2014 FINISHES STRONG!

12.8%

The month of December showed a strong finish to the year with sales up almost 24% over the same time last year with 312 properties changing hands. With only 346 new listings that were added to the inventory, pretty much the same as last December, resulting in 2,657 listings to start the new year off with, down considerably from 3,210 at the end of 2013.

Overall, 2014 saw an increase of 21.31% of units sold, volume was up a staggering 31.59% yet listing inventory is down over 17%. What that translates to is an increased price for residential properties on average of 7%, and the median increase of 6%; both pretty similar.

The average sales price of a single family home for 2014 is $498,563, a townhouse is $361,453 and condos $243,443.

February's Market 2013

The Okanagan Mainline Real Estate Board (OMREB) reported February’s sales activity down in comparison to the same month last year. Exceptions to the rule were lot sales and Acreage properties which were both up. The impact of tightened mortgage lending rules introduced last year can still be felt. 236 Properties traded hands in February, in comparison to 287 in the previous year which is down 17.77%. Year to date sales are down 8.63% with a total of 455 properties changing hands in comparison to the 498 we experienced last year.

New listings taken last month were also down just over 17% with 784 properties being listed in February in
comparison to the 954 listed in the same month last year. This decrease however is a good thing, as we
have substantial inventory that needs to be absorbed in order to achieve a more balanced market. It is still a
buyer’s market and sellers would be well advised to seek professional advice when pricing their properties prior to putting them on the market as values are dependent on neighborhood, style and inventory level. Attractively priced properties are being sold to willing buyers.

Sellers must remain patient as Days to Sell have been extended to 130 days from last year’s 110. The Average Residential price is $439,786 which is up 2.84% over last year to date indicating that the we might have hit bottom as far as pricing levels are concerned.

Taking into account all other types of Residential property, such as Condominiums and Townhomes, the Average Residential Price drops to $375,122 offering affordable alternatives to home buyers. The recent reduction in mortgage lending rates will boost sales into the spring market.

Courtesy of  
Deborah Moore
Managing Broker

HIGGINS REPORT ON THE MARKET.

The Okanagan Mainline Real Estate Board
reported MLS® Total Residential Unit Sales were up
8.08% in the month of April with 321 sales in comparison
to the 297 which occurred in 2011. Year-To-
Date however total residential sales were up only
marginally at 3.43% with 1087 this year in comparison
to 1051 in 2011.
April was a strong month for apartment style
unit sales which were up 23.53% last month over
previous year with 63 sales reported in 2012 vs. 51
last year. Year-To-Date apartment sales are up
18.09% with 235 units sold this year in comparison
to the 199 sold last year. This is a great news for our
strata/condominium market as we currently have
913 apartment units on the market representing
15.5 months of inventory based on 2012 monthly
YTD unit sales levels.
Similarly OMREB’s average residential sale price
held its own for the month of April coming in at
$482,093 which is up only .21% from 2011’s April
average of $481,077. Year-To-Date however averages
are down 3.39% for Residential properties
coming in at $452,859 this year vs. $468,732. When
we factor in all types of Residential Real Estate the
Average Sale Price drops 2.36% from last year to
$384,484 vs. $393,764. The length of time listings
are on the market has been extended over last year
with 2012 YTD Days to Sell coming in at 102 vs. 96 in
2011.
At RE/MAX Offices within the Central Okanagan
things are looking up with our Average Unit Sales
Up 10% over last year, our Average Residential Total
Sale Price is up to $398,195 which is higher than the
OMREB Average and our YTD Days to Sell is down to
88 Days which is the lowest reported for all major
brokerage firms and 31% lower than the average of
our competitors!
Home market values depend on a variety of
factors such as location, inventory, condition and
completion.

HIGGINS REPORT ON THE MARKET....

 HOW’S THE MARKET?

Kelowna, BC – We anticipate that newly released HST Transitional Rules, continued low interest rates and abundant supply will spur the market in 2012 as first-time home buyers, new home buyers and investors take advantage of bonus’s and increased rebate thresholds for new homes.

HST HIGHLIGHTS:
· The First-Time Home New Home Buyer’s Bonus – 5% OF THE PURCHASE PRICE UP TO MAXIMUM OF $10,000
· The B.C. new housing rebate threshold will be increased to $850,000, effective April 1st with a maximum rebate of $42,000
· New homes where construction begins before April 1, 2013 and possession occurs after, buyers will not pay the 7% provincial portion of the HST but rather a Transitional Tax of 2% plus GST.
· Enhanced New Rental Housing Rebate to support the construction or substantial renovation of affordable rental housing.

RE/MAX Kelowna has had a brisk start to the year, writing 28% more transactions year to date than in 2011. We are monitoring the trend of investors making real estate their investment vehicle
of choice which is evidenced in OMREB’S January Buyer’s Survey which reported that investors made up 16.6% of all of our Buyers in the month of January, which is up considerably over previous year’s numbers.
The Okanagan Mainline Real Estate Board (OMREB) reported February 2012 sales activity of all MLS® property types improved over the same month last year as the housing market continues on a moderate but steady upward trend.
“February home sales remained strong in the Okanagan-Shuswap, and on par with the 10-15 year average for unit sales,”says Rob Shaw, OMREB Vice President. “The trend in modest rising sales over the past few months is in line with the gradual growth in the economy and indicates market improvement.
Province-wide, prices are staying relatively flat and holding steady in most segments in our Board area.”
Overall sales in the Central Zone for the month rose 16% to 289 units ($100.4million) compared to 249 ($95.5 million) in February 2011, and improved by 58.0% over the units sold last month (183). Total residential sales for February were up 11.4% to 263 units compared to 236 sold last year, and jumped 39.2% from 189 in January. Single family home sales (130 units) remained similar to last February (129), but climbed 27.5% compared to last month (102). Townhouse sales in February showed a 113% improvement over 2011 (to 49 from 23), and were up 96% from units sold in January (25). While inventory for the month (4,500) units was up 1.4% over 4,437 in 2011, the 954 new listings for February dropped 6.7% from the 1,022 last year at this time.
Values range from property to property depending on location, condition, inventory and other factors. Contact Me for your Housing Check-Up today!

Home Inspections Yes, You Should Have One

The purpose of a home inspection is to look at safety, quality and the overall condition of things both visible and not so visible.  Most home inspectors look at the structure, foundation, electrical systems, plumbing systems, roofs, attics, basements, crawl spaces, gutters, drainage, walls, floors, ceilings, porches, decks, the property and home site.  If you are not a trained expert in all of these areas you may not be able to see a hidden issue.  Some examples of some very visible things that you may not be able to see: Can you find faulty wiring? Do you know how a dryer should be properly vented? Can you identify a toilet that needs to be replaced? Do you know how to tell if the fireplace is unsafe or needs replacing?  Do you know what to look for to see if the tiles in the bathroom have been properly installed?
With so many real estate buffs and Do-It-Yourselfers out there, it’s even more important to have a professional take a look at your new home and make sure that things have been done properly.  The cost of a home or real estate inspection can easily pay for itself and helps you determine if you are paying a fair price for the property.  If the home has several repairs that need to be done, you might be able to negotiate with the seller and have them contribute to the cost of these repairs or have them do the repairs.  No piece of real estate is perfect, but the goal is to make sure the home you are interested in buying doesn’t have any existing costly defects. Buying real estate is a very important decision and you want to make sure that you know exactly what you are buying.


The Canadian Association of Home and Property Inspectors of British Columbia
#5 - 3304 Appaloosa Road
Kelowna, BC V1V 2W5
Phone: 1-800-610-5665

Pillar to Post - Kelowna
103-3677 Hwy 97N
Kelowna, BC V1X 5C3
Phone: (250) 765-4134
Fax: (250) 861-4934

Dream Home Appraisal Corp.
9-3151 Lakeshore Drive #199
Kelowna, BC V1W 3S9
Phone: (250) 860-4400
Toll free: 1-866-342-4455

C4U Inspection
Lloyd Kenzle
3518 Webber Rd.
West Kelowna, BC, V4T 1H9
Kelowna: 250-768-8512
Vernon: 250-307-8434
Toll-free: 1-866-765-4434
Email: info@c4uinspections.ca

Checkmark Home Inspections
Phone: (250) 861-7009
Toll Free: 1-866-861-7009

Global Property Inspectors
Phone: (250) 492-2440
Toll Free: 866-492-2440
Fax: (250) 492-0395

Akela Home Inspections
Dwight Carroll
Phone: (250) 470-8467
Email: akelahomeinspection@shaw.ca

Griffin Inspections
4600B Trepanier Rd.
Peachland, B.C. V0H-1X3
Phone: (250) 767-3377
Mobile: (250) 878-3303

Home Pro
15718 Greenhow Rd.
Lake Country, BC V4V 2E6
Phone: (250) 861-1802
Fax: (250) 548-3837

Celebrating the Home

HOME Design

THE KITCHEN IS THE HUB

Ever wonder why “kitchen parties” naturally occur every time you have guests?
Well, it’s because the kitchen is the hub of every home. It’s where we get nourishment, refreshment, gather and regroup after a busy day. It is a room with real value for family. At RE/MAX we’ve learned that kitchen upgrades can really deliver, with a 44 % higher return on investment over the average return on other popular renos you might consider.
Whether you’re working with a contemporary kitchen or more of a country feel, stainless steel appliances continue to hold a lot of interest. In cabinetry, look at fine-grained maple, stained or natural, over the traditional heavy oak look of the past. Laminates and marble are great choices for counter tops, but
granite continues to be the most popular surface of all. Check out the latest fixtures in today’s new brushed nickel finishes.

HOME Maintenance

POTENTIAL BUYERS WILL BE LOOKING FOR VISUAL CLUES THAT YOUR HOME IS WELL CARED FOR.

How much work a house seems to require will impact the offering prices you receive, so it’s worthwhile to ensure that everything is in good working order.
BATHROOMS - Ensure all plumbing fixtures are clean and in good working order. Outfit leaky faucets with new washers and clean any visible stains on porcelain fixtures. Replace old, worn shower curtains and bath mats.
DOORS and WINDOWS - Spray WD40 on all hinges so everything operates smoothly. Have windows cleaned inside and out. Potential buyers will be estimating their energy costs, so fix drafts by re-caulking windows and replace exterior doors in necessary.

Did You Know...

RE/MAX is proud to support the Western Hockey League and excited to offer fans a chance to win a group of 24 tickets to see your local WHL team in an upcoming game! By offering this promotion we want you to know that we appreciate your business in the communities in which we live and work.
To enter your group, go to www.RemaxKelowna.com and click on the RE/MAX Home Team Contest link.

Okanagan is Booming!!

Kelowna is second only to Lower Mainland in forecast growth. The population of the Central Okanagan jumped by 17,563 or 10.8 per cent during the past five years, making this region the fourth-fastest growing in Canada.
The Kelowna metropolitan area - as it is described by Statistics Canada - had 179,839 people from Peachland to Lake Country in 2011 compared to 162,278 in 2006.
That percentage increase was greater than that of the national rate at 5.9 per cent and the B.C. rate at seven per cent.
Kelowna ranked No. 22 in population among the country's 33 census metropolitan areas. Canada's population on census day was 33,476,688. This shows the incredible role that the university (UBC Okanagan) is playing in our growth, migration from within British Columbia, and also the continued efforts to bring both skilled workers and entrepreneurs from overseas into our community.  Growth may have slowed during the past couple of years, but the Okanagan remains a desirable place to live, whether it's the lifestyle that everybody likes, the climate or the lakes. It's exciting to be in the fourth most-rapidly growing regions in the country.
Exceeding 30,000 was a milestone for West Kelowna. West Kelowna is fortunate to have a significant amount of undeveloped land already zoned for growth, for many years in the future. It needs to look at the housing mix, with possibly decreasing such a strong focus on single-family housing. That's the way of the future in terms of sustainability. As people age, there is generally a natural progression in their housing form. With growth in the emerging communities of West Kelowna and Lake Country also shows, that we weathered a fairly ugly recession and are certainly on the road to recovery.

Spring time....time to get Started!!

Can you believe Spring is right around the corner? With Spring comes peak Real Estate Season and if you're thinking of putting your home on the market, the time to get started is now as houses are staying on the market for an average of 100 days. However, if you have your home priced right and the right Real Estate Agent who will market your home aggressively and give your home to the most exposure potential buyers, then your house will sell faster. Because it is a buyers market it is Critical that you hire the best Real Estate Agent to work for you to get the best price for your home.

You only have One chance to make a Good First Impression!!

Tips For Preparing Your Home For Showings

• Tidy up the porch/decks and garage. Keep the lawn trimmed and edged. Make sure that your yard is clean.  When showing in the winter make sure snow is cleared and walkways are free of ice.

• Your front door adds to that first impression - be sure it is clean or repainted if necessary.

• Wash windows and clean/dust window coverings.

• If any decorating or painting is needed (especially in the kitchen), do it now! Forty dollars worth of paint will make a difference in the sales price.

• Bathrooms help sell homes. Make them sparkle.

• Replace burnt out bulbs and turn on the lights for all showings. Illumination is like a welcome sign.

• Wash dishes/turn on dishwasher, make beds, put away clothes and straighten up.

• Keep pets out of the way during showings – as some people are allergic to them.

• Leave the showing to the Realtor.  The Realtor knows the buyer’s requirements and can best emphasize the features of your home.  If possible, leave the house during a showing.

• Don’t discuss anything about the sale with a potential customer.  Let your Realtor discuss price, terms, possession and other items concerning the sale.   Your Realtor is qualified to bring negotiations to a favorable conclusion.

• Pack away valuables, store extra furniture and knick-knacks.

• Look at your home objectively. Pretend you are seeing it for the first time, through a buyer’s eyes.

HIGGINS REPORT ON THE MARKET. 2010 vs 2011

As you can see the number of sales for the last 6 months of 2011 were up as compared to 2010. Available inventory remains high making for a strong Buyers Market.