Tuesday, 19 June 2012

The Okanagan Real Estate Board Buyers Survey Results for May 2012

Hi All,

The results of OMREB's MAY 2012 Buyers Survey are now posted!   A total of 223 respondents participated in this survey – representing 55% of the 406 OMREB sales representatives who acted as Buyers Agents and 35% of the 637 deals closed on behalf of Buyers in May.
Property Type:

25.5% of purchases were by Move-Up Buyers
20.9% by First Time Buyers
12.3% moving from Single Family Home to Strata Unit
11.4% purchasing Recreation Property  (up from 4.8% in April)*
7.7% buying Revenue/Investment Property
4.1% moving from Strata property to Single Family Home
2.7% moving into Retirement Home/Seniors Community

*Recreation property sales improved significantly over April with 11.4% of purchases in compared to 4.8%.
Buyer Type (Family Dynamic):
28.7% Two parent family/children
24.2% Empty Nesters/Retired  (up from 16.8% in April)**
23.7% Couple without children
11.2% Single Female
9.4% Single Male
3.1% Single Parent with children
**Interesting to note the relative “balance” this month between two-parent families, couples without children, and empty nesters/retirees -- due to a rise in purchases by the latter group.

Moving From:
59.5% from Within OMREB Board Area
16.2% from Alberta
10.8% from Other Areas in BC  (up from 6.8% in April)***
7.7% from Lower Mainland/Vancouver Island
2.7% from Eastern Canada/Maritimes
1.4% from Outside Canada
0.9% from Saskatchewan/Manitoba
0.4% from NWT/Yukon (9th month reported)
*** More migration from other areas of BC this month with 10.8% of purchases compared to 6.8% in April.
Kind Regards
Trish Cenci
EMail trishcenci@shaw.ca
Cell 250 864 1707

Friday, 15 June 2012

BCREA Reports Shifting Regional Real Estate Demand Produces Similar Results - June 2012

Vancouver, BC – June 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 14.5 per cent to $4.0 billion in May compared to the same month last year. 

A total of 7,715 MLS® residential unit sales were recorded over the same period, down 1.8 per cent from May 2011. The average MLS® residential price was $519,923, 12.9 per cent lower than a year ago.“BC home sales were back on track in April and May compared with last year’s performance, after falling short of the unusually strong first quarter of 2011,” said Cameron Muir, BCREA Chief Economist.   

“Recovery of the BC Interior housing
markets continued unabated in May,” noted Muir. “Despite a nearly 16 per cent dip in home sales in Vancouver, provincial totals were down just 2 per cent from levels a year ago.”

Year-to-date, BC residential sales dollar volume declined 15.5 per cent to $17 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 31,497 units, while the average MLS® residential price was 8.3 per cent lower at $540,270.

With regard to the Okanagan Active Listings have shown a fall of 0.2% on this time last year and the Sales to Active Listing ratio is now 9.1% from 7.3% last year.This is a good sign for Sellers as we are gradually moving towards a more balanced market.

The biggest change on this time last year is that MLS sales are up 24.4% in May 2012 compared to this time last year.

To read the full report please view http://www.bcrea.bc.ca/docs/news-2012/2012-05.pdf

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Thursday, 14 June 2012

BC Real Estate Association Updated Mortgage Forecast June 2012

Hi All,

GLOBAL UNCERTAINTY KEEPING RATES LOW - that is the headline from the latest mortgage rate forecast provided by the BC Real Estate Association.

Certainly for now, it looks like interest rates will remain at current lows.

To read the full report please view http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/mortgagerateforecast.pdf

Copyright British Columbia Real Estate Association. Reprinted with permission.

Kind Regards

Trish Cenci

Tel 250 864 1707


Wednesday, 13 June 2012

Great Mortgage Plan Available For Families by Guest Blogger April Dunn

Hi All,

My thanks go to April Dunn who is a Mortgage Broker, who has been assisting clients to purchase, refinance or renew their mortgages for over 15 years. 

She has brought to my attention a current mortgage product that I thought some of you reading might be particularly interested in, when buying condos and town homes this summer if you have children attending UBCO this fall.

April is the Managing Broker of Mortgage Alliance Homeline Mortgage, an independent franchise of the Mortgage Alliance network.


This great program is available to enable people to help buy a home for immediate family members who have good credit but may lack the income to qualify for a mortgage with as little as a 5% down payment.

Perhaps you are a parent who would like to assist an entrepreneurial child buy a home and because they are self-employed they may not qualify using standard guidelines.

Or you would like to help your adult child buy a home when they are attending school for post secondary education. This is a great option for parents who may not want to waste money on rent while their kids are attending UBCO!

Or are your parents on a fixed income? This is a great way to help them into a home of their home. Maybe you would like to move them closer to you and your family?

There is no maximum mortgage amount but it cannot be used to purchase an investment property or to build a home and the home must be occupied by an immediate family member.

An immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian, or legal dependant.

All qualifying applicants, including the resident family member, must be on the title of the property.

In order to qualify for this program you must have clean credit, stable employment and income, positive net worth and a down payment from your own resources. The down payment cannot be borrowed.

This particular program is not available for anyone who is new to Canada and it cannot be used for second homes or vacation properties but there are other programs available should you be considering one of the above.

If you have questions on this program or any of the other programs available to purchase second homes or vacation properties, please give April a call or e.mail at 250-826-3543 or april@homelinecanada.com

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Wednesday, 6 June 2012

BCREA 2012 Second Quarter Housing Forecast - June 2012 - Better news for Okanagan Real Estate Sales.

Vancouver, BC – June 6, 2012.

The British Columbia Real Estate Association (BCREA) released its 2012 Second Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to edge down 2.2 per cent to 74,800 units this year, before increa sing 4.9 per cent to 78,500 units in 2013. Since 2009, annual home sales in the province have hovered in the 74,000 to 78,000 unit range. A record 106,300 MLS® residential sales were recorded in 2005.

"Despite a sizable increase in consumer demand in Kamloops, the Okanagan and the North, some moderation in the Metro Vancouver region will pull BC home sales lower this year,” said Cameron Muir, BCREA Chief Economist. “Persistently low mortgage interest rates are expected to continue to underpin home sales and affordability in the province."  

"An increase in the proportion of home sales in the Interior combined with fewer luxury sales in Vancouver will cause the annual average price in BC to decline nearly 4 per cent this year,” added Muir. The average MLS® residential price in the province is forecast to dip 3.9 per cent to $539,400 this year, and increase 1.4 per cent to $547,000 in 2013.

To read the full report please view http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/housingforecast.pdf

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Friday, 1 June 2012

Kelowna Real Estate Update June 2012

Hi All,

I know this is a cliche, but I can't believe it is June already. Where the weather has seemed to be a little cooler again this spring, it feels like we should be starting May!

As I look back, it was 7 years last month that I moved to Canada. I can remember thinking how hot it was when I arrived - 25 to 27 degrees. As it rained on our last long weekend, it reminded me of a rainy English Bank Holiday Weekend!!

Central Okanagan Sales Figures for May 2012












    Apr -12






Mar -12






Feb -12









I am pleased to say the sales figures for the last month are finally starting to reflect the higher level of activity I am experiencing in Kelowna Real Estate ! The figures showed good gains in all areas of the market.

In looking more closely at this information, it is still the single family home sales that show the biggest numbers , especially in the $300,000 to $400,000 price range. I am certainly finding, as I telephone for viewing appointments, there are a lot more properties which have offers pending.

These figures make logical sense, when you look at the Buyers Survey Results. It continues to be 'move up' buyers, locally, who are taking advantage of the 'Buyers Market' we are still seeing in the Central Okanagan.

Although things seem a little more 'subdued' in the Lower Mainland, I am starting to see more out of town buyers making enquiries, and I expect that to continue for at least the next couple of months.

My Forecast Ongoing

The more I read, the more I don't think interest rates are going anywhere fast for the rest of this year, so if you are worried about locking in to a mortgage rate, I don't think there is any need to panic.

Home affordability and the Global Climate are certainly keeping people feeling pessimistic generally. I was surprised to read, in a recent survey, that 73% of BC residents believe we are back in a recession. I think it's time for the media to ease off a little!

In Kelowna the overall feeling about the market is much busier than last year, but sale prices appear to be staying flat for now.

As always, if you have any specific questions you would like me to answer about the local real estate market, please feel free to contact me.

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca