By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

August 12, 2010

Thanks to Peter Borszcz, Pihl & Associates for posting this great article. 

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

August 12, 2010

For immediate release

Vancouver, BC – August 12, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 42 per cent to 5,784 units in July compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 19 per cent in July from June 2010. The average MLS® residential price climbed 6 per cent to $491,832 in July compared to the same month last year.

"A relatively large number of homes for sale have created the most favourable supply conditions for home buyers in more than a year," said Cameron Muir, BCREA Chief Economist. MLS® active residential listings were 21 per cent higher in July than at the start of the year on a seasonally adjusted basis. However, with newly listed MLS® residential units now declining, tighter market conditions may emerge this fall.

Year-to-date, BC residential sales dollar volume increased 16 per cent to $24.2 billion, compared to the same period last year. Residential unit sales rose 4 per cent to 48,127 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.

-30-

For more information, please contact: 

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

August 4, 2010

The July 2010 Kelowna Real Estate market stats have just been released and what a huge drop we've just experienced in sales volumes!

This year, 2010, started out quite promising.  January, February, March and April were all up.  Then May came around and we dropped flat even with last year for sales volumes (and 2009 was recession year too!).  June then went negative, dropping over -20% compared to '09, and now we have dropped over -50% compared to last years sales volumes.

Although sales volumes have dropped significantly, prices have not followed suit, but continue to be more stable. 

Single family dwellings (SFD) average home prices rose +11% in July; from $463,000 in July '09 to $513,000 July '10.

Condo sales dropped -56% this month compared to last year, with average condo prices only down -1%, from $259,000 July '09 to $256,000 July '10. 

Townhouse sales are also down - 52%, with an average townhouse price down -5% from $369,000 July '09 to $352,000 July '10.

The good news is that prices remain positive compared to last year.  Overall average (SFD) home prices year-to-date (YTD) are up +8% from $450,000 YTD '09, to $486,000 YTD '10.

Listing inventory is final dropping slightly too.  This past month we had -12% less (SFD) listings compared to last July '09, and -16% listings this past month in all property categories. 

With low sales and listings still relatively high I feel we will continue to see a very strong Buyers market over the coming months.   The Okanagan continues to be a favourable destination and a 4-season playground for Buyers relocating to, or investing in recreational property in our area.

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

August 4, 2010

BC Home Sales to Rise in 2011 
BCREA Housing Forecast Update - Third Quarter 2010

Vancouver, BC – July 30, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the third quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 7 per cent from 85,028 units in 2009 to 79,500 units this year, before increasing 5 per cent to 83,400 units in 2011.

“The volatility in consumer demand characteristic of the past 24 months is expected to give way to more gradual improvement through 2011,” said Cameron Muir, BCREA Chief Economist. “Housing demand has fallen back to earth from its break-neck pace at the end of 2009 and is expected to more closely match overall economic performance over the next 18 months.”   

“A larger inventory of homes for sale has created the most favourable conditions for home buyers in more than a year,” added Muir. “However, the buyers’ market is expected to be short-lived as total active listings peaked in May and are beginning to wane, with more balanced conditions set to emerge in the fall.”

The average MLS® residential price is forecast to climb 6 per cent to $492,800 this year and remain relatively unchanged in 2011, albeit declining by 1 per cent to $489,500.

- 30 -

The full BCREA Housing Forecast Update is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

For more information, please contact:

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

July 15th, 2010

For immediate release

Vancouver, BC – July 15, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 23 per cent to 7,722 units in June compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 5 per cent in June from May 2010. The average MLS® residential price climbed 8 per cent to $499,908 in June compared to the same month last year.  

“Market conditions have shifted from balanced conditions at the start of the year to a buyers’ market this summer,” said Cameron Muir, BCREA Chief Economist. In June, there was 9.3 months of supply on the market given current sales activity, up from 5.6 months in January 2010. “Tighter credit conditions for homes with secondary suites and low equity home buyers have moderated consumer demand,” added Muir.

Year-to-date, BC residential sales dollar volume increased 31 per cent to $21.4 billion, compared to the same period last year. Residential unit sales rose 17 per cent to 42,343 year-to-date, while the average MLS® residential price climbed 13 per cent to $504,281 over the same period.

-30-

For more information, please contact: 

BCREA represents 12 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.

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

For immediate release

Vancouver, BC – June 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 4 per cent to 7,950 units in May compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 11 per cent in May from April 2010. The average MLS® residential price climbed 7 per cent to $498,294 in May compared to the same month last year.  

“A slower pace of home sales combined with an increase in the inventory of homes for sale has quelled upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. A total of 54,362 MLS® residential listings were recorded in May, up 26 per cent from January on a seasonally adjusted basis. “Moderating market conditions in Vancouver, the Fraser Valley and Victoria are reducing the number of multiple offers as a greater selection of homes for sale lessons competition amongst home buyers,” added Muir.

Year-to-date, BC residential sales dollar volume increased 50 per cent to $17.5 billion, compared to the same period last year. Residential unit sales rose 31 per cent to 34,619 year-to-date, while the average MLS® residential price climbed 14 per cent to $505,468 over the same period.

-30-

For more information, please contact: 

BCREA represents 12 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.

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

June 7th, 2010

 For immediate release

Housing Market Push and Pull: Economic Growth Versus Affordability 
BCREA Housing Forecast - Second Quarter 2010

Vancouver, BC – June 7, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the second quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to ease back 3 per cent from 85,028 units in 2009 to 82,350 units this year, before increasing 4 per cent to 85,900 units in 2011.

“Eroding affordability will trim home sales by 3 per cent this year despite improving economic conditions and related employment growth,” said Cameron Muir, BCREA Chief Economist. “The push and pull of positive economic growth versus rising mortgage interest rates is expected to keep BC home sales near their 10-year average of 85,569 units both this year and next.”   

The average MLS® residential price is forecast to climb 6 per cent to $494,600 this year and remain relatively unchanged in 2011, albeit increasing by 1 per cent to $499,700.

"Strong consumer demand in Vancouver, Victoria and the Fraser Valley was largely responsible for driving the average home price in the province higher over the last three quarters,” added Muir. “However, demand has moderated in those markets and a larger inventory of homes for sale has pulled market conditions into balanced territory, providing less upward pressure on home prices"

- 30 -

The full BCREA Housing Forecast is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.

For more information, please contact:

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.

By Jaime Briggs, REALTOR®

www.BriggsOnHomes.com

June 4th, 2010

BC Real Estate Markets Cool Down – May 2010 statistics have just been released and it definitely shows a slowing down period compared to the first 4 months of the year.

Buyers across Canada are impacted by the many market condition changes such as higher interest rates, tighter credit/lending rules and high housing prices.  The previous predictions by the Canadian Real Estate Association have now been revised to include much lower forecasted numbers.

In Kelowna we saw the Average home price (SFD – single family dwelling) climb +9.31% from $443,581 May ’09 YTD, to $ 484,856 May ’10 YTD. 

The YTD Median SFD home price also rose +8.21% from $411,250 last YTD to $445,000 this YTD.

However, the sales volumes for May ’10 were actually less than last year (2009 was recession year too).  Residential sales volumes in the month were down -1.12% or down -.30% in revenues.  This was a surprise, seeing as May is traditionally a very busy month for the Spring market.

During May there was a total inventory of 5,561 active listings.  Over a 3% increase from last year 2009.

The rising inventories and continued cautious approach of Buyers just means that this is definitely turning back into a Buyer’s market again. Lots of home options and very motivated Sellers are out there! 

Read more at:  http://www.cbc.ca/canada/british-columbia/story/2010/06/02/bc-real-estate-forecast.html

Shannon Lake/Smith Creek, West Kelowna  -  We invite everyone to visit our open house at 3100 Sageview Road on June 5 from 1:00 PM to 2:00 PM.

Property information

By Jaime Briggs, REALTOR® www.BriggsOnHomes.com

June 1st, 2010 

Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market

OTTAWA – The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent.

The Bank Rate is correspondingly raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal operating band of 50 basis points for the overnight rate.

The global economic recovery is proceeding but is increasingly uneven across countries, with strong momentum in emerging market economies, some consolidation of the recovery in the United States, Japan and other industrialized economies, and the possibility of renewed weakness in Europe. The required rebalancing of global growth has not yet materialized. In most advanced economies, the recovery remains heavily dependent on monetary and fiscal stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result in higher borrowing costs and more rapid tightening of fiscal policy in some countries – an important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the spillover into Canada from events in Europe has been limited to a modest fall in commodity prices and some tightening of financial conditions.

Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent in the first quarter, led by housing and consumer spending. Employment growth has resumed. Going forward, household spending is expected to decelerate to a pace more consistent with income growth. The anticipated pickup in business investment will be important for a more balanced recovery. CPI inflation has been in line with the Bank’s April projections. The outlook for inflation reflects the combined influences of strong domestic demand, slowing wage growth, and overall excess supply. In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and to re-establish the normal functioning of the overnight market. This decision still leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery. Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments.

By Jaime Briggs, REALTOR® www.BriggsOnHomes.com

May 14, 2010 

Vancouver, BC – May 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 21 per cent to 8,385 units in April compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 4 per cent from March 2010. The average MLS® residential price climbed 15 per cent to $514,820 in April compared to the same month last year.  

“BC home sales have trended on an annual rate of 84,000 to 86,000 units over the past three months, down from the 108,000 unit pace recorded in the fourth quarter of last year,” said Cameron Muir, BCREA Chief Economist. A total of 85,028 MLS® residential unit sales were recorded in 2009. “Higher home prices, particularly in Vancouver, the Fraser Valley and Victoria as well as a recent lift in mortgage interest rates has eroded affordability and had an impact on overall housing demand,” added Muir.

The BC residential sales dollar volume increased 73 per cent to $13.5 billion in the first four months of 2010, compared to the same period last year. Residential units sales rose 47 per cent to 26,669 units year-to-date, while the average MLS® residential price climbed 17 per cent to $507,616 over the same period.

-30-

By Jaime Briggs, REALTOR® www.BriggsOnHomes.com

May 5, 2010 

The March 2010 Kelowna Real Estate stats have just been released.  According to the OMREB (Okanagan Mainline Real Estate Board) here's what we saw in this month and for the first quarter of 2010.

By Jaime Briggs, REALTOR® www.BriggsOnHomes.com

April 26, 2010 

BC Real Estate Association Encourages Housing Affordability: 
Urges Government to Reduce Shelter Taxes

Victoria, BC – April 26, 2010. The British Columbia Real Estate Association (BCREA) is in Victoria this week to highlight to the Government of British Columbia that, with the highest home ownership costs in the country, BC is at a competitive disadvantage to attract skilled labour and professionals to the province.

“The availability of affordable housing not only dramatically impacts one’s quality of life, it also significantly impacts the ability of the province to attract the labour and talent we need to ensure future economic growth,” says BCREA President, John Tillie. “BCREA is committed to working with the provincial government to find solutions to make the purchase of a home in British Columbia as affordable as possible."

BCREA is asking the Government of British Columbia to examine shelter taxes and take measures to encourage housing affordability and tax fairness for British Columbians. This is necessary in order to attract much‐needed skilled workers to the province. Although BC ranks as one of the four most competitive provinces in terms of sales tax, fuel tax and net property tax, high shelter taxes and housing costs serve as a deterrent for workers and companies considering relocation to BC.   

Shelter taxes significantly contribute to the cost of a home purchase. A growing proportion of British Columbians have been subject the Property Transfer Tax (PTT) – originally intended as a luxury tax on high‐priced homes – since its introduction in 1987. BC families pay 12 per cent of their annual income in PTT when buying a home, a heavy burden on households. For example, a couple earning $40,000 each in taxable income pays almost three times their annual BC income tax for the privilege of buying a home, $2,880 versus $7,811. The implementation of the new Harmonized Sales Tax (HST) will add an additional tax burden on BC homebuyers, homeowners and landlords.

The government has taken some steps to lessen the tax burden on British Columbians, including competitive personal and corporate tax rates, and increasing the threshold for HST rebates for house purchases. However, the total tax burden in BC is still a heavy one – British Columbians pay at least 122 per cent more in property transfer taxes than the average buyer in Ontario, for example. With additional shelter taxes, attainable housing is becoming increasingly unrealistic for many.

Specifically, BCREA is asking government to implement the following measures:  

1. Recognize significant differences in home prices across the province and implement regional rebate thresholds for new housing, which will be indexed annually
2. Index the HST rebate threshold to maintain the current percentage of tax exempt buyers – unless the threshold is indexed, as new home prices rise over time, a higher proportion of buyers will have to pay HST on new homes
3. Adjust the PTT to help restore fairness by implementing a three‐year phase‐out of the PTT, including increasing the one per cent tax threshold (from $200,000 to $500,000) starting on July 1, 2010

"Through implementing our recommended measures to enhance shelter tax equity, the provincial government can make great strides in improving housing affordability in British Columbia,” added Tillie. “BCREA encourages British Columbians to get educated and advocate for housing affordability in their community – together we can work to improve housing attainability."

For more information about HST and how it will affect British Columbians, visit www.bcrea.bc.ca/sheltertaxes.

About BCREA
BCREA represents 12 member real estate boards and their approximately 17,500 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 growth that encourages economic vitality, provides housing opportunities, respects the environment and builds 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.

- 30 -

For more information, or to request an interview with a BCREA spokesperson, please contact:

By Jaime Briggs, REALTOR® www.BriggsOnHomes.com

April 15, 2010 

The Spring Real Estate market is FINALLY upon us here in Kelowna!

After a moderate start to the year, the Kelowna real estate market then experienced a long stagnant period during the Vancouver Olympics, followed by 2-weeks of school spring break.

Now the Sold signs are finally popping up all over, . . . just like the spring Tulips!

March sales recovered the last half of the month. Average home prices were $460,417 for March '10, up nearly +5% vs. March '09 at $438,866.  

Year to date residential SFD (single family dwelling) have already increased nearly +7% from last YTD. 

Average YTD prices are $466,071 vs. $436,272 last YTD.  Be glad you bought last year this time!

Residential SFD unit sales are up over +62% YTD!  There have been 442 homes sold this first quarter, as opposed to only 272 homes sold last YTD.

Listing inventory remains high with a total of 4,977 active listings in the Central Okanagan Zone, 1,567 of which are SFD (residential homes).

Recent announcements to Mortgage Rate increases and tighter lending rules, will only heighten this already strong spring market. 

If you are thinking of Buying and are still sitting on the fence, don't wait!  Meet with a Mortgage Broker today and have them secure a rate for you.