This article also contains some useful information about the current economy in BC.
Kind Regards
Trish Cenci
See this Amp at http://amplify.com/u/bs0c2
BCREA " BC Commercial Real Estate Market should continue to strengthen" Feb 2011
BCREA posts a good news forecast for the Commercial Real Estate Sector today.
This article also contains some useful information about the current economy in BC.
Kind Regards
Trish Cenci
This article also contains some useful information about the current economy in BC.
Kind Regards
Trish Cenci
Who is buying homes in the Okanagan‐Shuswap? OMREB February 2011
Who is buying homes in the Okanagan‐Shuswap? Author -: Brenda Moshansky, OMREB President
Kelowna, BC – Ever wonder where home buyers come from?
Since September 2010, the Okanagan Mainline Real Estate Board (OMREB) has been collecting information from our members with regards to where our buyers are coming from – both geographically and demographically.
The purpose of collecting this data is to add another element to our market knowledge and a better understanding of current trends. The longer record, the more insight the Board will have.
Results of OMREB’s new Board wide monthly Buyers Survey indicate that serious buyers are taking advantage of the current market and leveraging their positive purchasing power while it lasts.
Buyer profiles gathered through each monthly survey include property type, family dynamic, financing, and areas moving from and to.
On average during the past five months, home buyers have been coming from: within the OMREB Board area (57.28%); Alberta (14%); Lower Mainland/Vancouver Island (13%); other areas of BC (7.3%); Saskatchewan/Manitoba (3.78%); outside Canada (2.58%); and Eastern Canada/Maritimes (1.88%).
January 2011 Survey Highlights:
31.7% of purchases in the OMREB Board area were by Move Up Buyers, and 27% by First Time Buyers, 7.9% Single Family to Strata, 4.8% Revenue Property, 3.2% Recreation Property, 3.2% Strata to Single Family, 1.6% to Retirement Community; 29.9% were Two Parent Families With Children, 19.4% of Buyers were Couples Without Children, 17.9% were Single Females, 13.4% Single Males, and 11.9% Empty Nesters/Retirees; 53.8% financed via Conventional Mortgage (with more than 20% down), 27.7% by High Ratio Mortgage (less than 20% down, and 18.5% paid by Cash; 64.2% were from Within OMREB Board Area, 13.4% were from Lower Mainland/Vancouver Island, 9% from Alberta, and 6% from other areas of BC; 56.7% of purchases were in Kelowna/West Kelowna, 10.4% in Vernon/Coldstream, and 9% in Salmon Arm.
Real estate markets can be driven by local demand, demand stemming from outside the region or province, by international sources, or by a combination of all three. “Knowing how many homes are sold and at what price is an important part of the picture,” notes Brenda Moshansky, OMREB President and REALTOR® in the Central Zone.
“However, understanding who your buyers are and where they come from can reveal not only market dynamics but also identify which factors actually drive local demand. For example, a change in entry level buyer activity can have a ripple effect throughout the entire market as many move‐up buyers rely on first‐time buyers to purchase their existing homes.”
Low interest rates and attractive pricing alone don’t necessarily mean increased sales activity. Many additional factors affect consumer confidence, including local employment opportunities and the overall economic environment. Real estate markets can also react differently depending on the influence of various buyer segments.
“Housing markets in Vancouver, for example, are being bolstered by off‐shore buyers while the Alberta market is closely linked to natural resource prices and their job market,” Moshansky explains. “Since a sizable proportion of local sales come from buyers that originate outside our region, 50% being non‐local, we need to keep an eye on Alberta and the Lower Mainland. Our monthly Buyers Survey helps to do just that. “
So if you were curious as to what is moving our local real estate market, this is a bit of insight.
OMREB is comprised of 1,135 member REALTORS® and 86 real estate offices in the Southern Interior of BC, and the Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke.
If you have any additional questions about this article, please do not hesitate to contact me.
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
What is the state of the Real Estate Market in Kelowna in 2011. Understanding Buyers & Sellers Markets
As I am reading various news and market updates about Real Estate in BC and in Canada, they are regularly referring to 'Buyers Markets', 'Sellers Markets' and 'Balanced Markets'.
This article is designed to help you identify the market conditions in your area and to give you a report on the present state of the Kelowna Real Estate Market, as of February 2011.
Buyers Market
When we talk about it being a 'Buyers Market', typically the following market conditions are present -:
1. There is more than 6 months inventory / listings available on the market (I will explain how this is calculated later).
2. Inventory numbers are higher when compared to previous years
3. Interest rates are low, allowing greater affordability.
4. The number of days a property is on the market are longer than in previous years.
5. The number of property sales are falling, or well down on previous years.
6. The median sales prices are falling.(*Median - In real estate statistics, is the 'middle' home price, in the sense that half the prices are below and half are above the median. It is regarded as more accurate, as the 'average price' can be influenced by one very high or low sale.)
7. Fewer property showings, as there are less buyers looking.
Sellers Market
1. There is less than 6 months inventory available on the market.
2. Inventory numbers are lower when compared to previous years
3. Interest rates are higher or rising.
4. The number of days a property is on the market are less than in previous years.
5. The number of property sales are rising, or well up on previous years.
6. The median sales prices are rising.
7. High numbers of property showings as there are more buyers looking, resulting in multiple offers on a property.
8. Properties selling for higher than the list price.
Balanced Market
1. There is between 3 and 6 months inventory available on the market.
2. Inventory numbers are similar to previous average years
3. Interest rates are stable.
4. Properties are selling within 30 to 45 days of listing.
5. The number of property sales are stable when compared to previous average years.
6. The median sales prices are stable compared to previous average years.
7. Steady number of property showings
8. Properties selling for around list price.
What is the state of the Kelowna Real Estate Market and how do we calculate it?
At the present time Kelowna remains very much in a 'Buyers Market".
If we look at the figures as at the end of January 2011 for the various sectors -:
Single Family Homes - Total Current Listings 1227 Sales in January 94 - divide the sales into the listings and the current number of months inventory is 13.05 months. Days to Sell 110.
Condos - Total Current Listings 855 Sales in January 33 - the current number of months inventory is 25.9 months. Days to sell 153
Townhomes - Total Current Listings 440 Sales in January 27 - the current number of months inventory is 16.3 months. Days to sell 111
Lots - Total Current Listings 651 Sales in January 9 - the current number of months inventory is 72.3 months. Days to Sell 188.
Manufactured Homes - Total Current Listings 185 Sales in January 10 - the current number of months inventory is 18.5 months. Days to Sell 116
One interesting point to note here, is the actual days the units are taking to sell are not as high as you would expect to see, with this amount of inventory. A possible reason for this may be that there are a number of 'well priced' listing, which are selling quickly.
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
This article is designed to help you identify the market conditions in your area and to give you a report on the present state of the Kelowna Real Estate Market, as of February 2011.
Buyers Market
When we talk about it being a 'Buyers Market', typically the following market conditions are present -:
1. There is more than 6 months inventory / listings available on the market (I will explain how this is calculated later).
2. Inventory numbers are higher when compared to previous years
3. Interest rates are low, allowing greater affordability.
4. The number of days a property is on the market are longer than in previous years.
5. The number of property sales are falling, or well down on previous years.
6. The median sales prices are falling.(*Median - In real estate statistics, is the 'middle' home price, in the sense that half the prices are below and half are above the median. It is regarded as more accurate, as the 'average price' can be influenced by one very high or low sale.)
7. Fewer property showings, as there are less buyers looking.
Sellers Market
1. There is less than 6 months inventory available on the market.
2. Inventory numbers are lower when compared to previous years
3. Interest rates are higher or rising.
4. The number of days a property is on the market are less than in previous years.
5. The number of property sales are rising, or well up on previous years.
6. The median sales prices are rising.
7. High numbers of property showings as there are more buyers looking, resulting in multiple offers on a property.
8. Properties selling for higher than the list price.
Balanced Market
1. There is between 3 and 6 months inventory available on the market.
2. Inventory numbers are similar to previous average years
3. Interest rates are stable.
4. Properties are selling within 30 to 45 days of listing.
5. The number of property sales are stable when compared to previous average years.
6. The median sales prices are stable compared to previous average years.
7. Steady number of property showings
8. Properties selling for around list price.
What is the state of the Kelowna Real Estate Market and how do we calculate it?
At the present time Kelowna remains very much in a 'Buyers Market".
If we look at the figures as at the end of January 2011 for the various sectors -:
Single Family Homes - Total Current Listings 1227 Sales in January 94 - divide the sales into the listings and the current number of months inventory is 13.05 months. Days to Sell 110.
Condos - Total Current Listings 855 Sales in January 33 - the current number of months inventory is 25.9 months. Days to sell 153
Townhomes - Total Current Listings 440 Sales in January 27 - the current number of months inventory is 16.3 months. Days to sell 111
Lots - Total Current Listings 651 Sales in January 9 - the current number of months inventory is 72.3 months. Days to Sell 188.
Manufactured Homes - Total Current Listings 185 Sales in January 10 - the current number of months inventory is 18.5 months. Days to Sell 116
One interesting point to note here, is the actual days the units are taking to sell are not as high as you would expect to see, with this amount of inventory. A possible reason for this may be that there are a number of 'well priced' listing, which are selling quickly.
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
House prices to match inflation: CMHC. Remember it's a slightly different market here in Kelowna.
Before we get too optimistic about this report, I just want to remind everyone that we are not in a balanced / 'Sellers Market' in Kelowna!
Whilst it feels like the market has already hit the bottom and prices may be starting to rise, with the level of inventory we have, it remains a Buyers market here!
Whilst it feels like the market has already hit the bottom and prices may be starting to rise, with the level of inventory we have, it remains a Buyers market here!
See this Amp at http://amplify.com/u/bqla5
Kind regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
Kind regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
Get in while the Getting’s Good – Why Buyers & Sellers Should Take Advantage of Today’s Real Estate Market
Whilst this article refers to the US housing market, there are some relevant points made which apply to our Canadian Real Estate Market.
I am certainly starting to see more buyers considering making purchases in Kelowna and the Central Okanagan area.
I am certainly starting to see more buyers considering making purchases in Kelowna and the Central Okanagan area.
See this Amp at http://amplify.com/u/bqhzk
Kind Regards
Trish Cenci
Cell 250 864 1707
Coldwell Banker Horizon Realty
Kind Regards
Trish Cenci
Cell 250 864 1707
Coldwell Banker Horizon Realty
Metro Vancouver, rest of B.C. show sharp differences in housing price changes.
I am pleased to finally read a realistic article about of the Real Estate Markets in the Province of BC, without the distortion of Metro Vancouver!
See this Amp at http://amplify.com/u/aqc1e
So often figures refer to BC as a whole, and whereas this article gives people a better picture of what is happening.
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
See this Amp at http://amplify.com/u/aqc1e
So often figures refer to BC as a whole, and whereas this article gives people a better picture of what is happening.
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
Emerging Trends in Real Estate 2011® : Canadian Summary-Price Waterhouse Coopers
2011 Canadian Real Estate Survey by Price Waterhouse Coopers.
It is interesting that we are finding activity in Kelowna much busier than it has been, and I suspect we are seeing some of those 'pent-up investors seeking market-bottom plays'.
See this Amp at http://amplify.com/u/aq90w
Kind Regards
Trish Cenci
Coldwell Banker Horizon Realty
Tel 250 864 1707
It is interesting that we are finding activity in Kelowna much busier than it has been, and I suspect we are seeing some of those 'pent-up investors seeking market-bottom plays'.
See this Amp at http://amplify.com/u/aq90w
Kind Regards
Trish Cenci
Coldwell Banker Horizon Realty
Tel 250 864 1707
Kelowna Real Estate Update February 2012
Hi All,
January has traditionally been a quiet month in terms of showings and general real estate activity, in Kelowna and the Central Okanagan.
This year, however, I have seen a sharp increase in viewings on properties at all price points and much higher than normal web activity. Other agents are also reporting a similar story.
In looking at the real estate sales figures at the month end, this level of activity has not transferred into increase sales yet, but I will not be surprised to see an increase by the end of February.
Central Okanagan Sales January 2012
Date | Total | S/Fm | Strata | Lots | Manuf |
*Jan - 12 | 202 | 113 | 65 | 12 | 12 |
Dec -11 | 171 | 110 | 52 | 6 | 3 |
Nov -11 | 255 | 145 | 89 | 9 | 12 |
Oct -11 | 265 | 147 | 87 | 12 | 19 |
Jan 11 | 200 | 115 | 66 | 9 | 10 |
*Accurate as at 31 Jan 2012 - may be subject to slight change.
Q1 Real Estate Forecast from BCREA
In case you missed it, the BC Real Estate Association published their Q1 Real Estate Forecast for BC last week. To read the full details please view my Blog Post http://www.trishcenci.blogspot.com/2012/01/hi-all-to-keep-you-up-to-date-with.html
For the Okanagan they are forecasting sales will be up 4.1% in 2012 & MLS® sales prices will increase by a very modest 0.6%.
News for the Quail Ridge & UBCO Area
For those of you who already know me, you will know that I have a real estate office located in the Quail Ridge area, which I share with Tanis Read.
As we have many Buyers and Sellers who are interested in Quail Ridge and UBCO, Tanis and I have just launched a new web site specifically for that area. If you have a moment, do please take a look – www.quailridgerealestate.com and let us know what you think!
Other news from Quail Ridge – we have learnt this week that we are a step closer to receiving a new bus service to the area from September 2012.
We did write to the City of Kelowna last week and received their confirmation on this, but we will need to wait until budgeting is completed in May to know for sure.
This will be particularly good news for some of the student residents in the condos in Via Centrale and Country Club Drive, who are currently walking to school.
Summary
If you are thinking of buying real estate in the Kelowna and Central Okanagan area, now may be the time to start looking seriously.
We will start to see more inventory coming on the market as spring approaches, and pricing will have to be competitive to entice Buyers.
That being said, if sales start to increase, we will move from a ‘Buyers Market’ to a more balanced market, and that is when prices will start to firm up.
Kind Regards
Trish Cenci
Tel 250 864 1707
Email trishcenci@shaw.ca
Housing market will be stable next two years: RBC
This appears to be a reasonable argument, however, if economic recovery isn't as strong as predicted, it will leave the housing market quite fragile.
It is interesting that RBC also predicts resales in Alberta to grow by a nation-leading 9.5 per cent this year. That totally makes sense, given their strong predictions for the oil patch in 2011.
As far as Kelowna goes, I do not feel our housing market is generally over valued, as we have seen a more significant price correction over the last 18 months than other areas of the Country.
See this Amp at http://amplify.com/u/aps84
Kind Regards
Trish Cenci
Coldwell Banker Horizon Realty
Cell 250 864 1707
It is interesting that RBC also predicts resales in Alberta to grow by a nation-leading 9.5 per cent this year. That totally makes sense, given their strong predictions for the oil patch in 2011.
As far as Kelowna goes, I do not feel our housing market is generally over valued, as we have seen a more significant price correction over the last 18 months than other areas of the Country.
See this Amp at http://amplify.com/u/aps84
Kind Regards
Trish Cenci
Coldwell Banker Horizon Realty
Cell 250 864 1707
Demand from International Investors & Domestic Buyers to Sustain Luxury Real Estate Market in BC
Interesting Read on Luxury Real Estate in BC.
We have started to see out of town investors returning to the Kelowna Real Estate market, during the last month.
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
We have started to see out of town investors returning to the Kelowna Real Estate market, during the last month.
Read more at travel.boomerdomain.com
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
Some Good advice for First Time Home Buyers
Saw this article in the Globe and Mail - a useful reminder for First Time Home Buyers.
See this Amp at http://amplify.com/u/ap7jz
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
See this Amp at http://amplify.com/u/ap7jz
Kind Regards
Trish Cenci
Tel 250 864 1707
Coldwell Banker Horizon Realty
Kelowna Real Estate Update February 2011
I am sure that, as many of you have been reading my updates over the last 12 months, you could be forgiven for wondering when I am going to have something more positive to say about the state of the Kelowna Real Estate market!
Well....... that time may have finally come!
Central Okanagan Real Estate Stats for January 2011
Type Total S Fam Strata Lot Manuf
Jan 11* 191 111 62 8 10
Dec 10 157 93 46 10 8
Nov 10 199 117 68 7 7
Oct 10 246 149 74 10 13
Sep 10 219 132 72 5 10
Jan 10 232 136 74 13 9
*Taken from MLS as at close of business 31st Jan 2011, may be subject to minor change.
Whilst the month end sales figures are up 21.6 % against December 2010 (which is to be expected, but not exceptional), the more positive news is the big increase in people looking at properties on the web, there are more property enquires by phone, and Agents are reporting more showings on properties.
I know that this activity does not necessarily mean people will ‘buy’, but the market has to start somewhere, and this is often the way it starts!
So what properties will make good investments?
For those of you who are looking to invest in property in Kelowna, and plan to rent them out, my advice is to buy the types of property which reflect the ‘Okanagan Lifestyle’ E.G. properties by the Lake or close to recreation, such as Golf Courses.
Looking around the market at the moment, there are some good buys in condo complexes such as Discovery Bay (down town Kelowna Lakefront) and Pinnacle Pointe (Quail Ridge Golf Course). Prices now are back where they were 4 or 5 years ago.
During the busier periods in the market, these types of properties were very popular, due to their location, amenities and also because they allow short term rentals, which offer the opportunities of higher levels of rental income in the summer months.
At the moment, rentals rates are quite depressed; however they will rise again, and make this type of investment look quite attractive.
Remember, downtown lake shore is limited, and we are seeing great expansion at UBC Okanagan and Kelowna International Airport. There is bound to be a’ knock on’ in demand in Quail Ridge, as it is the only area where students can walk from, to the University (weather permitting) .
For those looking to buy homes – ‘estate sales’ are often very reasonably priced, and foreclosures can be good value, but you have to be prepared to attend Court on the Hearing Date, and if there is a competing bid, you may lose the deal.
And Finally ...
If you would like to receive my regular Blog updates, please feel free to subscribe to my posts by e.mail, using the link at the top right of the page.
As always, if you have any questions regarding the issues raised in my Newsletter, please feel free to contact me, and if you know anyone who might be interested in reading this article, please pass it on!
Kind regards
Trish Cenci
Telephone 250 864 1707
Well....... that time may have finally come!
Central Okanagan Real Estate Stats for January 2011
Type Total S Fam Strata Lot Manuf
Jan 11* 191 111 62 8 10
Dec 10 157 93 46 10 8
Nov 10 199 117 68 7 7
Oct 10 246 149 74 10 13
Sep 10 219 132 72 5 10
Jan 10 232 136 74 13 9
*Taken from MLS as at close of business 31st Jan 2011, may be subject to minor change.
Whilst the month end sales figures are up 21.6 % against December 2010 (which is to be expected, but not exceptional), the more positive news is the big increase in people looking at properties on the web, there are more property enquires by phone, and Agents are reporting more showings on properties.
I know that this activity does not necessarily mean people will ‘buy’, but the market has to start somewhere, and this is often the way it starts!
So what properties will make good investments?
For those of you who are looking to invest in property in Kelowna, and plan to rent them out, my advice is to buy the types of property which reflect the ‘Okanagan Lifestyle’ E.G. properties by the Lake or close to recreation, such as Golf Courses.
Looking around the market at the moment, there are some good buys in condo complexes such as Discovery Bay (down town Kelowna Lakefront) and Pinnacle Pointe (Quail Ridge Golf Course). Prices now are back where they were 4 or 5 years ago.
During the busier periods in the market, these types of properties were very popular, due to their location, amenities and also because they allow short term rentals, which offer the opportunities of higher levels of rental income in the summer months.
At the moment, rentals rates are quite depressed; however they will rise again, and make this type of investment look quite attractive.
Remember, downtown lake shore is limited, and we are seeing great expansion at UBC Okanagan and Kelowna International Airport. There is bound to be a’ knock on’ in demand in Quail Ridge, as it is the only area where students can walk from, to the University (weather permitting) .
For those looking to buy homes – ‘estate sales’ are often very reasonably priced, and foreclosures can be good value, but you have to be prepared to attend Court on the Hearing Date, and if there is a competing bid, you may lose the deal.
And Finally ...
If you would like to receive my regular Blog updates, please feel free to subscribe to my posts by e.mail, using the link at the top right of the page.
As always, if you have any questions regarding the issues raised in my Newsletter, please feel free to contact me, and if you know anyone who might be interested in reading this article, please pass it on!
Kind regards
Trish Cenci
Telephone 250 864 1707
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