Friday, 31 August 2012

BC Real Estate Association 3rd Quarter Housing Forecast for 2012

 
Vancouver, BC – August 30, 2012.

The British Columbia Real Estate Association (BCREA) has now released its 2012 Third Quarter Housing Forecast Update.

BC Multiple Listing Service® (MLS®) residential sales are forecast to edge down 4 per cent to 73,400 units this year, before increasing 7.5 per cent to 78,900 units in 2013. Since 2009, MLS® residential sales in BC have ranged between 74,000 to 78,000 units.

A record 106,300 MLS® residential sales were recorded in 2005. “Despite more robust consumer demand in the Interior, fewer home sales in Vancouver will pull the BC total lower this year,” said Cameron Muir, BCREA Chief Economist.

 “However, a notable growth trend in full-time employment combined with persistently low mortgage interest rates is expected to boost housing demand around the province in 2013.”

“MLS® residential prices are expected to remain relatively stable this year and through 2013, with changes in average price statistics largely the result of a differing mix of home types sold and shifting regional demand patterns,” added Muir.

 Average price data for Vancouver was skewed artificially high in 2011 by a wave of detached home sales in the priciest neighbourhoods. Lower Mainland’s share of provincial home sales is expected to decline to 58 per cent this year from 62 per cent in 2011.

The average MLS® residential price in BC is forecast to decline 7.8 per cent to$517,500 this year, and remain relatively unchanged at $519,000 in 2013. T

To read the full report, please link to http://www.bcrea.bc.ca/docs/news-2012/2012-08-30forecast.pdf

Within the report it forecasts that the number of Units Sold for the Okanagan Mainline in 2013 will be up 4.5% and the average MLS price will be up 1.7%.

 Kind Regards

 Trish Cenci

 Tel 250 864 1707

 Email trishcenci@shaw.ca

 

Wednesday, 29 August 2012

Kelowna Real Estate - OMREB Buyers Survey Results for July 2012

 Hi All,

The results of the Okanagan Mainline Real Estate Board's (OMREB) July 2012 are now out.

A total of 216 respondents participated in this survey – representing 54% of the 402 OMREB sales representatives who acted as Buyers Agents and 36% of the 603 deals closed on behalf of Buyers in July.

JULY SURVEY SUMMARY

Property Type:

22.8% of purchases were by Move-Up Buyers
19.9% by First Time Buyers
13.1% moving from Single Family Home to Strata Unit
10.7% buying Revenue/Investment Property (up from 6% in June)*
9.7% purchasing Recreation Property  (up from 7.6% in June)*
4.4% moving from Strata property to Single Family Home
3.9% moving into Retirement Home/Seniors Community

* During the month of July there was a significant jump in sales to Buyers of Revenue/Investment Property (10.7% compared to 6%) and Recreation Property (9.7% compared to 7.6%)  over June.

Buyer Type (Family Dynamic):

26.4% Two Parent Family/Children
24.5% Empty Nesters/Retired  (up from 16.7% in June)**
19.9% Couple without Children
16.7% Single Female (up from 13.5% in June)**
10.2% Single Male
4.6% Single Parent with Children

** In July, there was a significant increase in purchases by Empty Nesters (24.5% compared to 16.7%) and Single Females (16.7% compared to 13.5%) over June.

Moving From:
47.2% from Within OMREB Board Area
19.4% from Alberta (up from 13% in June)***
13.4% from Lower Mainland/Vancouver Island
9.7% from Other Areas in BC
4.6% from Eastern Canada/Maritimes (up from 2.1% in June)***
2.3% from Saskatchewan/Manitoba
1.9% from Outside Canada
1.4% from NWT/Yukon (11th month reported – up from 0% in June)***

*** Compared to June, there was more migration from Alberta(19.4% of purchases compared to 13%),  Eastern Canada and the Maritimes (4.6% compared to 2.1%), and from the North West Territories and Yukon (1.4% compared to 0%) during the current reporting month (July).

The interesting point to note is that the percentage of First Time Buyer Sales fell this month. It will be interesting to see whether that is just the fact the investment property sales were stronger than they have been, or whether the new mortgage rules are having some effect, over the coming months.

Kind Regards

Trish Cenci

Cell 250 864 1707

EMail trishcenci@shaw.ca

Sunday, 19 August 2012

BC Transit Bus Routes Kelowna 2012

Hi All,

As it becomes time for Students to be going back to school, I thought you might like to see details of the current Bus Routes available from BC Transit.


For more information please view http://www.transitbc.com/regions/kel/schedules/map.cfm

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca


Friday, 17 August 2012

Trusting Your Real Estate Agent - Article by Susan Tough Managing Broker Coldwell Banker Horizon Realty

Hi All,

Read this very interesting article on 'Trusting your Real Estate Agent' from Susan Tough Managing Broker of Coldwell Banker Horizon Realty today - so thought I would share it with you.

Across the "TOUGH" Desk: TRUST:

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

Thursday, 16 August 2012

CHBC Evening News Report on How the New mortgage Rules impact Okanagan Real Estate.

Hi All,

View the CHBC News Report taking a closer look at the impact of new mortgage rules on Okanagan Real Estate sales, which includes a brief interview with me at the Coldwell Banker Horizon Realty Quail Ridge Office.

(After the advertisement!)

http://www.chbcnews.ca/video/new+mortgage+rules+impact+okanagan+real+estate/video.html?v=2268493629&p=1&s=dd#video



Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Tuesday, 14 August 2012

BCREA reports Home Sales Decline in Vancouver, but Surge in Rest of BC July 2012


Vancouver, BC – August 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 12.9 per cent to $3.1 billion in July compared to the same month last year. A total of 6,482 MLS® residential unit sales were recorded over the same period, down 0.8 per cent from July 2011. The average MLS® residential price was $474,954, 12.2 per cent lower than a year ago.
"While some potential homebuyers in Vancouver are taking a breather over the summer months, stronger consumer demand continues across the rest of the province,” said Cameron Muir, BCREA Chief Economist. MLS® residential unit sales outside of Vancouver were up 11 per cent in July over a year ago. In contrast, home sales through the Real Estate Board of Greater Vancouver were down 18 per cent over the same period. 
Year-to-date, BC residential sales dollar volume declined 16.5 per cent to $23.5 billion, compared to the same period last year. Residential unit sales dipped 7.9 per cent to 44,794 units, while the average MLS® residential price was 9.4 per cent lower at $525,183.

In the Central Okanagan area  the average selling price for July 2012 was $381,199 whereas it was  $408,035 in July 2012, which represents a -6.6% fall.

The number of active listings in our area has fallen - to 6,825 from 7,001 in July 2011 a  -2.5% reduction, and Sales to active listings is now 8.3%, which is an improvement from 6.8% in July 2011. This continues to bring us closer to a more balanced market.

To read the full report, please view http://www.bcrea.bc.ca/docs/news-2012/2012-07.pdf

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca


Wednesday, 1 August 2012

Kelowna Real Estate Update August 2012

Hi All,

I am pleased to say that the weather has finally decided to co-operate this year and we are now enjoying gorgeous sunny weather here in Kelowna.

With the heat comes thunder storms, and we experienced our first  full forest fire this week, on the West side of Kelowna,  which is now hopefully under control.

In the Kelowna Real Estate market, it has continued to be busy, and as you can see below, sales numbers have been holding steady for 3 months in a row now.


Central Okanagan Sales Figures July 2012



Date

Total

S/Fm

Strata

Lots

Manuf

Jul - 12

410

233

131

31

15
 Jun - 12

410

235

142

19

14

May -12

419

223

154

23

19

Apr -12

334

199

112

13

10
    Jul -11
329

149
130
27

23


Single family home sales still dominate, with 180 of the 233 sales being under $550,000, with 10 sales over $1 million. 

This continues to suggest that 'first time' and 'move up' buyers are still taking advantage of the low-interest rates. 

Personally, I have seen very little impact on clients buying habits, following the change to the Mortgage rules, so far.

During this month, I have been involved in two multiple offer situations, which is an indication that there is a stronger level of activity from Buyers. Something, I have not written about in some time!!

Ongoing Outlook.

With our latest economic figures showing some weakening in economic growth, I do not believe the Bank of Canada will even think about increasing interest rates for now. This will give continued encouragement for 'first time' and  'move up buyers' to continue to be active in the Kelowna Real Estate Market.

I therefore expect to continue to see improved sales numbers over the next few months, compared to last year, but I see prices staying flat.

So as you see the media headlines talking about falling sales and falling prices in Canada, my view is they will not be talking about the Kelowna Real Estate Market!

Enjoy the summer!


Kind Regards


Trish Cenci


Tel 250 864 1707