BCREA Housing Market Update Q1 BC Housing Forecast Update (Feb 2012)

Hi All,

The BC Real Estate Association has now published their latest report on the BC Real Estate Market and also gives their views on the latest Forecasts for 2012 & 2013.



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

BCREA Reports Home Sales Rise Outside Lower Mainland

Hi All,

Thought you would like to see that there is better news from BCREA today on housing sales for January 2012.

Vancouver, BC – February 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC dipped 7.6 per cent to $2.1 billion in January compared to the same month last year. A total of 3,976 homes traded hands on the MLS® over the same period, down 3.9 per cent. The average MLS® residential price was 3.8 per cent lower at $527,219 compared to January 2011.

“Increased market activity outside the Lower Mainland in January was offset by fewer sales in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist. MLS® Residential sales rose 7 per cent to 1,620 units outside the Lower Mainland, while declining 10 per cent to 2,356 units in Vancouver and the Fraser Valley.

“While provincial sales activity was down in January from year ago levels, consumer demand has posted modest improvement since last fall, driven by low mortgage interest rates and gradually improving economic conditions,” added Muir.

Kind Regards 

Trish Cenci 

Tel 250 864 1707 

Email trishcenci@shaw.ca

Better News for Kelowna Real Estate in 2012 Q1 Housing Market Forecast from BCREA

Hi All,

To keep you up to date with the  latest BC Real Estate Forecast I have attached BCREA's report issued today.

It offers better news for Real Estate in the Central Okanagan, with higher sales and a modest increase in average MLS ® Price forecast for the next 2 years.

Average Performance for Housing Market in 2012
BCREA 2012 First Quarter Housing Forecast Update

Vancouver, BC – January 27, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 First Quarter Housing Forecast Update today.

“Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent from 76,817 units in 2011 to 78,400 units this year, increasing a further 2.7 per cent to 80,500 units in 2013. The 15-year average is 79,000 unit sales. A record 106,310 MLS® residential sales were recorded in 2005.  

"While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at or near record lows for most of 2012,” added Muir.

Home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand. The average MLS® residential price in the province is forecast to edge down 2.2 per cent to $548,500 this year and remain relatively unchanged in 2013, albeit increasing 0.8 per cent to $553,000.

To Read the full report please view http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/housingforecast_.pdf

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

BC Home Sales Increase Last Year reports BCREA

Hi All,

BCREA announced their latest report on BC Real Estate today.

Whilst the news was good for the province as a whole figures were slightly disappointing for the Okanagan Mainline area.

Vancouver, BC – January 13, 2012. The British Columbia Real Estate Association (BCREA)
reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC
climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011,
up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to
$561,026 over the same period.

“Low mortgage interest rates and gradually
improving economic conditions contributed to a
moderate increase in consumer demand last year,”
said Cameron Muir, BCREA Chief Economist.
“BC home sales came in about on par with their 15-
year average, but fell well below their ten-year
average of over 88,000 units.”

Vancouver, the Fraser Valley and the North
experienced the largest percentage increase in unit
sales last year, while consumer demand edged
lower in Victoria and on Vancouver Island.
BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average
MLS® residential price was 2.8 per cent lower than in December 2010.

To read the remaining details please go to
http://www.bcrea.bc.ca/docs/news-2012/2011-12.pdf


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

Kelowna Real Estate - Don’t read too much into your Property Assessment value.

Hi All,

It's that time again when we receive our BC Property Assessments through the post.

For many people, particularly those who own property in Kelowna, as a second home, you will be anxiously looking at this report as an indication of the value of your property.

Before you get too concerned, it is important to know that there are many factors that affect your property value which will not be taken into account in making the Assessment.

This is particularly true if you have done extensive renovations, for example.

While Assessments in some areas of the City are fairly accurate, there are a number of areas where properties are either well undervalued or overvalued.

My suggestion is, that if you are really wanting to get some idea of the value of your property, give either myself or your own Real Estate Agent a call, as we are much closer to the latest market information.

For more details of the recent Assessments you may like to read the report in the CHBC News Article - see the link below.

http://www.chbcnews.ca/okanagan+real+estate+values+take+a+hit/6442553237/story.html

Kind Regards
Trish Cenci
Tel 250 864 1707
EMail trishcenci@shaw.ca

Kelowna Real Estate Update January 2012

Hi All,

First and foremost may I take this opportunity to wish everyone a Happy New Year!

If you were reading the news and following my blog throughout last year you will know that Kelowna Real Estate went through another tough year.

Sales numbers in 2011 were up on 2010, but it remained a Buyers Market, as can be seen in the chart below showing the Months of Inventory available.

The good news for Sellers is that these numbers are falling, and providing we doesn't see a big increase in new inventory during the spring, we should see things moving closer to a more balanced market.

Other points to note are that the number of days to sell a property in 2011 compared to 2010 did vary according to category -:

                                            2011          2010

Single Family                      90                80

Condos                                115              118

Townhomes                       108              100

Lots                                     189              236

There was a modest increase in the number of days to sell Single Family and Town Homes while the was a fall in time to sell Condos and a big improvement for Lots.

Central Okanagan Sales Numbers December 2011

Date	Total	S/Fm	Strata	Lots	Manuf
Dec-11*	171	110	52	6	3
Nov -11	255	145	89	9	12
Oct -11	265	147	87	12	19
Sep -11	289	158	105	11	15
Dec 10	157	93	46	10	8

*Figures are as at close of business 31st December 2011, and may be subject to slight change.

As you can see from the table above, sales were well down in December compared to November, but up on the previous year. This is quite normal for the Central Okanagan.

My Kelowna Real Estate Forecast for 2012

For those of you who may have missed my Real Estate Forecast for 2012, I have attached a link to my article  http://www.trishcenci.blogspot.com/2011/12/kelowna-real-estate-forecast-for-2012.html

Please Help me with you Feedback!

I know that everyone has busy schedules , but I do want to ensure that I keep my blog posts relevant and informative.

Please would you just take a couple of minutes to e.mail me with you comments on my blog, whether it is just to say that you find it helpful, or whether there is something else you would like to see included? My e.mail address is trishcenci@shaw.ca

Thank you in advance, as this will be really helpful!

Kind Regards

Trish Cenci

Tel 250 864 1707

BCREA Housing Market Update & Mortgage Rate Forecast - December 2011

Hi All,

Here is the latest Market Update from the BC Real Estate Association and their Mortgage Forecast for 2012.




Kind Regards

Trish Cenci

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.

As ever, if you have any questions you would like answered, please do not hesitate to give me a call or email me.

Kind Regards

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