Kelowna Real Estate : Buyer Information, Kelowna Community Information

Who's Buying Property in the Okanagan? Results of our March 2011 Survey

Jaime Briggs — Sat, 23 Apr 2011 18:10:00 GMT

By Jaime Briggs, Kelowna Real Estate April 23, 2011 The results of the OMREB (Okanagan Mainline Real Estate Board) "Buyers Survey" are in. Here's who's buying property in the Okanagan! March Survey Highlights: 25.6% of purchases were...(read more)

Thinking of Buying 'Waterfront Property' in Kelowna? What you must know. . . .

Jaime Briggs — Thu, 14 Apr 2011 23:24:00 GMT

By Jaime Briggs, Kelowna Real Estate April 14th, 2011 A big thanks to Peter Borszcz, of Pihl & Associates for hosting an exclusive info session for a few of us Realtors on the sale of waterfront property. Living here in the Okanagan, and Kelowna,...(read more)

Canadian Banks Remain Strong

Jaime Briggs — Thu, 30 Apr 2009 17:13:00 GMT

By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com

April 30th, 2009

Here’s a great story from CBS news that talks about the strength of Canadian Banks.

http://www.cbsnews.com/video/watch/?id=4954339n

Our market in Canada is very different than in the US.

If you have questions on your own personal mortgage or are thinking about refinancing, please contact one of our mortgage specialists.

Affordability Drives Home Sales HIGHER!

Jaime Briggs — Thu, 30 Apr 2009 17:07:00 GMT

By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com

Affordability Drives Home Sales Higher

Vancouver, BC – April 15, 2009. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 35 per cent to $2.3 billion in March, compared to the same month last year. Residential unit sales declined 25 per cent to 5,464 units during the same period. The average MLS® residential price in the province was $424,122 in March, down 12 per cent from March 2008.

“While fewer MLS® residential sales were recorded last month compared to March 2008, home sales actually climbed 24 per cent from February to March on a seasonally adjusted basis, the second consecutive month of gains,” said Cameron Muir, BCREA Chief Economist.

A significant increase in affordability helped fuel housing demand last month. “Reduced mortgage interest rates have effectively doubled the impact of lower home prices on affordability,” added Muir. While the average sales price in BC declined 12 per cent from a year ago, the monthly payment on the average priced home was 24 per cent lower. “Housing is now more affordable than at any time in the last three years,” noted Muir.

Kelowna markets back up....?

Jaime Briggs — Thu, 02 Apr 2009 02:58:00 GMT

By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com

Wow! Are we back to a busier real estate market?

Seems things are certainly heating back up in Kelowna again........ Just in the past 3 weeks, there has been 171 property sales in Kelowna, with an average price of $381K. Personally, I have never been busier than the past two months! Recent listings SOLD this week are: #301 - 140 Asher Road, #113 - 440 Hartman Road and #206 - 3163 Richter Street.

It is definitely a market for first time home buyers, with low interest rates and great home prices out there!

Hopefully the warmer spring weather and increase of Sold signs will just be an early indication of a return to a busy real estate market in Kelowna.

We will wait to see what the March 2009 stats bring, but I feel that generally we are out of the slump here.

March 18, 2009 - Kelowna Market Update for all Buyers, Sellers & Investors of Real Estate

Jaime Briggs — Wed, 18 Mar 2009 20:12:00 GMT

By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com

HOME SALES INCREASED IN FEBRUARY!! ….This is great news for our markets here in Kelowna and around BC. The low interest rates and awesome deals out there have spurred on a lot of fresh activity in the real estate market and an increase in sales!

The February’09 Stats for the Central Okanagan have been released from the Okanagan Mainline Real Estate Board (OMREB). Here’s what they show (February ‘’09)…………..

LISTINGS – We had 4,848 active listings in the Central Okanagan, still up from last year. (+40.28% over last February ’08).

SALES – February ’09 saw a total of 162 sales during the month, including 86 single family homes, 29 condos and 18 townhomes. This was up from January ’09 which only saw 114 sales. But was still down -61% vs last February ’08.

AVERAGE HOUSE PRICES – February ’09 average price for SF house was only $447,819 vs. $496,621 Feb. ’08. This is a month to month decrease of almost -9.83% from last year. And a YTD (year to date) average price decrease of -11.66% SF and -13.04% average price decrease YTD of all categories.

HERE’S THE PROVINCIAL STATS FROM THE BCREA….

Home Sales Increase in February

Vancouver, BC – March 13, 2009. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 53 per cent to $1.54 billion in February, compared to the same month last year. Residential unit sales fell 47 per cent to 3,653 units during the same period. The average MLS® residential price in the province was $421,023 in February, down 12 per cent from February 2008.

“After a weak start to the year, BC MLS® residential sales increased 17 per cent in February, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. MLS® residential sales in the province climbed from a seasonally adjusted and annualized rate of 40,200 units in January to 47,000 units in February.

“It’s not surprising that home sales rebounded from January’s low level,” noted Muir. “Reduced home prices and mortgage interest rates have markedly increased affordability. The carrying cost of an average home in BC is approaching a three-year low."

Year-to-date, MLS® residential sales declined 51 per cent to 5,768 units compared to the first two months of 2008. The average MLS® residential declined 11 per cent to $418,057, while MLS® residential dollar volume was down 56 per cent to $2.4 billion over the same period.

For more market statistics and graphs go to www.OMREB.com or go to www.BriggsOnHomes.com

Banks begin to decline federal aid in first sign of recovery!

Jaime Briggs — Wed, 18 Mar 2009 19:24:00 GMT

Credit conditions easing, banks no longer struggling to raise funds to make loans

From Tuesday's Globe and Mail

March 17, 2009 at 2:00 AM EDT

Canadian banks are turning down some of the funding that the government is making available to them, a sign that they are recuperating from the financial crisis.

The banks have stopped selling the government the full amount of mortgages they could under Ottawa's $125-billion mortgage purchase program, the centrepiece of the federal government's plan to help the industry.

“We actually don't need a lot of funding right now,” a senior banker at one of the big five banks said yesterday. “All of the Canadian banks are pretty flush right now with cash.”

That's not to suggest they aren't facing problems, with consumers increasingly losing their jobs and unable to pay off their debts. But the banks are no longer struggling to raise funds to make loans – at least for now.

Credit conditions for Canadian banks have improved since late last year, as Canadians jittery about the stock market have left more of their money in bank accounts, giving them a ready pot of cash to fuel lending. At the same time, global credit markets have eased slightly as central banks have pumped billions of dollars into the financial system.

Federal Finance Minister Jim Flaherty announced the creation of the mortgage purchase program in early October, when it was extremely difficult for banks around the world to fund their lending operations.

He originally said Ottawa would buy up to $25-billion of mortgages from the banks, through Canada Mortgage and Housing Corp., to free up capacity for them to make new loans.

The purchases take place in periodic auctions that actually turn a profit for the government. Ottawa tells the industry how much it is willing to buy – for instance, $5-billion worth of mortgages held by the banks on their balance sheets – and then the banks each say how much they would be willing to pay, in the form of interest, to sell mortgages to the government. CMHC accepts the most profitable bids.

Bankers have been griping that the program, which is projected to earn billions of dollars for Ottawa, is expensive. But until last month, that hadn't stopped them from selling all of the mortgages that they could into it, and pressing Mr. Flaherty to buy even more. Well into the new year, banks continued to have trouble raising medium-term funds.

Ottawa boosted the size of the program twice, most recently announcing in the federal budget that it would buy a total of up to $125-billion worth of mortgages. The program has been successful in leading to a reduction in mortgage rates for Canadians, with banks passing on their lower funding costs.

But in the last couple of auctions, the banks have not sold the full amount of mortgages Ottawa was willing to buy. The most recent one took place on March 11, when CMHC told the banks it would buy up to $4-billion worth. Banks sold it about half that, $2.1-billion.

That followed the Feb. 20 auction, when banks sold CMHC $2.3-billion worth after it said it would buy up to $7-billion from them.

There are a couple of reasons why the banks have lost some of their appetite for the government aid.

More Canadians are pulling their cash out of mutual funds and riskier investments and parking it in deposits, such as chequing accounts and GICs. Deposits are the largest source of funding for the banks. If stock markets recover, and customers shift their money back into mutual funds and equity investments, the banks could find themselves in need of funding help again, notes Toronto-Dominion Bank chief economist Don Drummond.

At the same time, the growth of banks' loan portfolios is slowing. The soft housing market led to very weak mortgage originations in January and February, Mr. Drummond said.

Still, the slackening demand for government help does suggest that credit conditions have eased. The lack of take-up on the mortgage auctions “seems to point to the fact that the Canadian banks are not in a big liquidity crunch themselves,” said Marlene Puffer, a managing director at Twist Financial Corp.

That means the banks' lending operations are not being held back by an inability to raise financing, she added: “Any constraints in terms of the banks lending are coming more from inside the banks than any constraints they're facing in terms of raising capital.”

The Canadian Bankers Association said in an e-mailed statement that the mortgage purchase program is still an effective tool, noting that it's already injected more than $53-billion worth of liquidity into the marketplace so far.

A spokeswoman for CMHC declined to comment yesterday, noting that the details of the auctions are confidential.

Thanks to Stephanie Ostash with the Mortgage Centre for submitting this positive article!

February 23, 2009 - Kelowna Market Update for all Buyers, Sellers & Investors of Real Estate

Jaime Briggs — Tue, 24 Feb 2009 00:18:00 GMT

By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com

IS THE KELOWNA REAL ESTATE MARKET HEATING UP? I know that I have found things EXTREMELY busy these last 3 weeks or so. In talking with my fellow Realtors, they too are commenting about how busy it is out there these days. Properties that show well and are very well priced, seem to be getting a lot of showings! Yes, I think there definitely has been a flurry of activity out there. Just this past weekend alone, the Central Okanagan region (Kelowna) reported OVER 19 SALES! 13 SF (single family homes) for an average selling price of $394,076 and 6 strata properties for an average selling price of $337,816, these were including our ever popular “Trade” options! While the month of February has definitely heated up……..January 2009 stats were still low.

The January ’09 Stats for the Central Okanagan have just been released from the Okanagan Mainline Real Estate Board (OMREB).

Here’s what they show (January ’09)...

LISTINGS – We had 4,648 active listings in the Central Okanagan, still up from last year. (+48.59% over last January ’08).

SALES – Total sales are again down by -64% for the month of January ’09 vs. January ’08. During the month of Jan. ’09 there were only 114 sales of which only 55 were residential single family home sales.

AVERAGE HOUSE PRICES – January ’09 average price for SF house was only $ 411,591 vs. $484,144 Jan. ’08. This is a decrease of almost -15% from last year.

HERE’S THE PROVINCIAL STATS FROM THE BCREA.

BC Home Sales Start with a Whimper in 2009

Vancouver, BC – February 16, 2009. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 61 per cent to $873 million in January, compared to the same month last year. Residential unit sales fell 57 per cent to 2,115 units during the same period. The average MLS® residential price in the province was $412,934 in January, down 9 per cent from January 2008.

“Home sales were sluggish in January, reflecting an overall malaise in consumer confidence and a weakening provincial economy,” said Cameron Muir, BCREA Chief Economist.

“Reports of an increasing number of consumers shopping for a home have yet to materialize in the sales statistics,” added Muir. “The large selection of homes for sale in January likely reduced any sense of urgency for potential homebuyers to commit to a purchase."

Improving home affordability resulting from lower mortgage rates and home prices is expected to elevate sales activity in the province this spring.

For more market statistics and graphs go to www.OMREB.com or go to www.BriggsOnHomes.com

Need a Place to Rent?

Jaime Briggs — Wed, 11 Feb 2009 22:54:00 GMT

February 11, 2009
By Jaime Briggs - www.BriggsOnHomes.com

Are you looking for a place to rent?

Coldwell Banker also offers Property Management Services.
Here are just a few of the latest properties available for rent.
Please contact Kevin Cheale directly at 250-864-0071 for more information on any of these properties.

Condos

2 Bedroom Condo in Mira Vista in West Kelowna. Spacious unit, all appliances, patio, underground parking, close to shopping. $1300/mth, 1 year lease, Call Kevin with Coldwell Banker at 250-864-0071

2 Bedroom Condo by Quail Ridge. Spacious brand new unit, all appliances, laminate floors, patio, pool, hot tub, exercise room, underground parking, very quiet. $1300/mth, 1 year lease, Call Kevin with Coldwell Banker at 250-864-0071.

2 Bedroom Condo on Holbrook. Nicely renovated unit, all appliances, patio, storage, separate entrance. $1250/mth, 1 year lease, Call Kevin with Coldwell Banker at 250-864-0071

2 Bedroom Condo in Brand New Lake Wind in West Kelowna. Water, mountain and golf view, all appliances, underground parking. $1300/mth, 1 year lease, Call Kevin with Coldwell Banker at 250-864-0071.

2 Bedroom Condo, Central Kelowna, very spacious, all appliances, two patios, must be quiet tenants. $1150/mth, 1 year lease, Call Kevin with Coldwell Banker at 250-864-0071

Houses

3 Bedroom house on Lakeshore at the base of Summerhill Winery. Amazing view, all appliances, workshop, no yard maintenance, small vacant house out back used as separate rental. $1500/mth or $2300/mth for both rentals. Call Kevin with Coldwell Banker at 250-864-0071.

4 Bedroom house on Prior Road in Rutland. Very spacious, all appliances, no yard maintenance, tenants pay hydro, phone & cable only. $1450/mth. Call Kevin with Coldwell Banker at 250-864-0071

3 Bedroom ½ Duplex in lower Mission near Hospital on Rose Ave. Very spacious, recently painted, unfinished basement with 4 appliances. $1250/mth, Call Kevin with Coldwell Banker at 250-864-0071

3 Bedroom + den on 1.5 acre in Lakeview Heights. House is in great shape, amazing view of Kelowna, pool, all appliances, no yard maintenance, a must see. $2300/mth. Call Kevin with Coldwell Banker at 250-864-0071.

2 bedroom + loft FURNISHED house off Abbott. Charming house with pool, all appliances, patio and single car garage. No maintenance to yard or pool, utilities included. $1700/mth. Call Kevin with Coldwell Banker at 250-864-0071.

3 bedroom + bonus room house in Old Glenmore on Blondeaux. Spacious house, patio, hot tub, two car garage, all appliances fire place. $1800/mth. Call Kevin with Coldwell Banker at 250-864-0071.

Basement Suites

1 bedroom basement suite in Glenrosa. Very nice, great view, all appliances, utilities included. Looking for quiet tenant to sign one year lease. $850/mth. Call Kevin with Coldwell Banker at 250-864-0071

1 bedroom basement suite in lower Mission on Abbott. FURNISHED, 4 appliances, utilities & cable included. Looking for quiet tenant to sign one year lease. $850/mth. Call Kevin with Coldwell Banker at 250-864-0071

Recessionary Conditions Slow Housing Market

Jaime Briggs — Tue, 03 Feb 2009 17:13:00 GMT

February 3, 2009
By Jaime Briggs - www.BriggsOnHomes.com

Recessionary Conditions Slow Housing Market
BCREA Forecast Update - First Quarter 2009

Vancouver, BC – February 2, 2009. The British Columbia Real Estate Association (BCREA) Forecast Update for the first quarter of 2009 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9 per cent from 68,923 units in 2008 to 62,650 units this year. Residential sales in 2010 are forecast to rebound 8 per cent to 68,000 units. The ten-year average is 82,800 units.

“The global financial crisis and world-wide recession will continue to take their toll on the BC economy this year,” said Cameron Muir, BCREA Chief Economist. “World events have pulled Canada and BC into a recession, where concern for job security and declining net worth are keeping many potential homebuyers on the sidelines.”

"A continuing imbalance between supply and demand will put some additional downward pressure on home prices this year,” added Muir.

The average MLS® residential price is forecast to decline 13 per cent to $396,600 in 2009. Home prices in the province are expected to be relatively stable in 2010, forecasted to average $389,000.

BC housing starts are forecast to fall 45 per cent to 19,000 units this year as a result of rising inventories, weak consumer demand and tight credit conditions.

Next year is expected to be a year of stabilization in the economy and the housing market. Real GDP growth in the province is forecast to rise a modest 1.5 per cent and job losses in 2009 are expected to give way to some gains in employment in 2010.

- 30 -

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

For more information, please contact:
Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca

BCREA represents 12 member real estate boards and their 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, required licensing courses and continuing education.

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.

BCREA announces mandatory licensing for Home Inspectors

Jaime Briggs — Tue, 03 Feb 2009 17:03:00 GMT

February 3, 2009
By Jaime Briggs - www.BriggsOnHomes.com

Home Inspectors Licensing Good for Consumers

Vancouver, BC – February 3, 2009. The British Columbia Real Estate Association (BCREA) is pleased with the BC Government’s recent announcement to license home inspectors, effective March 31, 2009.

“As a REALTOR®, I know it’s important for my clients to have the best property information possible,” said BCREA President Scott Veitch. “An independent inspection is a great starting point for consumers to learn about property conditions.”

Since 1998, the Association has recommended the government license home inspectors. Now, BCREA looks forward to the development of meaningful standards to ensure consumers receive adequate protection.

"Solid information helps consumers have confidence in their home buying decisions,” added Veitch. “And confidence and protection are necessary for the excellent quality of life we enjoy in British Columbia.”

- 30 -

For more information, please contact:
Lindsay Cook, Communications Coordinator, 604.742.2784

About BCREA
BCREA represents the 12 real estate boards in British Columbia and their REALTOR® members on all provincial issues, providing an extensive communications network, required licensing and continuing education courses, economic research and analysis, standard forms and government relations. To learn more, visit http://listserv.realtorlink.ca/t/13870/267034/209/0/.

About Quality of Life
Quality of Life is an approach BCREA adopted to demonstrate the commitment of the real estate profession to improve Quality of Life throughout the province. REALTORS® are active in their communities, and Quality of Life ensures BCREA reflects that work. The approach is summarized in five principles: ensuring economic vitality, providing housing opportunities, preserving the environment, protecting property owners and building better communities. Learn more about Quality of Life at http://listserv.realtorlink.ca/t/13870/267034/213/0/.

NEW Federal Budget Announcements that effect Real Estate

Jaime Briggs — Wed, 28 Jan 2009 17:26:00 GMT

January 28, 2009
By Jaime Briggs - www.BriggsOnHomes.com

Good morning everyone;

The federal budget released yesterday contains a few items of interest to those in the residential construction industry. In summary, they are as follows:

Home renovation tax credit:
Homeowners can claim a non-refundable 15% tax credit on eligible home renovation costs incurred and paid after January 27, 2009, and before February 1, 2010, under agreements entered into after January 27, 2009.

The tax credit is available on expenses exceeding $1,000, but a maximum of $10,000 of expenses qualify per family unit, so that the maximum credit will be $1,350 (i.e., $9,000 x 15%).

Home Buyers' Plan:
Commencing January 28, 2009, first-time home buyers can withdraw $25,000 from a Registered Retirement Savings Plan (RRSP) to purchase or build a home, without incurring tax. Previously, the limit was $20,000.

First-time home buyers' tax credit:
First-time home buyers that acquire a qualifying home after January 27, 2009, can claim a 15% non-refundable tax credit on up to $5,000, for a maximum credit of $750. If a home is purchased jointly, the total credit that may be claimed by all purchasers is $750. The unused portion of the credit can be transferred to a spouse or common-law partner.

Thanks to Tony Spagnuolo, Barrister and Solicitor, for providing this information.
The Spagnuolo Group of Real Estate Law Firms
Greater Vancouver and Kelowna/Westbank
Phone: 310-HOME
Fax: 604-527-8976
www.bcrealestatelawyers.com

January 2009 - Kelowna Market Update for all Buyers, Sellers and Investors of Real Estate

Jaime Briggs — Thu, 15 Jan 2009 19:58:00 GMT

January 2009 - Kelowna Market Update for all Buyers, Sellers and Investors of Real Estate

By Jaime Briggs, REALTOR®
www.BriggsOnHomes.com

What Doom & Gloom? … The Kelowna Real Estate market continues to be a strong and stable investment. Sure, sales have dropped, but that’s only expected when our supply continues to greatly outweigh our demand. Overall our residential prices for SFD are UP +6.06% YTD! Condo’s are up +6.76% and Townhouses up +10.07%.

It definitely is a Buyer’s Market out there right now. I have never before seen such great buys on the market. Many new home builders are willing to negotiate (they haven’t done this in the past), many Sellers are willing to consider low offers and mortgage rate continue to be low! Also, TRADES are becoming more common. (I am working on a few myself as we speak). Currently there are only 14 Foreclosures on the market, which hasn’t changed much from about 6 months ago. We don’t see the same effects that the US markets have had, here in Canada.

Yes, it’s a great time to get into the Kelowna Real Estate Market and I am very positive about what 2009 will bring!

The December ’08 Stats for the Central Okanagan have just been released from the Okanagan Mainline Real Estate Board (OMREB).

Here’s what they show (December ’08)…………..

LISTINGS – We currently have 4,740 active listings in the Central Okanagan, Which means we are only +60% up over December ’07. (Listing inventory is continuing slowly decline….which is positive since our supply was over exceeding demand for many months now causing sales and prices to drop respectively).

SALES – Sales are again down by -56% for the month of Dec. ’08 vs. Dec. ’07, and are down -36% year to date (YTD). These stats are not quite as bad as last month ~ November ’08. December ’08 only saw 120 sales during the month, vs. 281 sales same month last year (-57.30%). Of the 120 sales only 66 were for single family residential homes. Again, the high inventory and lack of consumer confidence in the market played a major role in decreased sales.

AVERAGE HOUSE PRICES – Kelowna Residential (single family home) prices overall still remain quite strong. Year to Date prices for Kelowna single family residential homes have still continued to increase vs. last YTD. They have gone up +6.06% from $476,467 last YTD to $505,320 average price YTD. For December ’08 the average price of a SF house compared to Dec. ’07, has dropped -2.09% to $486,910 MTD vs. $497,321 MTD last year. Overall investment in the residential single family or condo/townhouse market is positive. Prices in these markets remain strong and stable. The YTD averages however in Timeshare, Recreational, and Investment properties (business, commercial & multi-family) seem to have taken a beating over last years prices. Some of these categories have experienced drops of up to -69.88% over last YTD.

THE MARKETS FROM THE WHOLE OF BC, ARE NOT SO POSITIVE THOUGH…..HERE’S THE STATS FROM THE BCREA.

BC Home Sales Decline by One-Third in 2008

Vancouver, BC – January 12, 2009. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 31 per cent to $31.3 billion in 2008, compared to 2007. Residential unit sales declined 33 per cent to 68,923 units last year, the lowest level since 2000, when 54,179 transactions were recorded. The average MLS® residential price in 2008 was $454,599, up 3.5 per cent from 2007.

“The housing market came in like a lion and went out like a lamb in 2008,” said Cameron Muir, BCREA Chief Economist. “Home prices reached a record high in March, but edged lower during the balance of the year.” The average residential sales price hit $483,291 in March and ended the year at $429,210, an 11 per cent decline in nine months.

“The global financial crisis, a sharp correction in the equity markets and a recessionary environment in Canada has wreaked havoc on consumer confidence,” added Muir. “While it’s difficult to predict when consumer confidence will strengthen, home affordability is quietly improving as lower prices and mortgage interest rates increase the buying power of BC households."

December MLS® residential sales dollar volume in the province declined 52 per cent to $1.05 billion, compared to December 2007. Provincial MLS® sales were down 49 per cent to 2,456 units, while the average residential price declined 6 per cent to $429,210 over the same period.

Overall, Kelowna remains a strong real estate market. We experienced a boom over the last few years and 2008 still started out strong. The last 6 months of 2008 were difficult as our market shifted from a Seller’s market to a Buyer’s market. Kelowna remains unique from the rest of BC. We have the benefit of being a 4-season destination and a tourism Mecca for the region. Real Estate prices have decreased slightly MTD (-2.09% for single family), but overall the YTD figures remain strong +4.23% (all properties) or +6.06% (SFD only) YTD’08 vs. ’07.

Lakefront residential properties continue to be highly saleable here and still seek high returns at +20% average price increase ($2.32 million average price YTD vs. $1.93 million last YTD).

Over the next few months I feel that we will continue to see a strong Buyer’s market, listings will decline slightly and many Buyer’s will take advantage of the low mortgage rates and great prices on homes!

For more market statistics and graphs go to www.OMREB.com or go to www.BriggsOnHomes.com

December 2008 - Kelowna Market Update for all Buyers, Sellers and Investors of Real Estate

Jaime Briggs — Fri, 19 Dec 2008 19:42:00 GMT

December 2008 - Kelowna Market Update for all Buyers, Sellers and Investors of Real Estate

By Jaime Briggs
www.BriggsOnHomes.com

The November ’08 Stats for the Central Okanagan have just been released from the Okanagan Mainline Real Estate Board (OMREB).

Here’s what they show…………..

LISTINGS – We currently have 5,149 active listings in the Central Okanagan, Which means we are only +63% up over November ’07. (The listing inventory is continuing to drop slightly every month as Sellers who are not serious to sell, pull their listings off and either decide to wait out the market, or rent out their properties in the interim.)

SALES – Sales are still down about -59% for the month of Nov. ’08 vs. Nov. ’07, and are down -38% year to date (YTD). November ’08 only saw 149 sales during the month, vs. 364 sales same month last year. Of the 149 sales only 71 were for residential homes. Again, the high inventory and lack of consumer confidence played a major role in decreased sales.

AVERAGE HOUSE PRICES – Kelowna Residential (single family home) prices overall still remain quite strong. Year to Date our prices have actually INCREASED +6.49% from $506,450 to $475,588.90 average price YTD. For November ’08 the average price of a SF house compared to Nov. ’07, has dropped only -0.35% to $460,992 vs. $462,609 the same month last year. Again, good news for home buyers as house affordability starts to come back into their range.

Vancouver, BC – December 12, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 67 per cent to $1.07 billion in November, compared to November 2007. Residential unit sales were down 62 per cent to 2,707 units during the same period. The average MLS® residential price in the province was $395,687, down 12.5 per cent from November 2007.

“The average sale price of a home in the province hit a 26-month low in November,” said Cameron Muir, BCREA Chief Economist. “The irony of markets is that there’s no shortage of buyers when prices are near a peak and a scarcity of buyers when prices are near a trough.” Home prices were 8 per cent lower in November 2008—nine months after the peak—than they were nine months prior to the peak.

“Today’s homebuyers are benefiting from a greater selection of homes for sale, more time to thoroughly investigate their choices and the ability to negotiate attractive prices,” added Muir

Year-to-date MLS® residential sales dollar volume in the province declined 30 per cent to $30.3 billion compared to the same period last year. Provincial MLS® sales declined 32 per cent to 66,467 units, while the average residential price increased 4 per cent to $455,537 over the same period.

Kelowna remains a strong real estate market. We have the benefit of being a 4-season destination and a tourism Mecca for the region. Real Estate prices have decreased slightly MTD, but overall the YTD figures remain strong +6.49% YTD vs. ’07. Over the next few months I feel we will return to a more balanced market (equal number of buyers vs. sellers). Low mortgage rates and many great deals on homes will see renters starting to get back into home ownership now and over the coming months!

For more market statistics and graphs go to www.OMREB.com or go to www.BriggsOnHomes.com

Oct. 2008 - Kelowna Real Estate Market Update for all Buyers, Sellers & Investors

Jaime Briggs — Fri, 21 Nov 2008 20:06:00 GMT

OCTOBER 2008 - Kelowna Market Update for all Buyers, Sellers and Investors of Real Estate

By Jaime Briggs
www.BriggsOnHomes.com

The October ’08 Stats for the Central Okanagan have just been released from the Okanagan Mainline Real Estate Board (OMREB).

Here’s what they show…………..

LISTINGS – We currently have 5,466 active listings in the Central Okanagan, Which means we are only +77% up over October ’07, (This has dropped off slightly since the month of September as Sellers pull their listings off and either decide to wait out the market, or rent out their properties in the interim.)

SALES – Sales are still down about -68% for the month of Oct. ’08 vs. Oct. ’07, and are down -33% year to date (YTD). Again, the high inventory and our global economy are playing a major role in decreased sales.

DAYS TO SELL – is still at 92 days on market (DOM). Up +13% YTD over last year. (however please keep in mind that most properties are relisted/refreshed after the 90-100 day mark anyways, so stats are skewed).

AVERAGE HOUSE PRICES – For October ’08 the average price of a SF house compared to Oct. ’07, has dropped -7.73% to only $462,239.00 vs. $500,943.00 the same month last year. Again, good news for home buyers as house affordability starts to come back into their range.

British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined
54 per cent to $1.69 billion in October, compared to October 2007. Residential unit sales were down 51 per cent to 4,018 units during the same period. The average MLS® residential price in the province was $420,259, down 6.5 per cent from October 2007.

“Housing demand was negatively affected by the global financial crisis and a sharp downturn in the equity markets,” said Cameron Muir, BCREA Chief Economist. “These events exacerbated an already low level of consumer confidence, keeping many potential homebuyers on the sidelines.”

Residential sales in October were the lowest since December 2000, on a seasonally adjusted basis. “Home sales are unlikely to fall much further,” added Muir. “While the provincial economy has weakened, the fundamentals support a higher level of home sales than experienced last month.”

Year-to-date MLS® residential sales dollar volume in the province declined 27 per cent to $29.2 billion compared to the same period last year. Provincial MLS® sales declined 30 per cent to 63,760 units, while the average residential price increased 5 per cent to $458,078 over the same period.

We are definitely seeing some very HOT BUYS out there now in the Kelowna market……and slowly seeing a decrease in inventories as home owners choose to either rent out their homes, or wait out the market. This lower inventory will only help those that are serious to sell and start to give Buyers fewer choices out there!

For more market statistics and graphs go to www.OMREB.com or go to www.BriggsOnHomes.com