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March 2009 Market update!
Posted: Wednesday, 04 March, 2009
Buyer’s market for those who look
Updated: Mon Mar. 02 2009 22:34:53
ctvbc.ca
It is officially a buyers’ market now as real estate prices continue to fall. That means your dream of owning your own home could come true sooner than you thought possible.
Josh Grover and Carmen Oke recently celebrated moving into their first home.
"Neither one of us actually thought it would happen," said Josh.
Before they started looking they sat down with their bank and set a firm budget.
Carolyn Heaney of Bank of Montreal helps clients make a plan.
"Plan carefully and be realistic," is her advice to those starting the process of looking.
Many banks have tools to help home buyers, like this BMO First Home Essentials kit.
"Everything from looking for a realtor to actually shopping for your first home," explained Heany. "It has worksheets in it that actually compares one home versus the next one you see. How to chose a lawyer, how to chose an inspector," she said.
Many experts say you will save money with a variable-rate mortgage versus a fixed rate, but there are risks.
"With a fixed rate mortgage you know absolutely what your monthly housing costs are going to be month after month, regardless of what the economy is doing. With a variable rate mortgage not so much it can change, but for some people they don’t mind they have a higher risk tolerance for that sort of thing," explained Heaney.
Carmen and Josh chose a five-year fixed-rate mortgage at below five per cent.
With the mortgage pre-approved, they visited many open houses.
"We were really aggressive when we started looking. We know what we wanted and how much money we wanted to spend," said Josh.
They found there were lots of condos on the market. The catch? Many were overpriced -- with owners not adjusting to the buyers’ market
"A lot of places need a lot of work and people are still expecting top dollar for them and it’s just not a reality any more," noted Josh.
Their condo has a great view and inside was extensively renovated -- but they still bargained hard -- and the price dropped $30,000.
"We feel pretty lucky for the price we did and he dropped it quite quickly," said Carmen.
And they didn’t skip any steps, including a thorough inspection.
"Our place is only 1,000 square feet and he spent over two hours in here going through the outside of the building the parkade the inside here checking everything out,"
It was all documented in a huge binder, which they went over item by item. The condo got a passing grade and Carmen and Josh now own their first home.
Carmen and Josh said they asked lots of questions along the way -- learning more than they ever thought they would. It’s the beauty of the buyers market. You have the time to make the right decision.
With a report by CTV British Columbia’s Chris Olsen.
Western Canada top 100!
Posted: Thursday, 31 January, 2008
A letter Team Metz received:
Dear Larry:
Congratulations! Western Canada Top 100!
On behalf of RE/MAX of Western Canada, I would like to congratulate you on your outstanding team performance on completed transactions for the month of December 2007.
We appreciate the hard work and dedication to your customers. Sales Associates like yourself add to our image and give meaning to our trademark "RE/MAX. Outstanding Agents, Outstanding Results".
Wishing you continued success for 2008
Yours sincerely,
RE/MAX of Western Canada
CMHC forecasts housing starts decline in 2008
Posted: Tuesday, 30 October, 2007
Housing starts next year are expected to trail off from this year’s projected level, Canada Mortgage and Housing Corp. said Tuesday. CMHC said starts are expected to come in at 214,000 units in 2008, down from the forecast 227,530 units this year. "The pull-back in housing starts next year will be mainly due to the increases in house prices in recent years, which have pushed mortgage carrying costs higher," said Bob Dugan, chief economist at CMHC. The federal government agency said 2008 is expected to mark the seventh consecutive year in which housing starts top 200,000 units. CMHC predicts sales through the Multiple Listing Service (MLS) will fall by 3.9 percent in 2008, but will still be slightly over 500,000 units nationwide, the second highest on record. Growth in the average MLS price will remain high at 10.1 percent in 2007, mainly because of continued strong price pressures in Canada’s western provinces, CMHC said. As most resale markets move toward more balanced conditions, growth in the average MLS price is forecast to slow to 4.2 percent in 2008.
Source: Castanet.net October 30, 2007
Glenmore Condo a go
Posted: Tuesday, 30 October, 2007
A 123 unit condo complex proposed for Kane Road in Glenmore is one step closer to reality. Kelowna City Council voted unanimously to approve a re-zoning application for the property from A1 Agricultural to RM5 Multiple Housing. The project is situated in the Glenmore Valley Village Centre at the corner of Kane and Valley roads. The complex would comprise of 16 studio units, 20 one-bedroom, 58 two-bedroom, 21 three-bedroom suites and eight townhouses. The proposal is consistent with provisions within the Official Community Plan, therfore an affordable housing component was not required.
Source: Castanet.net October 30. 2007
Slowing Housing prices
Posted: Friday, 19 October, 2007
The days of double digit residential home price increases appear to be over in the Central Okanagan-at least for now.
In its 2008 Housing Market OUtlook, Remax Western Canada, says the price of an average home in the Kelowna area is about 9% in 2008. The average price of a home in Kelowna is presently about $375,000, up 19,5% from a year ago. that price is expected to be $408,000 in 2008. for more on this story visit castanet.net (story dated October 18).
Labour shortage in Kelowna
Posted: Thursday, 30 August, 2007
The lack of skilled labour is becoming an issue for most Kelowna businesses and causing problems for the local economy.
For more information on this story visit castanet.net
Westbank Development
Posted: Thursday, 30 August, 2007
A proposed new development on the Westside will contain a pair of nine to 10 storey buildings, an eight storey building and a three storey parkade. The 9-10 storey buildings would house a 180-unit senior’s condominium and a 160-unit supported living facility. The eight storey building is going to be a commercial strata complex.
Also in Westbank the Regional Board has approved a Development Permit for the proposed RCMP Rual Detachment.
For more informaiton on these stories, please visit castnanet.net
Future Parks Plan
Posted: Monday, 18 June, 2007
When it comes to recreation, parks and culture, what should a future Kelowna look like for you?
The public is being asked for their input to help shape the future direction of municipal recreation, parks and cultural initiatives for the City’s next parks master plan.
An open house will be held in the Orchard Room at the Kelowna Parkinson Recreation Centre on June 19th from 4-8pm where consultants and city staff will be on hand to provide information and to gather public input.
Once complete the Master Plan will provide a 10 year action plan to ensure the changing needs of the community are met.
The city has conducted telephone surveys, interviews and focus groups to help indicate what future priorities should be. The priorities listed to date have been:
Acquire more parkland
Provide facilities and amenities for youth
Develop public walkways along the lakefront
Build more sports fields
Provide more support to local arts cultural facilities and groups
The city is encouraging the public to join in on the discussion adding new input and choice.
The last recreation and parks master plan was completed in 1993 and resulted in a number of City initiatives such as the development of parks standards for land acquisition, a foreshore plan, Prospera Place, two skateboard parks and the acquisition of Mission Recreation Park.
Rutland Tower Approved
Posted: Wednesday, 30 May, 2007
Kelowna city council has given the green light for a major development in Rutland.
A new 14-storey building is being proposed for the corner of Highway 33 and Rutland Road.
The building will have four storeys of retail and office space, with 54 apartment units above.
Several councillors were enthusiastic that such a large development was finally coming to what is often referred to as the ’four corners’.
The project must still go through a public hearing process before being approved.
Council Embraces Westside
Posted: Wednesday, 11 April, 2007
The city of Kelowna has given outright support to the Westside joining up to create an enlarged city -- if Westsiders vote that way in a referendum likely to happen in June.
That’s the outcome of last night’s special city council meeting, where council absorbed Kelowna survey results that call for amalgamation.
Councillor Barrie Clark had been calling for a Kelowna referendum on the issue, but he backed away from that position, on grounds that municipal votes tend to have low turnouts.
"Knowing full well that when this type of question is before the population, those opposed are the ones who are inclined to come out and vote. That would distort the results," says Clark.
The council vote was seven-to-one in favour, with only councilor Norm Letnick in opposition.
He says he personally favours amalgamation and he believes Westsiders will go for it, but Letnick says Kelowna residents should also have their own referendum on the issue.
"I have to go back to a year and-a-half-ago, during the (civic election) campaign and that’s really what bothers me", says Letnick. "I said then that the people of the Westside should decide this. However, if they decide to join Kelowna, then the people in Kelowna should have the same say as the people on the Westside, which is to go to referendum."
Mayor Sharon Shepherd points out that a Kelowna referendum is still technically possible, but only if 10-percent of the city’s voters call for one, 30 days after the proposed expanded city boundaries are officially published.
The Kelowna council result, with its formal endorsement of amalgamation, will be presented to tonight’s meeting of the Westside Governance Committee.
Source: castanet.net
Kim Calloway - CKOV - Story: 28624
April 11, 2007 / 8:00 am
Development Sells Out
Posted: Monday, 05 March, 2007
Big White’s newest ski-in/ski-out real estate development, Feathertop, sold out its first phase of the exclusive mountain-front neighborhood Saturday just minutes after it went on sale at the resort.
The first phase of the development consisted of 17 chalet homesites providing spectacular views, easy access to the ski runs plus everything else Big White Ski Resort has become world famous for.
Nestled between Sundance and Millie’s Mile, phase 1 sales are valued at just over $5 million, with an estimated $7-8 million in additional construction agreements coming into place.
"What a great Saturday morning" said Michael J. Ballingall, Senior Vice-President of Big White Ski Resort Ltd.
"These are the highest freehold lots available on any mountain in Canada, plus they are surrounded by beautiful forests and magnificent views of the Monashee mountains. What a magnificent neighborhood to start your day off at Big White, I can just imagine standing on the balcony overlooking the Christian Valley enjoying a morning cup of coffee."
Blue A. Griffiths, Feathertop Chalet Co-Developer accredits the success of this project to a great team effort, exceptional custom built plans and the fantastic season Big White is having this year.
"The performance of this first phase is a clear indication that Big White is again evolving and ready to undertake the next phase of the exclusive Feathertop neighborhood where another 50 lots will be released by the end of March." said Mr. Griffiths.
Ian MacLeod, CEO of Landlaunch Marketing Corporation, whose company manages the Sales & Marketing at Feathertop said that "they are thrilled by today’s’ success and the sell-out of the first phase of this spectacular development.
All these homesites will provide skiers and snowboarders with the best location of ski-in/ski-out homes that have ever been released at Big White. This development has generated significant interest from international guests looking for a special place at the resort to call their own."
With the predominance of the buyers for the first phase of the development coming from the UK, which MacLeod attributes this to the close working relationships his team has with several UK based real estate companies. For example "Martin & Kirsty Roberts from PropertyQC, a property specialist based in the UK and fronted by BBC1’s Homes Under the Hammer, have been instrumental in bringing potential buyers to Big White Ski Resort and Feathertop" said MacLeod.
Reservations for the next release of Feathertop commenced moments after the sale of Phase 1. The lots in the next release include 24 chalet sites and 26 custom homesites. Each Feathertop custom homesite is on average, a third of an acre which grants the owners the freedom to build their dream home in the heart of Big White’s outdoor wonderland.
Housing Prices Climb
Posted: Thursday, 25 January, 2007
The average price of a home in the Central Okanagan has more than tripled over the last 25 years. That’s the finding of a study conducted by RE/MAX Canada. According to the study, a house that cost about $105,000 in 1981 now goes for more than $320,000. Complete Kelowna Report:
Kelowna’s economy is firing on all cylinders—strong employment growth has spurred in-migration, fuelling the demand for new and resale housing.
Retirees, and more recently, an influx of purchasers seeking lifestyle-oriented housing have further bolstered the already strong demand. A rising
population and low interest rates have been the key drivers over the past decade.
That wasn’t the case in 1981 when interest rates spiralled out of control and homeowners had to renew their mortgages at over 20 per cent. The entire economy ground to a halt.
Yet,unit sales still reached the 2,000 mark, while average price was nearly $105,000, but both figures fell quickly the following year. Although the city’s market experienced several cyclical fluctuations over the past 20 years, overall healthy gains are evident over the 25-year period.
The past six years have been unprecedented. In 2000, the real estate market took off in Kelowna, and there’s been no looking back. Last year, unit sales hit the 8,500 mark—the highest level in recorded history.
Average price also set a new benchmark, hovering at $323,978. Lack of available product in recent years has placed serious upward pressure on housing values—inventory currently sits between 600-800 units, a low reminiscent of 1981.
The shortage was exacerbated in 2003 by the wildfires that decimated entire neighbourhoods in the city’s upper-end. Population growth has increased
significantly since the early 1990s creating intense demand across all segments.
More recently, affluent buyers from other parts of British Columbia (68 per cent), Alberta and Ontario (25 per cent) and overseas(7 per cent) have made their way into the Kelowna housing market. Sales in the upper-end have changed dramatically since 1981. As late as the mid-1990s – the sale of a million-dollar home or farm was rare and pertained only to large acreage lots or waterfront properties.
Source: castanet.net January 25 2007
Revelstoke Goes Verticle
Posted: Tuesday, 16 January, 2007
Today in the heart of Revelstoke, in a major public announcement to the community, Revelstoke Mountain Resort announced a $22 million gondola and high speed quad chairlift contract with Leitner Poma Canada Inc. that will make Revelstoke Mountain Resort North America’s longest skiable vertical at 1,829 m (6,000 ft).
The Resort also announced the signing of a purchase agreement contract for a spring takeover of renowned local helicopter skiing operation, Selkirk Tangiers. The signing of these contracts, in combination with the Resort’s acquisition of CAT Powder Skiing, will make Revelstoke Mountain Resort a one-stop destination for helicopter, snowcat and lift skiers from around the world.
Source: castanet.net
Holiday Train
Posted: Thursday, 07 December, 2006
After more than seven months of planning, the 2006 CPR Holiday Train is again ready to raise awareness, money and food for Canadian food banks.
Today, the magical ’train of lights’ begins its spirited cross-country journey from Beaconsfield, Quebec, eventually completing its trek in Port Moody, BC on December 19th.
It passes through the Okanagan on December 16 and 17, with stops in Sicamous, Salmon Arm, Notch Hill, Chase, and Kamloops.
In total, over 70 towns, villages and cities in six provinces will experience the Holiday Train spirit.
Bringing holiday cheer as well as the important message supporting food banks are popular Canadian rock group Wide Mouth Mason and Canadian singer Lisa Brokop.
The Holiday Train is about 1,000 feet in length with 14 decorated rail cars, including a modified box car that has been turned into a traveling stage for performers.
Crowds donate money and nonperishable food, the railroad presents a cheque at each stop to top off whatever is donated, and everything collected in a community stays in that community for local distribution.
Local Schedule:
Saturday, Dec. 16
Sicamous - 2 pm., northwest corner of Highway 1 at Silver
Sands Road intersection.
Salmon Arm - 3:45 pm., CPR Train Station, 51 Lake Shore Drive
Notch Hill - 5:45 pm., west of Tappen-Notch Hill Road crossing
Sunday, Dec. 17
Chase - 5:45 pm., north side of Shuswap Ave., across from
Chase RCMP Detachment
Kamloops - 6:30 pm., Location to be finalized
Ashcroft - 9 pm., in area of CPR facility on Railway Ave.
For further details check www.cpr.ca
Link: CPR Website
Big White Needs Snow
Posted: Monday, 27 November, 2006
Big White is hoping for more snow.
Big White Vice-President, Michael J. Ballingall, says the hill needs more snow to open as scheduled Thursday.
"Everything is up in the air right now. We need another 20 or 30 cm for us to open as planned," says Ballingall.
The warm weather over the past week has reduced the base at Big White.
Some snow was falling on the hill Tuesday morning and Ballingall says the forecast is for more snow over the next few days.
Source: www.castanet.net November 21 2006
It’s Flu Time
Posted: Wednesday, 11 October, 2006
Your flu shot is ready.
Flu clinics start this month across Interior Health, providing free flu shots for those 65 years and older and those at risk.
“There are some myths about the flu vaccine,” says Dr. Rob Parker, Acting Senior Medical Health Officer for Interior Health. “For example, you cannot catch the flu from the flu shot as it does not contain any live influenza virus.”
This year’s vaccine contains strains to protect from the New Caledonia A, Wisconsin A, and Malaysia B viruses.
The Interior Health website lists the groups that are eligible for free flu shots - see link below.
Times and dates of free clinics will also be available online or from the toll-free BC NurseLine at 1-866-215-4700.
The flu shot is free for:
· People 65 and older
· Children and adults with chronic health conditions and their household contacts
· Healthy children aged 6 - 23 months
· Household contacts and caregivers of infants from birth to 23 months
· Pregnant women in their 3rd trimester
· Residents of nursing homes and other chronic care facilities
· Health care workers
· Emergency responders
· People who work with live poultry or swine.
Link: Interior Health Website
Market Update
Posted: Wednesday, 04 October, 2006
In August 2006, the median price for a home in Kelowna was $380,000 compared to August 2005, which was $315,000. That’s an increase of 21% in one year! However, the number of residential houses being sold has decreased by 17% since last August. August 2005 saw 319 houses sold while the same time in 2006 saw only 265 houses sold.
Employment opportunities are abundant in the Okanagan and the price of gas has taken a dive, as well as interest rates stabilizing show signs of a strong economy.
Okanagan Wine Fest
Posted: Friday, 22 September, 2006
Autumn in Okanagan Wine Country is the perfect time to watch the grapes ripen in the sun and indulge yourself in the harvest celebrations. The Annual Okanagan Fall Wine Festival is an experience for all who love fabulous wine accompanied by great food and unique events. During this festival, experience vineyard tours, lunches, dinners education and the fall wine harvest - there is no better way to visit Okanagan Wine Country. For ten days in early October enjoy over 150 events throughout the valley which are focused on wine, food, education and the arts in one of North America’s most spectacular settings - the Okanagan Valley. This festival continues to be ranked in the top 100 events by the American Bus Association (ABA).
For more information and an events calendar, visit http://www.owfs.com/
Source: Okanagan Wine Festivals Homepage www.owfs.com
Housing Starts To Dip
Posted: Monday, 11 September, 2006
Canada Mortgage and Housing Corporation (CMHC) figures indicate housing starts in the Vancouver CMA dipped 24 per cent to 1,313 units in August compared to the same month last year. Single detached starts increased 11 per cent to 493 units, while multiple starts fell 36 per cent to 820 units, compared to August 2005.
"Fewer housing starts last month is not a signal of change in the new home market," said Cameron Muir, Senior Market Analyst. "The robust Vancouver economy continues to underpin home sales, providing many households with the financial confidence necessary to take on home ownership."
"Low inventories of new homes that are complete and unoccupied are expected to continue through the remainder of 2006, a factor that will keep home builders working at a near record pace," added Muir.
Year-to-date, housing starts in the Vancouver CMA increased 12.5 per cent to 13,437 units compared to the same period last year. Single detached starts climbed 26 per cent to 4,006 units, while multiple starts rose 8 per cent to 9,431, compared to the first eight months of 2005.
Lineup for Waterfront Lots
Posted: Wednesday, 26 July, 2006
People with money usually don’t wait in line... but for a housing development in Kelowna they did. People were waiting in line since yesterday afternoon just to put a deposit down this morning on a reservation to get into Sheerwater just off Clifton Road.... ...A development with 2 million dollar waterfront lots. Sit Advisor Doug Watson says he’s been in the business for 17 years and hasn’t seen anything like it. Watson says most of their clientele is from Calgary, Kelowna, and Vancouver as well as a few international buyers
Construction Smashing Records!
Posted: Monday, 17 July, 2006
Kelowna’s residential construction activity is on track to set another record in 2006.
To the end of June, construction in Kelowna started on 1495 homes of all kinds: single-family, townhouse, condominium and apartment.
Last year, a record was set with 2755 housing starts, surpassing the old mark of 2619 in 1992.
Canada Mortgage & Housing Corp. analyst Paul Fabri has predicted 2725 starts for this year, but with half the year over and 1495 starts already, 2006 could end up to be another record breaker. The determining factor will be how many condominium projects break ground by the end of the year.
Construction started in June on four condo buildings with a total of 259 units that helped push the month’s numbers up. Those four projects were:
-The second 59-unit, nine-storey Mission Creek tower on Underhill St.
-The first phase of the 72-unit lowrise at Mission Meadows at the corner of Gordon Dr. and Casoroso Rd.
-The first phase of an 82-unit, four-storey building at Sitara on Shoreline Dr. in Winfield.
-Two more 27 and 19 unit lowrise buildings at Barona Beach Resort on the Westside.
Mulit-family housing, especially condominiums, continues to see the strongest growth in demand, according to Fabri.
Kelowna’s condo market is attracting a broader ranger of buyers-retirees, buyers seeking resort-style housing and, more recently, first time buyers. Price and lifestyle are the key drivers.
Affordable condos attract first time and budget buyers who don’t have the money to go into a single-family home.
Rising prices-the average priced single family home in Kelowna is about 369000, condos are about 225000-hasn’t slowed activity.
And mortgage interest rates creeping up have had no impact either, because they are still historically low.
Kelowna Real Estate Market Update
Posted: Thursday, 13 July, 2006
The price of Kelowna real estate is still increasing and is showing no signs of stablizing. The average sale price last month was $458,000. That’s a 25% increase from June 2005.
The unit sales have slowed slightly from June 05 to June 06. There’s 10% decrease in the number of homes sold but the market is still hot and well priced homes aren’t staying on the market very long.
The number of condo sales are also down by about 20% from June 2005. Again the average price has risen, by over $12,000 per unit from last June, almost a 10% increase.
Re/Max Kelowna #2 Worldwide!
Posted: Friday, 26 May, 2006
In 2005, the Sales Associates of RE/MAX Kelowna completed enough transactions of real estate in the Okanagan area, to place them 2nd worldwide in the RE/MAX organization. Cliff Shillington, Broker Owner of RE/MAX Kelowna stated, "RE/MAX completed over 2 million transactions in 2005. Achieving the #2 position worldwide is a tremendous accomplishment. I am very proud of the professionalism and dedication exhibited by the Sales Associates in my office." Way to go, RE/MAX Kelowna!!
