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.

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

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

Kind Regards

Trish Cenci

Tel 250 864 1707


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

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

Oct - 12
290142 99 24 25
 Sept - 12
Aug - 12
Jul - 12
    Oct - 11

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