Quail Ridge Water - Update on the new GEID Okanagan Lake Intake and Pump Station.

Hi All,

The news is clean water is coming!!

Glenmore-Ellison Improvement District sent out their Fall Newsletter recently. I read that they now appear to be making progress with the construction on the intake and wet wells for the Okanagan Lake pump station.

Having received a Fisheries Act Authorization on May 24, 2011, Hayter Construction Ltd began work on the site in early June, and as of mid August had completed the majority of blasting and access construction work.

Multiple barriers were installed to prevent sediment release into the lake, including silt fences and two silt curtains in the lake. These  provide primary and secondary containment for works below the high water mark.The work window for construction in the Lake ends on September 30th, 2011.

This has been the most technically challenging part of the work and GEID will be drawing down McKinley Reservoir during the fall to allow for the completion of the outlet structure construction which is expected by March 2012.

With the supply of Okanagan Lake water to GEID’s McKinley Reservoir, residents in the Glenmore Valley should expect to see less colour and turbidity in their drinking water. It is then planned that GEID will monitor water quality for up to a year to obtain design information for ultraviolet disinfection, which is the next step to meeting Interior Health guidelines.

It will take until the summer of 2013 to replace the majority of the Mill Creek water in McKinley Reservoir, and I am sure we all can't wait!

Kind Regards

Trish Cenci

Tel 250 864 1707

OMREB detailed report on the Central Okanagan Real Estate Results for August 2011

Hi All,

The Okanagan Real Estate Board (OMREB) has just published its latest detailed commentary on the August Real Estate Results for the Central Okanagan today.

Summer Finishes with Steady Home Sales
Kelowna, BC –

The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported August 2011 sales activity of all MLS® property types slower than this time last year and down marginally compared to July as a buyers’ market continues into the fall.

During August, overall sales dipped 2.05% over last year (to 286 units from 292) and were down 16.12% over July (from 341), with sales volumes of $113.3 million compared to $155.7 million in 2010. Total residential sales last month were down 3.72% compared to August 2010 (to 259 units from 269). Single family home sales rose 1.54% over last year (to 132 compared to 130) – a 2.94% drop from the 136 homes sold in July.

While inventory continues to decline over last year (down 1.23% to 5,230 units from 5,295), new listings for the month rose over last August (up 0.97% to 832 from 824) but declined 13.6% compared to listings taken in July (from 963).

“The summer finished with steady home sales and stable home prices in the Central Zone. Most market segments continue to move along and hold their own in the Okanagan - Shuswap while the recreation and investment segments are still sluggish – being most affected by attractive U.S. opportunities and a slower than expected recovery in Canada,” says Kent Jorgenson, OMREB Director and REALTOR® in the Central Zone.

“Concerns over personal debt loads, net worth and employment fueled by reports of American economic instability have cooled consumer confidence and overall demand in most BC markets, and volatility in the equity markets could result in further belt tightening and apprehension about making big purchases moving into fall. However, we’re hopeful the BC Government will reveal its HST transition plan quickly to alleviate some market uncertainty. ”

Jorgenson notes, “Serious buyers are looking for well - priced properties – recognizing that now is the time to buy while there is still a good selection of homes and room to negotiate, and knowing that higher interest rates anticipated later this year could impact their purchasing power and determine the home they can afford.

Sellers can benefit from working with a professional REALTOR® to price strategically at current values and make the most of buyer activity. Homes with good curb appeal that are listed by vendors with the sharpest pencils are selling quickly in this competitive market. “

The results of OMREB’s Board - wide monthly Buyers Survey profiling who the buyers are, what they are buying and where they are from shows that the majority of buyers are from within the Board area. First - time buyers and move up - buyers are a driving factor, and stimulate the chain of ownership.

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 1,126 member REALTORS® and 92 real estate offices in the Southern Interior of BC.

Kind Regards

Trish Cenci

Tel 250 864 1707

Kelowna Real Estate Update September 2011

Dear All,

It really has been quite a month, in terms of the economic doom and gloom, in world news and a wild ride for those investing in the Stock Markets.

This has continued to make everyone look long and hard at whether now is the time to buy Real Estate, or whether to wait and see if prices are going to fall further.

In my continuing quest to answer this question, I read the latest report on the Commercial Lending Indicator (CLI) written by BCREA, with interest as I feel it offers some clues. I published a full copy of the transcript on my Blog Post earlier this week which can be found at http://trishcenci.blogspot.com/2011/08/why-are-parts-of-bc-real-estate-market.html .

In summary, the CLI fell again this quarter, largely as a result of weak growth in retail sales and employment, and also weakened provincial manufacturing sales.

The state of employment growth is a big factor in whether the general public feel confident in going out and making major purchases such as a home, even though interest rates are not predicted to rise in the short term.

This coupled with the uncertainties of the US Economy, which has a major bearing on B.C. and Canada, has left consumer demand for Real Estate weak, particularly in the Central Okanagan.

Central Okanagan Real Estate Sales for August 2011

Date	Total	S/F	Strata	Lot	Manuf
*Aug -11	276	145	103	17	11
Jul -11	329	149	130	27	23
Jun -11	331	200	90	20	21
May -11	328	184	119	13	12
Aug -10	269	129	107	15	18

 

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

As you can see sales numbers have been quite disappointing this month. It is quite usual to see a dip in numbers during August, but Agent’s were reporting increased showing activity, so it is a surprise that numbers were quite this low as at the month end.

If we compare the number of sales to the number of listings in each category, we also do not find any better news for Sellers – Single Family Home sales represented 6.5% of listings, of which 25% of total sales were over $550,000. Strata sales were around 6%, Lots 2% and Manufactured Homes 4.4%. It is still clearly a Buyer’s Market!

So what are my predictions for the coming months?

I believe that Buyers need to feel confident about their monthly disposable income , and this confidence has been bruised in recent months causing many to stay on the fence.

In reviewing the market results I am seeing some amazing deals coming together for those who have bought recently.

My advice is that if you see the property that is right for you buy it now, as even if the market does adjust a little more, I do not believe it will be significant.

The reality is that only a few people are ever lucky enough to buy at the very bottom of the market, and for those who will be borrowing it may never be a better time to lock into a fixed rate than now.

Kind Regards

Trish Cenci

Tel 250 864 1707