Kelowna Real Estate Market News

The Buyers Survey Results are now out for April 2018 covering the Kelowna Real Estate Market and Central Okanagan Area.


Buyers are still moving from Vancouver and the Lower Mainland in greater numbers than those from Alberta, and local Buyer numbers remain steady.


I am also watching how the proposed Speculation Tax may start to affect sales in Kelowna and West Kelowna, and numbers are down 2.34% this month.


Vernon and Coldstream, on the other hand, saw a 6.24% increase in Buyers last month.


I am sure Kelowna Real Estate Sellers will be watching those numbers closely, to see whether the new Tax really does affect Buyer numbers.

 

Best describe your most recent Buyer (moving to/from property type)


First Time Buyer – 14.53% down from 15.2%

 

Moving Up – 18.97% up from 18.1%

 

Similar Property Type –  21.18% down from 23.6%

 

Revenue Property Investor – 14.78% up from 12.7%

 

Downsizing –...

Read full post

 

Mortgage Rate Outlook


The Canadian mortgage market has seen substantial changes in the first six months of 2018, with mortgage credit both more expensive and more difficult to access. The B20 stress test for conventional borrowers has slowed overall mortgage credit growth while the five-year qualifying rate for Canadian mortgages has gone up 70 basis points in the past year. Rising mortgage rates have largely been influenced by tighter monetary policy from the Bank of Canada as strong economic growth has fueled rising inflation.



It has been quite some time since Canada was in a true rising interest rate environment. The last cycle of prolonged rate increases was from 2004 to 2007, just prior to the global financial crisis when the Bank of Canada increased its overnight policy rate ten times over three years. Much about the Canadian economy has changed since that time, and those changes have had substantial implications for the ultimate destination of Canadian interest rates....

Read full post

You may have started to read about some Real Estate changes that are about to take place in British Columbia.


Here is a 'Quick Guide' as to what is happening.


What Has Happened?

The body that regulates us (BC real estate professionals) has made changes to the Rules that govern how we can serve you:  

  • I, along with all BC real estate professionals, must comply with these new Rules which came into effect June 15, 2018. 
  • These new Rules were put into place by the provincial Office of the Superintendent of Real Estate and are intended to protect consumers. 

What are the New Rules? 

These new Rules ensure you receive specific types of information, and includes getting you to read certain documents and sign certain forms about:

  • our remuneration, 
  • duties and responsibilities owed you, and 
  • the risks of relying on the limited assistance a real estate professional can provide when they are already representing another party to a transaction.

These new Rules also include...

Read full post

Open House Saturday, June 9th, 2018 1-3 p.m.

109 1795 Country Club Drive, Quail Ridge, Kelowna


Visit my Open House this Saturday at Bella Sera!


Why?


- Luxury 2 Bedroom 2 1/2 Bathroom Town Home.

- Comes Fully Furnished.

- Golf Course & Valley Views.

- Rentable - minimum Monthly.

- Pool and Hot Tub.

- Beautiful Deck and Walk Out Patio.


See you there!


Kind Regards


Trish Cenci.


Read full post

This week the BC Real Estate Association published the 2nd Quarter housing Forecast for the Thompson-Okanagan region, which serves the Penticton, Kelowna and Kamloops areas.


As I know many of you are anxiously watching the Market I thought I would share their latest thoughts on our Market and I have highlighted what I believe are the important points.

 

Real Estate Sales were lower in 2017 after a record-setting year prior. Despite that decline, sales were still the second highest on record for the region as a result of a strong provincial economy, robust regional employment growth, significant inflows of interprovincial migration and low mortgage rates.

 

This year, we anticipate those home sales will slow as moderating economic growth, rising mortgage rates and the impacts of both federal and provincial policy measures impact consumer demand. 

 

The BC economy has benefited from four years of above-trend economic growth, which the Okanagan region has both contributed...

Read full post

OPEN HOUSE Sunday, June 3rd, 2018 1 p.m. to 3 p.m.

109, 1795, Country Club Drive Kelowna.

 

Bella Sera Townhomes.


Visit this great 2 bedroom 2 1/2 bathroom fully furnished townhome overlooking the Quail Ridge Championship Golf Course at Valley.


- Granite Counters

- Deck with Valley Views

- End Unit

- Rentals allowed minimum monthly

- Complex has a Pool and Hot Tub

- 10 minute walk to UBCO

- less than 5 minutes from the Golf Course Club House

- 5 minutes from local Shops, Restaurants and Kelowna International Airport


Open House Hosted by Trish Cenci.


https://www.trishcenci.com/mylistings.html/listing.109-1795-country-club-drive-quail-ridge-kelowna.74048438


See you there!


Trish Cenci


Read full post
The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.