Kelowna Real Estate Market News

I was reading this article today and thought it was worth sharing.


As always, please consult your own Professional Tax and Estate Planning Expert together with your Real Estate Professional, before making a decision.


Real Estate prices in Canada have been soaring for the past two decades and that’s been good news for retirees who have cashed out of their homes and used the proceeds to fund their retirement.

 

But, with prices now sky high and many experts, including the International Monetary Fund, warning of a housing price decline, people may be wondering if whether the sale of real estate should factor into their retirement plan.

 

According to a survey commissioned by the OSC, many Canadians continue to rely on real estate to fund their golden years.  The survey found that 76 percent of Ontarians 45 or older own their own home and among this group, nearly 37 percent say they are relying on the value of their home increasing to provide for their retirement.

 ...

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When buying a home, the last thing you want is a surprise. Most people worry about leaky roofs or rusty boilers. But there may be property issues that can come to light and cost you a lot of money if you’re not careful.


One way to avoid getting in over your head is to get a property survey before you buy. Also known as a house or land survey, it’s the perfect way to ensure you know exactly what you’re getting with the land, so there are no surprises.


How exactly do you go about getting a property survey?

Property Survey Basics

A property survey begins with defining the boundaries of a plot of land. This clarifies the size of the property, and where the land begins and ends.

An updated house survey is also important for legal reasons. This is because municipal laws are not fixed—they change from time to time. For example, the property might have a shed or a fence that was well within the boundaries years ago but after undated municipal border it now encroaches...

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Visit my Open House this Saturday, May 26th, 2018 between 1.30 p.m. and 3 p.m.

I am hosting an Open House this weekend in the Quail Ridge Golf Course Community.


Why not come over and check out this wonderful, bright 4 Bedroom and Den Home with gorgeous views overlooking the Quail Ridge Golf Course.


To view more details and a 3D Tour of the home, please view the attached link -:


https://www.trishcenci.com/mylistings.html/listing.2213capistranodrivekelowna.74215203


Look forward to seeing you there!


Kind Regards


Trish Cenci


Tel 250 864 1707


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While we understand that there is a problem with Affordable Housing in Kelowna and the Central Okanagan Valley and that more should be done to help those affected, a growing number of you are very concerned about the possible consequences of the proposed Speculation Tax by the BC Government.

 

To give ourselves any chance of being heard it is important that we pool our resources and have 'one voice'.

 

On April 23, 2018, the Okanagan Mainline Real Estate Board (OMREB) joined a coalition of 15 other BC agencies in a campaign to scrap the speculation tax.

 

As you may not be sure how to support OMREB’s advocacy on the subject of the proposed speculation tax, you can do so by visiting scrapthespeculationtax.ca where you can learn more and send a letter to the BC government to register concerns about the proposed speculation tax.

 

As of Friday, May 11, the campaign has facilitated:

  • 16,561 letters to the government, an increase of over 2000 letters to the...

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The British Columbia Real Estate Association (BCREA) reports that a total of 8,203 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in April, a 16.8 per cent decrease from the same month last year. The average MLS® residential price in BC was $730,507, up 0.2 per cent from the previous year. Total sales dollar volume was $5.99 billion, a 16.7 per cent decline from April 2017.

 

BC home sales were essentially unchanged in April compared to March, albeit up nearly 1 per cent on a seasonally adjusted basis," said Cameron Muir, BCREA's Chief Economist. The impact of more burdensome mortgage qualifications for conventional borrowers is expected to soften over the next several months as potential buyers adjust both their finances and expectations.

 

The supply of homes for sale in April increased 4 per cent from the previous month. However, total active listings on the market continue to remain low from a historical perspective....

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The March 2018 Buyers Survey Results have now been published by the Okanagan Mainline Real Estate Board (OMREB).

So, who has been Buying Real Estate in Kelowna and the Central Okanagan during March?

People buying similar properties beat out 1st Time Buyers and Move up Buyers this month, as the busiest buyers.

The fact that the numbers of First down Buyers were well down points to the possibility that latest changes in the mortgage rules are having an effect on their ability to borrow

Lower Mainland Buyers were busier in the last month, whereas Alberta Buyers held steady.

Here are the full results below.

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

First Time Buyer – 15.2% down from 19.3%

 

Moving Up – 18.1% down from 18.8%

 

Similar Property Type –  23.6% up from 18.8%

 

Revenue Property Investor – 12.7% down from 14.4%

 

Downsizing – 13% down from 13.5%

 

Single-family Res to Strata...

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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.
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