Friday, 20 April 2012

Kelowna Real Estate April 2012 Buyers Survey Results

Hi All,

The results of OMREB's MARCH 2012 Buyers Survey are posted!  A total of 181 respondents participated in this survey – representing 75% of the 241 OMREB sales representatives who acted as Buyers Agents and 37% of the 492 deals closed on behalf of Buyers in March.
Property Type:
28.7% of purchases were by Move-Up Buyers
21.3% by First Time Buyers
12.4% buying Revenue/Investment Property
9.6% moving from Single Family Home to Strata Unit
5.6% Recreation Property Buyers
3.9% moving into Retirement Home/Seniors Community
3.4% moving from Strata property to Single Family Home
Buyer Type (Family Dynamic):30.9% Couple without children
18.2% Two parent family/children
17.1% Empty Nesters/Retired
14.9% Single Male
13.8% Single Female
6.1% Single Parent with children

Moving From:
63.0% from Within OMREB Board Area
12.7% from Alberta
10.5% from Lower Mainland/Vancouver Island
9.4% from Other Areas in BC
2.2% from Saskatchewan/Manitoba
1.7% from Eastern Canada/Maritimes
0.6% from NWT/Yukon (seventh month reported)
0% from Outside Canada

Interestingly move up buyers and buyers from Kelowna and the surrounding area dominated the market this month.

Things definitely seem busier in the market, so it will be interest to see whether the 'out of town' buyers play a bigger part in next months figures.

Kind Regards
Trish Cenci
Tel 250 864 1707

Thursday, 19 April 2012

TD Bank updates their Forecast for Interest Rate Rises in Canada - April 2012

Hi All,

I was reading the latest report from Craig Alexander, Senior Vice President & Chief Economist, TD Bank Group.

I liked the logic of what he was saying, in terms of timing for interest rate rises, so thought I would share it.

Kind Regards
Trish Cenci
Tel 250 864 1707

Monday, 16 April 2012

View the latest video from BCREA giving the April 2012 BC Housing Market Update.

Hi All,

Please find below the latest video from BCREA giving the April 2012 Housing Market Update.

Kind Regards
Trish Cenci
Tel 250 864 1707

Friday, 13 April 2012

BCREA reports BC MLS® Dollar Volume Sales down 26.5% in March 2012

Vancouver, BC – April 13, 2012. 

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billion in March compared to the same month last year. A total of 6,882 MLS® residential unit sales were recorded over the same period, a decline of 20 per cent. 
The average MLS® residential price was $545,959 in March, 8.1 per cent lower than in March 2011. “The spike in consumer demand recorded a year ago was not repeated last month,” said Cameron Muir, BCREA Chief Economist. “A marked increase in high-end home sales a year ago pushed up unit sales and skewed average prices higher, so it’s no surprise to see fewer home sales and lower average prices in March of this year.” Year-to-date, BC residential sales dollar volume declined 17 per cent to $9.2 billion, compared to the same period last year. Residential unit sales dipped 12.7 per cent to 16,724 units, while the average MLS® residential price edged back 5 per cent to $552,785 over the same period.  

In reviewing this information it would appear that part of this change was as a result of the 31.6% reduction in volume, and the 29.4% reduction in monthly sales, in the Greater Vancouver area.

In the Central Okanagan area the average sale price for March 2012 was $366,389 against $376,574 in March 2011. This represents a 2.7%  reduction in average price against last year. Year to date the average home price has fallen by 1.6% to March 2012 from $368,255 to $362,497. Active listings are also down  by 3.0%  in 2012 from 5,922 to 5,744.

As the spring market continues to gain momentum, it will interesting to see whether we start to see average prices begin to hold firmer.

Kind Regards

Trish Cenci

Tel 250 864 1707

Thursday, 5 April 2012

Kelowna Real Estate Update April 2012

Hi All,

Apologies for delay in my usual update on the latest Kelowna Real Estate sales. I am pleased to report that this is due to a welcome increase in the number of Buyers who have been visiting the area, viewing a variety of different types of properties!

Central Okanagan Real Estate Sales for March 2012







 Mar - 12





    Feb -12






Jan -12






Dec -11





    Mar 11 




As expected the number of sales, are up in all categories compared to last month, but when compared to this time last year single family home sales are down.

I am seeing much greater activity in the market at the moment, and when we look at the number of sales against listings, the ratio was Condos 8.48%, Town Homes 7.38% and Single Family Homes 11.19%. This is much more into balanced market territory, and finally gives some hope to Sellers!

My thoughts on the months ahead.

I do expect the number of listings to increase, as the spring continues, so it will be interesting to see whether sales keep up.

Overall, I am finding things much busier than the last couple of years, and in particular, I am seeing a lot more enquiries for UBCO Condo and Town Home accommodation in the Quail Ridge and Lake Country areas.

This latest activity certainly backs up Cameron Muir's recent forecast for BC, from BCREA, where he is predicting a better market this year for the Okanagan area.

The signs that interest rates are set to rise, are firmly there, so everyone needs to be ready. Providing this doesn't happen too quickly it shouldn't affect the market too much, however I am watching closely to see whether the Government intervenes regarding lending rules again this year, which will impact, particularly on First Time Buyers, who have been very active in the market recently.

That's it for this month, so all that is left is for me to wish everyone a Happy Easter!

Kind Regards

Trish Cenci

Tel 250 864 1707