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.

Strongest January Residential Sales Since 2010

The British Columbia Real Estate Association (BCREA) reports that a total of 4,244 residential sales were recorded by the Multiple Listing Service® (MLS®) in January, up 24.5 per cent from January 2013. Total sales dollar volume was $2.4 billion, an increase of 36.8 per cent compared to a year ago. The average MLS® residential price in the province rose to $565,036, up 9.9 per cent from the same period last year.

"Residential sales activity in the province posted the strongest January since 2010,” said Cameron Muir, BCREA Chief Economist. “Consumer demand has recovered from last year’s lower levels and is now trending at the long-term average.” The ten-year average for January is 4,276 unit sales.

"Stronger economic conditions are expected to underpin a modest uptick in home sales later this year,” added Muir.

The demise of the federal Immigrant Investor Program is expected to have little impact on the Metro Vancouver housing market. “The only impact we foresee is less pressure on the inventory of detached homes in Vancouver’s West Side, Richmond and West Vancouver,” said Muir.

The number of investor immigrant landings peaked at 5,876 in 2008 before declining to just 2,644 in 2012, with a similar number expected for 2013. These numbers include spouses and dependents. The total number of added households is estimated to be between 900 and 1,000 per year since 2011.

Courtsey of BCREA 

BC Home Sales Post Strongest October in Four Years

The British Columbia Real Estate Association (BCREA) reports that a total of 6,673 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during October, up 26.5 per cent from October 2012. Total sales dollar volume was 34.5 per cent higher than a year ago at $3.6 billion. The average MLS® residential price in the province was $540,432, up 6.3 per cent from October 2012. 

“The fall housing market is shaping up to be the most active in four years,” said Cameron Muir, BCREA Chief Economist. “Persistently low mortgage interest rates and an element of pent-up demand have driven home sales higher in the province’s large Lower Mainland and Vancouver Island markets.”

“While the rebound in consumer demand has been significant, home sales are trending near the long-term average and any continued acceleration will depend on stronger economic and employment growth,” added Muir.

Year-to-date, BC residential sales dollar volume was up 8.2 per cent to $33.6 billion, compared to the same period last year. Residential unit sales were up 5.1 per cent to 63,020 units, while the average MLS® residential price was up 2.9 per cent at $533,321. 

Courtesy of BCREA

BC Home Sales Remain Subdued but Stable

The British Columbia Real Estate Association (BCREA) reports that a total of 3,410 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during January, up 1.8 per cent from December on a seasonally adjusted (SA) basis, but down 13.6 per cent compared to January 2012. Similarly, total sales volume increased 3.8 per cent SA, but declined 16 per cent from the same month last year. The average MLS® residential price in the province was $514,134, up 3.2 percent from December, however, down 2.7 per cent from a year ago.

"Despite a modest uptick in consumer demand last month, home sales have remained relatively stable at a noticeably lower level since last August," said Cameron Muir, BCREA Chief Economist. "Continuing low mortgage interest rates combined with an easing back of home prices in some areas is expected to trend home sales higher during the spring and summer months."

"The ratio of home sales to new listings is indicative of a balanced market at 42 per cent," added Muir. "However, there remains a backlog of existing home listings to either sell or be pulled off the market before supply and demand can be considered in check."
Dramatic swings in average price statistics caused by a surge and subsequent pullback in luxury home sales appear to be near an end. The year-over-year change in average prices now more closely reflects the home price indices in Vancouver and the Fraser Valley."

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HIGGINS REPORT ON THE MARKET: CENTRAL OKANAGAN MONTHLY STATISTICS FOR MARCH

Stats Comparison 2011 vs. 2012 - March
Number of Sales by Month
March 2011                      March 2012
             356                                   351

Number of Sales Year to Date
March 2011                      March 2012
             818                                   850

Residential House Prices by Month
March 2011                      March 2012
Average    $492,398                       $456,568
Median     $439,000                       $415,000

Residential House Prices Year to Date
March 2011                      March 2012
Average     $463,915                       $439,745
Median      $425,000                       $410,000

Number of Units Listed
March 2011                       March 2012
             1,118                                 1,106

Days to Sell by Month - Residential
March 2011                        March 2012
             80                                       92

Days to Sell Year to Date - Residential
March 2011                         March 2012
             89                                        92

Single Family Sales by Price
Year to Date - January to March 2012

Price range                                 2011                      2012
$0 - $239,999                                11                          12
$240,000 - $319,999                       42                          53
$320,000 - $399,999                     112                        123
$400,000 - $479,999                     101                          87
$480,000 - $559,999                       74                          64
$560,000 - $999,999                       62                          58
$1 million and over                            8                            3

Active Inventory
Central Okanagan - March 2012
Res.                                   1,524
Condo.                                 945
Mobiles                                229
Lots                                      572

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!

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.

Moving Checklist

Closing And Moving - once the contract is firm and all conditions have been removed you are nearing the final stretch. Some of the terms that are negotiated on the contract are closing and possession dates. These dates determine the deadlines for communicating with your financial lender, attorney, movers etc. We will follow-up with your attorney and financial lender to ensure that all the proper paperwork has been received.  Moving with Children - Often when you are thinking about moving with children, you decide to move in the summer when they are out of school. If you are moving to a new neighbourhood, it is important to think about how difficult it may be for them to make new friends during the summer holidays. Moving during the school year allows them to instantly meet children in the classroom. This gives them time to make a couple of friends their own age, who live in the neighbourhood before the summer holidays. A Smooth Move: Prepare a file to keep receipts of moving expenses, you maybe able to claim some for tax purposes depending on how far you are moving and why you are moving.  Get written estimates from at least two moving companies.  Go through everything and donate what you no longer need to charity - moving cost is by weight so don't take what you don't need.  Get packing paper, boxes, pens and tape.  Transfer the utilities out of your name.  Change of address for Canada Post, newspapers, magazines, clubs, organizations, doctors, friends and family, services and your insurance company.  Order new cheques from the bank with your new address.  Notify the outbound and inbound schools.  If moving into or out of an apartment, book the elevator.  Return all items you have borrowed and get back what you have loaned.  Plan and start early! Here is a detailed moving check list: Task Due Date Check Get estimates from moving companies and arrange method of payment ASAP Get packing paper, pad for inventory, and marking pens, boxes, and twine for packing belongings 25 days prior Notify Existing Water Company 25 days prior Notify Cell Phone Company 25 days prior Notify Housecleaning Service 25 days prior Notify Vehicle Registration and Licensing Agency 25 days prior Notify Existing Internet Supplier 25 days prior Notify New Internet Supplier 25 days prior Complete Change of Address form with Canada Post 25 days prior Notify Lawyer 25 days prior Notify Finance Companies 25 days prior Arrange for a yard sale for unnecessary belongings 25 days prior Notify New Gas/Oil company 25 days prior Notify Alarm Service 25 days prior Notify Existing Cable/Satellite Company 25 days prior Notify New Cable/Satellite Company 25 days prior Notify Credit Cards 25 days prior Notify Schools 25 days prior Notify Magazines 25 days prior Notify Book & Music clubs 25 days prior Notify Doctor 25 days prior Notify Dentist 25 days prior Notify Canadian Revenue Agency (CRA) 25 days prior Notify New Electric Company 25 days prior Notify Existing Electric Company 25 days prior Notify Garbage (special pick-up) 25 days prior Notify Existing Telephone Company 25 days prior Notify Loan Institutions 25 days prior Notify Loyalty Programs 25 days prior Notify Library 25 days prior Notify Newspapers 25 days prior Notify Catalogue Subscriptions 25 days prior Notify New Water Company 25 days prior Notify Existing Gas/Oil Company 25 days prior Notify Non-government Supplementary Health Plan 25 days prior Notify Insurance Agencies 25 days prior Arrange for work that has to be done at new home 25 days prior Notify New Telephone Company 25 days prior Verify your moving in date with your new landlord 15 days prior Collect items being cleaned or repaired 15 days prior Check to make sure you have returned all rented items 15 days prior Check to make sure you have returned all borrowed items and get back any items you have loaned 15 days prior Clean Rugs and Drapes 5 days prior Take down any items that have been excluded in your contract 5 days prior Prepare a list of items you'll need immediately at destination, such as a flashlight, light bulbs, toilet paper, cleaning supplies, pillows, sheets, blankets, towels, snacks and drinks. If not taking this box with you make sure it is marked: FIRST OFF 5 days prior Get utilities turned on, or meters read 5 days prior Collect all keys including garage and shed for new owner 1 day prior Leave garage door openers for new owner 1 day prior Leave all manuals, warranties and guarantees for new owner 1 day prior All Meters Read Moving Day Lights Turned Off Moving Day Keys left as agreed with new residence/Realtor Moving Day Windows and doors locked Moving Day Double check rooms, closets, drawers, shelves, outdoor areas and garage to make sure you've taken everything Moving Day Make sure you have your Medical and Dental records Moving Day Furnace turned down or off Moving Day Get appliances hooked up Moving Day Give your new phone number and an alternate contact to your mover before they leave Moving Day List claims for lost or damaged articles Moving Day Make sure you have your Insurance policies Moving Day Make sure you have your moving related documents Moving Day Check to see appliances (refrigerator, freezer, washer and dryer, etc.) are working Moving Day

Tourism in the Okanagan is up but spending is down.

So there is some good news and bad news in Kelowna's latest tourism stats.
The good news is that 1.5 million tourists visit Kelowna annually, which is up 27% from 2006. The bad news is the spending is down even with the increase in visitors. Their spending is down 3.1% over the past five years to $279 million a year.Which is not surprising considering the economic collapse in late 2008 and with the upheaval that still continues today.
The bottom line is, people are still vacationing in Kelowna in increasing numbers. It shows that Kelowna is a great destination and people will continually come here.

HIGGINS REPORT ON THE MARKET 2

Okanagan‐Shuswap Market Ends Year on a Strong Note.

Kelowna BC-The Okanagan Mainline Real Estate Board (OMREB) reported December 2011 sales activity of all MLS® property types improved over the same month last year as the housing market continued to
normalize with prices stabilizing and inventory on the decline at year end.
“As 2011 came to a close, overall sales activity in the recovering Okanagan‐Shuswap market continued to
strengthen with moderate but steady improvement during the last two quarters of the year, and showed
remarkable resiliency despite ongoing global economic and financial uncertainty,” says Rob Shaw, an active
REALTOR® in the North Zone and OMREB Vice President. “Sales in most segments are stable and holding their own compared to 2010, as historically low interest rates continue to positively impact purchasing power and improve affordability for buyers. However, modest economic recovery and job growth have affected
disposable income for potential recreation and investment purchasers so these sectors remain sluggish.
“Although listings are trending downward and keeping inventory in check, there is still an ample supply and
good selection of properties available in this market,” Shaw notes. “The 686 new residential listings taken
Board‐wide for the month of December in both 2011 and 2010 are at 2002 levels (637) and on par with the 10‐year average (679) for this month. However, year‐to‐date listings reported for the 12 months of 2011 (17,619) are 9.8% higher than the 10‐year average (16,491) but similar to pre‐recession levels (17,855 in 2007).”
Board‐wide (Peachland to Revelstoke): During December, the 293 overall sales in OMREB’s Board area improved by 7.7% compared to last year’s 272, but dropped 28.9% from the 412 sold this November.
December sales are typically lower given that home buyers turn their attention to Christmas rather than house
shopping. Sales volumes of $113.9 million were up 3.4% for the month compared to $110.1 million in 2010.
Inventory (active listings) for December was down slightly (0.3%) to 6,870 units compared to 6,892 in 2010, while new listings for the month were the same as last year at this time (686).
Central Zone (Peachland to Lake Country): Overall unit sales in the Central Zone jumped by 4.6% to 183 units ($77.0 million) compared to 175 ($77.9 million) last December, and were down 29.1% compared to the 258 units sold in November. Total residential sales improved by 9.3% to 165 units compared to 151 sold last December, but were down 30.1% from 236 in November. Single family home sales of 96 units rose 12.9% compared to 85 last year, but dipped 22.6% compared to this November (124). December’s inventory of 3,853 units was up 3.4% compared to 3,725 in 2010, and the 461 new listings for the month rose 3.3% over the 446 last year.
North Zone (Predator Ridge to Enderby): Overall unit sales in the North Zone for December rose 10.0% to 77 units ($26.4 million) compared to 70 ($23.4 million) in 2010, and slipped 18.9% from the 95 units sold this November. Total residential sales for December improved by 23.6% to 68 units compared to 55 last year, but dipped 17.1% from the 82 sold in November. Single family home sales (35) were up 20.7% compared to the units sold in December 2010 (29), but were down 25.5% compared to unit sales in the previous month this year (47). While last month’s inventory dropped by 5.0% to 1,850 compared to 1,947 last year, the 129 new listings taken were up down 16.8% from 155 in 2010.
Shuswap Zone (Salmon Arm to Revelstoke): Overall unit sales in the Shuswap Zone improved by 22.2% to 33 units ($10.4 million) compared to 27 units ($8.8 million) in December 2010, but were down 44.0% from the 59 sold this November. Total residential sales of 25 units rose by 8.7% over the 23 in 2010, but dropped 52.8% from the 53 sales in November. The 14 single family unit sales remained the same as the units sold last December but were down 48.1% from the 27 sales during the previous month this year. While inventory dipped 3.4% from last December (1,161 compared to 1,202 in 2010), new listings (95) were up 14.5% compared to last year (83).
OMREB MEDIA RELEASE
January 5, 2012