Kelowna Real Estate Blog By Trish Cenci

Kelowna Real Estate Update February 2012

2012-02-01T08:27:00.000-08:00

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

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

2012-01-27T08:13:00.000-08:00

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

Where did the Kelowna Real Estate Buyers come from in December 2011?

2012-01-25T11:26:00.000-08:00

Hi All,

The results of OMREB's December 2011 Buyers Survey are in.

A total of 103 respondents participated in this survey – representing 48.6% of the 212 OMREB sales representatives who acted as Buyers Agents and 38.7% of the 266 deals closed on behalf of Buyers in December.

DECEMBER 2011 SURVEY SUMMARY

Property Type:23.8% of purchases were by Move-Up Buyers
21.8% buying Revenue/Investment Property
19.8% by First Time Buyers
8.9% moving from Single Family Home to Strata Unit
7.9% Recreation Property Buyers
5.0% moving from Strata property to Single Family Home
3.0% moving into Retirement Home/Seniors Community

It is interesting to note that the number of revenue and investment property purchases improved significantly and rose to second on the list for December (from fourth) – pushing first-time buyers down to third place.

Reported purchases of recreation properties saw a noticeable improvement as well.

Moving From:
68.9% from Within OMREB Board Area
12.6% from Alberta
8.6% from Lower Mainland/Vancouver Island
2.9% from Other Areas in BC
2.9% from Saskatchewan/Manitoba
2.9% from Outside Canada
1.0% from NWT/Yukon (third month reported)
0% from Eastern Canada/Maritimes

Kind Regards

Trish Cenci

Tel 250 864 1707

Email trishcenci@shaw.ca

New Bus Service for Quail Ridge - September 2012 says City of Kelowna

2012-01-23T15:06:00.000-08:00

Hi All,

I just wanted to share the really great news I have heard for the Quail Ridge area for September 2012 from The City of Kelowna.

There is provision in the 2012 budget for Quail Ridge service to commence September 2012. We are just now starting the process of planning the service. One of the immediate challenges is that we don’t have a smaller Community Bus available (an order is in place with a bus manufacturer, but that may take some time to receive it). What this means is that the September service may be limited to the main roads (serving the multi-family buildings) with a full size bus, until we can get the smaller bus in place.

We also are developing the scheduling. We don’t anticipate demand for an all day, high frequency service, but more of a service with morning and afternoon service runs geared towards class start and end times e.g., 7:30am run, 8:30am run, noon run, 2:30pm run 5:30pm run. Frequency and routing could change based on ridership levels.

You will hear the details in the upcoming final budget in May, which will receive media coverage at that time.

Jerry Dombowsky, Regional Programs Manager
Regional Services Department, Community Sustainability Division
TEL 250 469-8735
FAX 250 862-3335jdombowsky@kelowna.ca

Kind Regards

Trish Cenci

Tel 250 864 1707

BC Home Sales Increase Last Year reports BCREA

2012-01-13T09:40:00.000-08:00

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

Invitation to a First Time Buyer Seminar - Kelowna February 29th 2012

2012-01-12T15:56:00.000-08:00

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

Excellent Advice for the Long Term Real Estate Investor in 2012

2012-01-07T09:49:00.000-08:00

Hi All,

I was reading Don R Campbell's latest blog post this morning and felt that I had to share it with you.

It offers really excellent advice to the Canadian real estate investor who is looking for a reasoned approach to making long term real estate investment decisions.

2012: The Year Of Confusion, Concern and Consternation – The Perfect Environment For A Sophisticated Investor
2012 is going to be a year of confusing economic signals, mixed real estate messages and fearful investors. In other words: the perfect environment for the sophisticated long-term real estate investor.

Over the last 20 years, my research team and I have been analyzing the Canadian real estate markets from a unique point of view – we don’t look at the real estate numbers. This approach has allowed us and the sophisticated investors who understand this approach to move forward when real estate signals all seem to be showing “stop” – and stop when signals all seem to be green.

To read more please go to the attached link.

http://www.donrcampbell.com/2012-the-year-of-confusion-concern-and-consternation-the-perfect-environment-for-a-sophisticated-investor

I hope you find this helpful!

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.

2012-01-06T14:34:00.000-08:00

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

2012-01-02T11:39:00.000-08:00

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

2011-12-30T08:55:00.000-08:00

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

Report on Canada's Housing Boom - one of the longest in the Western World.

2011-12-20T10:52:00.001-08:00

Hi All,

An interesting report on Housing Markets around the World.

Kind Regards
Trish Cenci
Tel 250 864 1707.

See this Amp at http://amplify.com/u/a1kxi3

Immigrants to Canada find it difficult to get skilled jobs without 'Canadian Experience'.

2011-12-17T10:30:00.001-08:00

Hi All,

I read this really good article today, on the problems facing new immigrants to Canada.

Having immigrated here myself,from the U.K., I am well aware of these problems, and I know of several people who faced this very challenge.

The Canadian Government is well aware of this, but I really hope this latest report encourages them to do more!

Kind Regards

Trish Cenci

Tel 250 864 1707

See this Amp at http://amplify.com/u/a1kslo

Kelowna Real Estate Forecast for 2012 - clues in the latest TD Bank Economic forecast?

2011-12-16T16:56:00.000-08:00

Hi All,

For those of you who read my blog regularly, you will know that I am always trying to make sense of the economic headlines and relate them to the Kelowna Real Estate market.

I have just been reading the TD Bank's latest quarterly Economic Report. They are predicting that the European Financial crisis, is going to continue to have an effect on the Global Economy and will in turn have an impact on our own economic growth.

Highlights of the TD report

• Canadian economic momentum over the second half of 2011 has been better than expected, led by a rebound in exports. Economic growth is projected to be 2.4% for the year as a whole.

• In 2012, an escalation of the European financial crisis and a deepening recession in the region will exert a significant drag on the global economy. Canada will be negatively impacted through weaker commodity prices, confidence and export growth. Labour markets will also soften as a result.

• Canadian economic activity is expected to improve in late 2012 and into 2013. Still, high household and government debt, rising interest rates and slowing housing activity will limit the speed of Canadian real GDP growth.

• Overall, since our last forecast in September, TD Economics has shaved 0.2 and 0.4 percentage points off its Canadian growth forecast for 2012 and 2013 respectively. We now expect real GDP growth of 1.7% in 2012 and 2.2% in 2013. The limited change to the 2012 annual growth reflects the momentum heading into next year.

To read the full report go to http://www.td.com/document/PDF/economics/qef/qefdec11_can.pdf

So how does that affect Kelowna Real Estate?

Slow economic growth in B.C. and low employment gains, particularly in full-time employment, in the Okanagan Valley, will impact consumer confidence.

As we have seen previously, this is bound to have effect in the numbers of people committing to make real estate purchases - particularly in the 'move up', recreational and investment area of the market.

Even though we are continuing to see low interest rates in the forecast, if consumers don't feel confident about their job security and incomes, they will be less likely to be spending.

I therefore continue to offer the view that house prices will remain flat during the first half of next year.

Economic forecasters are predicting things will improve towards the end of next year, and as they do, that is the time we should start to see modest home price rises in this area, providing we don't see a large influx of listings, which will keep us heavily in 'buyers market' territory.

As I said in my report at the beginning of this month, we have some really good things happening in the Valley - the Hospital expansion, growth in UBCO and Kelowna International Airport together with the retail expansion in West Kelowna. So despite all the doom and gloom, we do have reason for some optimism in this area.

With the World Economy being in such a fragile state, however, my predictions are written in sand, not in stone!!

Kind Regards

Trish Cenci

Tel 250 864 1707

Kelowna Real Estate - OMREB Buyers Survey Results - December 2011

2011-12-15T08:13:00.000-08:00

The results of OMREB's November 2011 Buyers Survey are now posted! A total of 139 respondents participated in this survey – representing 43.4% of the 297 OMREB sales representatives who acted as Buyers Agents and 35.2% of the 395 deals closed on behalf of Buyers in November.

NOVEMBER SURVEY SUMMARY

Property Type:

22.1% of purchases were by Move-Up Buyers
22.1% by First Time Buyers
13.2% moving from Single Family Home to Strata Unit
6.6% buying Revenue/Investment Property
5.1% moving from Strata property to Single Family Home
3.7% moving into Retirement Home/Seniors Community
3.7% Recreation Property Buyers

Moving From:

58.7% from Within OMREB Board Area
4.3% from Other Areas in BC
14.5% from Alberta
12.3% from Lower Mainland/Vancouver Island
4.3% from Other Areas in BC
3.6% from Saskatchewan/Manitoba
3.6% from Outside Canada
2.2% from Eastern Canada/Maritimes
0.7% from NWT/Yukon (second month reported)

First Time Buyers and Move- Up Buyers continue to be the main players in the market, as they are still taking advantage of lower prices and lower interest rates.

Kind Regards

Trish Cenci

Tel 250 864 1707

Report on BC Real Estate Sales from BCREA December 2011

2011-12-14T14:33:00.000-08:00

Dear All,

I was reading the latest Real Estate Report from the BC Real Estate Association today, and thought you would like to see the latest update.

Things are really close to where they were at this time last year.

Kind Regards

Trish Cenci

Cell 250 864 1707

Home Sales Climb

Vancouver, BC – December 14, 2011.

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.

"BC home sales continued to gain ground in November,” said Cameron Muir, BCREA Chief Economist. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level."

"Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.

Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period.

Kelowna Real Estate Update December 2011

2011-12-01T14:10:00.000-08:00

Hi All,

I can't believe it is December already!

If we look back on the year, it has been a tough year for many parts of the Kelowna Real Estate Market. In reviewing the residential real estate sales, there have been some great deals for Buyers.

The number one question to Real Estate Agents continues to be 'How is the Market' and 'What do you think is going to happen to home prices in Kelowna'?

In my 'quest' to find the answer, I have been looking to a number of different sources, such as CMHC, Stats Canada and the BC Real Estate Association.

Only last week I attended a talk by Paul Farbi, Market Analyst for CMHC, about the Real Estate Market in Kelowna.

As part of his presentation, he talked about the reasons why the investment and second home market has been declining - putting it down to slower economic growth which cooled demand, investors pulling back due to uncertainty in the markets and softening prices, financing became harder and stronger competition from cheaper homes in the U.S.

What is the immediate future for Kelowna Real Estate?

Regionally, we are seeing job numbers beginning to rebound, and economic growth is beginning to recover. We have a number of positives for this area in particular - the growth in UBCO, the expansion projects at Kelowna International Airport and Kelowna General Hospital, Residential Construction is now stronger and Best Buy have just opened their new 34,000 square foot store in Orchard Park Mall.

The Rental Market has also been hit over the last couple of years with vacancy rates, in 2011, being around the 6% mark, whereas it was 3.7% in the previous year. The good news is that rents are now beginning to stabilise, and hopefully this area of the market will continue its recovery.

All in all, the economic and employment growth tend to support housing demand for 2012, so I do agree with the view that prices will remain stable over the coming months with a modest increase later in 2012, as inventory continues to be absorbed.

Central Okanagan Real Estate Sales for November 2011

Date	Total	S/Fm	Strata	Lots	Manuf
Nov-11*	255	145	89	9	12
Oct -11	265	147	87	12	19
Sept -11	289	158	105	11	15
Aug -11	276	145	103	17	11
Nov 10	199	117	68	7	7

*Figures are as at close of business 3oth November 2011, and may be subject to slight change.

As you can see from the November sales figures, numbers have remained quite reasonable, given that things do traditionally slow down during the winter months, and much better than this time last year.

And Finally....

For those of you I may not see or speak to over the next few weeks, I would like to take this opportunity of to wish you a very Merry Christmas and a Prosperous New Year!

Kind Regards

Trish Cenci

Cell 250 864 1707

Govt Confirms PST Exemption for BC Real Estate Commission & New Homes under Tax Rule Changes.

2011-11-25T10:47:00.000-08:00

BC’s transition back to a Goods and Services Tax (GST)/Provincial Sales Tax (PST) system is expected to be complete by March 31, 2013. When that happens, real estate commissions and new home sales will once again be exempt from the 7% PST, modestly improving affordability.

BCREA received confirmation of these exemptions from Minister of Finance Kevin Falcon in early October. Every year, the all-party Select Standing Committee on Finance and Government Services of the Legislative Assembly of BC conducts a budget consultation around the province. In mid-October, BCREA made a presentation to the committee, urging the provincial government to ensure that transition rules are clear and straightforward.

The committee’s report quotes BCREA CEO Robert Laing in urging the government to reveal its transition plan quickly.

BCREA’s presentation also put forward recommendations to amend the structure of the Property Transfer Tax (PTT), which has remained the same since it was introduced in the late 1980s. BCREA believes that increasing the 1% PTT threshold to $525,000 (with 2% applying to the remainder of the selling price) and indexing that threshold annually would help restore tax fairness for BC homebuyers now and in the future.

Kind Regards

Trish Cenci

Tel 250 864 1707

Kelowna Real Estate - OMREB Buyers Survey Results October 2011

2011-11-23T13:21:00.000-08:00

The results of OMREB's October 2011 Buyers Survey are now posted!

A total of 177 respondents participated in this survey – representing 57.8% of the 306 OMREB sales representatives who acted as Buyers Agents and 42.6% of the 415 deals closed on behalf of Buyers in October.

As you can see, move up buyers taking advantage of the 'Buyers Market' in the Kelowna area have continued to be the main purchasers, together with First Time Buyers.

OCTOBER SURVEY SUMMARY
Property Type:
21.9% of purchases were by Move-Up Buyers
19.5% by First Time Buyers
13.0% moving from Single Family Home to Strata Unit
12.4% buying Revenue/Investment Property
7.7% moving into Retirement Home/Seniors Community
6.5% Recreation Property Buyers
1.8% moving from Strata property to Single Family Home

Moving From:
46.0% from Within OMREB Board Area
15.3% from Other Areas in BC
14.2% from Alberta
13.6% from Lower Mainland/Vancouver Island
4.5% from Saskatchewan/Manitoba
3.4% from Eastern Canada/Maritimes
2.8% from Outside Canada
0.0% from NWT/Yukon (second month reported)

Kind Regards

Trish Cenci
Cell 250 864 1707

Quail Ridge Hotel Breaks Ground in Airport Buisness Park !

2011-11-21T13:49:00.000-08:00

Hi All,

After many months of waiting I thought you would like to see that they have finally broken ground on the new Sheraton Four Points Hotel in Quail Ridge!

Kind Regards

Trish Cenci

Tel 250 864 1707

Kelowna Real Estate Housing Forecast for 2012 from BCREA

2011-11-18T14:46:00.000-08:00

Hi All,

I am sure for many of you reading about Real Estate in the Kelowna area, your number one question is 'have we reached the bottom of the market and what is the forecast for 2012'.

In an attempt to help your with this, I have attached a copy of this months publication by the BC Real Estate Association, giving their thoughts.

BCREA Fourth Quarter Housing Forecast For the Central Okanagan November 2011

MLS® residential sales through the Okanagan Mainline Real Estate Board are estimated to edge down 1 per cent to 4,790 units this year.

While continuing low mortgage interest rates are underpinning the market by helping to maintain affordability and consumer purchasing power, slower economic and employment growth, consumer belt-tightening and more moderate net migration are providing some headwinds to housing demand.

In addition, many recreation and investment buyers are being diverted to the United States by relative bargains. Next year, we anticipate an improvement in consumer demand will be driven by stronger job growth locally and in Alberta, whose residents account for approximately 15 per cent of home sales in the Okanagan.

MLS® residential sales in 2012 are forecast to increase 5 per cent to 5,020 units.The average annual MLS® residential price is forecast to edge down 3 per cent to $382,000 this year, after increasing 4 per cent in 2009.

The inventory of active residential listings remains relatively high. This imbalance between supply and consumer demand is expected to keep home prices unchanged in 2012, albeit up 0.5 per cent to $384,000.

A significant accumulation of newly completed homes in the Kelowna market has hampered construction activity over the past two years. However, there are some nascent signs of recovery in the multi-family market, which have posted double-digit growth this year.

Nonetheless, total multi-family starts remain well below levels seen in years leading up to the 2009 recession. Single family starts, however, remain a source of weakness in the Kelowna construction market, down nearly 20 per cent year to-date. Overall, we expect total housing starts in Kelowna to decline 3 per cent this year, followed by slight pick-up in activity next year of 8 per cent.

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

“Copyright British Columbia Real Estate Association. Reprinted with permission.”

Kind Regards

Trish Cenci

Tel 250 864 1707

Better news for BC Real Estate as Home Sales Climb Higher Outside Vancouver - BCREA

2011-11-16T11:10:00.000-08:00

Dear All,

I have been quite encouraged in the outlook for Real Estate in B.C. over the last week, having read the CMHC outlook last week and the BCREA report for October 2011.

I have attached the details below.

Kind Regards

Trish Cenci

Tel 250 864 1707

Vancouver, BC – November 15, 2011.

The British Columbia Real Estate Association (BCREA)reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 6.5 per cent to 5,865 units in October compared to the same month last year.

The average MLS® residential price was up 2.6 per cent to $535,695 last month compared to October 2010.“BC home sales rose three per cent in October compared to September on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist.

“While consumer demand in Vancouver edged lower last month on a year-over year basis, strong increases were recorded in the Fraser Valley, Kamloops, Kootenay, the North and on Vancouver Island.”

“Total active residential listings in the province declined by 3,360 units in October from September. However, active listings were up 6.9 per cent from October 2010,” added Muir.

“Market conditions remained slightly in favour of home buyers last month.” Year-to-date, BC residential sales dollar volume increased 16.8 per cent to $38 billion, compared to the same period last year. Residential unit sales increased 3.5 per cent to 66,922 units, while the average MLS® residential price rose 12.9 per cent to $566,925 over the same period.

For the full report please view -:

http://www.bcrea.bc.ca/docs/news-2011/2011-10.pdf

Thinking of Buying an Investment Property & don't have 20% to put down?

2011-11-14T14:36:00.001-08:00

Hi All,
I was reading an interesting article today from April Dunn, one of our local Mortgage Brokers here in Kelowna, and thought you might be interested in reading more.
Kind Regards
Trish Cenci
Tel 250 864 1707

See this Amp at http://amplify.com/u/a1i1c7

Have you thought about US Estate Tax when Buying a US Property?

2011-11-11T07:58:00.001-08:00

Hi All,
For those of you considering buying a property in the US, I thought you would be interested to read this article on US Federal Estate Tax.
Kind Regards
Trish Cenci
Tel 250 864 1707

See this Amp at http://amplify.com/u/a1hmh6

Increasing International Student numbers for BC bound to have a positive effect on our Local Economy.

2011-11-07T14:18:00.001-08:00

Hi All,
Here is a story that you may have missed this fall.
With the expansion of International Student numbers in BC, this is bound to have a positive impact on the Central Okanagan, as UBCO continues to grow.
Kind regards

Trish Cenci
Tel 250 864 1707

See this Amp at http://amplify.com/u/a1h4eg

Positive 2012 Forecast for Kelowna Real Estate - CMHC

2011-11-04T14:21:00.001-07:00

Hi All,
I was reading the Fall 2011 Outlook from CMHC today and was very pleased to read their positive forecasts for the Kelowna Real Estate Market for 2012.

To read more please view http://www.cmhc-schl.gc.ca/odpub/esub/64359/64359_2011_B02.pdf

Kind Regards

Trish Cenci

Cell 250 864 1707