment Property (up from 6% in June)*
9.7% purchasing Recreation Property  (up from 7.6% in June)*
4.4% moving from Strata property to Single Family Home
3.9% moving into Retirement Home/Seniors Community

* During the month of July there was a significant jump in sales to Buyers of Revenue/Investment Property (10.7% compared to 6%) and Recreation Property (9.7% compared to 7.6%)  over June.

Buyer Type (Family Dynamic):

26.4% Two Parent Family/Children
24.5% Empty Nesters/Retired  (up from 16.7% in June)**
19.9% Couple without Children
16.7% Single Female (up from 13.5% in June)**
10.2% Single Male
4.6% Single Parent with Children

** In July, there was a significant increase in purchases by Empty Nesters (24.5% compared to 16.7%) and Single Females (16.7% compared to 13.5%) over June.

Moving From:
47.2% from Within OMREB Board Area
19.4% from Alberta (up from 13% in June)***
13.4% from Lower Mainland/Vancouver Island
9.7% from Other Areas in BC
4.6% from Eastern Canada/Maritimes (up from 2.1% in June)***
2.3% from Saskatchewan/Manitoba
1.9% from Outside Canada
1.4% from NWT/Yukon (11th month reported – up from 0% in June)***

*** Compared to June, there was more migration from Alberta(19.4% of purchases compared to 13%),  Eastern Canada and the Maritimes (4.6% compared to 2.1%), and from the North West Territories and Yukon (1.4% compared to 0%) during the current reporting month (July).

The interesting point to note is that the percentage of First Time Buyer Sales fell this month. It will be interesting to see whether that is just the fact the investment property sales were stronger than they have been, or whether the new mortgage rules are having some effect, over the coming months.

Kind Regards

Trish Cenci

Cell 250 864 1707

EMail trishcenci@shaw.ca