Kelowna Real Estate

BCREA Reports - Average Performance for Housing Market in 2012

 

By Jaime Briggs, Kelowna Real Estate  

Average Performance for Housing Market in 2012
BCREA 2012 First Quarter Housing Forecast Update

Vancouver, BC – January 27, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 First Quarter Housing Forecast Update today.

“Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013,” said Cameron Muir, BCREA Chief Economist.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 2.1 per cent from 76,817 units in 2011 to 78,400 units this year, increasing a further 2.7 per cent to 80,500 units in 2013. The 15-year average is 79,000 unit sales. A record 106,310 MLS® residential sales were recorded in 2005.  

"While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at or near record lows for most of 2012,” added Muir.

Home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand. The average MLS® residential price in the province is forecast to edge down 2.2 per cent to $548,500 this year and remain relatively unchanged in 2013, albeit increasing 0.8 per cent to $553,000.

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Results of December 2011 Buyer's Survey - "Who Bought Homes in Kelowna and Where did they come from?"

By Jaime Briggs, Kelowna Real Estate  

DECEMBER 2011 SURVEY SUMMARY

Property Type:
23.8% of purchases were by Move-Up Buyers
21.8% buying Revenue/Investment Property
19.8% by First Time Buyers
8.9% moving from Single Family Home to Strata Unit
7.9% Recreation Property Buyers
5.0% moving from Strata property to Single Family Home 
3.0% moving into Retirement Home/Seniors Community

It is interesting to note that the number of revenue and investment property purchases improved significantly and rose to second on the list for December (from fourth) – pushing first-time buyers down to third place.   Reported purchases of recreation properties saw a noticeable improvement as well.

Moving From: 
68.9% from Within OMREB Board Area
12.6% from Alberta
8.6% from Lower Mainland/Vancouver Island
2.9% from Other Areas in BC
2.9% from Saskatchewan/ManitobaPublish
2.9% from Outside Canada
1.0% from NWT/Yukon (third month reported)
0% from Eastern Canada/Maritimes 

Just Listed & First Time on Open House! Sunday January 29th 1-3pm.

Upper Mission, Kelowna  -  We invite everyone to visit our open house at 794 Breeze Place on January 29 from 1:00 PM to 3:00 PM.

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Open House - Saturday January 28th 1-3pm, 4283 Bedford Road - Southeast Kelowna $699,500

Southeast Kelowna, Kelowna  -  We invite everyone to visit our open house at 4283 Bedford Road on January 28 from 1:00 AM to 3:00 AM.

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Just Listed - $629,000 Perfect Family Home on Quiet Upper Mission Cul-de-Sac - 794 Breeze Place

Located on Quiet Cul-De-Sac

• 3,015 sq. ft., 4 bath, 4 bdrm 1 1/2 story "Fully Finished on 3 Floors" - MLS® $629,000 - Perfect Family Home!

Upper Mission, Kelowna  -  Perfect family home located on quiet Upper Mission cul-du-sac. 4 Bedrooms, 3.5 Bath, over 3,000 sq ft. Open floor plan on main with hardwood floors, gas fireplace, den or office, large covered deck. Fully finished walkout basement (easy to suite) with games room, wet bar and theater room with Harmon Carmon speakers, 7.1 surround sound and sound proofing. Large fenced backyard complete with covered deck, hot tub, artificial grass tee off box and putting green, pond with waterfall, paving stone patio & fruit trees. Extras include; 5.1 surround sound in master bedroom, living room and games room, central vac, security system, purified water and reverse osmosis system.

For more details on Kelowna Real Estate call Jaime Briggs, Coldwell Banker Horizon Realty at (250) 860-7500 or go to www.BriggsOnHomes.com

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Just Listed - $698,700 Lake & Vineyard Views in Lakeview Heights with Triple Garage

Stunning lake & vineyard views

• 2,885 sq. ft., 4 bath, 4 bdrm single story "Craftsman Style Home" - MLS® $698,700 - $33K Below Assessed Value

Lakeview Heights, Westbank  -  Wake up to stunning lake & vineyard views from this deluxe custom built Craftsman style 4-Bdrm home in desirable Thacker Ridge Estates.
9 ft ceilings, dark maple plank hardwood floors, spacious formal living room with veranda and large windows to enjoy your views. Formal dining room wired for optional gas fireplace. Stylish white linen kitchen, granite counters, eating bar, separate nook, ample cupboard space. Cozy family room off the kitchen fully wired for surround sound.
Upstairs Master Bedroom w/private balcony, plus 2 large bedrooms, full bath and computer niche.
Large partially finished basement w/separate entrance, 4th bedroom, full bathroom, plus ample extra unfinished space.

Even an oversized Triple Tandem Garage - Perfect for all your toys!

Seller may consider trades to newer single family home >$425k.

For more on Kelowna Real Estate call Jaime Briggs, Coldwell Banker Horizon Realty at 250-860-7500 or go to www.BriggsOnHomes.com

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Just Listed - $699,500 Gorgeous Country Setting in Southeast Kelowna

Fully Renovated with Swimming Pool

• 3,180 sq. ft., 3 bath, 5 bdrm 2 story - MLS® $699,500 - Gorgeous .46 Acres!

Southeast Kelowna, Kelowna  -  Gorgeous Country setting for this 3,100+ sq.ft. fully renovated home with Lakeviews & Inground swimming pool all on .46 acres in South East Kelowna!
4 Bdrms, 3 Bths, den/office.
Home is open & airy with vaulted ceilings and showcases a stone surround gas fireplace on each level.
In addition, this home has been extensively renovated including hardwood, paint, carpets, kitchen with granite counter tops and SS appliances.
The main floor master bedroom features a large 4-piece ensuite and 2 sets of french doors leading to your own private terrace.
Large private backyard complete with salt water pool, fruit trees, mature landscaping and is fully fenced.
All measurements approximate. Please verify if important.
For more details on Kelowna Real Estate call Jaime Briggs, Coldwell Banker Horizon Realty at 250-860-7500 or go to www.BriggsOnHomes.com

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BCREA Reports - Home Sales Increase Last Year

 

By Jaime Briggs, Kelowna Real Estate  

Home Sales Increase Last Year

Vancouver, BC – January 13, 2012.

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC climbed 14.3 per cent to $43.1 billion in 2011. A total of 76,817 homes were sold in BC in 2011, up 2.9 per cent from 2010. The average annual MLS® residential price climbed 11.1 per cent to $561,026 over the same period.

"Low mortgage interest rates and gradually improving economic conditions contributed to a moderate increase in consumer demand last year," said Cameron Muir, BCREA Chief Economist. "BC home sales came in about on par with their 15-year average, but fell well below their ten-year average of over 88,000 units."

Vancouver, the Fraser Valley and the North experienced the largest percentage increase in unit sales last year, while consumer demand edged lower in Victoria and on Vancouver Island.

BC residential unit sales in December dipped 1.7 per cent to 4,186 units, while the average MLS® residential price was 2.8 per cent lower than in December 2010.

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For more information, please contact:

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.

Kelowna Real Estate - 2011 Year End Market Update

By Jaime Briggs, Kelowna Real Estate  

Happy 2012!

I'm actually feeling quite optimistic going into 2012.  In my mind, the Kelowna Real Estate Market for 2011 actually ended off quite good considering.  Well, 'quite good' compared to what all the negative nay-sayers out there keep saying about the real estate market.  And really, when we look at the year-end 2011 stats, what's not to love about them?  Again, anything is better than what occurred a few years back. So to have a year, similar to last year, means that the Kelowna real estate market has returned to a stable market. And December too really finished off with a bang...!  Wow, it was busy!

Single Family Home (SFD) sales were UP +1% year-end in 2011 vs. 2010.  That's seems terrific compared to the -10% drop in 2010 vs. 2009.   In 2011 total single family homes listed were down -8%, which means less competition for those listed.  Median & Average single family home prices finished the year at $429,250 (-2.42%) and $472,888 (-1.99%) respectively. 

Condo sales were slightly up too. +4% condo's sold year-end vs. 2010. Much better than the -15% drop in sales in 2010.  Listed condos were down -9% listings vs. last year, and Median & Average prices finishing 2011 at $223,000 (-5.11%) and $250,459 (-1.32%) respectively.

Townhome sales were also slightly up.  +3% townhomes sold in 2011 vs. 2010 (way up from the -14% in 2010 vs. 2009).  The number of townhome listings dropped -6% in 2011 and Median & Average prices finished the year at $328,000 (0% change) and $345,534 (-1.19% vs. 2010) respectively.

However, we are still seeing the biggest losses/low numbers in recreational and waterfront properties.  

Again, CMHC predicts the following for the 2012 Kelowna Real Estate Market:

• New housing starts for single family homes are projected to have modest growth, multi family housing will target lower priced homes.
• Housing growth will follow the slight increases in the economy growth.
• Interest rates are expected to remain low into 2012, which is good news for the housing economy.
• Buyers will continue to benefit from a good supply of homes and strong price competition.
• 2012 should start to bring moderate price increases, while remaining a strong buyers market.

 Yes, with December 2011 being such a busy real estate month, I am definitely feeling optimistic about 2012!  

So, if you are thinking of BUYING, why wait?  Now with the last 2 years of proven stability and record low interest rates, why waste your hard earned money paying rent to someone else any more?  This truly IS a great time to BUY!

If you are thinking of SELLING, yes, now is a good time.  There are many active buyers looking right now.  The winter months has less inventory, meaning that your home has a better chance of standing out from the crowd, before the Spring rush hits. Also, buyers in the winter tend to be more serious buyers.

If you want to talk about either of these, or just want to talk Real Estate, please give me a call or email.  I'm always happy to talk about my passion - Kelowna Real Estate!

Enjoy this great New Year!

Cheers, Jaime 

 P.S.  You can click and download the attached market stats to view all market segments.

3416 Rosedale Place in Glenrosa is now Sold!

Glenrosa, West Kelowna  -  The bi-level at 3416 Rosedale Place has been sold.

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3099 Sageview Road in Shannon Lake/Smith Creek is now Sold!

Shannon Lake/Smith Creek, West Kelowna  -  The single story at 3099 Sageview Road has been sold.

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Happy Holidays from Jaime Briggs & BriggsOnHomes!

Please click below to watch a special Holiday Greeting from Jaime Briggs and BriggsOnHomes with Coldwell Banker Horizon Realty.

http://www.youtube.com/watch?v=uI9RWG7NzGc&feature=youtube_gdata

#43 - 218 Glen Park Drive in North Glenmore is Now Sold!

North Glenmore, Kelowna  -  The 2 story Elios Townhouse at #43 - 218 Glen Park Drive has just been sold.

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November Survey Results - "Who Bought Homes in Kelowna this November and Where did they come from?"

 

By Jaime Briggs, Kelowna Real Estate  

NOVEMBER SURVEY SUMMARY
Property Type:
22.1% of purchases were by Move-Up Buyers
22.1% by First Time Buyers
13.2% moving from Single Family Home to Strata Unit
6.6% buying Revenue/Investment Property
5.1% moving from Strata property to Single Family Home 
3.7% moving into Retirement Home/Seniors Community
3.7% Recreation Property Buyers

Moving From: 
58.7% from Within OMREB Board Area
4.3% from Other Areas in BC
14.5% from Alberta
12.3% from Lower Mainland/Vancouver Island
4.3% from Other Areas in BC
3.6% from Saskatchewan/Manitoba
3.6% from Outside Canada
2.2% from Eastern Canada/Maritimes
0.7% from NWT/Yukon (second month reported)

BCREA Announces - Déjà Vu in November Housing Market

For immediate release

Vancouver, BC – December 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province remained relatively unchanged in November compared to the same month last year. A total of 5,640 units were sold last month compared to 5,647 units in November 2010. The average MLS® residential price was up 1.1 per cent to $529,140 in November compared to the same month last year.

"BC home sales continued to gain ground in November,” said Cameron Muir, BCREA Chief Economist. “After waning during the first half of the year, consumer demand has steadily increased since the summer months, bringing home sales within seven units of the November 2010 level."

"Low mortgage interest rates remain a key driver in the housing market, helping to maintain affordability and purchasing power,” added Muir.

Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $41 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 72,632 units, while the average MLS® residential price rose 11.9 per cent to $563,991 over the same period.

For more information, please contact:

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale.