MEDIA RELEASE
For Immediate Release:
July 7, 2010
Central Okanagan Housing Market Moves into Buyer’s Cycle
Kelowna, BC –
June 2010 sales activity of all MLS® property types has leveled off as the market shows a steady but slow recovery. While property listings continue to increase and widen the selection for Buyers, unit sales are down from last month and last year, but sales volumes have improved year-to-date. New listings rose 5.7% over last year at this time (1,186 compared to 1,122) but dropped 10.4% from last month (1,324), while inventory increased 5.8% over last June (to 5,793 from 5,475) and 4.1% since May (from 5,561). Overall sales this month dropped 21.7% compared to June 2009 (to 346 from 442) and were down 8.2% compared to May (378). Total residential units sold decreased 23.8% over last June (to 319 from 419) and dropped 9.6% over last month (353). Sales of single family units decreased 20.8% from June 2009 (to 175 from 221) and were down 6.4% from May (187). However, sales activity year-to-date (YTD) has improved 30.6% compared to the first six months of 2009 (to 2,177 units from 1,666) and sales volumes YTD are up 38.9% (to $881,180,864 from $634,381,184). “The sales momentum continues to slow and the property selection grow in the Central Okanagan as we enter a Buyer’s cycle and start to return to a more balanced and competitive marketplace,” says Brenda Moshansky, OMREB President and REALTOR® in the Central Zone. “Although economic fundamentals are improving steadily, rising interest rates could impact affordability and purchasing power. However, prices remain stable and there is a steady appetite for Okanagan properties that are priced competitively. More negotiating is required on both sides as Buyers and Sellers come together with realistic pricing expectations.” Moshansky notes, “Everything becomes important when selling a property in this market, including your neighbourhood, property type, and home’s appearance. Working with a real estate professional to set the right price out of the gate is essential. Sellers need to be patient as Buyers have more choices and are taking longer to make decisions.”
The Central Zone of OMREB covers an area from Peachland to Lake Country and east along Highway 33 to Westbridge (including the Christian Valley). The Okanagan Mainline Real Estate Board (OMREB) is comprised of 1,175 member REALTORS® and 86 real estate offices in the Southern Interior of BC.
For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at using a REALTOR
The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reportedwww.realtor.ca and www.icx.ca. To find out about the advantages of®, visit www.howrealtorshelp.ca
All OMREB listings are published in the estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site:
MLS® Real Estate Review magazine available at all realwww.omreb.com
RE/MAX Kelowna-Westside Newletter May 2010
RE/MAX Recognized as the Most Trusted Real Estate Brand in Canada
(Kelowna, BC) - RE/MAX has been awarded Most Trusted Residential REALTOR® as voted on by readers of Reader's Digest magazine. The survey conducted for the annual awards revealed that the majority of Canadians trust RE/MAX for all their residential real estate needs, ranking RE/MAX associates five-times more 'trusted' than the second most trusted brand.
"Our associates should be proud and honoured to receive the confidence of Canadian consumers as the Most Trusted Residential REALTOR®," says Elton Ash, Regional Executive Vice President for RE/MAX of Western Canada. "It's an inspiring merit that the best trained and most experienced agents have received for providing valuable assistance to so many families."
Ash believes that this distinction awarded to Canadian RE/MAX associates is due in part to two notable attributes. The first being "Premier Community Citizenship" - a quality that RE/MAX associates share by being ever-mindful of the impact they make locally as they are involved with their communities through volunteering, fund-raising and more.
The second is that RE/MAX associates carry more professional designations than any other REALTOR® in Canada. RE/MAX agents are invested in additional education in specialized areas such as Senior's representation, commercial brokerage and luxury homes.
Discover Your Style
Design & Renovation Tips-HGTV
Mix Fire and Water
Design Tip: Depending on where you live, most outdoor spaces aren't complete without a fire. Add a fireplace or fire pit to extend the seasonality of your outdoor room. Fire and water elements can even be combined; think of the beautiful reflection of flames on still water.
REALTOR®
Is Your Home Fit To Sell?
Depersonalizing
Depersonalizing is an important step when it comes to selling your home. It means that you need to let go emotionally and this can be a tough process. Now that you have made the decision to move, you need to commit and remove your identity from the house. Focus on turning your home into a "model home". Disconnecting yourself from your house will allow buyers to emotionally connect and envision themselves living there, not feeling that they are guests in your home.
Tips for Home Buyers & Sellers
Provided by Pillar to Post
5 Ways to Make Your Home a Green Home
A green home is a healthy home; free of toxins with fresh air and a clean environment for our families. A green home is also an environmentally friendly home with reduced energy use, conscience recycling efforts & sustainable living habits.
1. Reduce your temperature to your water heater by 10 degrees. By reducing the temp, you can save 3% - 5% in your energy costs.
2. Reduce your thermostat by 10 degrees. Even for just the 8 hours your family is out at work or school, will save you another 10% on your energy bill.
3. Get a high-performance shower head. This will use 60% less water and most are designed to produce the same feeling of water pressure.
Insurance Tip of the Month
Prospera Credit Union Insurance
POLYBUTYLENE PLUMBING
For thousands of homeowners, polybutylene plumbing has become a recurring nightmare. Polybutylene is a form of plastic resin that was used extensively in the manufacture of water supply piping from 1978 - 1995. The material was less expensive and easier to install and was once called
"the pipe of the future" with copper being the second choice.
The piping is typically gray or white in color with a dull finish and can be found near water heaters, running across the ceiling in unfinished basements, and coming out of the walls to feed sinks and toilets.
RE/MAX Kelowna
Kelowna Property Blog - MLS® Report
RE/MAX Recognized as the Most Trusted Real Estate Brand in Canada
"Our associates should be proud and honoured to receive the confidence of Canadian consumers as the Most Trusted Residential REALTOR®," says Elton Ash, Regional Executive Vice President for RE/MAX of Western Canada. "It's an inspiring merit that the best trained and most experienced agents have received for providing valuable assistance to so many families."
Ash believes that this distinction awarded to Canadian RE/MAX associates is due in part to two notable attributes. The first being "Premier Community Citizenship" - a quality that RE/MAX associates share by being ever-mindful of the impact they make locally as they are involved with their communities through volunteering, fund-raising and more.
The second is that RE/MAX associates carry more professional designations than any other REALTOR® in Canada. RE/MAX agents are invested in additional education in specialized areas such as Senior's representation, commercial brokerage and luxury homes.
Design Tip: Depending on where you live, most outdoor spaces aren't complete without a fire. Add a fireplace or fire pit to extend the seasonality of your outdoor room. Fire and water elements can even be combined; think of the beautiful reflection of flames on still water.
| Is Your Home Fit To Sell?
Depersonalizing
Depersonalizing is an important step when it comes to selling your home. It means that you need to let go emotionally and this can be a tough process. Now that you have made the decision to move, you need to commit and remove your identity from the house. Focus on turning your home into a "model home". Disconnecting yourself from your house will allow buyers to emotionally connect and envision themselves living there, not feeling that they are guests in your home.
|
| Tips for Home Buyers & Sellers
Provided by Pillar to Post
5 Ways to Make Your Home a Green Home
A green home is a healthy home; free of toxins with fresh air and a clean environment for our families. A green home is also an environmentally friendly home with reduced energy use, conscience recycling efforts & sustainable living habits. 1. Reduce your temperature to your water heater by 10 degrees. By reducing the temp, you can save 3% - 5% in your energy costs.
2. Reduce your thermostat by 10 degrees. Even for just the 8 hours your family is out at work or school, will save you another 10% on your energy bill.
3. Get a high-performance shower head. This will use 60% less water and most are designed to produce the same feeling of water pressure.
|
For thousands of homeowners, polybutylene plumbing has become a recurring nightmare. Polybutylene is a form of plastic resin that was used extensively in the manufacture of water supply piping from 1978 - 1995. The material was less expensive and easier to install and was once called
RE/MAX Kelowna
Kelowna Property Blog - MLS® Report
- March 17/2010
Realtor Moshansky Takes Helm at OMREB Board
Brenda Moshansky has been elected president of the Okanagan Mainline Real Estate Board (OMREB) for the term of 2010-2011. With eleven other directors, she was installed as an officer to represent the North Okanagan, Shuswap and Central Okanagan Zones at the March 9 General Meeting of OMREB.Moshansky, who works with Kelowna’s Coldwell Banker-Horizon realty office, has worked as a realtor since 1995. She has been on OMREB’s Board of Directors for five years, and has been affiliated with OMREB since 1998. She was previously a member of the Fraser Valley Real Estate Board. Moshansky is succeeding Bob Cliffe as president. Cliffe will remain on the Board in the capacity of Past President.
Moshansky remarked that she is taking office in an exciting and challenging period. She would like to continue to generate awareness of the Board both locally and in the province, as well as work with local governing officials to create additional housing options for families living in the area. She also expressed hope that the current low mortgage rates and affordable housing will encourage more first-time buyers. Also, she expressed her hope that investors would also take advantage of today’s attractive prices to buy rental properties.
Moshansky believes that the Okanagan is moving gradually toward recovery in its economy, and that more sellers and buyers will achieve their respective goals this year.
George Cwiklewski was installed as the OMREB’s vice president. He works for Kelowna’s Macdonald Realty, and has held membership in OMREB since 1994. He is a four-year member of the organization’s Board.
Kelowna Property Blog - MLS® Report
- March 4/2010
Home Buyers Eager to Find Homes, More Inventory Would be Helpful
The rush is on. New home buyers are on the move, looking for properties and mortgages while prices are still affordable and interest rates low. They are also in a race against the calendar in some provinces, due to implement a harmonized sales tax this summer. That tax is supposed to make things easier, but the prediction is that it is going to make things, including homes, more expensive.Re/Max Market Trends has released a report that 2010 will be increasingly busy in the next few months. January has already proven to be a busy month, so much so that the inventory of homes is not quite keeping up with demand. Inventory levels were in the minus category in several of Canada’s major population centres.
Toronto led the way with its listing inventory at -41 percent, followed by Kitchener-Waterloo at -33 percent. Rounding out Ontario on the list is Ottawa at -30 percent. On the west coast, Victoria on Vancouver Island headed the list with -30 percent and Vancouver followed at -27 percent.
July 1st is D day. That is when Ontario and British Columbia implement the Harmonized Sales Tax. That is about the same time that the Bank of Canada is expected to start increasing interest rates. Tougher lending standards are expected to go into effect by April 19th, but some institutions are already using the new rules.
With all of these factors staring potential home buyers in the face, it is not surprising that the rush is on to find the perfect home now, not later. As prices continue to rise, home owners wishing to sell will once more feel confident listing their properties, giving those eager buyers more inventory to choose from.
Kelowna Property Blog - MLS® Report
- February 23/2010
Kelowna Experiencing an Increase in Housing Starts Signalling Real Estate Market Upswing
It’s amazing what a new decade can do. In Kelowna, the bright fresh start of the New Year brought with it an increase in housing starts, thanks largely to two apartment rental projects that got underway this past January. These two buildings account for 111 of the 161 housing starts in January of 2010. Compare that to a total of 17 for January of 2009 and you can almost feel the excitement.The momentum from the single family home housing starts from the last quarter of 2009 has also carried into the New Year. New home starts increased two fold from what they were in January of 2009. Province wide, British Columbia had a total of 24,800 housing starts this past January, compared to 20,700 in December of 2009.
While developers such as Dilworth Homes and Mission Group are starting new projects, some developers are in a position where they still have inventory to sell, so for the moment are rather standing still.
Randy Shire, from the Mission Group noted that the real estate woes of the last year were indeed tough to take, but the downswing in the market experienced in 1981 and 1982 were much worse. Interest rates at that time topped at a whopping 20 percent bringing sales to a virtual halt. No one wanted to get into a home at that price.
The real estate market does have its ups and downs and the general opinion is that 2010 will fall on the upside of the equation. Interest rates remain low, at least for the moment, encouraging those who want to take the leap into home ownership.
Kelowna Property Blog - MLS® Report
- February 5/2010
2009 Gets the Gold for Real Estate Sales in British Columbia
If one were to award the sales performance of the 2009 real estate market in British Columbia, the industry would receive a gold medal. 2010 is expected to earn silver. These are the newest predictions from the B.C. Real Estate Association. Cameron Muir, the organizations chief economist believes the major recovery in the industry happened during 2009.
Sales are expected to show a three percent increase in 2010 and then perhaps a 1 percent growth in 2011. Mortgage rates are expected to inch up starting the summer of 2010 and that can have some negative impact on sales. Of course that does depend on how high the percentage rate climbs and how fast. Some markets, particularly in Vancouver and Victoria, are seeing homes being bought and sold at record prices which may or may not hold steady in the coming years.
British Columbia’s economy is starting to improve, but will it be enough to offset the expected rise in housing costs? The uncertainty of the answer is causing economists to predict sales increases will not be as dramatic as in 2009, but still they are expected to be healthy. Muir does expect sales to be above the 10 year annual average which for an economy recovering from recession is a good thing.
Vancouver, Victoria and the Fraser Valley, which experienced the most dramatic turn around in sales and prices, are expected to see the most dramatic decrease in sales. Those areas in which the recovery was more moderate, such as Chilliwack, Kamloops and particularly Kelowna are expected to see a moderate but steady growth in sales and housing prices over the next two years.
Kelowna Property Blog - MLS® Report
- January 21/2010
Banks Want Low Rates
Back six months ago, the central banks of Canada and the U.S. promised to keep interest rates near zeros for at least one year. Scotia Economics, a local financial firm, said that they do not expect the TSX index to rise another thirty percent, but they do say that the Canadian stock market offers an attractive area for investment capital as the global economy accelerates over the next few years.
One Canadian hedge fund manager, Eric Sprott, made a complete fool out of himself when he said that the broadly-based Standard & Poor’s 500 index in the U.S. would plummet 40% to break its March 2009 bottom. Since then the S&P 500 has recovered almost 70% from the March bottom.
New York Times columnist, Herb Kay, says that the stock market has always had a long history of short-term lies and long-term truths. Right now, he thinks we are in the midst of a lie.
Don Vialoux, an Ontario technical analyst, thinks that North American markets may suffer a massive decline during the third quarter of the second year of the presidential term. He sees the down turn coming as soon as this July.
The performance of the stock market will depend on the actions and timing of governments as they move to end the economic stimulus packages they introduced a few years ago as a result of the eminent financial meltdown.
Analysts say that is a rising loonie and a "Buy American" policy reduces trade in the U.S. and Canada respectively, the cost of goods will rise, and this would spur inflation. The central banks will then work to control the inflation by raising rates, hurting corporate profit margins and consequently the stock markets.
Kelowna Property Blog - MLS® Report
- January 12/2010
Home Prices Remain Stable
There is no reason for homeowners to be caught off guard throughout this month in response to scheduled property assessments of their properties, but given the market's recent volatility, its obvious why some homeowners are feeling deflated due to shrinking equity levels.
A local assessor, Mark Wooldridge, says that most owners in Kelowna will see modest changes in the estimated value of their home. Some may see as much as a five percent decrease, while others may see as much as a five percent increase in the value of a home
Ultimately, most residents should receive notices that will show a better value than the past year's assessment value. Market conditions are better than past years. In the past, the market has been so volatile that it makes the assessments seem undervalued because there is a six month delay in the assessment and the follow-up notice.
The violent fluctuations in prices and assessment values has made many people unhappy, but the value over the longer term still seems fair, relative to market conditions. After dropping to under $390,000 during 2007, the average price of a home in Glenmore was $414,000 in 2010.
For the most part, even with the abnormal price swings, price for Central Okanagan homes has remainly stable over the long-term.
Kelowna Property Blog - MLS® Report
- December 21/2009
ReMax Housing Report
According to a forecast released by ReMax recently, the Canadian housing market will enter the new year with strong up-side momentum and price strength from solid, new demand and stable supply.
ReMax expects 2009 to end with over 465,000 units sold, a seven percent increase from 2008 figures. They also see average prices jumping over five percent, as 65% of the regional markets set price records in 2009.
The report went on to talk about the remarkable, almost unbelievable, reversal in prices throughout the year. There was a major crisis in confidence at the beginning of the year, as many investors thought North America was in for the worst financial downtown since the Great Depression, after sales of real estate dropped 27% in the first quarter.
Thank the government for record-low interest rates that allowed for consumers to buy houses to less, while building consumer confidence across the nation.
The report concluded by predicting that Western Canada will see strong demand, with rising prices and larger number of sales.
Kelowna Property Blog - MLS® Report
- December 9/2009
Things Seem Great in Kelowna's Housing Market
Signs point to stabilization in Kelowna's real estate market according to the senior market analyst for the Canada Mortgage and Housing Corporation, Paul Fabri.
Fabri believes that as the British Colombian and Canadian economies begin to see stronger growth, demand for new and existing homes will continue to grow, creating upward pressure on prices.
After the area saw over 2,200 new housing starts in 2008, it is expected that the area will only see 650 new starts in 2009 and 875 in 2010. Fabri explains that the market for new homes usually lags the general market because the supply of existing homes has to be depleted before a real demand in new homes can be seen. He expects demand for single family homes to increase, while demand for apartment condos may lag.
The overall housing market in Kelowna looks strong from an annual standpoint. He predicts that after seeing 3,445 total sales in 2008 and an expected 3,600 sales in 2009, that the market will see over 4,000 sales in 2010.
The trend for home prices is not expected to be as strong, but 2010 average home prices are expected to reach their 2008 highs.
Kelowna Property Blog - MLS® Report
- November 23/2009
Book Offers Advice on Buying Foreclosures
Many potential real estate buyers and investors are attracted to the amount of foreclosure properties available in today’s market. Author Harsimran Singh offers tips for successful buys and avoiding pitfalls in his book, A to Z of Foreclosures: Real Estate Worth Millions Acquired With $101. Some of his best advice:
Find homes that you feel you can sell for a minimum 20 percent profit on the day you buy them. If you do not believe you can achieve this percentage, steer clear of the property. There are plenty of others out there.
If you are purchasing property to rent under the Section 8 subsidy program, learn about what it takes for properties to qualify, from both national and local regulations. Properties must adhere to stipulations regarding the number of bedrooms as well as minimum room sizes.
Conduct “due diligence” with several professional realty brokers. Each will have a unique perspective about the local market, its resources, schools, benefits and problems. Spend no less than one week in researching a prospective market.
Find a partner to fund a down payment if you cannot afford it. A trustworthy person with cash to spare may be willing to pair with you, especially if you do all the footwork in researching the property and its market.
Low-income neighborhoods are hotbeds for investment. The government pays the rent of many tenants in these areas. Thus, landlords do not have to spend time collecting delinquent rental payments.
Kelowna Property Blog - MLS® Report
- November 9/2009
Reminders for Renovations
At the end of every renovation project it always seems as though there is one or more things that you’d prefer to have thought about prior to beginning. The benefit of hindsight can be useful in helping your dream renovation become reality.
Renovation planning can be an overwhelming process that can cause even experienced experts to make mistakes on occasion. Reducing these mishaps is difficult, but we consulted various contractors and designers to get their input on mistakes they have either witnessed clients making – or have made themselves. Her is a list of their most common “If I had only known…” regrets that may help you to keep your own projects relatively free from error.
One of the most common is “I wish I had not selected colors inside the paint store,” Colors vary depending upon the lighting, and what you see at the paint shop may be completely different than that which you will see when it is on your walls at home. Your best bet is to go home with some samples. Do the same for swatches of fabric. It is a good idea to borrow a color wheel for help in palette choice.
“I wish I had made my purchases earlier.” This common complaint stems from a failure to realize that certain items can take weeks or months to arrive. Stone tiles can take as long as three months to arrive, setting back your work on that kitchen floor. Cabinets often take 10 weeks or more. When you have to wait for materials, an eight or twelve week project can stretch into six months or more. The best way to avoid these delays is to place your orders at least two or three months prior to starting work.
“If only my partner and I had discussed our individual preferences!” This is a mistake made when partners neglect to adequately discuss their personal tastes in decorating prior to the renovation design. It is a good idea to begin the design process by looking at magazines or brochures and locate five or six things that you can both agree upon. That provides a nice basis for a conversation that will help to ensure that the two of you are both content with the overall conceptualization of the project’s design.
“I wish I had communicated better about my wall to wall carpet.” Make sure that you talk with the installers about where you want the seams located. The fact is that seams flatten and show wear over time, particularly when they are placed in areas of high-traffic. Just as important is how specific you are with how and where tiles are laid. Your best bet is to work out a rough plan of the floor to ensure that the two of you are in agreement on the direction the tiles will run, and where any partials will be. Grout is another area where specificity is required.
Kelowna Property Blog - MLS® Report
- November 2/2009
Marginal Gains in Kelowna’s Housing Property
A small uptick in housing property sales is considered to be progress. During the past years an uptick of three percent in real estate sales was no big deal but now it’s a different story. Even a three percent uptick is considered to be a major coup. The home sales have been increased from 388 units to 398 units during the August and September. This was reported by the central zone Okanagan Mainline Real Estate Board. In 2008 the sales was around 264 units. Thus there is an increase of 51 percent in sales when compared to the previous year.
The Okanagan Mainline Real Estate Board noted that the sales composes of 62 townhouses and 207 single family residentials. The customers are gaining confidence to purchase housing property because of the increased momentum in real estate market. The real estate market gained momentum in summer. This was reported by Brenda Moshansky who is the board realtor and director in Central Zone.
The momentum gained in the market activity of Victoria and Metro Vancouver would filter into Okanagan. The filtering process would be a slower process and it would take time than past trends. The steady growth in the real estate market in Okanagan is more sustainable. The real estate market is expected to come down at the Coast because of lack of support from economic indicators. The real estate market recovery would be slower because of low employment and slower economy. The demographics are in great favor of this region. Thus we can expect growth in real estate market in shorter cycles.
Kelowna Property Blog - MLS® Report
- October 26/2009
Improvement Seen In Kelowna's Residential Market
Because the economy is still slow and unemployment is up, the real estate market in this area is still struggling. There is one bright spot, however. Residential real estate sales have realized a three per cent gain over a recent one-month period.
The number of residences sold in August were 388. In September, 398 units changed hands. Compare this to the 264 units sold in September of last year. There was some momentum building in the marketplace during the summer that is continuing as consumer confidence has been rising.
Some areas such as Victoria and Vancouver have been experiencing a sharp uptick in sales. Without positive movement in economic indicators, however, experts are expecting that growth to begin to slow and later plateau. Kelowna’s slow but steady increases is anticipated to be a sustainable rate of growth.
Overall growth in the Kelowna area is anticipated to reflect the fact that many older individuals will be delaying their retirement until investment markets stabilize and there is broader economic improvement.
Kelowna Property Blog - MLS® Report
- October 23/2009
22nd Annual Business Excellence Award
Kelowna recently hosted its 22nd Annual Business Excellence Awards to celebrate the best and brightest businesses throughout the city. The ceremony began with the executive director of the Economic Development Commission, Robert Fine, taking the stage to accept the award for Business Leader of the Year.
He was chosen for the award because the Economic Development Commission has seen unprecedented growth through the 11 years that Fine has served as director. The EDC has become extremely successful at helping businesses grow their operations throughout Kelowna. Throughout the night, seven awards were presented to various business leaders from around Kelowna. Each winner graciously accepted their award, and many of the recipients touched on the fact that success in business takes lots of commitment and hard work to achieve goals.
Hosts of the event, the Kelowna Chamber of Commerce, the Bank of Canada and Farris, Vaughn, Wills and Murphy LLP, hope that the awards inspire the business leaders of Kelowna to continue to grow and excel their businesses. The other recipients included Jason Broome who won the 2009 Rising Star award. His business, the Kelowna Regional Fertility Centre, has been widely successful throughout its first three years in existence.
Dona Moore won the Community Impact Award for her work at the Kelowna Art Gallery. Also, Mark and Todd Regier were presented with awards for Young Entrepreneur of the Year.
Kelowna Property Blog - MLS® Report
- October 9/2009
Market Update From The Kelowna Area
Though the real estate market appears to be healthy across British Columbia, the Okanagan, in the province’s heartland has yet to catch up. The Okanagan Valley tends to attract retires and those looking for a second recreational home. Investors are also attracted. Many of these potential buyers are leery of making financial commitments in the current economic climate.
The Bricks and Mortar Report, released by RE/MAX showed that sales figures for the first three quarters of 2009 had the biggest jump in Vancouver, at 14%, followed by Victoria on Vancouver Island at 7.4%. Kelowna showed a decrease of 16%. If one compares the Kelowna to either Victoria or Vancouver, the Okanagan city is still a buyer’s market.
The BC Real Estate Board says that Kelowna’s marketing conditions are improving, but not as fast as other places in British Columbia. Since many buyers come from Alberta, the economic health of that province also plays a part in the housing market picture.
Even though there has been an overabundance of condominium inventory, this is starting to shift in a positive direction and a gradual increase in sales is predicted over the next year or two. The strong market demand in Vancouver and Victoria can also help, since potential buyers will be heading to the interior parts of British Columbia looking for homes.
Kelowna Property Blog - MLS® Report
- September 28/2009
British Columbia Housing Sales See Increase
The British Columbia Real Estate Association reports that August home sales in British Columbia will match or better sales recorded during the same month last year. This is due to a strong sales month, with a two-thirds increase in home sales for a total of 8,565 sold through multiple list services.
While sales have improved across the province, greater increases have been seen on the lower mainland and Victoria area. The Northern Lights area is the exception, with sales dropping forty-one percent compared to last year. Despite this, house prices overall have increased twelve percent from last year, with the average house in B.C. going for $471,078, up from $421,685 the previous year.
Real estate agents claim that this increase in sales is mainly a result of pent-up demand, as buyers who were once cautious of the falling housing market are now taking the leap thanks to low prices and interest rates on home loans.
Kelowna Property Blog - MLS® Report
- September 7/2009
Canada Housing and Mortgage Corporation Expects A Strong Real Estate Market In 2010
The CMHC is predicting a strong real estate market in 2010, led by new home builders. Kelowna and Kamloops both experienced a huge drop in the amount of new homes being built this year, but this is expected to rebound next year. New homes built in the Kelowna area dropped 60.8% this year so far.
One of the determining factors in predicting new home building for next year is this years current resale market. While not setting any records, mls® activity in the Kelowna area is turning around from the lows of earlier in the year. It hasn't been quite as bad as most newspapers would have you believe.
The major factor keeping the market going in the right direction is the lost cost of mortgages. When you can get interest rates at 4% or sometimes lower, it doesn't make any sense not to purchase that property you've been in the market for.
Hopefully the upward trend continues, I'll be sure to let you know if it doesn't!
Kelowna Property Blog - MLS® Report
- August 21/2009
Wild Fire Evacuees Shocked, Grateful to Return Home
Nearly 10,000 people were evacuated from their homes because of a forest fire that went on to gut three houses. For the majority of the fleeing residents, there was a very real fear that they'd never see their place again. But thanks to the courageous efforts of firefighters, families like Tony Soro and his wife Debbie Ranger were able to return home.
The pair were at Okanagan Lake when the fire began and they rushed towards home in their light truck. They were stopped by police but avoided the road block by walking the rest of the way. Upon reaching the road near their house, they saw that one of their automobiles was already a raging inferno and the other was simply melting.
Aside from singeing on the outside and the stench of smoke in their linens, the couple's home was okay. They are very thankful for the firemen whom they credit with not only saving their house, but their neighbors' as well. Local officials did note that the rampant fires have drained eighty-five percent of the budgeted firefighting funds.
Kelowna Property Blog - MLS® Report
- August 10/2009
More Forced To Leave Their Homes In The Kelowna Area
About 2500 people have been given an evacuation on Saturday as the fire in the Terrace mountain area again gained momentum. The fire has been fanned recently by northerly winds and is actively burning on the western portion of Terrace Mountain.
It is currently covering nearly 9000 hectares of land and according to the fire department is around 40% under control. Unfortunately, as many of these fires are, it is thought to have been started by people. There are 433 firefighters in the area currently battling the blaze.
There has been some success at the Mount McLean fire about 300 km northwest of Kelowna, where crews are saying that the fire is about 50% contained. This particular fire was stared by a lightning strike according to many reports, and got as close as 100 metres to some homes. A recent evacuation order has been reduced to an alert as the fire department was gaining ground against the blaze.
Another dry summer is providing lots of dry wood for these blazes, let all hope that the fire department is able to keep things contained and we are provided with some precipitation as well.
Kelowna Property Blog - MLS® Report
- July 9/2009
Pandosy Plans Cause Controversy
The Pandosy shopping district controversy is causing plans to be delayed while the disagreement goes to litigation. Tom Smithwick, the attorney who is representing the merchants in the battle against the residential tenants moving into the district, represents their claims that the plan to move the residents in violates the agreement that was put into place in the late 90s for a parking lot to be built in that area for easy access to the merchants’ businesses.
Although merchants insist that they want and welcome the New Opportunities for Women (NOW) project, but just not in that specific area that was allocated for the central parking lot, it’s a little difficult to believe that they really do. It’s been a number of years since the initial talk of the lot and that was in an entirely different economic climate when business was booming and the parking needs were even more essential.
The Now project is going to support women’s needs for housing and it is a critical initiative, though it does come with expense to the tune of $2.1 million for construction and $36 million more for operation. The merchants claim they would like the project to be moved to the Osprey lot about 300 metres to the north where the additional parking for the merchants is supposed to be replaced, but this doesn’t seem to make too much sense either because the parking area in the district center will provide NOW with a space to lend a minimum of 19 more needed units. The city of Kelowna is taking this critical need into account and is getting its own attorneys in place for the litigation to play out.
It is important to note that the Pandosy plans to build the NOW housing structure are being thwarted by the ten merchants who oppose it because they are also claiming that it will reduce their property values. Coupled with the fact that the Pandosy plans for a parking lot are already more than ten years overdue, one might ask, if they really welcomed the Now Canada initiative, would that be an integral part of their concern and wouldn’t they have tried to expedite the building of this parking lot several years ago?
Kelowna Property Blog - MLS® Report
- May 26/2009
Stability Returning To The Market According To CMHC
New Home Building is expected to decline slightly in the latter half of 2009, but is expected to bounce back in 2010, which is good for the overall market. This data is according to the latest 2nd quarter CMHC report.
They mention several factors that are indicating this. Included are the current economy, an increasing amount of competition from resale homes, and the leveling out of home prices that grew between 2002 and 2007. This prediction is according to Bog Dugan, who is the chief economist for the Canadian Mortgage and Housing Corporation. He also stated that CMHC believes that the activity in the market will continue to improve as the fundamentals of the economy recover from the current recession. This will bring new home starts parallel to what the market is asking for.
Sales of pre-owned or resale houses are expected to decline slightly in 2009 as more and more people are skeptical of the current market. However this will change over the year, fueled by the current level of interest rates.
Hope the information helps you make a better choice!
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