February Buyers Survey Results:

The results of OMREB's February 2012 Buyers Survey are in!
A total of 123 respondents participated in this survey – representing 43% of the 285 OMREB sales representatives who acted as Buyers Agents and 32% of the 385 deals closed on behalf of Buyers in February.

FEBRUARY SURVEY SUMMARY

Property Type:

20.7% by First Time Buyers
20.7% of purchases were by Move-Up Buyers
14.0% buying Revenue/Investment Property
13.2% moving from Single Family Home to Strata Unit
6.6% moving into Retirement Home/Seniors Community
4.1% Recreation Property Buyers
3.3% moving from Strata property to Single Family Home

Buyer Type (Family Dynamic):

28.0% Two parent family/children
23.2% Couple without children
16.8% Empty Nesters/Retired
12.8% Single Female
9.6% Single Male
4.8% Single Parent with children

Moving From:

64.8% from Within OMREB Board Area
19.2% from Alberta
9.6% from Lower Mainland/Vancouver Island
4.8% from Other Areas in BC
0.8% from Saskatchewan/Manitoba
0.8% from Eastern Canada/Maritimes
0% from Outside Canada
0% from NWT/Yukon (fifth month reported)

OMREB- Okanagan Mainline Real Estate Board.

HIGGINS REPORT ON THE MARKET....

Stats Comparison 2012 vs. 2011 for the Month of Feb.

Number of Sales by Month:
Feb 2012                        Feb 2011
       289                                 249
Number of Sales Year to Date:
Feb 2012                        Feb 2011
       500                                 462
Residential House Prices by Month
Feb 2012                        Feb 2011
Average $437,267                 $444,134
Median $404,950                  $422,000
Residential House Prices Year to Date:
Feb 2012                         Feb 2011
Average $427,635                 $441,179
Median $403,600                  $413,500
Number of Units Listed:
Feb 2012                           Feb 2011
       954                                    1,022
Days to Sell by Month - Residential:
Feb 2012                           Feb 2011
       83                                      86
Days to Sell Year to Date - Residential:
Feb 2012                            Feb 2011
       91                                       96
Single Family Sales by PriceYear to Date:
                                                           2011         2012

Price range:
$0 - $239,999                                             7              7
$240,000 - $319,999                                  23            34
$320,000 - $399,999                                  72            75
$400,000 - $479,999                                  54            50
$480,000 - $559,999                                  39            33
$560,000 - $999,999                                  31            33
$1 million & over                                        2              1

Active Inventory Central Okanagan - February 2012
Res.- 1,391
Condo. - 922  
Mobiles - 206
Lots - 550

 *Based on MLS® Active Listings & Sold Units as Reported by OMREB in 2011 for Central Okanagan.

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!

Easter Egg Hunt

Kelowna's largest Easter egg hunt will be held on Good Friday April 6th sponsored by Victory Life Fellowship. This ninth annual event, will be held at the Parkinson Recreation Centre. It will start at 10 a.m. As in past years this is a free Easter event.

New Housing Affordability in Canada Reports Part ll

In a separate report also released Wednesday, by the Royal Bank it said  it became slightly more affordable to own a home in Canada for the second straight quarter.

The RBC Housing Trends and Affordability Report found that at the end of 2011 home prices eased off and income increased, two forces that combined to give a break to the market. "The improvement in affordability was modest for the most part, but still significant enough to dial back the deterioration that impacted the market in spring last year," said Craig Wright, senior vice-president and chief economist, RBC. Wright added that the cost of owning a home represented less of a "pinch" on household budgets in the fourth quarter of 2011, following an earlier improvement in the third quarter.

National affordability levels took a major hit in the first half of 2011, the report says, mostly driven by steep real estate price increases in Vancouver. However, prices in the city eased in the second half of 2011 and aligned more closely with those in housing markets across the country.

Wright said the report predicts home affordability across the country will continue to improve going forward, largely due to low interest rates. "At this point, housing in Canada is essentially as affordable as it was a year ago, and only slightly less affordable on average than it has been over the long term," Wright said. "All things considered, the housing market is sitting in a reasonably balanced position overall, despite some minor stress being exerted on housing demand."

The RBC Housing Affordability Measure uses the cost of owning a detached bungalow as a benchmark to measure affordability and comes up with a percentage that represents the portion of pre-tax household income required to cover ownership expenses.

Following are the results for some key cities across Canada (change from previous quarter in brackets):
Vancouver: 86 per cent (-4.6 percentage points)                    
Toronto: 52.2 per cent (-0.1 percentage points)                   
Montreal: 40.1 per cent (-0.7 percentage points)                    
Ottawa: 40.9 per cent (-0.1 percentage points)                      
Calgary: 36.7 per cent (-0.7 percentage points)                       
Edmonton: 32.8 per cent (-0.3 percentage points)                     
Halifax: 32.6 per cent (-0.3 percentage points) 

Interestingly, despite the fact Vancouver saw the largest improvement in affordability, it remained the least affordable city in Canada to own a home with estimated home ownership costs eating up the lion's share of a typical household's monthly income.That will likely serve as a deterrent to prospective Vancouver buyers going forward, which could further improve prices, RBC suggests.

In Alberta, which enjoyed one of the more affordable housing markets in Canada, there was a notable hesitancy among buyers, the report said. That's unlikely to last, however. "Going forward, a strong labor market and affordable housing should shake off any hesitation that Alberta homebuyers may have," the report said. Calgary's housing market was relatively flat in the fourth quarter of 2011, which was surprising considering the fact 31,000 new jobs were created in the city in 2011.

Saskatchewan saw a surge in home resales, with affordability improving across most types of housing.

Manitoba was the only province to record a slight deterioration in affordability in Q4, with high demand tightening conditions and driving up prices, particularly for two-storey homes and condominiums.

In Ontario sellers continue to hold the upper hand, with high demand among buyers despite the above-average proportion of household income required to own a home in the province. "This does not appear to be a strain on homebuyers in the province at this stage. Home resales advanced at a good clip in the fourth quarter and the tight availability of homes gave sellers the upper hand," the report said.

Housing affordability in Quebec remained stable in the fourth quarter of 2011, while Atlantic Canada saw an increase in resale activity based on two consecutive quarters of improving affordability.

While markets across the Atlantic Canada region were generally balanced, St. John's saw a surge in growth near the end of 2011, along with Halifax -- which may have been attributable to a successful bid for a major shipping contract worth $25 billion.

New Housing Affordability in Canada Reports Part l

Two new housing affordability reports released Wednesday offered a similar viewpoint: Canada's housing market is beginning to level off and prices are shifting in favor of buyers. Said Scotiabank's Adrienne Warren, a senior economist and real estate specialist with the bank, the market is cooling but still remains in better shape than many international markets. "I'm fairly encouraged by what we're seeing in the Canadian housing market currently.

We are looking at sales that have largely levelled-out over the last year or so but still it's quite a healthy pace of build, essentially really in line with the 10-year average," Warren said at the Real Estate Outlook and Trends Forum in Toronto.

Prices are easing, she said, as the combination of higher prices, tighter mortgage regulations and slowing job growth have had a cooling effect on demand. "In general I think we're looking at a relatively level pace of activity and as far as I'm concerned I think that's about the best-case scenario -- that we could see a still healthy housing market that supports the overall economy but not one that continues to heat up."

Warren did warn that if job growth slows significantly, or household debt spikes, the housing market would suffer.

Some Leap Year Facts!

Celebrate leap year by learning some fun Feb. 29 facts. Why do we add 24 hours to our calendar every four years? And why the heck is it in February? Plus, what famous faces are "younger" than they look, your chances of having a leap year baby and more. Sit back and read some info about this extra day. Leap year babies set to celebrate their special day as Feb. 29 rolls around.
Leap Year Facts
 Julius Caesar is said to be the "father of leap year." Ancient Egyptians created the basis for the modern-day calendar. But by Julius Caesar's time, it had slipped out of sync with Earth's seasons. The 355-day Roman calendar called for an extra 22- or 23-day month every two years to keep the seasons on track. So he decided to create a 365-day calendar, but the actual calculations were made by Caesar's astronomer, Sosigenes. Sosigenes added one extra day to every fourth February. Why February? It was the last month of the year in Roman times.
Anthony, Texas, is the self-proclaimed Leap Year Capital of the World. In 1988, the chamber of commerce in the little town on the border between New Mexico and Texas voted to sponsor the Worldwide Leap Year Festival and Worldwide Leap Year Birthday Club. Partiers celebrate with a parade, hot-air-balloon rides, a carnival and a gathering of people born on Feb. 29. To learn more about the festival go to http://www.leapyearcapital.com/.
Greek superstition claims that bad luck will come to couples that marry during a leap year. Allegedly one in five engaged couples in Greece will avoid planning their wedding during a leap year.
Leap day is also when women were once officially allowed to step outside of tradition and propose to their beaus. According to legend, St. Bridget complained to St. Patrick in fifth-century Ireland about women having to wait for so long for a man to propose. St. Patrick's solution was to allow women one chance that only came around every four years to take the initiative. In 1288 Scotland supposedly made the tradition a law and any man who declined a proposal in a leap year had to pay a fine ranging from a kiss to payment for a silk dress or a pair of gloves. Today North Americans call this tradition Sadie Hawkins Day, invented by Al Capp in his cartoon strip Li'l Abner, but there is debate over whether it's Feb. 29th or Nov. 15th the date the cartoon was first published.
CALENDAR EXPLAINER
 A leap year is a year in the Gregorian calendar with one extra day added to the end of February, making the month 29 days long. The day was established to keep the seasons and the calendar in sync. A year is measured by the amount of time it takes the sun to return to the spot directly above the Earth's equator. Although it actually takes 365.2422 days, we round it to 365. But this results in an error of 0.2422 days, or almost six hours, per year. After 100 years this calendar would be more than 24 days ahead of the seasons, but leap day makes up for the inaccuracy. Years that end in 00 would only be a leap year if they are divisible by 400. So 1900 was not a leap year, but 2000 was.
BY THE NUMBERS
The chances of a leap birthday are one in 1,461 -- long odds for getting the short end of the stick. Imagine waiting four years for your real birthday and hearing endless jokes about being three when you're really 12. The longest time between two leap years is eight years. The last time this happened was between 1896 and 1904 and it won't happen again until 2096 to 2104. There were five Fridays in February 2008 -- the month begins and ends on a Friday. Between 1904 and 2096, leap day occurs on the same day of the week every 28 years, so the last time February had five Fridays was in 1980 and next time will be in 2036.
According to global statistics, there are about 4.1 million people worldwide born on Feb. 29. Norway's Henriksen siblings are recognized by the Guinness Book of World Records. The three siblings were born on three consecutive leap days. Heidi Henriksen, 1960; Olav Henriksen, 1964; and Leif-Martin Henriksen, 1968. And the Keogh family has three consecutive generations born on Feb. 29. Peter Anthony was born in Ireland in 1940; his son Peter Eric was born in the United Kingdom in 1964; and his granddaughter Bethany Wealth was born in the United Kingdom in 1996.
LEAPLINGS
Someone born on leap day may be called a leapling. They usually celebrate their birthdays on Feb. 28 or March 1 in common years.
BLESSING OR CURSE
Being born on leap day isn't always fun and games. In non-leap years certain countries legally recognize Feb. 29 birthdays on Feb. 28 or March 1, resulting in hassles with birth certificates, driver's licences and entry fields on websites. But many leap day babies report benefits to playing the "leap day card," receiving free meals, free admission and discounts.

British Columbians continue to have the Highest Life Expectancy in Canada

British Columbians continue to live long and healthy lives, according to the 2010 Vital Statistics Annual Report from the Ministry of Health. Life expectancy in BC remains the highest in Canada at 81.7 years for 2006-10, up from 81.4. BC's population also grew naturally by 13,647 in 2010, or at rate of 2.8 per thousand. Cancer, is the leading cause of death in BC but the statistics show death rates from the disease are falling, along with those from heart disease, Alzheimer's, Parkinson's and multiple sclerosis, while mortality rates for chronic diseases like diabetes have increased slightly from 2009. The government says the death rate from HIV is the lowest since 1995 and BC. is the only province showing a consistent decline in the disease, which is credited in part to the research and treatment efforts of the BC Centre for Excellence in HIV/AIDS.

BC. mothers delivered 43,667 babies in 2010. The vital statistics document also found that just more than half the 2010 births in British Columbia were from mothers aged 30-39 which continues to rise from historical levels. In recent decades there has also been a gradual increase in multiple birth rates in BC., rising from 1.9 per cent of all live births in 1986 to 3.2 per cent in 2010. The number of deaths during the year was 31,143, down slightly from the previous year, and the oldest person to die was 108. 

On a typical day in BC. in 2010, there were 119 births, 86 deaths and 61 marriages. This information comes from the 139th edition of the annual report containing information collected from registrations of births, deaths, and marriages that happened in BC in 2010.

HST transition rules applauded by B.C. home builders

The government will raise its new-housing HST rebate threshold to $850,000 from the current $525,000 to help offset the consumer cost of the unpopular tax, until it is finally scrapped on April 1 2013. It will also introduce a similar rebate for new recreational and secondary homes built outside of greater Vancouver and Victoria, to stimulate that market until the tax is gone.
The long-awaited HST “transitional rules” for the new-home market are designed to provide certainty and fairness until the tax is cancelled, said Finance Minister Kevin Falcon. Falcon, who also confirmed for the first time that the HST will be officially scrapped on April 1 2013.
The HST was voted down in last summer’s referendum, and Falcon defended the lengthy timeline for returning to the old provincial sales tax. Falcon said winding down the HST on April 1 2013 is “the fastest date we can get there responsibly” and the transitional rules for new housing will assist a market hit particularly hard by the tax.
Starting on April 1 2012, the government will provide a partial HST rebate on new homes priced at up to $850,000. The amount of the rebate will max out at $42,500, will apply to more than 90-per-cent of new homes, and will mean new home prices will be roughly the same under HST and PST. The HST does not apply on re-sale homes. For secondary and vacation homes outside of greater Victoria and Vancouver, which had been subject to the full HST on the entire purchase price, the government will bring in same $850,000 rebate threshold.
“This will be a very positive impact for the industry,” Falcon said. The government also announced that for newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the seven-per-cent provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of two-per-cent on the full home price.
New home builders, who earlier complained buyers were waiting on the sidelines until the HST was scrapped, were pleased with the transition rules. “The industry is going to be quite happy,” said M.J. Whitemarsh, CEO of the B.C. division of the Canadian Homebuilders Association. “I think people will get out and start buying again.”

Sip and Enjoy Okanagan Wines

The Okanagan Valley is known for its spectacular vineyards producing premium quality wines that regularly win national and international wine competitions and recognition. Few wine-producing regions in the world can match our combination of mountains, lakes, fresh air and intense sunlight with so many grape varieties.
Kelowna is the birthplace of the Okanagan's wine tradition. Kelowna (and its surrounding area) features three separate winemaking regions. In Kelowna's winemaking regions, expect to find solid table wines and internationally-recognized distinctive reds, whites, rosés, sparkling wines, and icewines. Over 25 wineries are located in the Kelowna area with well over 120 wineries in the whole Okanagan Valley region. The sun-drenched valley surrounding Kelowna is dotted with farm-gate wineries too. Wine tours and tastings can last from 20 minutes to an hour, depending on the winery.  Many of the wineries have unique and delicious food services available. Gourmet regional cuisine, tapas-style fare or cheese and fruit platters are served either indoors or on patios, with spectacular lake and/or valley views. Reservations are not required. Tours are open to people of all ages, however those under the age of 19 are not permitted to taste the wine.
There are a number of Guided Tour Operators that can customize your wine tour for you. Leave the driving to them, sit back and enjoy the beautiful scenery the vineyards have to offer and get local knowledge while on your wine tour.

This is my Season

Golf and it should be arriving soon!
The Kelowna golf season in the Okanagan Valley is the envy of Canada. Averaging over 2,000 hours of sun every year make it one of the longest, driest golf season you'll find in Canada. Several of the tee boxes of the more than 19 golf courses offer incredible views of the lake, vineyards and orchards, rolling hills, semi-desert terrain and the city scapes making the golf courses in the area some of the most picturesque in the country. Many clubhouses also offer après golf dining experiences that range from casual to gourmet.

With courses that range from easy-going to ego-shattering, there is something in Kelowna for every skill level. Makes Kelowna a must-play destination on every golf enthusiast's list!

Including: Predator Ridge - twice host of the prestigious Skins Game and Tower Ranch - Golf Digest Top 3 Best New Canadian Courses just to name a few. In fact, every single course here boasts a signature hole that can only be described as Epic.

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