Friday, 23 March 2012

BCREA Housing Market Update Q1 & Mortgage Forecast Update (March 2012)

Hi All,

For those of you who like to keep up with the BC Real Estate Market I have now attached the latest video update from Cameron Muir, Chief Economist for the BC Real Estate Association ( BCREA).

This report also includes some predictions of how mortgage rates are likely to move during 2012 / 2013



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

Wednesday, 21 March 2012

OMREB's February 2012 Buyers Survey are now out.

Hi All,


The results of OMREB's February 2012 Buyers Survey are in!  A total of 123 respondents participated in this survey – representing 43% of the 285 OMREB sales representatives who acted as Buyers Agents and 32% of the 385 deals closed on behalf of Buyers in February.
  
FEBRUARY SURVEY SUMMARY

Property Type:
20.7% by First Time Buyers
20.7% of purchases were by Move-Up Buyers
14.0% buying Revenue/Investment Property
13.2% moving from Single Family Home to Strata Unit
6.6% moving into Retirement Home/Seniors Community
4.1% Recreation Property Buyers
3.3% moving from Strata property to Single Family Home
It is interesting to note that first-time buyers and move-up buyers appear to be neck and neck this month!
Buyer Type (Family Dynamic):
28.0% Two parent family/children
23.2% Couple without children 
16.8% Empty Nesters/Retired
12.8% Single Female
9.6% Single Male
4.8% Single Parent with children
Moving From: 
64.8% from Within OMREB Board Area
19.2% from Alberta
9.6% from Lower Mainland/Vancouver Island
4.8% from Other Areas in BC
0.8% from Saskatchewan/Manitoba
0.8% from Eastern Canada/Maritimes
0% from Outside Canada
0% from NWT/Yukon (fifth month reported)

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

Friday, 2 March 2012

Where did the Kelowna & Central Okanagan Real Estate Buyers come from in January 2012?


The results of Okanagan Mainline Real Estate Board's January 2012 Buyers Survey are now posted.  
A total of 119 respondents participated in this survey – representing 58% of the 207 OMREB sales representatives who acted as Buyers Agents and 40% of the 297 deals closed on behalf of Buyers in January.
JANUARY SURVEY SUMMARY
Property Type:
23.6% by First Time Buyers
16.7% of purchases were by Move-Up Buyers
16.7% buying Revenue/Investment Property
6.1% moving from Single Family Home to Strata Unit
4.4% moving into Retirement Home/Seniors Community
4.4% Recreation Property Buyers
4.4% moving from Strata property to Single Family Home
Buyer Type (Family Dynamic):
28.6% Two parent family/children
23.5% Couple without children
14.3% Empty Nesters/Retired
13.4% Single Female
13.4% Single Male
4.2% Single Parent with children
Moving From: 
64.7% from Within OMREB Board Area
10.9% from Alberta
10.9% from Lower Mainland/Vancouver Island
10.1% from Other Areas in BC
1.7% from Saskatchewan/Manitoba
0.8% from Eastern Canada/Maritimes
0.8% from Outside Canada
0% from NWT/Yukon (fourth month reported)

As expected, local and first time buyers are continuing to be the main purchasers in the market. As we head in to spring,it will be interesting to see whether we see an increase in investment property purchases and more buyers from 'out of town'.

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

Thursday, 1 March 2012

Kelowna Real Estate Update March 2012

Hi All,

As I look at this months sales for the Central Okanagan area, the increased activity I am seeing with the number of showings on my listings and buyers, is beginning to filter through into sales.

As well as being up on last month, we are seeing a positive increase in sales compared to this time last year.

Central Okanagan Real Estate Sales for February 2012


Date

Total

S/Fm

Strata

Lots

Manuf

 Feb - 12

277

147

103

13

14
    Jan -12

202

113

65

12

12

Dec -11

171

110

52

6

3

Nov -11

255

145

89

9

12

     Feb 11

227

134

74
13

6

What is also interesting is that the people I have met during February, either at my Open Houses or at viewings, seemed to be local people and some buyers from the Lower Mainland, but not many buyers from Alberta yet.

I am also working with a number of buyers who have children attending UBCO. This is much earlier than usual, as I would not expect to see families looking to buy until May or June.

All in all the signs are much more positive for Kelowna Real Estate and  whilst I do not expect  to see a significant increase in prices, it does feel like the market will start to firm up as we head into the spring and summer market.

Kind Regards

Trish Cenci Tel 250 864 1707

Email trishcenci@shaw.ca