Thursday, 23 January 2014

Good news for those working in Fort McMurray and living in Kelowna!

Hi All,

Good news for those working in Fort McMurray and living in Kelowna or thinking of moving to Kelowna!

Westjet have just commenced a new daily non stop flight from Kelowna.

Read the news release below -:

Get to Fort Mac and back with WestJet Encore!
The first month of 2014 is off to a flying start at Kelowna International Airport (YLW) as WestJet’s regional airline, WestJet Encore, announces a new daily non-stop flight between YLW and Fort McMurray, Alberta (YMM).
The service is designed to meet the needs of the growing number of Okanagan residents who commute to Fort McMurray to work in the Alberta oil sands. WestJet will use one of its new Canadian-made, 78-seat Bombardier Q400 NextGen turbo-prop planes on the daily route, which will launch May 12, 2014. Flight times are designed to suit the work schedule of oil patch employees, departing Fort McMurray at 10:10 p.m. and arriving in Kelowna at 11:17 p.m. Flights depart Kelowna at 7:30 a.m. and arrive in Fort McMurray at 10:26 am.
“I am pleased that WestJet is improving the transportation corridor to northern Alberta,” says Mayor of Penticton and member of the YLW Airport Advisory Committee, Garry Litke. “This will enhance the ability of working families to relocate to the Okanagan to raise their families while earning their income in the resource sector.  All of our communities will benefit from the potential growth.”Robert Fine, Executive Director of the Central Okanagan Economic Development Commission (COEDC) adds: “The announcement of non-stop daily service will not only enhance the quality of life of our large commuting population, but opens up new options for local manufacturers to align with a growing export market in Northern Alberta. As well, small firms are able to look at head office locations in the Okanagan. It will also significantly enhance the opportunity to attract young families to the Okanagan whose primary income earner can work in Alberta while the family thrives in the Valley. For the COEDC, this air service offers a key link to economic development. Our Alberta recruitment program, which is in the early stages, can now shift into high gear with this announcement.”
"From YLW’s market research almost 30,000 passengers commute between YLW and Fort McMurray annually for work," said Airport Advisory Chair Mayor Walter Gray. "But we also see leisure travellers from Fort McMurray who want to come to the Okanagan for a holiday. This flight will again position this airport as a hub where travellers from Fort McMurray can catch a connection to the sunspots serviced out of YLW (Los Angeles, Phoenix, Las Vegas, Cancun, Puerto Vallarta, Ixtapa and Cabo San Lucas)." Gray notes that YLW is already seeing such connection activity on Air North flights from Whitehorse, Pacific Coastal flights from Cranbrook and Northwestern flights from Red Deer.
The entire Okanagan Valley stands to benefit from the announcement. "Vernon is very excited about the new opportunities that this service will be presenting to our region,” states YLW Airport Advisory Committee member and City Councillor Mary Jo O’Keefe. “Residents and the business community alike will gain substantial benefits with this service. So many of our families have members that are working in our North – this will allow them more family time. For our business community, the potential to provide services to this expanding region represents valid and real potential.”
Over the past year YLW served 1,503,288 passengers and introduced several new routes, including United’s Los Angeles flight, Pacific Coastal to Cranbrook, as well as Air North – Yukon’s Airline to Whitehorse. 

Kind Regards

Trish & Tanis

Tel 250 864 1707 & 250 215 2121

Email trishandtanis@gmail.com

Tuesday, 21 January 2014

Undertaking a Energy Efficient Refit to your Home? Finance Scheme extended to the City of Kelowna 2014

Hi All,

We have just received notification today that a pilot project set up a couple of years ago to work with either BC Hydro or FortisBC to finance energy-efficient retrofits, has now been expanded to cover the City of Kelowna, effective from January 2014.

Owners of single-family homes in our area are able to apply for financing through BC Hydro and Fortis BC to undertake energy-efficient retrofits. The financing offer does not require up-front payments by participants, and gives them more options to recover the costs of their investment through energy savings, even if they sell their home during the term of the loan. 

The financing agreements under the pilots can be transferred from the seller to the buyer when the home is sold, if both parties agree to the transaction. Please note that the transfer is optional and the original borrower can pay off the full balance at any time, including prior to sale, if they so desire.

The information sheet prepared by BCREA has been updated to reflect the current information, and will be revised again once the BC Hydro program is back online.  The link below outlines what people need to know and provides a “Notice of Transfer” form for when a participating home is sold:


For Renovating for Effiency Loan Program details about eligibility and answers to frequently asked questions, visit:



Kind Regards

Trish & Tanis

Tel 250 864 1707 & 250 215 2121

Email trishandtanis@gmail.com

Monday, 20 January 2014

113 1950 Capistrano Drive Quail Ridge Kelowna - Now Reduced!









Hi All,

Check out this beautifully presented 4 Bedroom home, which has just been reduced, situated in the Quail Ridge Golf Course Community, Kelowna.

Click to view more details of this listing

Kind Regards

Trish & Tanis

Tel 250 864 1707 & 250 215 2121

Email trishandtanis@gmail.com


Thursday, 16 January 2014

Kelowna Real Estate Buyers Survey Results for December 2013

Hi All,

There didn't seem to be any real surprises in this months Buyer Survey Results, as winter is generally a stronger month for local buyers.

A total of 136 respondents participated in this survey – representing 49% of the 279 OMREB sales representatives who acted as Buyers Agents, and 35% of the 393 deals closed on behalf of Buyers in December.

DECEMBER 2013 SURVEY SUMMARY

Property Type:


25.4% of purchases were by Move-Up Buyers  (up from 24.2% in November) *
20.1% by First Time Buyers  (up from 18.2%) *
11.9% moving from Single Family Home to Strata Unit  (down from 12.6%)
8.2% buying Revenue/Investment Property  (up from 7.6%) *
7.5% buying Recreation Property  (down from 8.1%)
5.2% moving from Strata property to Single Family Home  (up from 3.5%) *
4.5% moving into Retirement Home/Seniors Community  (down from 6.1%)

* During the month of December, there was an increase in purchases by Move-up and First-time buyers, revenue property purchasers, and those moving to single family homes from strata communities.

Buyer Type (Family Dynamic)

31.3% Two Parent Family/Children (up from 22.3%) **
28.4% Couple without Children (up from 26.7% in November)**
16.4% Empty Nester/Retired (down from 21.8%)
11.9% Single Female (down from 12.1%)
9.7% Single Male (down from 13.6%)
3.0% Single Parent with Children (up from 1.5%) **

** There were more purchases by couples without children, two parent families and single parents with children in December compared to the previous month.

Moving From


66.2% from Within OMREB Board Area  (up from 55.6% in November) ***
14.0% from Alberta (down from 16.9%)
6.6% from Lower Mainland/Vancouver Island  (down from 9.2%)
5.1% from Other Areas in BC  (down from 7.7%)
2.9% from Eastern Canada/Maritimes (down from 3.9%)
2.9% from Outside Canada  (same as November)
2.2% from Saskatchewan/Manitoba (down from 3.9%)
0% from NWT/Yukon (same as November)

*** Compared to November, more buyers moved from within the Board area, and purchasers from other areas declined in December.


Kind Regards

Trish & Tanis

Tel 250 864 1707 & 250 215 2121

Email trishandtanis@gmail.com

Website http://www.trishandtanis.com

Wednesday, 1 January 2014

Kelowna Real Estate Market News January 2014

Hi All,

Happy New Year! Before writing this post today, I decided to read my report on the Kelowna Real Estate Market from this time last year.

In it, I predicted that we would see an in increase in sales numbers, which we did, but I also predicted that we would see bigger numbers of 'out of town' buyers return to the market, when actually the market remained largely dominated by local buyers.

Prices did seem to stay flat, and in some cases prices remains 'soft', as we continued to have  an over- supply of properties, in relation to Buyer numbers,which meant we were working in a Buyers Market, in most sectors.

  Okanagan Real Estate Sales December 2013


Date
Total
S/Fm
Strata
Lots
Manuf
Dec  - 13
232 129 78 22 3
 Nov  - 13
314
185
108
7
14
Oct  - 13
377
193
136
23
25
Sept - 13
391
210
126
28
27
 Dec - 12
176 89 69 12 6

 As per normal, sales have fallen off as we have gone into winter, but residential sales were up 31.8% on this time last year, which is another positive for our market. Single Family home numbers were up 44.9%, but the biggest increase was in lot sales, which were up 83.3%. This is welcome news, as lot sales have continued to struggle.

  Months of Inventory in Key Sectors of the Kelowna Market December 2013
Area Criteria
Sold
ForSale
Months Inventory
Trend*
Buyers /
Seller Market
S/Fam Homes W Kel /Kelowna $300k -$500k
60 311 5.18 Rising Buyers
S/Fam Homes Nr Hospital $300k-$450k
2 10 5 Rising Balanced
2 Bed Condos UBCO $180k-$320K 7 49 7 Rising Buyers
1/2 Bed Condos Downtown $200k-$500k
4 62 15.5 Falling Buyers
Town Homes W Kel Kelowna Area $240k-$500K
20 204 10.2 Rising Buyers


While most of these figures do show the months of inventory rising, this is to be expected at this time of year, so don't read too much into this unless it becomes a trend as we head in to spring. The positive for Sellers of Single Family Homes, in particular, is that the market is very close to being balanced.

 Our Kelowna Real Estate Forecast for 2014.

With the level of Buyer activity Tanis and I have been experiencing during the last few months, we do sense that we are going to continue to see sales numbers rise this year.

Recently we have seen Rental Vacancy Rates start to fall, in the Kelowna area, which will be of interest to potential investors, which may tempt them into the market in bigger numbers. We are also reading regularly that interest rates should be fairly stable this year, so that is good for Buyers.

One of the negatives has been the increasing number of deals we have seen fail, as the Buyer cannot obtain financing. For those of you who are going to be buying this year and need financing, make sure you talk to your Financial Institution or Mortgage Broker well in advance of starting your search, particularly if you are Self Employed or a First Time Buyer.

So the number one question we know you want answered is ' where are prices going in Kelowna this year'! If inventory continues to fall, we should start to see pricing firm up, particularly in the affordable, Single Family Home market. We think Condos still have a little way to go before we see prices rise, so expect pricing to  remain competitive and flat.

Good presentation and correct pricing will continue to be essential for Sellers. Lot numbers are still high, so we think we have quite a way to go yet, before prices firm up in this sector.

As always, if you have any questions about your property, or would like assistance in buying or selling a property in the Central Okanagan area, we would love to help you, so give us a call or send us a note.

Kind Regards

Trish and Tanis

Tel 250 864 1707  & 250 215 2121

Email trishandTanis@gmail;.com