Friday, 19 December 2014

BC Housing Market to End Year with Balanced Conditions

 The British Columbia Real Estate Association reports that there were a total of 5,972 residential unit sales were recorded by the Multiple Listing Service in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4 million, an increase of 12.1 per cent compared to a year ago. The average MLS residential price in the province rose to $574,694, up 3.1 per cent from the same month last year.

BC home sales were strong again in November.With improving economic conditions, strong consumer confidence and low mortgage interest rates which are providing a solid foundation for elevated consumer demand. The market conditions have improved province wide, with most regional markets now in the mid to high range of a balanced market. Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS residential price was up 6.0 per cent at $567,292.

Some Decorating Idea's

A Wintery Walkway - We all know what they say about first impressions. Why not light up your stairs or path to your house with candles placed in old wine bottles or in glass hurricane lanterns. Rocks, red berries, or pruned evergreens branches will add a festive touch and make an excellent first impression.

Light Up a Tree - Rather than copying everyone else in your neighbourhood and just throwing a string of lights over your tree, try decorating a few balls. 
Windowscapes - Try decorating your windows is a great idea and something that is often overlooked. Use cut-out reindeer, stars or snowflakes and attach them to the inside of your window to protect them from the elements. Make sure to choose neutral shapes or silhouettes that look well from both inside and outside.

Eye-catching Wreaths - This is an easy way to make the outdoors of your home merry and bright. There are so many options when it comes to these festive decorations. If you are crafty you could make your own wreath. Or you can always purchase a ready-made evergreen wreath and add some small embellishments.

Monday, 8 December 2014

Home Prices on the Rise!

November continued to follow the lead from previous months showing a more active period than last year with unit sales up by 3.1% and volume ahead by almost 12%. Listings are up slightly over November of 2013 by 2.6%, but year to date continues to be down quite significantly by 16%, resulting in higher prices and a seller’s market below the $500,000 price range producing quick sales and multi-offer situations.                                                                                                 

The average sales price of a single family home in November was up a startling 17.5% over November last
year at $540,000 compared to $459,000. Even the median price was up over 12% at $459,500. Year to date, the single family home category is now up by 8% at $500,000, while the median price is $452,500. Condos and townhouse also showed an increase in the median price but more modest at 5.25% and 4.75% respectively. Year to date, the average price of a condo is $243,000 while a townhouse is $362,000.

The next few months may prove very interesting as the price of oil continues to decline. The resource rich sector from Alberta and Saskatchewan has had a positive impact on the activity we have experienced in the valley and should the price of oil stay lower than was expected, it may impact sales in our market.

Thursday, 20 November 2014

Year-to-Date Home Sales for October 2014 compared to 2013

The British Columbia Real Estate Association reports that a total of 7,648 residential unit sales were recorded by the MLS in October, up 14.6 per cent from October 2013. Total sales dollar volume was $4.4 billion, an increase of 22 per cent compared to a year ago. The average MLS residential price in the province rose to $575,504, up 7.1 per cent from the same month last year. Great news for all those that are selling!

Consumer demand for housing continues at an elevated level. There were more homes purchased during the first ten months of the year than during all of 2013. To the end of October 73,001 homes have traded hands in the province compared to 72,936 for all of last year.

Strong year-over-year increases in housing demand were experienced in Chilliwack is up 31 per cent, Victoria is up 21.9 per cent and in the Kootenay they up 19.4 per cent in these market areas. Vancouver, Vancouver Island, the Fraser Valley and here in the Okanagan  also posted a marked increase in sales activity last month.

Year-to-date, BC residential sales dollar volume was up 23 per cent to $41.4 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 73,001 units, while the average MLS residential price was up 6.2 per cent at $566,687.

2014 Fourth Quarter Housing Forecast for BC

Consumer demand has really gone up this year and is expected to remain at a more elevated level through 2015. With historically low mortgage rates to support the demand, the housing market is also being underpinned by a more robust economy and associated job growth, strong migration and consumer confidence.

The BC MLS residential sales are forecast to increase 15.1 per cent to 83,900 units this year. Stronger economic conditions are expected to be somewhat offset by higher interest rates later next year, and keep home sales from advancing much further. As a result, MLS residential sales are forecast to edge up a further 1.2 per cent to 84,900 units in 2015. The 15-year average is 80,400 unit sales and a record 106,300 MLS residential sales were recorded in 2005.  

The average MLS residential price for the province is forecast to increase 6 per cent to a record $569,800 this year and a further 1.2 per cent to $574,300 in 2015. The new construction activity is generally keeping pace with population and household growth, keeping supply in line with consumer demand. BC housing starts are forecast to increase 4.6 per cent to 28,300 units this year and a further 1.4 per cent to 28,700 units in 2015.

Tuesday, 11 November 2014

New Listing on Selkirk Dr. in Dilworth Mountain Estates $999,000.00

The outstanding views are sure to please, in this custom build by Dilworth Homes. An entertainers dream kitchen is complete with high end stainless steel appliances, gorgeous silestone counter tops and amazing feature lighting. Four bedrooms upstairs, and the large master suite that will not disappoint. Double sinks, accent lighting in both bedroom and bathroom, not to mention TWO walk-in closets! The bonus room is a fantastic place to relax and watch a movie, or a perfect space for the kids. The cork flooring throughout the home, creates a seamless flow from room to room. Quietly located right next to a park, you can enjoy the evening from your balcony watching the twinkling city lights. Downstairs boasts an incredible 2 bdrm 2 bath fully contained above ground suite, that is perfect for in-laws, grown children, or perhaps a little extra income each month. No expense was spared, with high end appliances, granite counter tops and more. Even the suite has beautiful views! Dont miss out on this one of a kind home. For more information or to schedule your private viewing, please contact Steve Higgins RE/MAX Kelowna 250.864.7893

Monday, 3 November 2014

New Listing in Lake Country! $29,000.00

Priced to Sell Quickly. Very short walk to the Lake. Close to Shopping, golf, and amenities. 2 Bedrooms, 1 bath, forced air heating. Electric Fireplace. 100 Amp. 55+ Park. Pets with Restrictions. Rentals allowed. Great Neighbors. Peach tree & Raspberries. Owner has moved to Assisted Living. Call Steve Higgins RE/MAX Kelowna  for private viewing 250-864-7893.

Thursday, 16 October 2014

New Listing Condo Lower Mission

LAKE VIEWS, TOP FLOOR, SW CORNER SUITE. Largest & most Luxurious suite in Wildwood 3. Balcony with 270 Degree Views. Heated Floor in Ensuite. Vaulted Ceilings S/S Appliances. 2" Wood blinds. Upgraded fixtures, facets etc. Nicest suite in the complex with the best views. Steps to the Lake and the H2O center. Call Steve Higgins RE/MAX Kelowna 250.864.7893

Wednesday, 15 October 2014

Market Report for September.

The British Columbia Real Estate Association (BCREA) reports that there were a total of 7,636 residential sales were recorded by the MLS in September, up 17.5 per cent from September 2013. Total sales dollar volume was  also up $4.4 billion an increase of 25.8 per cent compared to a year ago. The average residential price in the province rose to $574,641, up 7.1 per cent from the same month last year. 

Consumer demand remains strong in most BC regions.  More homes traded hands last month in BC than any September since 2009 while the Okanagan had its best September in nine years which is great news for us here in the Okanagan. With Population growth, low interest rates and strengthening economic conditions continue to be supportive of housing demand. 

Year-to-date, BC residential sales dollar volume was up 23.2 per cent to $37 billion, compared to the same period last year. Residential unit sales were up 16 per cent to 65,353 units, while the average MLS residential price was up 6.2 per cent at $565,655.

Tuesday, 14 October 2014

Prep your Yard for Winter

It's never to early to to begin preparing your yard and outdoor living spaces for winter.

- Clean patio furniture.
- Move things indoors. Exposure to the elements can cause rust, wear or damage.
- Cover your delicate trees and move your tropical plants indoors.
- Remove water collectors such as bird baths ceramic or glass pots as water expands when frozen and it may cause your containers to crack.
- Remove any leaves or debris as it will suffocate your lawn and cause discoloration. It also makes a great home for rodents and insects looking for a warm home for the winter.
- Cover your vegetable and flower beds. It helps to minimize weeds for next season.
- Care of outdoor ponds. Remove any weeds around it and leaves in the pond. Leaves will decay in the water and build up ammonia levels that can harm your fish.
- Close up your pool before the leaves start to fall.
- And if you are going to plant spring bulbs now is the time to do it.

What is a Good Investment in your Home?

You want to invest in your home wisely. So how do you decide where to put your money?
Knowing which improvements give a higher return can help boost your home’s value and save you time and
Here’s a quick look at how you could prioritize projects around your home. Address the small stuff  if your home is plagued with many minor issues that is usually considered less desirable and harder to sell. Such as  dripping faucets, running toilets, torn vinyl flooring and damaged carpet instantly make a bad impression on
buyers. Put your money into those first and use what’s left to make larger improvements.

Boost curb appeal - It comes as no surprise that exterior home improvement projects rank as the most cost effective, according to Remodeling Magazine’s 2014 Cost vs Value Report. It ranks projects based on their cost and how much money they recoup after selling.

96 percent – Replace a wooden front door with a steel security door
87 percent – Add a new deck
78 percent – Replace siding
78 percent – Install a new garage door
78 percent – Install new windows
84 percent – Convert an attic to a bed and bath
82 percent – Minor kitchen remodel
77 percent – Basement renovation

If you are thinking of selling down the road these will give you the best return on your investment.

The Fall Market

Real estate sales decided not to take a breather this fall. September saw more units sold than August and was up a whopping 36% over last year at this time. Fewer listings also came on stream comparing to
August and now the active inventory is only 3,537 compared to 4,232 in September last year. Granted, over 3,500 listings is still quite a number! Offering a good selection in most locations and buyer price ranges, but we are seeing prices moving upwards at a rate of about 8% so far this year on
average for a single family home in the greater Kelowna area. Condos are not quite as strong as they are up only about 4% in price, but they do lead the way with the most activity in residential sales by quite a bit. thereby reducing the one time glut of overbuilt condos for sale.
The way October has started off, it appears this active fall market will continue yet for a while, but how long? Only time will tell. Resource rich Alberta shows no signs of slowing down and that is always a good indicator as to how the Okanagan market will go. Combine the ongoing low interest rates with the buyer demand, from both local and out of province buyers, and a very good selection of product, we will likely see the strongest fall market we have seen since 2007 but without the same high prices. This coming winter will be very interesting to watch and predict.

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