Friday, 26 October 2012

BC Real Estate Association Forecasts Home Sales to Grow in 2013

BCREA 2012 Fourth Quarter Housing Forecast
Vancouver, BC – October 26, 2012.

The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast today.  BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLS® residential sales were recorded in 2005.

“Despite stronger consumer demand in the interior, BC home sales will fall short of last year’s total,” said Cameron Muir, BCREA Chief Economist. “A moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population base point to more robust consumer demand in 2013. ”

“While the average MLS® residential price is forecast to decline 7.6 per cent to $518,600 this year, the change is largely the result of luxury home sales returning to more normal levels after an unusually active 2011,” added Muir. In addition, the Lower Mainland’s share of provincial home sales is expected to decline to 57 per cent this year from 62 per cent in 2011.The average MLS® residential price in BC is forecast to edge up 0.7 per cent to $522,000 in 2013.

To read the full report, which includes the Central Okanagan,please go to http://www.bcrea.bc.ca/docs/news-2012/2012-10-26forecast.pdf

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

Tuesday, 23 October 2012

Kelowna North gets a mention as one of the best BC Neighbourhoods for Investment

Hi All,

It is interesting that as the media continues to talk about a potential bubble bursting in Real Estate, that I am actually reading stories that areas of Kelowna are now proving some of the best BC neighbourhoods for Real Estate Investment. See the report below -:

I have always believed that some of the Real Estate complexes in downtown Kelowna represent great potential for Real Estate Investment, as they are easily rentable - being close to beaches, restaurants and downtown, and their location can't be duplicated.

If you are interested in receiving more information about these properties, please feel free to give me a call.

Kind Regards

Trish Cenci

Tel 250 864 1707

EMail trishcenci@shaw.ca

Friday, 19 October 2012

Kelowna Buyers Survey Results for September 2012


Hi All,
The results of OMREB's SEPTEMBER 2012 Buyers Survey are now posted!   A total of 160 respondents participated in this survey – representing 54% of the 299 OMREB sales representatives who acted as Buyers Agents, and 39% of the 416 deals closed on behalf of Buyers in September.
It seems that sales to First Time Buyers recovered this month by 5%, after the drop in sales to this sector of the market during August, as a result to the changes in Mortgage Rules.
SEPTEMBER SURVEY SUMMARY
Property Type:

27.6% of purchases were by Move-Up Buyers (maintaining - 26.6% in August)
21.2% by First Time Buyers (up from 16.2% in August)*
15.4% purchasing Recreation Property (maintaining - 15.3% in August)
10.3% moving from Single Family Home to Strata Unit (up from 8.6% in August)*
7.1% buying Revenue/Investment Property
3.2% moving into Retirement Home/Seniors Community
2.6% moving from Strata property to Single Family Home(maintaining - 2.7% in August)
* During the month of September, there was a noticeable jump in sales to First Time Buyers and to Purchasers of Strata Units (moving from Single Family Homes) compared to August – as noted above. Other types maintained similar numbers from the previous month.Buyer Type (Family Dynamic):
22.6% Two Parent Family/Children
23.3% Empty Nesters/Retired  (maintaining - 24.6% in August)
23.3% Couple without Children (up from 20.5% in August)**
18.2% Single Male (up from 11.6% in August)**
12.6% Single Female (up from 6.3% in August)**
1.9% Single Parent with Children

** In September, there was a significant increase in purchases by Couples without Children, Single Males and Single Females (12.6% from 6.3%) compared to August – as noted above. 
Moving From:
50.9% from Within OMREB Board Area
21.4% from Alberta (up from 19.1% in August)***
10.7% from Lower Mainland/Vancouver Island (up from 9.8% in August)***
6.9% from Other Areas in BC (up from 4.9% in August)***
6.3% from Saskatchewan/Manitoba (up from 2.7% in August)***
1.9% from Outside Canada
1.3% from Eastern Canada/Maritimes
0.6% from NWT/Yukon (13th month reported)
*** Compared to August, there was more migration from Alberta, the Lower Mainland/Vancouver Island, other areas of BC and Saskatchewan/Manitoba – as noted above.
Kind Regards
Trish Cenci
Tel 250 864 1707
EMail trishcenci@shaw.ca

Thursday, 18 October 2012

Why interest rates will rise gradually & the importance of focusing on Region rather than National Real Estate Trends

Hi All,

I read this really interesting article from Don Campbell today.

It gave a reasoned approach to why interest rates will rise gradually and why it is important to focus on what is happening in your local region with Real Estate rather than the Media Headlines covering National Trends.


Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

Monday, 15 October 2012

BCREA reports Tighter Regulation Trims BC Home Sales September 2012


 
Vancouver, BC – October 15, 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 28.5 per cent to $2.2 billion in September compared to the same month last year. A total of 4,539 MLS® residential unit sales were recorded over the same period, down 24.3 per cent from September 2011. The average MLS® residential price was $494,213, down 5.6 per cent from a year ago.

"Stricter high-ratio mortgage regulation further exacerbated a moderating trend in consumer demand,” said Cameron Muir, BCREA Chief Economist. “Reducing the maximum amortization from 30 to 25 years had the equivalent impact to affordability as a 100 basis point increase in mortgage interest rates."

“An expanding population, strong full-time employment growth and persistent low mortgage interest rates are expected to bolster housing demand in the months ahead,” added Muir.

Year-to-date, BC residential sales dollar volume declined 18.5 per cent to $28.4 billion, compared to the same period last year. Residential unit sales declined 10.6 per cent to 54,670 units, while the average MLS® residential price was 8.9 per cent lower at $519,289.

To read the full report, please go to http://www.bcrea.bc.ca/docs/news-2012/2012-09.pdf

Kind Regards

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

Friday, 12 October 2012

Looking for ideas to update your kitchen without replacing the cabinets - read on!

Hi All,

Whether you are getting ready to sell your home or just thinking it's time to freshen up your old kitchen, here is a useful article on updating without changing your cabinets.

http://houseandhome.com/design/ask-designer-affordable-kitchen-update

Kind Regards

Trish Cenci

Tel 250 864 1707

Thursday, 4 October 2012

5 P’s for Success - by Guest Blogger Chris Rowe of Quest Martial Arts in Kelowna


Hi All,

Today my thanks go to Guest Blogger, Chris Rowe of Quest Martial Arts here in Kelowna.

He has put together a great article on 'Success', which can apply to life or to business.

Read on!!

5 P’s for Success 

Watched a great video from Les Brown this morning, and in this video he talked about the 5 P’s.

Purpose – Why are you here? What is your real purpose, not the surface stuff but really why do you
want to do what you do? Drill down and continue to ask what else? The last thing any of us want to is
reach the end of the race and know we could have done more. So that you don’t leave this planet with
any “I wish I could have…”

Persistence – Daily habits towards your goal, you have to keep striving for your higher purpose. To do
that read 10-15 pages of positive material a day, listen to positive speakers while you do other things,
every day!

I will assume you have heard of MacDonald’s, Subway, or Pizza hut…they know you have heard
about them yet they continue to advertise so that they affect your thinking. It is the same way with
positive and motivational material. Let it permeate your day. I was at breakfast with some friends and
we started talking about time, there is not enough in a day. We often say that as we sit in front of the
TV for the 4th episode of Big Bang Theory, or while staying in bed pressing the snooze button for the 4th
time. As I write this I am listening to Anthony Robins speak on TED tv…love this stuff!

Passion – Share your passion with others, don’t hold it in and hide it like a candle under cover. Let that
light shine and fill the room, because I believe that is part of what we are called to do. I love listening to
people who are just on fire for their belief, or goal or company. It is awesome! Have you ever gone to a
seminar and the key note speak motivated you to get out of the room? I challenge you to listen to Les
Brown or Anthony Robins and not want to go and walk on fire!

People – Who is the greatest Hockey player on the planet right now? Or the greatest golfer? These
great athletes still surround themselves with people who will help them to achieve their goal of being
the best at their craft. “You don’t climb the high mountain alone.” – Master Zaleksi, and it is always
more fun at a party that has more than 1 person. Surround yourself with people that love and care
about you, but also people who will tell you what you NEED to hear not just WANT to hear.

Perseverance – Les Brown’s famous line sums it all up “if you get knocked down try and land on your
back, because if you can look up you can get up.” However too many of allow the hard times create fear,
which then over runs our desire to achieve our goal.

Respectfully,

Chris Rowe ~ Quest Martial Arts
Website http://www.kelownamartialarts.com/
Telephone 250-869-0111

Kelowna Martial Arts focuses on the students and helps them achieve their own personal goals

Monday, 1 October 2012

Kelowna Real Estate Sales Update October 2012

 Hi All,  

The highlight for Kelowna during the last month had to be the weather. We really did enjoy some beautiful sunny days, and although it is forecast to be cooler in the mornings now, it looks like the sunshine is set to continue.

Our latest real estate sales figures on the other hand, do not show such a happy picture, with total sales being down 20% on this time last year.

Central Okanagan Real Estate Sales September 2012

Date
Total
S/Fm
Strata
Lots
Manuf
Sep - 12
260
134
93
13
20
 Aug - 12
380
205
136
22
17
Jul  - 12
409
232
131
31
15
Jun - 12
410
235
142
19
14
    Aug - 11
313
167
115
11
20

So what happened? Should we be worried? The answer is that we usually see sales taper off as we enter the Fall months and I believe the figures look worse, as we have had such good sales numbers over the summer months.

Probably the biggest impact on the market, however, has been the new Mortgage Rules introduced by the Government in July. Whilst it was not clear from the August figures that this was the case, we have seen a more marked impact during September.

Whilst I do see this continuing to have an impact in the short term, long term the economic outlook for this area is looking relatively stable, and barring some major 'meltdown' in the World Economy, I see no reason why we should not continue to see the modest price increases, which have been forecast for this area.

Other news - Change to My Office Location

The other news I wanted to share with you is that my business partner, Tanis Read and myself will be moving from our Quail Ridge Location at the end of October.

As we have been growing our business, we have been spending less time in our Quail Office this year, and now feel that we need to have a full reception presence and the backup of our Reception Team at the main Coldwell Banker Office at Harvey Avenue, down town.

We will therefore be moving our ‘base’ to #14 – 1470 Harvey Avenue, Kelowna, V1Y 9K8  and I will have the same Cell and Fax Number.

I certainly intend to remain very active in the Quail Ridge area, as I live in the area, and our out of town  clients who like to keep in touch with what is happening in Quail can continue to do so on our web site  www.quailridgerealestate.com

If you have any questions or concerns, please do not hesitate to contact me.

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca