Kelowna Real Estate Market Update August 2015
01 August 15 02:57 PM
Please note that our Blog had Moved http://www.trishandtanis.com/blog/668289/


Hi All, 

Headlines were dominated for part of last month by the large Wildfire in the Westside Rd area of Kelowna.

I actually saw the lightning strike that started the fire and within an hour saw the tell tale plumes of smoke rising across the valley. 

Yet again, our thanks go to our excellent Fire Service, for the great job they do, and with the help of some cooler days and some unseasonal rain they now have everything under control.

It did seem to have an effect on Real Estate Business, as we experienced a dip for a few days in activity, but things were extremely busy again last week with showings and offers.

Kelowna Real Estate Sales July 2015 

Date Total S/Fm Strata Lots Manuf
Jul 2015 565 319 205 23 18
Jun 2015 652 350 238 26 38
May 2015 587 329 218 17 23
Apr 2015 551 327 183 20 21
Jul 2014 572 301 209 29 33

As you can see the quieter spell, did seem to have a knock on effect to the month end sales figures, being 15% down on last month, and just over 1% on this time last year.

We are also continuing to find that some Buyers are having challenges obtaining mortgages as lending criteria remains tight, and we understand that the rules for Self - Employed people will again be tightening up as of August 1st, so writing a 'back-up' offer remains an option, if a home already has an offer and is 'subject to' Financing.

As for how much of the market is being affected by the lower oil prices and it's effect on the confidence of Alberta Buyers, it is difficult to quantify at the moment, so we are continuing to monitor the Buyers Survey Results.As of last month, Alberta Buyers represented 18% of the market, which was up from 15.7% the previous month.

Months of Inventory in key sectors of the Kelowna Market July 2015 

Area Criteria Sold For Months   Trend* Buyers /
Sale Inventory Seller Market
S/Fam Homes W Kel /Kel $300k -$500k 118 342 2.9  Falling Sellers
S/Fam Homes Nr Hospital $300k-$450k 4 8 2  Falling Sellers
2 Bed Condos UBCO $180k-$320K 14 54 3.85  Falling Sellers
1&2 Bed Condos Downtown $200k-$500k 13 52 4  Rising Sellers
Town Homes W Kel/ Kel  $240k-$500K 54 160 2.43  Rising Sellers

 Looking at some of the areas of the market we watch closely each month, you can see that months of inventory remain quite low, and is continuing to fall.

This months Shopping List for Buyers

If you know anyone who is looking to sell, especially in the following categories, which is not already on the MLS® System, please pass this link on to them and encourage them to contact us please!!

- $500,000 - $700,000 Upper End Finished Home - bright, preferably a Rancher Style, Lower Mission or Upper Mission..

- Walk Out Rancher, with good sized main living area to allow for entertaining, a reasonable sized garden and preferably a view up to $600,000

- Top Floor Condo up to $330,000 - Higher End Finishing, bright with a nice view & possibly Golf Course View

Kind Regards

Trish and Tanis

Tel 250 863 8989 

 

The Importance of obtaining a quote for Fire Insurance coverage in BC during Fire Season
17 July 15 08:31 AM

Hi All,

The BC Real Estate Association and Kootenay Real Estate Board have provides us with a timely reminder.

At the present time we have a significant number of active fires burning throughout British Columbia with evacuation orders and alerts impacting hundreds of properties.

 

If you are in the middle of a Real Estate transaction or are thinking about purchasing Real Estate in BC right now, it is important for Buyers to know what to expect on the insurance front.

 

1.     - Existing insurance policies and renewals are not  affected.

 

2.   -   While insurance underwriters follow their own guidelines, it’s fair to expect that where evacuation orders or alerts exist, new insurance policies are unlikely to be approved until the threat eases. Some underwriters may also restrict new policies based on proximity to fires, even when no evacuation orders or alerts are declared. Changes to existing insurance policies, such as requested increases to coverage limits, may also be declined.

 

3.    -  Insurance for properties in unprotected fire districts is more expensive than in protected fire districts. An unprotected fire district is an area without fire hydrants and a fire department.

 

 

What can Buyers do?


• Buyers who have trouble obtaining insurance should contact several insurance providers, because they have different approaches and criteria.

 

• Where buyers aren’t able to obtain insurance, they should seek legal advice.

 

• When completing a Contract of Purchase and Sale to purchase a property you should have a subject clause - “Subject to Fire/Property Insurance” clause developed by the Real Estate Council of BC:

 

"This offer is subject to the Buyer obtaining approval for fire/property insurance, on terms and at rates, satisfactory to the Buyer, on or before (date). This condition is for the sole benefit of the Buyer.”

 

Kind Regards

Trish and Tanis

Tel 250 868 2488 

First Time Buyers were busier again this June in the Kelowna Real Estate Market.
15 July 15 09:29 AM

Hi All,

The results of OMREB's JUNE 2015 Buyers Survey are now available!  A total of 290 respondents participated in this survey – representing 54% of the 537 OMREB sales representatives who acted as Buyers Agents, and 31% of the 937 deals closed on behalf of Buyers in June.

It seems like First Time Buyers were busier this month, with less move up Buyers. Interesting that 18% of our Buyers still came from Alberta last month, while 9.7% came from the Lower Mainland.

 

JUNE SURVEY SUMMARY

Property Type:

19.8% by Move-Up Buyers (down from 31.5% in May)

19.8% by First Time Buyers (up from 14.9%) *

19.4% by Buyers Downsizing (down from 20.3%)

11.3% buying Revenue/Investment Property (up from 9.5%) *

9.9% moving from Single Family Home to Strata Unit (similar to May’s 9.8%)

5.7% buying Recreation Property (down from 6.8%)

3.5% moving from Strata Property to Single Family Home (up from 2.7%) *

2.1% moving into Retirement Home/Seniors Community (similar to May’s 2.0%)

 

* During June, there were increases in purchases by first time buyers, and those who were investing in revenue properties or moving from strata properties to detached homes, compared to the previous month.

 

Buyer Type (Family Dynamic):

24.1% Empty Nester/Retired (down from 26.9% In May)

24.1% Two Parent Family/Children (down from 25.8%)

21.3% Couple without Children (up from 20.8%) **

15.7% Single Male (up from 10.7%) **

12.5% Single Female down from 13.4%)

4.2% Single Parent with Children (up from 3.0%) **

 

** There were more purchases by empty nesters/retirees, couples without children, and single males during June, while other buyer categories were down compared to May

 

Moving From:

55.5% from Within OMREB Board Area  (down from 55.7% in May)

18.0% from Alberta (up from 15.7%) ***

9.7% from Lower Mainland/Vancouver Island  (down from 10.7)

8.6% from Other Areas in BC (up from 8.4%) ***

5.2% from Eastern Canada/Maritimes (up from 4.0%) ***

2.8% from Saskatchewan/Manitoba (down from 3.7%)

0.7% from Outside Canada (similar to May’s 0.6%)

0% from NWT/Yukon (same as May) 

 

*** More buyers moved from other areas of BC, and migrated from Alberta, Eastern Canada and the Maritime provinces during June. 

Kind Regards

Trish and Tanis

Tel 250 868 2488 

Kelowna Real Estate Market Update July 2015
01 July 15 09:34 AM

Hi All, 

Happy Canada Day everyone!

It's been another busy month in our Real Estate Market and it continues to be a challenge for some of our Buyers to find their new home, due to lack of inventory.

At our Coldwell Banker Office meeting, recently, 3 agents were appealing to anyone who had the style of home they were looking for to contact them immediately, as their Buyers were ready,willing and able to buy, all looking for exactly the same type of Home, having viewed everything currently on the market. 

We also see Buyers continuing to find financing a little more difficult to come by, and it is essential, in such a busy market, to be pre approved before you start looking.

Kelowna Real Estate Sales June 2015 

DateTotalS/FmStrataLotsManuf
Jun-156523502382638
May -155873292181723
Apr -155513271832021
Jun - 076223731913226
Jun -145903272023427

With such strong sales number this month, I decided to roll back the clock and see what sales looked like in June 2007, and as you can see total sales are up  11% on last month, but of particular interest up 4.8% on June 2007, which was regarded as the peak of our Real Estate market. 

All areas of the market seem to be seeing sales numbers rising, and the average number of days on the market is also coming down.

Months of Inventory in key sectors of the Kelowna Market June 2015 

Area CriteriaSoldForMonths  Trend*Buyers /
SaleInventorySeller Market
S/Fam Homes W Kel /Kel $300k -$500k1173543.03 RisingSellers
S/Fam Homes Nr Hospital $300k-$450k492.25 FallingSellers
2 Bed Condos UBCO $180k-$320K15604 FallingSellers
1&2 Bed Condos Downtown $200k-$500k1148436 RisingSellers
Town Homes W Kel/ Kel  $240k-$500K701702.43 FallingSellers

All our key sectors, are now showing as Sellers markets.

I did particularly notice prices rising for condos in the Kelowna North area, especially at Discovery Bay, which often appeals to investors, as short and long term rentals are allowed.

We are also at peak season for Parents looking for condos near the University, so as expected, inventory is starting to fall there.

This months Shopping List for Buyers

If you know anyone who is looking to sell, especially in the following categories, which is not already on the MLS® System, please pass this link on to them and encourage them to contact us please!!

- $500,000 - $700,000 Upper End Finished Home - move in ready Quail Ridge, Lower Mission or Upper Mission..

- Walk Out Rancher, with good sized main living area to allow for entertaining, a reasonable sized garden and preferably a view up to $600,000

- Top Floor Condo up to $340,000 Quail Ridge - Higher End Finishing & Golf Course View

Kind Regards

Trish and Tanis

Tel 250 863 8989 

 

BC Real Estate Association predicts Mortgage Rates are likely to stay in a Holding Pattern - June 2015
17 June 15 12:08 PM

Hi All,

The BC Real Estate Association  released their 2nd quarter Mortgage Rate Outlook today.

Canadian mortgage rates have, more or less, held steady in the second quarter after trending surprisingly downward to start the year. The 5-year fixed rate, the qualifying rate for all insured mortgages, remains at 4.64 per cent, the lowest level on record. Key bond yields, from which mortgage rates are priced, have risen from their own record-low levels; however, those increases have yet to nudge mortgage rates higher and are unlikely to do so during the important spring/ summer home-buying season.

With the Canadian economy unexpectedly contracting in the first quarter, due to last year’s dramatic decline in oil prices and the associated downtrend in CPI inflation, there is very little upward pressure on borrowing rates.

To read the full Report please go to -:

http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/mortgagerateforecast.pdf

This continues to be good news for First Time Buyers and Move Up Buyers!

Kind Regards

Trish and Tnais

Tel 250 868 2488

Postedby Trish Cenci | (Comments Off)    
Empty Nesters were busy in the Kelowna Real Estate Market in May 2015 !
12 June 15 07:10 AM

Hi All,

The results of the Okanagan Mainline Real Estate Boards May 2015 Buyers Survey are now out.

A total of 300 respondents participated in this survey – representing 58% of the 517 OMREB sales representatives who acted as Buyers Agents, and 32% of the 927 deals closed on behalf of Buyers in May.

This month First Time Buyers weren't as busy as the Move Up Buyers and Down Sizing Buyers, with Empty Nesters and Retiring Buyers being the busiest buyer Dynamic.

MAY SURVEY SUMMARY

Property Type:

31.5% by Move-Up Buyers (up from 28.3% in April) *

20.3% by Buyers Downsizing (up from 16.6%) *

14.9% by First Time Buyers (down from 20.3%)

9.8% moving from Single Family Home to Strata Unit (up from 8.0%) *

9.5% buying Revenue/Investment Property (up from 5.9%) *

6.8% buying Recreation Property (down from 8.0%)

2.7% moving from Strata Property to Single Family Home (down from 4.3%)

2.0% moving into Retirement Home/Seniors Community (down from 3.1%)

 

* During May, there were increases in purchases by buyers who were moving up or downsizing, moving from single family homes to strata units, and investing in revenue properties, compared to the previous month.

 

Buyer Type (Family Dynamic):

26.9% Empty Nester/Retired (up from 17.0% In April) **

25.8% Two Parent Family/Children (down from 28.4%)

20.8% Couple without Children (down from 28.9%)

13.4% Single Female (up from 11.3%) **

10.7% Single Male (down from 11.3%)

3.0% Single Parent with Children (down from 3.6%)

 

** There were more purchases by empty nesters/retirees and single females during May, while other buyer categories were down compared to April.

 

Moving From:

55.7% from Within OMREB Board Area  (down from 61.8% in April)

15.7% from Alberta (up from 12.3%) ***

10.7% from Lower Mainland/Vancouver Island  (same as April)

8.4% from Other Areas in BC (up from 6.1%) ***

4.0% from Eastern Canada/Maritimes (up from 3.6%) ***

3.7% from Saskatchewan/Manitoba (up from 2.5%) ***

1.0% from NWT/Yukon (up from 0%) ***

0.6% from Outside Canada (down from 2.5%)

 

*** More buyers moved from other areas of BC, and migrated from the Alberta and all other provinces during May, while immigration from other countries declined compared to April.

Kind Regards

Trish and Tanis

Tel 250 864 1707 

  

Kelowna Real Estate Market Update June 2015
01 June 15 07:13 AM

Hi All, 

This month has been a continuing challenge to match Buyers needs with the product available on the market, as inventory remains lower.

They are being certainly showing patience, and recognising that they have to be ready, willing and able to make an immediate offer should something come on the market that they like.

Bank's Financing criteria remain tighter and we have heard of a number of deals collapsing, as buyers have been declined financing on their deals. This has certainly encouraged us to make backup offers for our Buyers ' just in case'.

Kelowna Real Estate Sales May 2015 

DateTotalS/FmStrataLotsManuf
May-155873292181723
Apr -155513271832021
Mar -154962771782021
Feb -153672051232019
May -145813221943530

Overall sales continue to rise, which we expect at this time of year, up a modest 1.01% on this time last year, with Single Family homes being up 2.5% and Strata sales up 12.4%. Compared to last month, overall sales were up 6.9%, with Strata Sales numbers jumping up by 19.1%.

Interestingly 35% of this months sales sold in 30 days or less, compared to 28% this time last year.

We are continued to be asked about how tougher economic conditions in Alberta are effecting our market, and while there are certainly some buyers who have delayed plans, in March 2015 our local Real Estate Board reported seeing 61.8% of the Buyers coming from the Central Okanagan area.

Months of Inventory in key sectors of the Kelowna Market March 2015 

Area CriteriaSoldForMonths  Trend*Buyers /
SaleInventorySeller Market
S/Fam Homes W Kel /Kel $300k -$500k1283332.6 RisingSellers
S/Fam Homes Nr Hospital $300k-$450k5142.8 RisingSellers
2 Bed Condos UBCO $180k-$320K7618.71 FallingBuyers
1&2 Bed Condos Downtown $200k-$500k10404.0 FallingSellers
Town Homes W Kel/ Kel  $240k-$500K672002.99 FallingSellers

Although the month's of inventory is showing as rising, this month, in a couple of the areas we watch regularly, we do not regard these rises as significant. The number of UBCO area condos has fallen this month, which is to be expected, as parents start to buy ready for the UBCO school year.

As usual, rentals in the UBCO area, have already been snapped up this spring , and most Rental Managers, we talk to, have waiting lists. It seems Students are generally paying up to $800 rent for a furnished unit and we understand that the closest units in the new complexes next to UBCO are more.

This months Shopping List for Buyers

If you know anyone who is looking to sell, especially in the following categories, which is not already on the MLS® System, please pass this link on to them and encourage them to contact us please!!

- 2 Bedroom 2 1/2 Bathroom Town Homes Bella Sera Complex  - University / Quail Ridge

- $500,000 - $800,000 Upper End Finished Home with a pool size lot - move in ready. Kelowna or West Kelowna.

- Walk Out Rancher, with good sized main living area to allow for entertaining, a reasonable sized garden and preferably a view up to $600,000

- 2 Bedroom & Den 1600 sq ft plus Downtown or Lower Mission. 2 Parking, would prefer commercial / residential mix, up to $850,000.

- Single Family Home or Town Home minimum 2 Bedrooms on the main - Quail Ridge, Ellison, Rutland, Dilworth, Black Mountain, Glenmore and Lake Country up to $455,000. Newer property & move in ready with privacy & quiet rear yard.

- Top Floor Condo up to $340,000 Quail Ridge - Higher End Finishing & Golf Course View

- Quail Ridge  / Gallaghers Canyon - Walk Out Rancher up to $600,000.

- 1600 sq ft plus Adult Community 2 or more Bedrooms. Good sized garage with room for work Bench. Lake Country to Kelowna.

Kind Regards

Trish and Tanis

Tel 250 863 8989 

 

BC Real Estate 2015 - Last month was the strongest April for home sales in a decade !
14 May 15 07:14 AM

Hi All

We have just received the latest report from the BC Real Estate Association, which shows exciting numbers for April 2015.

The British Columbia Real Estate Association (BCREA) reports that a total of 9,952 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 28.7 per cent from the same month last year. Total sales dollar volume was $6.3 billion, a 45.5 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $634,744, a 13 per cent increase since last May.

“Last month was the strongest April for home sales in a decade,” said Cameron Muir, BCREA Chief Economist. “The elevated level of buying activity this spring is now expected to push 2015 home sales to their highest level since 2007.”

“Consumers are taking full advantage of rock bottom interest rates and are demonstrating significant confidence in the housing market,” added Muir. “However, dwindling inventories combined with competition for detached homes in the province`s large urban markets is pushing home prices higher.”

During the first four months of 2015, BC residential sales dollar volume rose 37.1 per cent to $19 billion, when compared with the same period in 2014. Residential unit sales increased by 24.5 per cent to 30,091 units, while the average MLS® residential price rose 10.1 per cent to $631,860.

In the Central Okanagan, average Home Prices in April were $405,211 up from $389,204 last year (an increase of 4.1%.) Perhaps of more interest, is the continuing fall in inventory, as active listings are now 4,759 which is a 10.4% fall from 5,310, this time last year.

Year to date Unit sales are up 16%, from 1911 to 2216, and average prices are up from $386,126 to $395,821 - an increase of 2.5%.

To read the full report, please view http://www.bcrea.bc.ca/docs/news-2015/2015-04.pdf

Where did the Kelowna Real Estate buyers come from in April 2015?
12 May 15 03:18 PM

Hi All,

We have just received the results of the April 2015 Buyers Survey from the  Okanagan Mainline Real Estate Board.

A total of 194 respondents participated in this survey – representing 42% of the 465 OMREB sales representatives who acted as Buyers Agents, and 23% of the 838 deals closed on behalf of Buyers in April.

It seems that Move up Buyers were very busy this month. representing 28.3% of buyers, which is up by 10.6% on last month. The number of Alberta Buyers were down this month at 12.3% from 17.2% last month.

To view the full report please see below.

APRIL SURVEY SUMMARY

Property Type:

28.3% by Move-Up Buyers (up from 17.7% in March) *

20.3% by First Time Buyers (down from 23.0%)

16.6% by Buyers Downsizing (down from 19.7%)

8.0% moving from Single Family Home to Strata Unit (same as March)

8.0% buying Recreation Property (up from 6.1%) *

5.9% buying Revenue/Investment Property (down from 7.5%)

4.3% moving from Strata Property to Single Family Home (down from 6.6%)

3.1% moving into Retirement Home/Seniors Community (up from 1.4%) *

* During April, there were increases in purchases by buyers who were moving up, or purchasing recreation properties, and people moving to retirement home/seniors communities - compared to the previous month.

Buyer Type (Family Dynamic):

28.9% Couple without Children (up from 24.9 in March) **

28.4% Two Parent Family/Children (up from 26.7%) **

17.0% Empty Nester/Retired (down from 20.2%)

11.3% Single Female (down from 12.7%)

11.3% Single Male (up from 9.8%) **

3.6% Single Parent with Children (down from 5.6%)

** There were more purchases by couples without children, families with children, single males during April, while other buyer categories were down compared to March.

Moving From:

61.8% from Within OMREB Board Area  (up from 60.2% in March) ***

12.3% from Alberta (down from 17.2%)

10.8% from Lower Mainland/Vancouver Island  (up from 9.2%) ***

6.1% from Other Areas in BC (up from 5.5%) ***

3.6% from Eastern Canada/Maritimes (up from 2.3%) ***

2.5% from Saskatchewan/Manitoba (down from 2.7%)

2.5% from Outside Canada (down from 2.7%)

0% from NWT/Yukon (same as March)

*** More buyers moved from within the Board area, Lower Mainland and Vancouver Island, other areas of BC, plus Eastern Canada and the Maritimes during April, while migration from Alberta, Saskatchewan and Manitoba, and immigration from overseas declined compared to March.

Kind Regards

Trish and Tanis

Tel 250 864 1707

Kelowna Real Estate update May 2015
01 May 15 09:09 AM

Hi All, 

The Kelowna Residential Real Estate Market was business as usual during April, with sales continuing to climb, and outstrip numbers for the same time last year.

Much to the surprise of many people, the number of Buyers coming from Alberta, as reported in the Okanagan Real Estate Boards, March 2015 Buyers Survey Results, saw Alberta Buyer numbers rise from 11.8% in February to 17.2% in March.

Kelowna Real Estate Sales April 2015 

DateTotalS/FmStrataLotsManuf
Apr -155513271832021
Mar -154962771782021
Feb -153672051232019
Jan -15210102791415
Apr -145022871692224

Overall sales are up 9.7% on this time last year, with Single Family homes being up 13.9% and Strata sales up 8.2%. Compared to last month, overall sales were up 11%, Single Family Home Sales up 18% and Strata Sales up just 2.8%.

There were 19 sales over $1 million, with the largest sale being $3.525 million, with 78.4% of the sales being under $550,000.

Months of Inventory in key sectors of the Kelowna Market March 2015 

Area CriteriaSoldForMonths  Trend*Buyers /
SaleInventorySeller Market
S/Fam Homes W Kel /Kel $300k -$500k1293132.43  FallingSellers
S/Fam Homes Nr Hospital $300k-$450k6101.67  FallingSellers
2 Bed Condos UBCO $180k-$320K56012  RisingBuyers
1&2 Bed Condos Downtown $200k-$500k9414.5  FallingSellers
Town Homes W Kel/ Kel  $240k-$500K521983.81  RisingSellers

Most key areas of the market are now Sellers Markets, with only the UBCO condos still in Buyers Market territory. 

One of the interesting things I was looking at this month, was the average days to sell for Single Family Homes in the Kelowna / West Kelowna area. For all sales in March 2015 it was 63 days (down from 74 days in 2014), and for sales of homes $300,000 to $500,000 it was 72 days(down from 90 days in 2014).

Are you getting ready to Sell a Property - our latest Shopping List for Buyers

With inventory still tight, we still have a shopping list for our Buyers this month.

If you know anyone who is looking to sell, especially in the following categories, please pass this link on to them and encourage them to contact us please!!

- 2 Bedroom 2 1/2 Bathroom Town Homes Bella Sera Complex  - University / Quail Ridge

- $500,000 - $800,000 Upper End Finished Home with a pool size lot - move in ready. Kelowna or West Kelowna.

- Walk Out Rancher, with good sized main living area to allow for entertaining, a reasonable sized garden and preferably a view up to $600,000

- 2 Bedroom & Den 1600 sq ft plus Downtown or Lower Mission. 2 Parking, would prefer commercial / residential mix, up to $850,000.

- Single Family Home minimum 2 Bedrooms on the main - Quail Ridge, Ellison, Rutland, Dilworth, Black Mountain, Glenmore and Lake Country up to $475,000. Must be a newer property move in ready with privacy. Would pay more if it had a suite.

- Top Floor Condo or Town Home up to $350,000 Lake Country to Kelowna. Move In ready.

- Quail Ridge Walk Out Rancher up to $600,000.

- 1600 sq ft plus Adult Community 2 or more Bedrooms. Good sized garage with room for work Bench. Lake Country to Kelowna.

Kind Regards

Trish and Tanis

Tel 250 863 8989 

 

Buying a Home, Town Home or Condo in British Columbia? Check out the latest BC Govt Guide - 2015
23 April 15 11:14 AM

Hi All,

Are you think about purchasing a Home,Town Home or Condo shortly?

The BC Government has just updated its website with lots of useful guides & information to help you.

 It covers -

- Understanding Strata's.

- Operating a Strata.

- Resolving Disputes.

- Buying & Selling a Strata.

- Renting in Strata's.

The link is http://www2.gov.bc.ca/gov/topic.page?id=B5226B1075C744B09EEDA63AB1FFD8BC

Please also feel free to contact us if you have an specific questions about Strata's in the Kelowna & Central Okanagan Area.

Kind Regards

Trish and Tanis

Tel 250 863 8989

Reminder that CMHC Mortgage Premiums Increase June 1 2015
22 April 15 02:06 PM

Hi All,

Just a reminder that Canada Mortgage and Housing Corporation (CMHC) recently announced that it has increased the insurance premium on their 95% loan to value program.

This will mainly affect our First Time Buyers and means that if you are buying a home and putting down less than 10% down payment, the premium to insure the mortgage increases from 3.15% of the total amount borrowed to 3.6%.

The new increase comes into effect June 1, 2015. So the moral of the story is to buy you new home May 31, 2015 and still be charged the lower premium regardless of when you move in!

Kind Regards

Trish and Tanis

 Tel 250 863 8989 

 

Kelowna Real Estate Buyers Survey Results March 2015
16 April 15 10:49 AM

Hi All,

The results of Okanagan Mainline Real Estate Board's MARCH 2015 Buyers Survey and year-end averages are now out.

A total of 213 respondents participated in this survey – representing 52% of the 409 OMREB sales representatives who acted as Buyers Agents, and 30% of the 704 deals closed on behalf of Buyers in March.

First Time & Revenue Property Buyers weren't as busy this month, but Downsizing & Recreational property buyers were.

Many Sellers locally have been asking how the change in Oil Prices will affect our Alberta Buyers, well interestingly, Alberta Buyers were up from 11.8% to 17.2% this month!

MARCH SURVEY SUMMARY

Property Type:

23.0% by First Time Buyers (down from 25.4% in February)

19.7% by Buyers Downsizing (up from 17.4%) *

17.7% by Move-Up Buyers (up from 16.7%) *

8.0% moving from Single Family Home to Strata Unit (down from 13.0%)

7.5% buying Revenue/Investment Property (down from 13.0%) *

6.6% moving from Strata Property to Single Family Home (up from 0.7%) * 

6.1% buying Recreation Property (up from 3.6%) *

1.4% moving into Retirement Home/Seniors Community (up from 0%) *

* During March, there were increases in purchases by buyers who were downsizing and moving up, revenue and recreation property buyers, and people moving from stratas to single family homes - compared to the previous month.

Buyer Type (Family Dynamic):

26.7% Two Parent Family/Children (up from 19.4% in February) **

24.9% Couple without Children (up from 21.5) **

20.2% Empty Nester/Retired (down from 22.2%)

12.7% Single Female (down from 15.3%)

9.8% Single Male (down from 16.0%)

5.6% Single Parent with Children (up from 4.2%) **

** There were more purchases by two-parent families, couples without children and single parents during March, while other buyer categories were down compared to February

Moving From:

60.2% from Within OMREB Board Area  (down from 66.7% in February)

17.2% from Alberta (up from 11.8%) ***

9.2% from Lower Mainland/Vancouver Island  (up from 6.9%) ***

5.5% from Other Areas in BC (down from 6.2%)

2.7% from Saskatchewan/Manitoba (down from 4.2%)

2.7% from Outside Canada  (up from 1.4%) ***

2.3% from Eastern Canada/Maritimes (down from 3.5%)

0% from NWT/Yukon (same as February)

*** More buyers moved from within the Board area, Lower Mainland and Vancouver Island, and from overseas during March, while migration from other areas declined compared to February.

Kind regards

Trish and Tanis

Tel 250 863 8989

BC Real Estate - March Posts Most Home Sales in any Month since Dec 2009
16 April 15 08:10 AM

Hi All,

BC Real Estate Association have published their monthly report on sales today, and report that Real Estate sales during March were higher than any month since December 2009. That is an amazing turnaround in numbers!

Vancouver, BC – April 16, 2015.

The British Columbia Real Estate Association (BCREA) reports that a total of 9,101 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March, up 37.6 per cent from the same month last year.Total sales dollar volume was $5.8 billion, an increase of 57.1 per cent compared to a year ago.

The average MLS® residential price in the province rose to $641,799, up 14.1 per cent from the same month last year. “BC home sales climbed significantly in March,” said Cameron Muir, BCREA Chief Economist. “More homes traded hands last month than any March since 2007. On a seasonally adjusted basis, March posted the most home sales of any month since December of 2009.”

“Rock bottom interest rates and rising consumer confidence have strengthened housing markets in most regions of the province, added Muir. “Many board areas are now exhibiting sellers’ market conditions with home prices advancing well above the overall rate of inflation.”

During the first quarter, BC residential sales dollar volume was up 33.2 per cent to $12.7 billion, compared to the same period last year. Residential unit sales were up 22.5 per cent to 20,139 units, while the average MLS® residential price was up 8.7 per cent at $630,435.

Looking at the Central Okanagan Area as a whole Residential Sales numbers were up from 549 last year to 668 in 2015, which is an increase of 21.7%.

Making it more challenging for buyers now, is the fall in inventory from 4850 units for sale to 4501, which is a reduction of 7.2%.

This is not having too much of an impact on the overall pricing yet, with the average price increase so far this year showing as 1.6%, having increased from $384,306 to $390,577.Remember, however, this is an average of the market as a whole, and we believe the single family home sector between $300,000 - $550,000 is rising at a faster rate than this.

Kind Regards

Trish and Tanis

Tel 250 864 1707

Postedby Trish Cenci | (Comments Off)    
Kelowna Real Estate Market update April 2015
01 April 15 07:00 AM

Hi All, 

So the spring market has arrived in Kelowna!

Many times over, I have heard Agents talking of multiple offers, back up offers and over list price being paid.

An accepted offer within 2 hours of a property listing on the MLS® system, was the quickest I heard!

We are certainly having to be 'eagle eyed', watching the new listings as they come on line, as we have had one or two clients miss out homes that have been snapped up.  

Kelowna Real Estate Sales March 2015 

DateTotalS/FmStrataLotsManuf
Mar -154962771782021
Feb -153672051232019
Jan -15210102791415
Dec -142951571061913
Mar -143822151252418

As you can see, numbers have been impressive against last March, sales are up nearly 30%, with Single Family Home sales up nearly 28.8% and Strata sales up nearly 42%.

Most of these sales have been in the more 'affordable home' category, with only 18% being over $550,000.

Months of Inventory in key sectors of the Kelowna Market March 2015 

Area CriteriaSoldForMonths  Trend*Buyers /
SaleInventorySeller Market
S/Fam Homes W Kel /Kel $300k -$500k1123282.93  FallingSellers
S/Fam Homes Nr Hospital $300k-$450k11616  RisingBuyers
2 Bed Condos UBCO $180k-$320K10717.1  RisingBuyers
1&2 Bed Condos Downtown $200k-$500k6457.5  RisingBuyers
Town Homes W Kel/ Kel  $240k-$500K571773.11  FallingSellers

Looking at this months analysis of 'key' areas of the market, you can see that affordable Single Family Homes and Town Homes have high on the Buyers shopping list, and the initial winter interest in the UBCO area has not yet turned into sales, although the new U One Condo project next to UBCO is virtually sold out and U Two had it's launch last weekend.

Our Shopping List For Clients

As we have been saying for a while, inventory is low, and finding homes for our Buyers is proving quite a challenge at the moment.

If you know anyone who is looking to sell, especially in the following categories, please pass this link on to them and encourage them to contact us please-:

- 2 Bedroom Condos around $250,000 & 2 Bed & Den up to $300,000 - University / Quail Ridge

- $500,000 - $6000 home with a pool size lot - move in ready

- Walk Out Rancher, with good sized main living area to allow for entertaining, a reasonable sized garden and preferably a view up to $600,000

- Lower Mission Lot or Home with tear down potential up to $600,000

- 2 Bedroom & Den 1600 sq ft plus Downtown or Lower Mission. 2 Parking, would prefer commercial / residential mix, up to $850,000.

- Single Family Home 2 Bedrooms on the main - Quail, Ellison, Rutland or Glenmore up to $475,000. Move in ready with privacy.

Kind Regards

Trish and Tanis

Tel 250 863 8989 

 

More Posts Next page »