Monday, 24 August 2015

Great Place to Live or as an Investment.







Awesome 2 Bedroom 2 bathroom. Corner Unit Condo. Gas Fireplace, Huge 20 x 11 Deck and 2nd Deck off Master. Super location. 1 dog or 1 Cat - 8kg. Large Master. Fast Possession Possible. Call or text Steve Higgins RE/MAX Kelowna for viewing appointment 250.864.7892

Tuesday, 11 August 2015

Market Report for July 2015



Some statistics for the Central Okanagan from January through July 2015:
Pricing:
 Residential homes YTD: Average $506,539 up 2.23% - Median $475,000 up 5.56%
 Apartments YTD: Average $259,296 up 4.83% - Median $230,000 up 2.22%
 Townhouses YTD: Average $361,405 dn 1.92% - Median $344,950 dn 1.44%

AVERAGE PRICE FOR JULY 2015
Residential $535,845
Town Houses $390,680
Condo's $272,638
Lots $208,877
 
RESIDENTIAL HOMES that SOLD JULY 2015 were 282

Average days on the market for July 2014 - 73 days /July 2015 - 64 days. In Kelowna there are 1985 active listings, in West Kelowna there are 1058 active listings

To summarize, sales of houses, apartments and townhouses show significant gains year to date. With sales up 9.51% YTD.
It is taking fewer days to get a sale and house and apartment prices are rising. One surprise is that townhouse prices show a bit of a decline in average and median pricing. 
 
What does this mean? Well, there is no doubt real estate sales are up significantly. We feel and see it every day and yet prices, while rising, are not rocketing skyward. This may be the influence of news from across the country and around the world, including what is happening in Greece. Yes, our economy in BC is doing well and we remain positive about our province and the country. Politics aside, employment is stable and even the issues with oil don’t seem to be having
a significant impact on our economy or real estate. The economists tell us the lower Canadian dollar is clearly helping to drive exports which is critical for a strong Canadian economy and strong employment. So what we have seems to be a stable economy yet a healthy dose of caution on the part of the populous.
 
This is probably a good thing and may well help us to maintain a pattern of ongoing slow but steady growth in our economy in general and in real estate in Kelowna.

Wednesday, 29 July 2015

New Listing Priced at $757,900.00





Custom built home located on a quiet cul de sac in the gated community of the Highlands, West Kelowna. This private oasis offers 180 degree valley views, covered outdoor entertaining areas with fireplace and an in-ground saltwater pool. This 6 bedroom, 4 bathroom home includes travertine flooring and granite counter tops. Cosmetic, mechanical & plumbing repairs are required to bring this home back to it original grandeur. Double attached garage and plenty of additional parking. Priced at $757,900.00 Please call or text Steve Higgins @ 250-864-7893 for your personal tour of this investment opportunity. www.stevehigginsrealestate.com

Thursday, 16 July 2015

Investors Dream comes True! Sold!!



I listed this home on Sunday and had multiple offers by Tuesday night! Sold it Wednesday morning for over asking, deal went firm yesterday!! If you know of anyone looking to sell their Duplexes please let me know I have buyers.

 
This is an Investors dream!! Fully Updated Duplex with Suites. Great Income Potential only 2 KM from Downtown. One side has 3 bedrooms and a 2 bedroom suite, the 2nd side has 3 bedrooms and a 1 bedroom suite. 6 foot crawl space offers tons of storage and the landscaped backyard is a gardeners dream with privacy. Own your home and help pay the mortgage with the rental income. Hurry, this income opportunity wont last long. Call Steve Higgins RE/MAX Kelowna 250-864-7893 to arrange a private viewing.

Second Strongest June on Record.



The British Columbia Real Estate Association has reported that a total of 11,294 residential unit sales were recorded by the Multiple Listing Service in June, up 25.6 per cent from the same month last year. Total sales dollar volume was $7.1 billion, a 42.6 per cent increase in comparison to the previous year. The average MLS residential price in the province rose to $631,962, a 13.5 per cent increase since last June. BC home sales posted the second strongest June on record.

With a growing provincial economy and record low borrowing rates continue to push demand higher, particularly in the lower mainland. While the consumer demand is surging, the supply of homes for sale is not kept pace. The resulting imbalance of supply and demand is puttinng upward pressure on prices in many areas of the province, most notably with respect to single-detached homes. With year-to-date, BC residential sales dollar volume increased 36.8 per cent to $32.6 billion, when compared with the same period in 2014. Residential unit sales climbed by 23.1 per cent to 51,559 units, while the average MLS residential price rose 11.2 per cent to $631,946. This being good news for the sellers, not so good for buyers.

Tuesday, 30 June 2015

Investors Dream for only $683,000.00


 This is an Investors dream!! Fully Updated Duplex with Suites. Great Income Potential only 2 KM from Downtown. One side has 3 bedrooms and a 2 bedroom suite, the 2nd side has 3 bedrooms and a 1 bedroom suite. 6 foot crawl space offers tons of storage and the landscaped backyard is a gardeners dream with privacy. Own your home and help pay the mortgage with the rental income. Hurry, this income opportunity wont last long. Call Steve Higgins RE/MAX Kelowna 250-864-7893 to arrange a private viewing.

Sunday, 28 June 2015

New Listing in Joe Rich $3,199,900.00


One of a kind property located just a short drive from town. 320 acres, 2 separate titles, fully usable and completely private. This property is fully fenced and has a cozy 2 bed 2 bath home along with a spacious barn and other outbuildings. From beautiful forest trails to wide open meadows and wet lands this property is home to numerous wildlife and is a nature lovers paradise. There are few parcels such as this available in Kelowna and this one is worth a close look. Call Steve Higgins RE/MAX Kelowna 250.864.7893 for a private tour today!

BC Housing Demand is Forecasted to be Strongest Since 2007




The British Columbia Real Estate Association released its 2015 Second Quarter Housing Forecast. There is a more robust economic growth, with strong consumer confidence and the rock-bottom mortgage interest rates are expected to push housing demand this year to its highest level since 2007. 

Multiple Listing Service residential sales in British Columbia are forecast to rise 2.4 per cent to 86,050 units this year and a further 3.9 per cent to 89,400 units in 2016. The ten-year average is 82,100 unit sales. There was a record 106,300 MLS residential sales were recorded in 2005. That would be nice to see that again! 

The average MLS residential sales price is forecast to rise 4.5 per cent to $594,000 this year, with most of the upward pressure being exhibited on the South Coast. Elevated consumer demand is expected to be partially offset by resale inventories and additions to the housing stock in 2016. As a result, the average MLS residential sales price is forecast to increase by 2.4 per cent to $608,500 next year.

Sunday, 24 May 2015

Great Investment Opportunity in Lake Country $353,000.00

1st TIME BUYER or INVESTOR OPPORTUNITY. 3 Bedrooms on Main with a large suite down. Close to Shopping and Amenities. Take advantage of low vacancy rates in the Okanagan. Live upstairs and rent down or rent both. Tenants up and down. All measurements are approximate. Please verify. Good time to get into the market. Call Steve Higgins RE/MAX Kelowna 250-864-7893

Friday, 22 May 2015

Hottest April in BC for Home Sales in a Decade

Through out the province of BC the British Columbia Real Estate Association reports that there has been a total of 9,952 residential unit sales were recorded by the 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 last 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. 

With the elevated level of the buying activity this spring, it 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. However, with 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.

Monday, 18 May 2015

New Listing, Won't Last Long!!


This wonderful home backs onto Mission Creek & features many updates. Large 36x24 heated workshop with 11' doors with lane access. Room for 4 cars. Perfect for working on cars, boats, RV's or home for your business. Quartz, Hardwood, Eucalyptus Cabinets, Ceramic Tile, New windows, roof, central air garage door & fence. Electrical upgraded. Mission Creek trails right behind your house! Private Setting. Wired for sauna. Irrigation. Measurements are approximate, please have buyer verify if important. Please call Steve Higgins for private viewing. 250-864-7893

Wednesday, 13 May 2015

Our April Housing Market is Strong and Steady!!

As expected, property sales continued to outpace last year with an 8.14% increase compared to April of 2014. Year to date, market activity is up 17.75% over this time last year. With fewer listings being taken in April this year, they were marginally down 1.18%. But, being of particular interest, are days on market which have dropped substantially averaging 85 days compared to 103 last year.
Single family homes year to date are averaging only 71 days on the market before they sell. Given the ongoing demand for housing in our Kelowna market with fewer listings coming on stream and taking less time to sell, the inevitable is starting to happen: prices are moving up. In the month of April, the average single family home sold for just over the half a million dollar mark at $501,288, up 7.05% over last year. The median increase was even higher at 8.08%. Condos so far this year also reflect a similar situation with the average price of $253,545 and only 91 days to sell. Some segments of our market, notably the entry level single family homes, are firmly in seller’s market conditions.

So far, the lower price of Alberta oil has not had an effect on our market activity. Albertans are back to making up 17% of our buyers but it is the local buyers that are driving our market at this time with the continued low interest rates and the positive consumer economic outlook. The recent historic election of an NDP government in blue Alberta will be interesting to watch and to see how the business community reacts.Within minutes of the NDP being declared winners of a majority government, I got a text from a friend of mine who said the time had now come to move to the Okanagan. I’m sure that was an overreaction but the baby boomers just keep retiring and keep looking for a reason to come to the beautiful Okanagan… Just like so many of us have already done.

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