Thursday, 31 May 2012

BCREA Commercial Leading Indicator continues to rise in 2012







The BCREA Commercial Leading Indicator (CLI) rose for the
third consecutive quarter, advancing 1.3 index points, or 1.2 per cent, to a revised index level of 111.91.

On a quarter over-quarter basis, the CLI is now 3.2 per cent above its
level in the first quarter 2011.

The trend in the CLI has turned sharply upward, reflecting several months of strong underlying data. This signals a potential acceleration of commercial real estate activity in
the subsequent two to four quarters.

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

Kind Regards

Trish Cenci

Tel 250 864 1707
Email trishcenci@shaw.ca

Wednesday, 16 May 2012

Kelowna Real Estate Buyers Survey Results for April 2012 are now out!

Hi All,

The latest Buyers Survey report has now been published by the Okanagan Real Estate Board.

As you can see local buyers are continuing to dominate the market , and many of them are taking advantage for the great prices, here in the valley and the continuing low interest rates.



APRIL Buyers Survey Results!


A total of 192 respondents participated in this survey – representing 58% of the 333 OMREB sales representatives who acted as Buyers Agents and 38% of the 507 deals closed on behalf of Buyers in April.


APRIL SURVEY SUMMARY
Property Type:
31.0% of purchases were by Move-Up Buyers
17.6% by First Time Buyers
16.6% moving from Single Family Home to Strata Unit
10.7% buying Revenue/Investment Property
4.8% purchasing Recreation Property
4.3% moving into Retirement Home/Seniors Community
3.2% moving from Strata property to Single Family Home

Buyer Type (Family Dynamic):
30.4% Two parent family/children
27.7% Couple without children
16.8% Empty Nesters/Retired
11.5% Single Female
9.4% Single Male
3.7% Single Parent with children
Moving From:
58.6% from Within OMREB Board Area
19.4% from Alberta
7.9% from Lower Mainland/Vancouver Island
6.8% from Other Areas in BC
4.2% from Eastern Canada/Maritimes
2.1% from Outside Canada
1.0% from Saskatchewan/Manitoba
0% from NWT/Yukon (8th month reported)


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

Tuesday, 15 May 2012

Kelowna Real Estate sales up but overall BC Real Estate sales decline in April 2012

Vancouver, BC – May 15, 2012. 


The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 12.5 per cent to $3.8 billion in April compared to the same month last year. A total of 7,058 MLS® residential unit sales were recorded over the same period, down 1.8 per cent from April 2011. The average MLS® residential price was $532,855, 10.9 per cent lower than a year ago.
“A ten per cent dip in Lower Mainland home sales offset a 14 per cent increase across the rest
of the province,” said Cameron Muir,BCREA Chief Economist. “Kamloops, the Okanagan and the North all posted double-digit increases in home sales in April compared to levels one year ago.” 

“The share of provincial sales garnered by Vancouver and the Fraser Valley declined from
65 per cent in April 2011 to 60 per cent last month,” added Muir. “A larger proportion of homes sold in less expensive regions contributed to the average BC sales price dipping nearly 11 per cent.”  
Year-to-date, BC residential sales dollar volume declined 15.8 per cent to $15 billion, compared to the same period last year. Residential unit sales dipped 9.7 per cent to 23,782 units, while the average MLS® residential price was 6.8 per cent lower at $546,870.

In the Central Okanagan area things are looking a little better compared to last year, with the average residential sale price up by 3.3% to $384,927, and listings are down 2.3% to 6172.

To read the full report please go to http://www.bcrea.bc.ca/docs/news-2012/2012-04.pdf

Kind Regards

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

Tuesday, 1 May 2012

Kelowna Real Estate Update May 2012

Hi All,

The weather has been taking its time to warm up in Kelowna this spring, and as a result I only saw my first Hummingbird last week.  I am pleased to say, however, that the Kelowna Real Estate Market is beginning to simmer.

It is interesting when I read the March OMREB Buyers Survey Results, it is still local and move-up buyers who are leading the market.
As we head towards summer, I expect this to shift, particularly if the government carries out its threat to intervene in the mortgage market again, and as more ‘out of town’ buyers visit the area on vacation and decide to purchase property in the area.

I am continuing to speak to a number of Clients who are looking to purchase Condos and Town Homes close to UBCO before September, for their children attending the University, so if you are thinking of selling this year, call me sooner rather than later to get your property listed.
Also pleasing to hear is that the rental market is beginning to firm up a little, which is particularly welcome news for condo investors

Central Okanagan Real Estate Sales for April 2012


Date

Total

S/Fm

Strata

Lots

Manuf

 Apr-12

334

199

112

13

10
    Mar-12

332

180

116

16

20

Feb -12

277

147

103

13

14

Jan -12

202

113

65

12

12
    Apr-11 
285

160

90
12

23

As you can see, this months sales total is very similar to last month, with an increase in sales of Single Family Homes and a slight fall in Strata, Lots and Manufactured Homes. This could well mean that move up buyers are continuing to take advantage of lower interest rates to move up in the market.

Preparing a Property Prior to a Showing
Over the years much has been written about preparing a property for sale, so I am not going to write about that again, you will be relieved to hear!

I do however want to mention the importance of doing a little preparation, wherever possible prior to a showing.
The reason I say this is that I have visited a number of listings during the last month where the Buyer couldn’t begin to see the potential of a property due to lack of light, as curtains and blinds were drawn, or the property was left untidy. Unfortunately,many Buyers cannot see through this.

The other difficult thing to balance is what to do with pets. Where ever possible it is always best to take pets with you. If this is not possible it is important that they are left somewhere safe in the property and can’t get out as soon as the front door is open. Buyers find it quite distracting when a pet follows them around a home, throughout a showing.

And Finally...
Well that’s it for this month.

I’m looking forward to spending some time on the golf course and enjoying the sunshine in the coming weeks!
For those of you who live locally, don’t forget it is the Annual Quail Ridge Garage Sale on May 12th 2012 between 8 a.m. and 2 p.m. It is one of the biggest garage sales in the valley, where all the neighbours have a garage sale on the same day. People come from miles around.

See you there!!


Kind Regards

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