|
|
-
TORONTO (Reuters) - Sales of existing homes in Canada rose in March from February even though year-over year sales fell sharply, data on Monday showed, offering more signs that the post-recession housing boom may have turned into a stable slowdown. 
An apartment block is pictured in downtown Vancouver, British Columbia By Andrea Hopkins TORONTO (Reuters) - Sales of existing homes in Canada rose in March from February even though year-over year sales fell sharply, data on Monday showed, offering more signs that the post-recession housing boom may have turned into a stable slowdown. Prices were up 2.2 percent from a year earlier, the smallest increase in more than two years, the report from the Canadian Real Estate Association (CREA), the umbrella group for real estate agents, said. Sales were up 2.4 percent in March from the month before. Actual sales for March, not seasonally adjusted, were down 15.3 percent from a year earlier, the report said. The March month-on-month uptick in sales, after a 1.1 percent drop in February, and the modest rise in prices raised hopes Canada's housing market may be on track for a soft landing rather than a U.S.-style crash. The market was sizzling a year ago, but has cooled sharply since the federal government tightened mortgage rules in July 2012 to prevent a U.S.-style real estate bubble. The changes shortened the maximum mortgage length, making it harder for Canadians to take on too much debt to get into the expensive real estate market. It was the Conservative government's fourth such move in four years as it grew alarmed by record high household debt levels. "Today's print helps to placate some of the concern that the housing market is in for a crash following an appreciable slowdown in sales and construction activity since the implementation of the fourth round of tighter mortgage regulations last summer," Mazen Issa, Canada macro strategist at TD Securities, said in a research note. "We expect the theme of stabilization to take hold over the coming months to reflect shifting fundamentals." CREA said there was some noise in the data, including the Easter holiday, which may have held sales back. "National sales have been holding fairly stable since last summer," CREA President Laura Leyser said in a statement. "We'll be watching closely as the spring market picks up to see whether the March sales increase marks the beginning of an improving trend." The CREA report showed the national sales-to-new listings ratio was little changed at 49.9 per cent in March from 50.3 per cent in February. This measure has held fairly steady around this level for the past eight months, CREA said. Nationally, there were 6.5 months of inventory at the end of March 2013. This was down from 6.7 months reported at the end of February, resulting from the increase in sales combined with a third consecutive decline in the overall supply of homes for sale, the report showed. The national average price, not seasonally adjusted, for homes sold in March 2013 was C$378,532 ($373,500), up 2.5 percent from the same month last year.
|
-
OMREB March 2013
House Friendly Yard & Garden
March 2013
Units Listed 979
Units Sold 329
Days to Sell 129
March 2012
Units Listed 1104
Units Sold 351
Days to Sell 123
Average Sale Price
Residential $430.167
Mobile Home $92,723
Condo $229,458
Townhouse $351,305
Lots $183,854
April Newsletter
REALTY EXECUTIVES OF THE OKANAGAN
Issue 4
April 2013
P: 250-861-5122 F: 250-861-5722
E: office@realtyexec-kelowna.com
www.realtyexecutivesokanagan.ca
Spring and summer are when yards and gardens retake their rightful places at the centre of attention. Take a look at the steps homeowners can take to make their outdoor spaces and home live more compatibly.
KEEP WATER AWAY FROM THE HOUSE
Be sure that the ground slopes away from the house all the way around the pe-rimeter. This ensures that any moisture from rain and sprinkler systems will be directed away from the foundation. The base of shrubs and plants should be kept at least 2’ away from the foundations to prevent problems with roots and drain-age. Do not leave sprinklers on for too long. Excessive water will not do plants and lawns any good.
THE RIGHT PLANT IN THE RIGHT PLACE
When a tree is growing too close to a structure, there can be potentially serious problems if the tree grows too tall or wide for the space. Damage to eaves and roofs can be caused by overgrowth and there is even a danger of branches or an entire tree falling onto the home. Existing trees should be pruned to lessen the potential for hazard. When planting new trees, homeowners should research to find out how large the tree will eventually grow and make decisions accordingly.
CHOOSE PLANTS WITH MAINTENANCE IN MIND
Some plants end up requiring more maintenance than a homeowner expects. When selecting new planting material, homeowners should seek advice at their local nursery who will know what plants will do well in their area, their growth habits and maintenance.
Here are just some of the ways homeowners can increase the enjoyment of their outdoor spaces while ensuring that home and yard are in good shape.
|
-
April 4, 2013 Okanagan-Shuswap Housing Market Steadies During First Quarter of 2013 Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported March 2013 sales activity of all MLS® property types is down over the same month last year but showed promising first quarter results. “During March, sales in our Board area mirrored activity in most housing markets in the province – remaining fairly flat as reticent buyers continue to be influenced by tighter credit rules affecting affordability, and thereby, reducing the rate of consumer demand,” says Karen Singbeil, an active REALTOR® in the Shuswap Zone and OMREB President. “The market slowdown from late 2012 carried over into the first quarter of 2013 as buyers and sellers continue to sit on the fence, and take a wait and see approach.” Singbeil reports, “While sales were sluggish in the Okanagan and Shuswap so far this year, they have been showing steady improvement month over month. Sales activity may be slow but it is steady and tends to vary among property types month by month and zone by zone due to the divergence in our three market areas. Homes that are priced well and show well are selling across the Board.” Board-wide (Peachland to Revelstoke): While showing a 37% improvement over February (354 units), overall sales for OMREB’s Board area during March dropped 9.0% to 485 units from 533 in 2012. Board-wide sales year-to-date declined 10.1% to 1,144 compared to the first three months last year (1,272). Total residential sales for the month slipped 10.1% to 437 units compared to 486 in March 2012. The sale of single family residential homes was down 12.3% compared to last year at this time (to 231 units from 252). While the 1,627 new listings taken Board-wide for the month dropped 11.2% from 1,833 last year, inventory in March was down less than 5.0% to 7,950 from 8,363 in 2012. Central Zone (Peachland to Lake Country): During March, overall sales in the Central Zone were down 6.3% to 329 units from 351 in 2012. Year-to-date, sales slipped 7.7% compared to January through March last year (to 784 from 849). Total residential sales for the month dipped 5.1% to 299 units compared to 315 last year. Single family home sales in March were down 7.8% from 2012 (to 154 units from 167). Townhouse sales improved by 34.2% with 51 units sold this month compared to 38 last year at this time. The 976 new listings taken during March dropped 11.6% compared to 1,104 in 2012, with inventory for the month down 9.4% to 4,316 units from 4,765 last year. North Zone (Predator Ridge to Enderby): Overall sales for March in the North Zone dropped 13.6% to 108 units from 125 last year. Year-to-date, sales were down 17.4% compared to the first quarter of 2012.
Total residential sales for the month slipped 14.9% over last year to 97 units versus 114 in March 2012. Single family home sales were down 21.2% to 52 units compared to 66 last year at this time. While inventory for March dipped 3.7% to 2,117 from 2,199 in 2012, the 410 new listings taken for the month showed a 10.5% decline compared to 458 during the third month of 2012. Shuswap Zone (Salmon Arm to Revelstoke): During March, overall unit sales in the Shuswap-Revelstoke Zone were down 17.5% at 47 units compared to 57 in 2012. Year-to-date, sales dipped 11.1% compared to the first three months last year (to 120 units from 135). Total residential sales for the month were down 8.9% to 41 units from 45 last year. Single family unit sales for the month improved 31.6% with 25 units compared to 19 in March 2012.
While new listings taken in the Zone during the month dropped 12.2% over last March (to 238 from 271), inventory rose 8.2% to 1,510 from 1,395 in 2012. “Everything counts in this tough market. Attractive pricing and great curb appeal are as important as ever,” says Singbeil. “Sellers who sharpen their pencils and pay attention to presentation are selling their homes the quickest. The right packaging will prove results. If your home is priced appropriately, it should sell. Besides pricing strategically, other helpful factors include condition, location and curb appeal.”
Home values vary based on location, so it is essential to work with a local real estate professional to understand current market conditions and to provide comparisons specific to your area. “To ensure your pricing is strategic, and has room for buyers to negotiate, it is important to consult with a REALTOR® about how your property type is currently faring locally and, more significantly, in your particular neighbourhood,” Singbeil notes. As spring unfolds and the better weather sparks more buyer interest and boosts seller confidence, OMREB remains cautiously optimistic that the second quarter of 2013 will see further improvement. “While inventory is coming down, there is still a good selection of properties and great opportunities to get into a home at anattractive price – especially while interest rates remain at or near historic lows,” she adds. “We hope that serious buyers and sellers will be encouraged to jump off the fence and make a move after weighing how much they will really save or gain by waiting longer to go ahead with a lifestyle change.” The Okanagan Mainline Real Estate Board is comprised of 1,006 member REALTORS® and 93 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke. For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, check out www.howrealtorshelp.ca. All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
|
-
VANCOUVER - The number of homes sold in the Vancouver area was down 29.4 per cent last month compared with February last year, continuing a trend of below-average activity and declining prices. The Real Estate Board of Greater Vancouver says there were 1,797 residential properties sold last month through its members — 30.9 per cent below the 10-year average for February sales. Vancouver has Canada's most expensive real-estate market but the industry's home price index shows a 5.6 per cent decline since the market peaked and a 3.3 per cent decline from February 2012. The benchmark price for all types of Vancouver area residential properties stood at $590,400 in February, down from the peak of $625,100 in May. The number of transactions have been below 10-year averages each month for more than a year although the real-estate board says there's a ray of hope because of increased interest by prospective buyers last month. The increased number of transactions in February was up slightly from the 1,351 sales in January. The ratio of sales to active listings also improved to 12.2 per cent, the first time it has been above 11 per cent since June 2012. “Sales in February followed recent trends and were below seasonal averages, though our members tell us they saw more traffic at open houses last month compared to the previous six to eight months, said Eugen Klein, REBGV president.
|
-
TORONTO - The Teranet-National Bank house price index had its sixth consecutive month-to-month decline in February, providing more evidence of the cooling trend that has beset home sales since last summer. The index fell 0.2 per cent from January and increased only 2.7 per cent on a year-to-year basis from February 2012. That matched January's year-to-year increase, the smallest since November 2009. Teranet compiles the index based on a selection of homes sold in major markets across Canada. The national composite index stood at 152.72 in February . Many economists and industry groups have noted that Canadian housing prices have softened since the latest mortgage reforms brought in by Finance Minister Jim Flaherty last July
|
-
TORONTO - Canada's housing market is expected to continue to soften this year, as fewer people look to buy and home construction begins to slow down, according to report released Monday. The report says housing prices are beginning to level out and home building rates are decreasing, in response to the market getting back into balance. "We expect the reduced momentum in sales and construction will continue in 2013. High home prices and tougher mortgage financing rules are tempering demand, especially among first-time buyers," wrote Adrienne Warren, a senior economist with Scotiabank (TSX:BNS). "Investors also appear more reluctant to enter the market at current valuations. An anticipated softening in the pace of job growth in Canada would reinforce the slowing." Softer prices and fewer buyers will lead to a large correction in prices in some housing sectors, particularly condominiums in several major centres if there is an oversupply compared to demand. Despite this, the report cautions that a sharp correction in the general national housing market is unlikely unless there is a "major adverse economic shock" that weakens domestic activity and hiring. "Ultra-low interest rates will continue to provide support," Warren wrote. The report also pointed out to several demographic factors that may play a part in slowing down the housing market. For one, there will be slower turnover as many seniors choose to stay in their homes as long as they can. Meanwhile, the report says both the immigrant population and one-person households are on the rise in Canada, and will continue to drive demand for rental units in urban centres. The report came a week after TD Canada Trust (TSX:TD) forecasted that home price gains will average only about two per cent, essentially keeping up with inflation, over the next decade
|
-
OTTAWA - Canada's residential real estate market continued to cool in February, a trend that the industry's main association says is fallout from tougher borrowing and lending rules brought in last summer. The Canadian Real Estate Association also cut its forecast Friday for sales this year after a weak second half of 2012 that saw sales slow more than it expected some markets. The association said 2013 sales are expected to total 441,500 units, down 2.9 per cent from 454,573 in 2012. The revised outlook compared with earlier expectations for a two per cent drop in sales. The national average home price is forecast to slip by 0.2 per cent to $362,600. "Mortgage rules are expected to remain as they are, so sales should be less volatile than they have been in recent years," said Gregory Klump, the association's chief economist. "Interest rates are also expected to remain low as the economy grows and adds jobs, which is supportive for the resale housing market." For February, CREA said sales were down 15.8 per cent compared with a year ago — a decline that was exaggerated slightly by an extra day in February 2012. Sales were down 2.1 per cent month-to-month in February — reversing a small gain in January. Klump noted the decline from early 2012 reflects reduced demand due to tighter mortgage rules brought in by the federal government last July. "Until we get well into the summer months, year-over-year comparisons to months in the first half of 2012 are predictably going to be down significantly but not necessarily be indicative of further deterioration," Klump said. "Rather, year-over-year comparisons will continue to reflect the long shadow cast by higher sales prior to last summer's policy tightening. Looking at the monthly trend since then shows that we’ve been seeing reasonably stable trends for demand and prices." Of the 26 local markets tracked by CREA, all but one showed year-to-year declines in actual sales — with Edmonton being the exception. The association also said its house price index had its smallest year-to-year gain since March 2011, rising 2.7 per cent to 156.5 last month The national average price for homes sold in February through its members was $368,895. That was a one per cent decline from the same month last year — although CREA said there would have been a small increase without Vancouver's numbers. In 2014 however, CREA forecasts sales will gain 4.5 per cent to 461,200 due to a slow but steady improvement, while the national average price is expected to gain 1.7 per cent to $368,700.
|
-
March 5, 2013 Okanagan-Shuswap Housing Market Slow but Stable Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported February 2013 sales activity of all MLS® property types is down over the same month last year but remains fairly stable. During February, most B.C. markets saw a low level of sales activity with not much change from January as the tighter rules for high ratio mortgages, wavering consumer confidence, and a pull-back in demand continue to impact buyers. “The slowdown from late 2012 carried over into January and February which are typically not strong months. While the sluggish winter sales were expected to continue into February, activity started to pick-up in the Okanagan-Shuswap during the latter part of the month so we hope to see an increase in calls for showings during March,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “Overall sales for the month were down 15% Board-wide compared to last year at this time. While at a lower level than hoped for, sales are steady but tend to vary among property types month by month and zone by zone due to the divergence in our market areas,” Shaw reports. “Sales of all property types dropped by 18% in the Central Okanagan, 10% in the North Okanagan and Shuswap compared to February 2012. The Central zone experienced a 12% decline in the sale of single family residential homes, while the Shuswap and North zones saw 6% and 5% dips in this segment.” Board-wide (Peachland to Revelstoke): Overall sales in OMREB’s Board area dropped 15.1% and sales volumes declined 21.7% during the month of February to 354 units valued at $113.5 million compared to 417 at $144.9 million in 2012. Total residential sales for the month slipped 17.1% to 306 units compared to 369 in February 2012. The sale of single family residential homes was down 10.1% compared to last year at this time (to 170 units from 189).
While the 1,251 new listings taken Board-wide for the month dropped 14.2% from 1,458 last year, inventory in February was down only 3.9% to 7,536 from 7,840 in 2012. Central Zone (Peachland to Lake Country): During February, overall sales in the Central Zone were down 17.8% and sales volumes dropped 19.9% over the same month last year with 236 units valued at $80.2 million compared to 287 at $100.1 million in 2012. Total residential sales for the month declined 21.8% to 205 units compared to 262 last February. Single family home sales in February were down 12.3% from 2012 (to 114 units from 130). The 784 new listings taken during February dropped 17.8% compared to 954 in 2012, with inventory for the month down 9.2% to 4,088 units from 4,500 last year. North Zone (Predator Ridge to Enderby): Overall sales for February in the North Zone dropped 10.1% and sales volumes were down 24.6% -- to 80 units valued at $24.1 million from 89 at $31.9 million in 2012. Total residential sales for the month dipped 4.0% over last year to 72 units versus 75 in February 2012. Single family home sales were down 4.8% to 40 units compared to 42 last year at this time. While inventory for February was down slightly (0.8%) to 2,039 from 2,056 in 2012, the 298 new listings taken for the month showed a 13.1% decline compared to 343 during the second month of 2012. Shuswap Zone (Salmon Arm to Revelstoke): During February, overall unit sales in the Shuswap-Revelstoke Zone were down 9.8% and sales volumes declined 30.1% compared to last year at this time with 37 units valued at $9.1 million compared to 41 at $13.0 million in 2012. Total residential sales were down 9.4% to 29 units from 32 in 2012. Single family unit sales for the month were in line with last year at this time with 16 units compared to 17 in February 2012. New listings taken in the Zone during the month rose 5.0% over last February (to 168 from 160), while inventory was up 9.7% to 1,404 from 1,280 in 2012. “We remain cautiously optimistic that the second quarter of 2013 will see an improvement in our Board area after the much-anticipated transition back to PST/GST is complete, Spring begins to unfold and the better weather sparks more buyer interest,” Shaw notes. “Listing activity is slower and inventory levels continue to drop in most local markets as we move towards more balanced conditions and greater price stability going forward. Price changes are most likely behind us and are projected to flatten for balance of year. Once it is understood that further price drops are not on the horizon, serious buyers will be encouraged to jump off the fence and make a lifestyle move.” Despite the decline in inventory, days on the market are up with listings currently taking 155 days on average Board-wide to sell. Sellers need to be patient and note that they may need to list their properties for six months rather than three. Pricing remains as important as ever. Home values vary based on location, so it is essential to work with a real estate professional to understand current local conditions and to provide comparisons specific to your area. “To ensure your pricing is strategic, and has room for buyers to negotiate, it is important to ask a REALTOR® how your property type is currently faring in the local market and, more significantly, in your particular neighbourhood,” says Shaw. “Buyers and sellers who come together on expectations will close deals easier, and properties that are priced well will sell quicker.” The Okanagan Mainline Real Estate Board is comprised of 1,012 member REALTORS® and 93 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan, North Okanagan and Shuswap – from Peachland to Revelstoke. For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, check out www.howrealtorshelp.ca. All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com
|
-
Home prices continued to climb in January, while total sales fell from a year before, according to the Canadian Real Estate Association. The average national sale price of a home rose two per cent from January 2012 to $354,754 last month, while the number of homes sold in January declined 5.2 per cent from a year earlier. CREA says that's due to tighter mortgage rules that came into effect midway through last year. Sales rose 1.3 per cent from December to January. "National sales activity continues to hold fairly steady at the lower levels first reached when mortgage rules were tightened," CREA president Wayne Moen said in a release. "As always, all real estate is local." Sales fell in about two-thirds of local markets, with notable exceptions in Calgary, Edmonton and Winnipeg. Prices in Calgary rose eight per cent over the year, according to the association's home price index, while prices in Regina were up 8.8 per cent. The rapidly cooling housing market in Vancouver has had what CREA calls a "gravitational" effect on national averages. Excluding sales in the Greater Vancouver area, the average home price increased 3.3 per cent. Prices dropped by 2.8 per cent in Vancouver, according to the association's home price index. Concern growing There is growing concern among many observers and economists that the Canadian housing market is making the country more susceptible to global economic shocks. In a report Thursday, the International Monetary Fund says that on average, home prices in Canada — especially Ontario and Quebec— are 10 to 15 per cent higher than where the fundamentals suggest they should be. Rating agency Moody's downgraded six Canadian banks last month, specifically saying "elevated housing prices leave Canadian banks more vulnerable in the past to downside risks the Canadian economy faces."
|
-
TORONTO (Reuters) - Sales of existing homes in Canada rose in January from December and fell only modestly from a year earlier, suggesting the housing sector's recent slowdown hasn't developed into a full-blown correction. Sales were up 1.3 percent in January from December, the Canadian Real Estate Association said on Friday. The trade group for the country's real estate agents said that compared with a year earlier actual sales for January, not seasonally adjusted, were down 5.2 percent. CREA's Home Price Index rose 3.1 percent in January from a year earlier, the smallest gain since April 2011. Year-over-year sales began falling sharply in 2012, hurt by the Canadian government's tightening of mortgage regulations in July. The Conservative government took steps to cool the property market due to fears that ultra-low borrowing costs could fuel a bubble. Economists have been divided over whether there will be a U.S.-style housing crash or a soft landing in which slower sales gradually stabilize prices. Canadian home prices rose at the slowest pace in three years in December year-on-year, and housing starts fell more steeply than expected in January. "We've seen adjustment in the housing market, we think there's a bit more to come in the next few years. Again, I think Canadians have listened to the message and they are adjusting," Bank of Canada Governor Mark Carney told CTV in an interview broadcast on Friday. CREA noted that if sales activity holds near levels seen since last August, year-over-year declines will begin to fade after the crucial spring buying season. "Until then, the focus may remain on how sales were stronger in the first half of last year compared to lower, but stable, national activity since then," CREA's chief economist Gregory Klump said in a statement. BORROWING COSTS STILL LOW The association pointed out home sales picked up from December in about half of all local markets, including the major centers of Toronto and Vancouver, Canada's two most expensive markets. The number of newly listed homes rose 1.6 percent month over month in January, the first monthly increase since last September. Analysts noted January is typically a slow month for home sales, making it harder to discern trends. But they also pointed out that the outlook for interest and mortgage rates is helping to support the market. The Bank of Canada's key lending rate has been at 1 percent since September 2010 and the central bank said last month that soft economic growth and tame inflation mean an interest rate increase is not imminent. "With the Bank of Canada backpedaling from its tightening bias, the risk of a reacceleration in housing remains non trivial," Mazen Issa, Canada macro strategist at TD Securities, said in a note to clients. "Our base case heading forward is for a stabilization in the housing market and we do not expect a more pronounced correction until the bank begins to lift the overnight rate." The median forecast in a recent poll of Canada's 12 primary dealers, the institutions that deal directly with the central bank as it carries out monetary policy, showed their median forecast for the next rate hike was the first quarter of 2014.
|
-
February 5, 2013 Okanagan-Shuswap Housing Market Cautious Going into 2013 Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported January 2013 sales activity of all MLS® property types is down over the same month last year but showed an improvement over December. “Last year, the housing market remained fairly stable for the Okanagan-Shuswap with a good build-up in sales in many segments for most of the year and only losing strength during the closing two months,” says Rob Shaw, an active REALTOR® in the North Zone and OMREB President. “This slowdown carried over into January which is typically not a strong month, and can be partially attributed to the dreary winter weather that keeps people indoors.” Most B.C. markets saw a low level of activity or a decline in sales for the month, replicating the last quarter of 2012 when markets were impacted by the tightening of credit and wavering consumer confidence. “Board-wide, overall sales for the month were down 5% compared to last year at this time. Sales of all property types dropped by 32% in the North Okanagan and 3% in the Shuswap, but the Central Okanagan showed a 4% improvement over January 2012,” Shaw reports. “Due to the divergence in our market areas, sales tend to vary among single family, townhouse and apartment properties month by month and zone by zone. During January, the Central Okanagan showed the greatest strength with a 16% bump in townhouse sales and 5% rise in the sale of single family residential homes. While the Shuswap saw a 5% dip in single family sales, the N rth Okanagan took a hit this month with a 40% decline in this segment. Board-wide (Peachland to Revelstoke): Overall sales in OMREB’s Board area dipped 4.9% during the month of January to 306 units compared to 322 in 2012. However, there was a 9.7% improvement over the 279 units sold in December 2012. While the number of sales of all property types declined compared to 2012, January’s sales volumes at $112.29 million paralleled last year’s level ($112.27 million), showing a slight improvement (0.02%). Total residential sales for the month slipped 4.5% over January 2012 (to 273 units from 286). The sale of single family residential homes was down 6.8% compared to last year at this time (to 150 from 161). While the 1,137 new listings taken Board-wide for the month dropped 16.8% from 1,367 last year, inventory in January was down 2.8% to 7,181 from 7,387 in 2012. Central Zone (Peachland to Lake Country): During January, overall sales in the Central Zone were up 3.8% over the same month last year and sales volumes improved 17.2% with 219 units valued at $87.7 million compared to 211 at $74.8 million in 2012. Total residential sales for the month rose 4.2% and sales volumes were up 13.5% compared to 2012 -- to 197 units at $77.8 million from 189 at $68.5 million last January. Single family home sales in January were up 4.9% from 2012 (to 107 units from 102), while townhouse sales improved 16.0% over last year (to 29 from 25). The 770 new listings taken during January showed a 14.4% decline compared to 900 in 2012, with inventory for the month dropping 8.6% to 3,866 units from 4,231 last year. North Zone (Predator Ridge to Enderby): Overall sales for January in the North Zone dropped 31.5% to 50 units valued at $13.4 million from 73 at $24.6 million in 2012.
Total residential sales for the month were down 29.7% over last year – to 45 units valued at $12.1 million versus 64 at $21.7 million. Single family home sales declined 40.5% to 22 units compared to 37 in January 2012.
While inventory for January rose slightly (0.9%) to 1,963 from 1,946 in 2012, the 213 new listings taken for the month showed a 27.8% decline compared to 295 during the first month of 2012. Shuswap Zone (Salmon Arm to Revelstoke): During January, overall unit sales in the Shuswap-Revelstoke Zone remained similar to last year but sales volumes were down 12.8% – with 36 units valued at $10.9 million compared to 37 at $12.6 million in 2012.
Total residential sales were down 6.1% to 31 units valued at $10.7 million from 33 at $11.1 million in 2012. While single family unit sales for the month were in line with last year at this time, sales volumes of $6.7 million (for 21 units) were down 9.1% compared to $7.4 million (22 units) in January 2012. New listings taken in the Zone during the month dropped 11.6% over last January (to 152 from 172), while inventory rose 11.6% to 1,346 from 1,206 in 2012. “We hope that the slowdown in sales activity in our Board area will be short-term. While we expect sluggish sales will likely continue in February, we are cautiously optimistic that the second quarter of 2013 will see an improvement in our housing market. Signs of renewed buyer interest are already evident as open house traffic and calls for showings are on the rise,” says Shaw. “People who need to make a move to satisfy lifestyle changes can’t afford to continue with a wait-and-see approach indefinitely and will finally get off the fence. Serious buyers could be waiting for the much anticipated transition from HST to PST/GST on April 1st, and will proceed with purchases this Spring while there is still an attractive selection of properties to choose from and low interest rates are ongoing.” While affordability for first-time buyers has been eroded with tougher mortgage rules, they are reminded that the B.C. government’s bonus of up to $10,000 for first-time buyers of new homes continues for two more months. Interested purchasers of new construction are encouraged to see if they qualify to take advantage of the one-time incentive before it expires on April 1st along with the HST: http://www2.gov.bc.ca > B.C. Home > Families & Residents > Taxes & Rebates > B.C. First-Time New Home Buyers’ Bonus. “Active listings are trending downward as fewer new listings are being taken, and sales are picking up with the level of demand,” Shaw notes. “While there is no longer an oversupply of inventory, days on the market are up with listings taking 150 days on average Board-wide to sell, so it is important for sellers to be patient and note that they may need to list their properties for six months rather than three.” Pricing remains as important as ever for buyers and sellers. Home values vary based on location, so it is essential to work with a real estate professional to understand current local conditions and to provide comparisons specific to your area. “To ensure your pricing is strategic, and has room for buyers to negotiate, it is important to ask a REALTOR® how your property type is currently faring in the local market and, more significantly, in your particular neighbourhood,” says Shaw. The Okanagan Mainline Real Estate Board is comprised of 1,005 member REALTORS® and 93 real estate offices in the Southern Interior of BC. The Board area covers the Central Okanagan,North Okanagan and Shuswap – from Peachland to Revelstoke. For the most comprehensive source of all real estate listings, home buying and selling information, visit our national websites at www.realtor.ca and www.icx.ca. To find out about the advantages of using a REALTOR®, check out www.howrealtorshelp.ca. All OMREB listings are published in the MLS® Real Estate Review and MLS® Commercial Review magazines available at all real estate offices and various locations in the Central Okanagan, North Okanagan, the Shuswap and Revelstoke areas. For comprehensive Board-wide statistical information, please visit our local public site: www.omreb.com To download a PDF of this media release, click here. NOTE: Current and archived statistics for each Zone are available on this site. For this month's statistics package, click on the "Market Statistics" tab in the menu at the top of this webpage and choose "Current Year - 2012". For more information: Rob Shaw, OMREB President (Board-wide statistical information)
shawrealty@shaw.ca
(250) 545-5371 Cameron Muir, Chief Economist, BCREA , or Brendon Ogmundson, Economist (Province-wide statistical information)
cmuir@bcrea.bc.ca (604) 742-2780 / bogmundson@bcrea.ca (604) 742-2796 Jan Bauman, OMREB Communications
jbauman@omreb.com
(250) 491-4560, Ext 224
|
-
Is Recreation Property Right For You?More and more people - especially "baby boomers" - are looking at recreation property ownership as the perfect way of finding peace and tranquility. Studies show that boomers are the fastest-growing group of recreation property owners. The need to find that special spot away from it all - plus low mortgage rates - have fueled demand. Is this the right time to buy that hideaway you have been dreaming of, and is it the right buy for you? Owning your primary residence does not completely prepare you for owning vacation property. In many ways buying recreational property is like buying any other form of real estate but some of the details are quite unique. Like owning a home, there are benefits and challenges to owning recreation property and a REALTOR® who specializes in the particular area of "cottage country" you are interested in will be of tremendous help in making your purchase a success. Things to consider Whether in a city or small town, most homes are located in a subdivision or similar development that stipulates a building scheme, supplies water, sewers and other utilities and provides an established layout of roads and sidewalks. Cottage development, on the other hand, rarely follows any established pattern. Most cottages that border a waterfront have been developed over the course of many years. Often municipal or regional planning involvement has been limited and most day-to-day concerns are handled by local associations. Legal issues Waterfront properties are often subject to the rules of regulatory bodies that control what can be done with the beach and shoreline. These regulations may prevent cottage owners from making additions or installing new structures. They may also prevent an owner from altering the slope of the land. Generally docks, boat houses, retaining walls and other structures require permission from the appropriate government authorities. Before purchasing a cottage property, you should check on the legality of the current structures and ensure that any intended changes can be undertaken in the future. Road access Most cottages are not located along public highways. The access road is not always a public road but may involve a private right-of-way. A buyers needs to investigate who is responsible for the upkeep of the road and whether it is open year round. Some cottages are located on islands, which means you will require water transport as well as parking on the mainland. Water and sewer Seldom are cottage properties served by municipal sewer and water systems. Domestic water usually comes from wells or lakes and rivers, or both. A septic system is often used for waste disposal. These are government regulated and cottagers must comply with the requirements. Water from the well may or may not be safe for drinking; cottagers may have to provide their own bottled drinking water. Finding a REALTOR® The REALTOR® you select should be someone who knows the area you are searching and who understands what you are looking for. He or she should be able to provide you with sound, effective advice and have a record of successful recreational real estate transactions. Begin by asking colleagues, friends and relatives who have cottages in the area in which you are interested to get names of REALTORS® they can recommend. Drive through the area and drop in on real estate offices; ask how many vacation properties they have sold in the last six months and what the sale prices were. Buying a recreation property is a major business transaction. Maintaining it is a major responsibility. Take your time, drive around different areas - rent a number of cottages in areas where you think you would enjoy owning one. A vacation getaway can bring a great deal of joy to you and your family but it's not an investment you should rush into. Multiple Listing Service, MLS®, REALTOR® and REALTORS® are registered trademarks of the Canadian Real Estate Association. REALTOR® identifies a real estate practitioner who is a member of the Association.
|
-
A Home Inspection is a Good InvestmentBuying a home is a major event in most people's lives. Often, homebuyers are so caught up in the excitement that they can easily overlook any flaws their new home may have. However, a house is also one of the most expensive purchases you are likely to make so it's best to know as much as possible about potential problems before you make a commitment to buy. The British Columbia Real Estate Association recommends homebuyers hire a professional home inspector to thoroughly check out the property before purchase. A home inspection can give you the peace of mind of knowing what to expect and help you make an informed decision about the value of the home and the future upkeep. Not only will a home inspection help you determine the condition of the house, its structural soundness, and its mechanical systems but it also brings any issues or problems to the Seller's attention at a time when they can be resolved before closing a sale. If you are making an offer on a house before it's inspected, talk to your REALTOR® about including a clause that the sale is contingent upon a satisfactory structural inspection and specify when the inspection is to be carried out. That way, you are protected. What's included in a home inspection? A home inspector will go through the property and perform a comprehensive visual inspection. A typical inspection includes an examination of the structure from top to bottom, including the heating, air conditioning systems, the interior plumbing and electrical systems, the roof and the visible insulation, walls, ceilings, floors, windows and doors, the foundation, basement and visible structure. If you can spare the time, it's a good idea to accompany the inspector during this process. This will give you, the potential Purchaser, the opportunity to learn about any problems first-hand and become more familiar with your new house at the same time. The inspector may also be able to share some valuable maintenance tips with you during the inspection. Following the examination, the inspector will provide a report that not only points out possible defects or areas of concern but also the positive aspects of the structure as well as the type of maintenance that will be necessary to keep the home in good shape. The home inspector should be willing to answer any questions you have as well as clarify any limitations of the inspection to avoid misunderstandings. Avoid firms that issue only a verbal report. The report should be more than a checklist of the items inspected. The home inspector should also issue a written report with accurate cost estimates for any major defects discovered during the inspection. A professional assessment will provide complete information about the condition of the property you are considering and will help avoid any unpleasant surprises after the sale. In addition, a home inspector can remain totally objective while you, as the prospective homebuyer, may be emotionally involved. A home inspection usually lasts about three hours. The inspection fee for a typical single-family house can vary depending upon the geographic area. The particular features of the home such as size, age and special structures will also be taken into consideration. Hiring an Inspector Inspectors are often professionally licensed in building-related fields; architects, contractors, and structural engineers are good examples. When interviewing a potential home inspection firm, carefully inquire about the specifics of their work and company. Ask how long they have been in business and ask for references from previous customers. Find out what type of insurance they carry and do they guarantee inspections? The most reliable indication of a home inspector's qualifications is membership in the Canadian Association of Home & Property Inspectors. To become a member of this association, inspectors must meet professional and educational requirements, successfully complete comprehensive exams and practice professionally during a trial period followed by a review. Members must also meet annual education requirements to maintain their membership. A decision to have a home inspection is a good investment. You could save many times the cost of the inspection by becoming aware of defects, maintenance requirements and potential future upgrade requirements. There are many home inspection companies available and your REALTOR® can probably recommend several to you or you can contact the Canadian Association of Home & Property Inspectors for a list of their local members. Multiple Listing Service, MLS®, REALTOR® and REALTORS® are registered trademarks of the Canadian Real Estate Association. REALTOR® identifies a real estate practitioner who is a member of the Association.
|
-
Deal Yourself a Winning Hand With Skillful NegotiationCongratulations! After a careful search, you and your REALTOR® have found the right home for you and your family. But don't uncork the champagne yet. There is still some negotiating to do before you close the deal. YOU want the best possible terms and the SELLERS want to get the best price they can. To some extent, you are adversaries. The difference between a stalemate and a fair compromise may depend on whether you have planned ahead and developed a strategy for success. Study the cards
To determine if the asking price reflects fair market value, have your REALTOR® research the sale price of comparable homes. If you think the house is realistically priced, don't make your first offer too low. Even though you need room to bargain, remember that the Seller will probably have strong emotional ties to the house; a low offer may be considered an insult and negatively impact your future negotiations. Knowing the market is key. Your REALTOR® can also answer questions about market conditions, comparable prices and sales in previous years and other context information related to this property and/or the general area. Ante up When you decide the time is right, your REALTOR® will assist you in preparing an Offer to Purchase on a standardized form required by law. The Offer to Purchase must give the names and addresses of both Buyers and Sellers, a street address and legal description of the property for sale and a date of possession. It also sets out the price, terms and conditions, amount of deposit, list of goods included in the sale price and a time and date by which the offer must be accepted. The offer is signed by you, witnessed and, sometimes, accompanied by a cash or cheque deposit. There is no predetermined amount for your deposit - its a negotiable item. A deposit made by cheque should be payable to the Listing Broker (the company marketing the home) for deposit into the Broker's trust account. If the deposit is cash, a receipt will be provided by the Selling Agent. The deposit money will go into his or her company's trust account and be transferred to the Listing Broker's trust account if your offer is accepted. Deposits are held in trust until the deal closes and then applied to the purchase price. If your offer isn't accepted, or if you can't meet any of the conditions (included in an accepted offer, your deposit will be returned. If you are providing a substantial deposit, the money could be placed in an "interest-bearing" trust account to earn interest until the transfer of title. The interest can be paid to either the Buyer (you) or the Seller - this should be negotiated and specified in the Offer to Purchase. Your REALTOR® who is legally required to present your offer to the Seller and, once that has been done, there is nothing to do but wait while the Seller considers your offer. The Seller has three choices: to reject your offer, to accept your offer outright, or to counter-offer. To be valid, a Seller's acceptance has to be made within the time specified on the offer. When an offer is accepted - whether immediately or after one or more counter-offers - it becomes a legal contract binding on both parties to the transaction. Although you hope your offer is immediately accepted, the Seller could come back with a counter-offer. Whatever the answer, it will be quickly relayed from the Seller through the Listing Agent to your REALTOR® and on to you. The Counter Offer
A counter-offer shows the Seller is interested in reaching a deal but wants to adjust certain items in your offer that weren't acceptable. Usually negotiations simply consist of an offer, a counter-offer and agreement, but more than one counter-offer could be involved. Negotiation takes patience, knowledge and some give and take. Usually, the key areas for negotiation are price, possession date, terms and conditions and possessions other than the home itself. The back-and-forth interplay of these items will determine where you and the Seller are likely to compromise. For example, if you stand firm on your purchase price, you might have to take earlier possession to clinch the deal. Or the Sellers might want a little more money than you first offered but may be willing to give you something they weren't going to include at first. Usually negotiations are minimal. But, if you are involved in more protracted negotiations, always be open and honest about your wants and needs. Frustration or finalization depends on whether both parties show a real desire to reach agreement through openness, good faith and honesty ...Top Play it safe
The Offer to Purchase outlines items normally included in the purchase price of a home. It also has space for extra items that may not normally be included and for items to be specifically excluded. Items which normally stay with the home - things like light fixtures, cabinets, built-in shelves - are considered fixtures. If there are specific fixtures you want to specifically ensure are included in the purchase price it would be prudent to note them on the offer so that there is no question about it. Items which are not attached to the property and are movable are called chattels. Examples would be the wood pile, certain appliances, decorative mirrors, fireplace tools, and so on. If there are chattels you want to be included in the deal, ensure your REALTOR® puts them in the offer. There are sometimes fine lines between what things are considered fixtures and chattels. For example, the built-in system of hoses and outlets for a central vacuum system is considered a fixture, while the canister and accessories are generally considered chattels. Play it safe and clearly spell out exactly what you expect to be on the property and/or in the house on the day you take possession. The following items are some of the most common items which should be itemized in an offer: - central vacuum system
- storage shed
- swing set
- water purifier
- propane tank
- pool accessories
- wood burning stove
- dishwasher
- mirrors
- appliances
- garage door opener
- alarm system
- ceiling fans
- window coverings
- fireplace screen, tools, woodpile
It is essential that the Offer to Purchase clearly states which items stay with the home and which ones the Sellers take with them. Never take anything for granted. Wild cards
You may want to make your offer subject to one or several conditions. Failure to satisfy conditions doesn't affect an agreement's validity but does give a Buyer the right to sue for damages in the event there is a breach of the contract. A conditional offer may be countered with a special clause or condition called a "time clause". This is used occasionally used by Sellers to enable them to accept a Buyer's conditional offer and still leave room for them to accept another offer if one comes along. It provides for the Seller to give notice to the prospective Buyer that another acceptable offer has been made and the original Buyer now has a specific number of hours - often 48 hours (Sundays and holidays not included) - to satisfy all conditions in the original offer or to withdraw them. Between shuffles You will be busy between the Seller's acceptance of your offer and time at which you actually take possession of the property. For most people, arranging financing is a number-one priority. You should also consult a legal professional and provide copies of all required documents to ensure all the conditions of the contract can be met on time. Don't forget you will need to alert the phone company, utilities, post office and other services of disconnection dates and get installation and connection dates for your new home. You will also have to send the required change of address notices for your driver's license, credit cards, banks, newspapers and others. Tell your friends and relatives about your new address and phone number. Confirm a convenient moving time with the Sellers and make your moving arrangements well in advance. The transaction isn't complete until you have title to the property transferred into your name. Registering title and mortgage documents at the Land Titles Office requires legal documentation and the payment of legal fees. Your legal professional will do a title search of the property to confirm that the property is registered in the name of theSeller and to see if there are any outstanding caveats, liens or encumbrances registered against the title. All steps necessary to complete the legalities of the transaction will be done by the legal professional on your behalf, including obtaining a site certificate, zoning memorandum, tax certificate and information from utility companies. Your legal professional will also make arrangements for collecting money due on closing of the deal, prepare documents for your signature and forward funds in trust to the Seller's legal professional for possession and transfer of title clear of all encumbrances. The transfer of keys will usually be done through the legal professionals office with a variety of trust conditions in place for the exchange of keys and money. Head for home Now that you have made all the right moves to close the deal - you gathered market information, were flexible during negotiations and planned ahead - pop the cork on that champagne bottle and toast your new home! Multiple Listing Service, MLS®, REALTOR® and REALTORS® are registered trademarks of the Canadian Real Estate Association. REALTOR® identifies a real estate practitioner who is a member of the Association.
|
-
Look Over the SelectionAfter your ideal home is outlined on paper, get an idea of what the market offers in your area. Drive through neighbourhoods that interest you. Look at home advertisements in your local paper or in a real estate newspaper if one is available. You will probably find there are quite a few options in your price range. New homes are built to modern standards of taste and comfort and often have warranties in place. They don't include fully-grown trees and the lived-in look that comes with time, but owning a new home provides the chance to grow with a new community. They are sold either as-is, modified to your specifications, or completely custom built. The resale home market offers far more selection and variety than any other category. Resale homes are often in well-established neighbourhoods with grown-in trees and yards but repairs or redecorating may be needed to make someone else's home your palace. Condominiums are not so much a type of home as a lifestyle. They combine two types of ownership - sole ownership of an individual dwelling unit plus shared ownership of exterior common property (together with other unit owners in the condominium complex). Condominium built-forms can be detached houses, townhouses or apartments which share facilities such as adjoining walls, hallways, green spaces and parking. When you buy a condo, you become a voting member of a condominium corporation (the "strata") that arranges for maintenance such as snow clearing and charges members a set monthly fee. Within these broad categories are a number of house types found in most communities. Individual streets and entire neighbourhoods are often made up of one or two types of houses with a wide range of cosmetic differences. Home Styles Bungalows have the advantage of having all rooms on one level providing scope for many different floor plans and eliminating stairs except where there is a basement. Because they need twice as much roof and foundation as two-storey houses of the same floor area, large bungalows can have higher heating costs. One-and-a-half storey houses offer almost 75 per cent more floor area with about the same amount of roof as a bungalow. The first level is the main living area with a smaller second storey where the slope of the ceiling follows the slope of the roof. If you want more than two bedrooms upstairs, a two storey house is probably your best bet. Both levels of a two-storey house have the same ceiling height and about the same floor area. Two-and-a-half storey houses are simply two-storey homes with an extra, smaller level on top that provides more room (and more stairs). Bi-level houses have one level of living space above-ground and a lower, basement level with a full height ceiling. ...Top Split-level houses have three or more full levels both above and below-ground. Splits provide easy access from one level to another with good separation between sleeping and living areas. With interior and exterior differences in materials, design, floor plans and decoration, these basic home styles are built in dozens of different design-types ranging from traditional to ultra-modern. There is plenty of room to indulge personal taste but don't forget your needs. You may have always wanted a two-storey, Tudor-style house but, if it doesn't have the eat-in kitchen you have listed on your essentials list, it may not be the house of your dreams. Stick with your plan So far you have identified a price range, the features you want and the type and style of home you would prefer but you are still not ready to start looking. Before you look at a single home, know exactly where you want to live and why. Choose your prospective locations by making a list that rates your priorities from most to least important. Mark a map with your choices and carry it with you when you go shopping. A number-one priority on many lists is the time it takes to get to and from work. For properties located in rural areas this can mean you need to figure out the maximum distance you are willing to drive, allowing for road surfaces and weather. In the city, driving time can be affected by bridges, traffic lights or streets with heavy rush-hour traffic, so do a few test runs from neighbourhoods you are considering. Homes in rural areas or outside of town or city limits are often on larger lots, are less expensive and have lower taxes than urban homes. But there is a trade-off: they usually lack some of the services city-dwellers take for granted. In many cases, paved streets are absent, garbage pick-up is not supplied, children are bussed to school and police and fire protection are more distant. The location of the nearest fire station or hydrant will affect the price of your home insurance, too. Country life means country smells, ranging from pine needles to cow pies, so check for agricultural businesses such as farms, feed lots and processing plants. Check with neighbours to see if the water supply is pure and lasts year-round. When looking at a property, find out who services the septic system and call them to see if it is in good repair or have an independent company do an inspection for you. Be sure to get a valid Survey Certificate if the vendor can't provide one. Also, have your legal professional check to see if the land has any "rights of way" running through it - these are potential roads or highways. Be thorough instead of surprised. Multiple Listing Service, MLS®, REALTOR® and REALTORS® are registered trademarks of the Canadian Real Estate Association. REALTOR® identifies a real estate practitioner who is a member of the Association.
|
|
|
|