Teranet - Smaller House price rise Jan.

The smallest monthly increase since prices began rising

Canadian home prices in January were up 7.5% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. January was the fourth consecutive month in which prices were up from a year earlier, after 10 consecutive months of 12-month deflation. The turnaround is due to nine straight monthly increases in the countrywide index. However, January's 0.5% monthly gain was the smallest so far.

Teranet – National Bank National Composite House Price Index™

See more at www.housepriceindex.ca

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The Unintended Consequences of the CREA Settlement with the Competition Bureau

Hi All,

Having read this report by Don Campbell, I thought it provided some really useful information for us to bear in mind at the Real Estate Market unfolds in the coming months.

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Kind Regards

Trish Cenci

Tel 250 864 1707

Coldwell Banker Horizon Realty.

Okanagan Real Estate Board announces February 2011 Buyer Survey Results

The results of OMREB's February 2011 Buyers Survey are in!

A total of 96 respondents participated in this survey – 27% response rate for the 360 deals completed by OMREB members representing Buyers for January, or 32% of the 268 OMREB sales representatives who closed sales on behalf of Buyers last month.

February Survey Highlights:

31.9% of purchases were by First Time Buyers, and 24.2% by Move Up Buyers; 26.4% of Buyers were Two Parent Families with Children, 25.3% Couples Without Children, 16.5% were Single Females, 16.5% Empty Nesters/Retirees, 7.7% Single Parents with Children, and 6.6% Single Males; 55.8%.

How were they financed?

55.8% financed via Conventional Mortgage (with more than 20% down), 31.6% by High Ratio Mortgage (less than 20% down), and 11.6% paid by Cash.

Where were they from?

69.9% were from Within OMREB Board Area, 8.6% from Lower Mainland/Vancouver Island, 8.6% from Other Areas in BC, and 6.5% from Alberta; 64.2% of purchases were in Kelowna/West Kelowna, 20% in Vernon/Coldstream, and 4.2% in Salmon Arm.

These results clearly demonstrate that local buyers are continuing to make up the bulk of the market and why the majority of sales remain in the 'under $500,000' range.

Kind regards

Trish Cenci

Tel 250 864 1707

Read TD's Quarterly Report on Interest Rates and Economic Growth

TD Bank gives their latest quarterly update for the economy.

It seems there is positive news on Canada's economic growth, predictions on when and how much interest rates will rise and also currency forecasts.

Within this report they continue to predict flat housing markets - although this will not include Metro Vancouver !!

Kind Regards
Trish Cenci

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Canadian Home Sales for February 2011 on par with 5 year average - CREA

Clipped from creanews.ca

Ottawa – March 15th, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity in February 2011 ran close to the five-year average for the month, continuing a theme that has characterized the past four months.

Actual (not seasonally adjusted) national sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards came in 5.9 per cent below levels reported last February. This marks the smallest year-over-year decline in nine months, and the fourth consecutive month in which sales activity was on par with the five-year average for that month.
Read more at creanews.ca

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Vancouver Leads BC Housing Markets

View all the latest British Columbia Real Estate Stats for February 2011 - Average Listings, Average Price and Sales to Active Listings provided by BCREA.

Kind Regards

Trish Cenci

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Parents buying a home for the Children?

Some good advice if you are thinking of helping your Children to buy their first home.

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Good news for Quail Ridge and the Kelowna Airport area.

Extract from the Thomson report on this weeks Castanet Business News by John Thomson - Story: 60525.

"It looks like it is a finally a go for the Sheraton Four Points Hotel across from the entrance to the Kelowna International Airport. Argus Properties of Kelowna is the developer.

It's good to hear that the project is going ahead as it has been a rumour mill for years and years and if my numbers are correct at least three other development projects for a hotel for that site have been announced, one of them including a Sheraton banner.

The developer has called for an operator to take over the restaurant food operation for the 120-room hotel. I understand conference services will also be available, but all of that information is yet to be announced.

This will be the third new hotel for the city in the last three years."

I believe this will be good news from Quail Ridge and other local residents, as hopefully this will be the catalyst for greater developement in the Airport Business Park area and also more amenties such as a convenience store, which the area has wanted for some time.

Kind Regards

Trish Cenci

Tel 250 864 1707

Majority of Canadians confident about buying a home, say housing market is more balanced: RBC Poll

I read RBC's latest Annual Home Ownership study today and found it interesting. Canadians are feeling much more confident about Real Estate. Read details of the report....

TORONTO, March 9, 2011— An overwhelming majority of Canadians (90 per cent) are confident about real estate in Canada as an investment and 85 per cent feel that they are doing a good or excellent job of paying down their mortgage, according to the 18th Annual RBC Home Ownership Study. Almost three-quarters of Canadians (73 per cent) believe that they or their family are well-positioned to weather a housing drop.

"Canadians believe in the long-term benefits of owning a home including the value it can provide, both personally and as a long term investment," said Marcia Moffat, RBC head of home equity financing. "Last year's survey showed that people were looking to buy ahead of rising costs. This year marks a return to more normal levels of purchase intentions and recent housing data reflects this move to a more balanced market."

Read more at http://www.rbc.com/newsroom/2011/0309-housing.html

Kind Regards

Trish Cenci

Tel 250 864 1707

Building Permits down 5.1% Dec to Jan

Clipped from www.statcan.gc.ca

Municipalities issued building permits worth $5.4 billion in January, down 5.1% from December. Lower construction intentions, particularly for the residential sector in Ontario and the non-residential sector in Alberta and British Columbia, were behind the decline.
Read more at www.statcan.gc.ca

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Kelowna Real Estate Update March 2011

Good news!! Last month, I reported the first signs of optimism for the Kelowna Real Estate market, and this is borne out in the sales figures for the end of February, which show the best sales figures in several months, with Single Family Homes sales and sales of Strata properties being broadly in line with this time last year - see below.

It has been a ‘go – stop – go’ month, with the start being very busy, then it quietened down and towards the end of the month it was busier again.

As I reported, in my Blog, last week, BCREA are predicting an 8.8% increase in sales for the Central Okanagan this year, and this would certainly seem achievable. I am starting to see an increase in ‘out of town’ buyers returning to the Kelowna market, looking for investment property, and the BC Economic news is also looking brighter.

My note of caution to this report is that whilst this will be good for sales numbers, I do not believe in the short to medium term that we will see rising prices this year. I do see pricing remaining fairly flat, as we continue to be oversupplied with inventory ( see my report earlier this month http://trishcenci.blogspot.com/2011/02/what-is-state-of-real-estate-market-in.html ).

Central Okanagan Real Estate Stats February 2011

Type        Total    S Fam       Strata     Lot     Manuf

Feb 11*     249        142              86            7        14

Jan 11       200        115              66           9        10

Dec 10      157          93              46          10         8

Nov 10      199        117               68          7           7

Oct 10       246       149               74         10         13

Feb 10      270        140              89         21         20

*Figures as at close of business of business February 28 2010, which may be subject to small change.

For those of you who like to keep in touch by Social Media ...

I am regularly creating updates on the Real Estate Market on Twitter, Facebook and LinkedIn, please connect with me on any of the sites -:

By Twitter - http://twitter.com/akelownarealtor - FOLLOW!

Via Facebook - http://www.facebook.com/pages/Trish-Cenci-Kelowna-Real-Estate-Agent/125895034145271 LIKE!

LinkedIn - http://www.linkedin.com/pub/trish-cenci/20/b17/a1 JOIN!

Blog – http://www.trishcenci.blogspot.com/ SUBSCRIBE!

I also have two further information websites, which concentrates on the Quail Ridge Residential and Commercial Market, including all the current listings and a site for clients looking for Rentals and Listings close to UBC Okanagan -:

http://www.quailridgerealestate.com/

http://www.ubcokanaganrealestate.com/

If you have any questions regarding this update please either telephone or e.mail me.

Kind Regards

Trish Cenci

Tel 250 864 1707

Coldwell Banker Horizon Realty

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