Monday, 30 July 2012

New Bus Service for Quail Ridge Kelowna Confirmed from September 2012

Hi All,

I am pleased to report that I have heard back from the City of Kelowna today that the new bus service is going ahead, for the Quail Ridge Area.

Following an email to the Active Transportation Coordinator at the Regional Services Dept, I received the following reply today. 
The service proposed for the community has been approved as a trial service to operate from September 2012 to April 2013 (school term service). The route will be served by a community bus (smaller van style bus) with scheduled service from approximately 7:15am to 10:15am and from 2:30pm to 6:00pm. This peak level service will allow commuters to connect with major Frequent Transit Network (FTN) routes at UBCO Exchange. The schedule has been designed to ensure the convenience of these connections. Routes serving UBCO include the 97X Rapid Bus (highway 97 route, limited stop, high frequency), #8 University, #6 Glenmore/UBCO (limited service), #4 Pandosy/UBCO (limited service), #23 Lake Country and #90 North Okanagan Connector (to Vernon). The schedule is tailored to ensure the connection to the 97X is the most convenient.

Looking forward, should the service meet performance standard it would likely remain in place into the future. Should it not meet target it is possible that the route would be terminated after the trial period. The final Rider’s Guide schedule/maps are not yet complete but I expect the schedule will be posted and available online for mid/late August.  
This will be great news for those attending UBCO in particular, who previously didn't have transport.

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Wednesday, 18 July 2012

Kelowna Real Estate - Buyers Survey Results for June 2012

Hi All,
As you can see 'Move Up' and 'First Time' Buyers continued to dominate the market in the Central Okanagan last month.
The results of OMREB's JUNE 2012 Buyers Survey are now posted!  A total of 193 respondents participated in this survey – representing 55% of the 352 OMREB sales representatives who acted as Buyers Agents and 32% of the 611 deals closed on behalf of Buyers in June.

JUNE SURVEY SUMMARY
Property Type:
29.3% of purchases were by Move-Up Buyers
22.8% by First Time Buyers
16.8% moving from Single Family Home to Strata Unit
7.6% purchasing Recreation Property
6.0% buying Revenue/Investment Property
5.4% moving from Strata property to Single Family Home
4.3% moving into Retirement Home/Seniors Community
Buyer Type (Family Dynamic):
31.8% Two parent family/children
20.8% Couple without children
16.7% Empty Nesters/Retired
13.5% Single Female
13.0% Single Male
4.2% Single Parent with children
Moving From:
55.4% from Within OMREB Board Area
13.0% from Alberta
12.4% from Lower Mainland/Vancouver Island  (up from 7.7% in May) *
10.4% from Other Areas in BC
3.6% from Saskatchewan/Manitoba  (up from 0.9% in May) *
3.1% from Outside Canada  (1.4% in May)
2.1% from Eastern Canada/Maritimes
0% from NWT/Yukon (10th month reported)
* Compared to May, there was more migration from Lower Mainland/Vancouver Island (12.4% of purchases compared to 7.7%) and from Saskatchewan and Manitoba (3.6% compared to 0.9%) this month.

Kind Regards

Trish Cenci

Tel 250 864 1707
Email trishcenci@shaw.ca

Friday, 13 July 2012

Are you thinking of investing in Real Estate?

Hi All,

I was reading Don R Campbell's Blog today,Member of the Real Estate Investment Network (REIN), and felt that there were some really good points for people to consider when making a Real Estate Investment, so I thought I would share the link -:

http://www.donrcampbell.com/get-your-real-estate-investing-started-off-on-the-right-foot

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

Thursday, 12 July 2012

BC Home Sales Lower through June 2012, Stronger Second Half Expected

Vancouver, BC – July 12, 2012. 

The British Columbia Real Estate Association (BCREA) reports that during the first half of 2012, BC residential sales dollar volume declined 17.1 per cent to $20.4 billion, compared to the same period last year. Residential unit sales dipped 9 per cent to 38,312 units, while the average Multiple Listing Service® (MLS®) residential price was 8.9 per cent lower at $533,681.


"The pace of home sales slowed during the first half of the year,” said Cameron Muir, BCREA Chief Economist. “However, the downturn is likely to be temporary as population growth, persistently low mortgage rates and encouraging employment figures suggest a stronger second half of 2012."

"The 5-year conventional mortgage rate remains within 5 basis points of its 20 year monthly low. BC’s population is growing by approximately 45,000 individuals a year. Full-time employment climbed 3 per cent during the first half of 2012 at the expense of part-time employment, which declined 1.9 percent."

The dollar volume of homes sold through the MLS® in BC declined 24.1 per cent to $3.4 billion in June compared to the same month last year. A total of 6,815 MLS® residential unit sales were recorded over the same period, down 13.8 per cent from June 2011. The average MLS® residential price was $503,232, 12.0 per cent lower than a year ago.

In the Okanagan Mainline area sales the Average Home Price is down 1.7% on this time last year, however, we are now seeing the number of listings falling modestly, and the number of sales to active listings has risen to 8.6%, which is better news for Sellers, as we edge ever closer to a more balanced market, in this area.

To read the full report please go to http://www.bcrea.bc.ca/docs/news-2012/2012-06.pdf



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


Sunday, 1 July 2012

Kelowna Real Estate Update July 2012

Hi All,

First and foremost - Happy Canada Day everyone!

I've had another busy month working with Buyers and Sellers, and when I look at the sales numbers, I am a little surprised to see the figures are slightly down in June.

I blame the weather!! Joking aside, it has been wet this June, by Kelowna standards, and with mudslides on the roads and flooding in the valley, I am sure some of our prospective 'out of town' buyers have decided not to travel.

Central Okanagan Sales Figures June 2012



Date

Total

S/Fm

Strata

Lots

Manuf

 Jun-12

410

235

142

19

14
    May -12

419

223

154

23

19

Apr -12

334

199

112

13

10

Mar -12

332

180

116

16

20
    Jun-11
332

204

90
17

21

If I look behind these figures, I see that 185 sales of Single Family homes were under $550,000, which represents 78% on the total single family sales this month. There were only 9 sales over $1 million.

This would indicate that First Time Buyers and Move Up Buyers are still dominating the market.

It will be interesting to see whether the new Government mortgage rules have an impact on this next month.

When I look at condos, there were 79 sales this month, with 48 being under $250,000 ( just under 61%) and only 3 over $450,000. This starkly demonstrates how luxury property sales are still struggling.

Whilst I haven't received the formal OMREB sales figures yet this month, my rough calculations show that active listings to sales for single family homes were 9.45% and Strata 11%.

This does show that slowly but surely we are moving to a more balanced market.

My ongoing thoughts about the Kelowna Real Estate Market

I did read a couple of economic forecasts this last month, and I have to say that I was dismayed to read that they were predicting that Canadian Real Estate could fall in price by as much as 10% - 20%.

As always, they forget to add the all important caveat as to where they feel the bulk of this correction may occur.

We all know that the Vancouver Area is seeing a slow down in Real Estate Markets, and it is the major cities that are likely to see price corrections.

At present, there is nothing in our economic and real estate data, for the Okanagan Valley, that is indicating that this is likely to happen in this area.

I know there are a number of Buyers who are still 'sitting on the fence' to see what the market is going to do, and my answer remains that prices are going to remain steady, and there will always been some Sellers who are really motivated and you will get a great deal.

So my advice is to work with your Agent, and make an offer!!

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca