Kelowna, BC Real Estate News

By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
Current listing inventory as of August 28,2009: Single Family Dwellings - 2091 properties including 12 pending offers Strata - Condos - 1073 properties including 3 pending offers Strata - Townhomes - 505 properties including 8 pending offers Manufactured Home - 229 including 1 pending offers Lots/Acreages - 937 properties including 4 pending offers Total properties for sale - 4,835 (total inventory increase of 0.62% from last month) There are a total of 45 foreclosures amongst the entire listing inventory.  That is an overall change of one listing to the total number of foreclosures from July/09 to August/09.  Current foreclosures in the Central Okanagan listings represents 0.9%  of the total listing inventory!  The breakdown is as follows: 2 Lots and Acreages ($445,000 and $590,000) 32...
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
Current listing inventory as of July 27,2009: Single Family Dwellings - 2113 properties including 8 pending offers Strata - Condos - 1035 properties including 3 pending offers Strata - Townhomes - 533 properties including 6 pending offers Manufactured Home - 236 including 0 pending offers Lots/Acreages - 915 properties including 5 pending offers Total properties for sale - 4,832 (total inventory down 1.45% from last month) There are a total of 46 foreclosures amongst the entire listing inventory.  There was no change to the total number of foreclosures from June/09 to July/09.  However, there was a 40% increase in Single Family foreclosures (up from 23 in June to 32 in July) and approximately a 30% drop in Strata Properties (down from 16 in June to 11 in July)  Current foreclosures in t...
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
This year's 50th anniversary of Rutland May Days will run from May 15 to May 18 in Centennial Park.  Event's include: All-Star Wrestling, Bull Riding Championships, Karaoke, Youth Dances and an Amusement Park. Daily admission to various events is $2.  Breakfast will be served every morning from 8am.  Parade will begin Saturday, May 16 at 10:00am.  Sincerely, Jason Neumann
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
Current listing inventory as of May 2009: Single Family Dwellings - 2076 properties including 15 pending offers Strata - Condos - 1028 properties including 5 pending offers Strata - Townhomes - 557 properties including 6 pending offers Manufactured Home - 208 including 0 pending offers Lots/Acreages - 740 properties including 5 pending offers Total properties for sale - 4,640 And amongst the entire listing inventory...only 27 Foreclosures!!!  This means that only .0058% of all Central Okanagan listings are currently in foreclosure!  The breakdown is as follows: 2 Lots and Acreages, 19 Single Family Residential ($226,800 to $2.49 Million) and 6 Strata Properties ($134,900 to $329,000). Bottom line is the pricing and selection of properties in the Okanagan is the best it has been in years...
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By Dave Vrabic, Mortgage Broker
(MortgageOpolis)
YOUR MORTGAGE GUIDE Costs: Speak with a mortgage professional as soon as possible. This will allow you to shop in a price range that is realistic for your situation. At the same time, make sure you are prepared financially for the standard costs associated with a purchase of real estate. Some of these costs may include: Deposit Once you have an accepted offer on a place, there is generally a 1 week period to remove subjects (ie. Inspection, financing, etc.) Once those subjects have been satisfied, you are required to put down a deposit on the property. This amount varies, so make sure to ask your realtor. Property Purchase Tax If you are a first time home buyer and you meet the qualifications, this does not apply to you. However, if you have ever owned property, anywhere in the world, ...
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
The 20th Annual is set to fill the hungry appetites of Kelowna residents this coming Sunday March 29,2009 from 11am to 4pm and held at the Kelowna Curling Club. Organizers are expecting more than 4,000 visitors at this years event will have 32 booths and over 100 dishes to sample from.  Some of the restaurants and eateries planning to attend are:  Annegret's Chocolates, Bonfire Restaurant, Cannery Brewing, Chances, Christopher's, Coast Capri, Mill Creek Brewery, Freddy's Brew Pub, Gehringer Winery, Grand Bay Cafe, Hanna's, Hotel Eldorado, Industry Restaurant, Infusions, Mekong, Memphis Blues, Montana's, Moxies, Nature's Fare, Oughtred Coffee and Tea, Spoonstruck Eatery, Summerhill Sunset Bistro and Summerhill Winery, Tree Brewery, Van Houtte Coffee and Wild Apple Grill. So be sure and ...
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
From March 17th to 20th the 2010 Community Tour will be hosted at the Delta Grand Conference Centre.  This multi-city tour will feature interactive exhibits, ski machine, and a 2010 Paralympics mascot. The tour can be visited during normal Conference Centre hours starting noon Tuesday, March 17 until Friday March 20 at 1pm.  The public is encouraged to come support the tour as it gives a way for parents to teach their children an idea of what being an Olympic athlete is all about. Sincerely, Jason Neumann
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
Well, the speculation and anticipation of yet another rate decrease by the Bank of Canada became a reality today!  The Bank of Canada reduced its key lending rate to a historical low of 0.5%.  The move is intended to help jump start a rather fragile Canadian economy and get consumers out there spending again.  Bottom line here is if you have a variable rate mortgage loan, you are quite literally laughing all the way to the bank!  Fixed rate mortgages with five year terms are still in the low 4.2% neighborhood, but are expected to move upward as the bond market has already reacted to the latest rate cut by the Canadian Government.  Full CBC Story For a buyer looking to potentially purchase a home after this latest rate cut, the news just got a little better.  Banks and lenders alike are...
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
For complete January 2009 Stats for the Central Okanagan please visit:OMREB Stats Real estate sales in the Central Okanagan market were slow once again in the month of January.  Consumer confidence has been rattled in recent months with the media reporting job losses, stock volatility etc.  The "doom and gloom" that the media continues to spin on a daily basis gives the impression that purchasing a home is very bad idea!  The flip side to this is interest rates are at a 50 year low, inventory levels allow more choice than in the past and home prices are more affordable than they have been in recent years!  All in all it truly is a great time to invest in real estate. Sincerely, Jason Neumann
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
The average residential home is expected to decline 13% to $396,600 in the province of British Columbia.  Residential sales are also being fore-casted to decrease by 9% from 68,923 unit sales in 2008 to 62,650 unit sales. Cameron Muir, Chief Economist for BCREA says "Downward pressure on mortgage rates and lower home prices are providing much needed improvement in home affordability.  Increasing affordability and significantly lower housing starts are setting the stage for a healthier market in the years to come." I agree with Cameron Muir's assessment of the current real estate market in British Columbia.  With average home values adjusting and consistent low interest rates, now is a terrific time to consider buying a home.  The affordability of homes will benefit the first time home ...
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
As a Realtor® I am often asked questions such as: "How's the Real Estate Market?", "Do you think the Real Estate Market will crash?" and my personal favorite "What do you think is going to happen in the Real Estate Market this year?" The track record of those who try to forecast the ups and downs of any market is exceptionally poor, so let's consider what is factual about the current real estate market in Central Okanagan currently.  Certainly, it is much more of a Buyer's market than we have seen in recent years.  Sellers also are starting to recognize the change in market conditions and as a result are reducing their asking prices to where Buyers are willing to purchase their homes. Here are 6 reasons why now is a great time to buy: 1) Home prices have dropped by 10-15% over this time...
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By Dave Vrabic, Mortgage Broker
(MortgageOpolis)
...But it Works! The following is a case study of a recent client who refinanced their mortgage through MortgageOpolis. Case Study: Clients purchased a home last year and currently has a mortgage of $150,000.00 at 5.90%, 5yr fixed term /15yr amortization and $650 bi-weekly payments.We were able to obtain a lower rate of 4.39%, 4yr fixed term / 13yr - 8 month and by keeping the payment the same at $650... we were able to save the clients aprox. $22,000.00 worth of payments which included the pre payment penalty of $4400 and the closing costs of $1400... assuming the interest rate in 13 years, 8 months is 4.39% or greater. More often than not, refinancing becomes a viable option when current interest rates are 1.5% or more below your existing interest rate.  In the case study above, the c...
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By Dave Vrabic, Mortgage Broker
(MortgageOpolis)
Canadian Mortgage Rates for January 27, 2009.Courtesy of MortgageOpolisRefinance your mortgage today to a lower rate and save thousands of dollars, of your hard earned money! Prime Rate 3.00%Variable Prime Plus .80%1 year fixed term 3.50%2 year fixed term 4.29%3 year fixed term 4.29%4 year fixed term 4.29%5 year fixed term 4.39%6 year 5% cash back 6.75%10 year fixed term 6.35%Rates subject to change without notice.
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
Steven Harper and his minority Conservative Government announced billions in tax credits for Canadians today!  Finance Minister Jim Flaherty gave Canadians some good news as he went over the Federal Government's plan to kick start the stalled out economy.  The proposed tax cuts and relief are aimed at getting consumer spending back up and instilling some confidence in the future.  Home owners looking to do some much needed renovations have a bit more incentive as the government has promised up to $1,350 in tax credits for home improvements between $1,000 and $10,000 made between Jan. 27, 2009, and Feb. 1, 2010.  Perhaps, the best news of the day was the changes to raise the upper limits on the two lowest income tax brackets.  The new tax ceiling for the 15% bracket would be $40,726, an...
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By Dave Vrabic, Mortgage Broker
(MortgageOpolis)
Canadian Mortgage Rates for January 26, 2009. Provided by: MortgageOpolis The 1 year fixed rates has dropped from 3.89% to 3.50% Prime Rate 3.00%   Variable Rate Prime plus .80% 1 year fixed term 3.50%  2 year fixed term 4.29%   3 year fixed term 4.29%   4 year fixed term 4.29%   5 year fixed term 4.39%   6 year 5% cash back 6.75% 10 year fixed term 6.35%   Rates subject to change without notice.   See more rates at MortgageOpolis
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By Jason Neumann, Realtor - www.KelownaRealEstateNews.com
(Century 21 Assurance Realty Ltd.)
Kelowna residents are amongst the thirstiest in the entire world! Water consumption is a hot topic and recently it has jumped into the headlines here in Kelowna,BC.  Although some progress on reducing water consumption locally has been made, those efforts are not nearly enough!  The following article by Castanet.net is as alarming as it is sobering.  It got me to thinking as to how I use water on a daily basis and where I could cut back etc. Here are some suggestions on how to reduce your daily consumption:   Wash dishes in the sink by hand rather than using a dishwasher. Fix any leaky faucets immediately as they are a prime contributor to wasting water. Wash your car a little less I don't think it will mind. Water your lawn on the days that the city has deemed appropriate. When shaving...
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By Dave Vrabic, Mortgage Broker
(MortgageOpolis)
Canadian Mortgage Rates for January 22, 2009 Provided by: MortgageOpolis  The 1 year fixed rates has dropped from 3.89% to 3.50% Prime Rate 3.00%   Variable Rate Prime plus .80% 1 year fixed term 3.50%  2 year fixed term 4.29%   3 year fixed term 4.29%   4 year fixed term 4.29%   5 year fixed term 4.39%   6 year 5% cash back 6.75% 10 year fixed term 6.35%   Rates subject to change without notice.   See more rates at MortgageOpolis
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By Dave Vrabic, Mortgage Broker
(MortgageOpolis)
Canadian Mortgage Rates for January 20, 2009 Provided by: MortgageOpolis    Prime Rate 3.00% Variable Rate Prime plus .80% 1 year fixed term 3.89% 2 year fixed term 4.59% 3 year fixed term 4.55% 4 year fixed term 4.59% 5 year fixed term 4.69% 5 year cash back 6.75% 10 year fixed term 6.45% Rates subject to change without notice.   The Bank of Canada announced today that it is dropping the overnight lending rate to 1% and Major Canadian Banks followed suit by dropping their Prime Rate to 3%.  Other lenders are expected to follow suit in the coming days.   Take care, Dave Vrabic, MortgageOpolis
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By Kym Tarr, Its all in the details!
(Prep This House Interiors Inc.)
  Get rid of the dirt on the outside of the house.  Hose down the house, remove cobwebs and anything else that might be lurking under the eaves. It is amazing how much street grime builds up on your exterior walls   Make the entrance to your home inviting.  Surround it with good looking well cared for plants.  Remove anything dead and give the entry a good sweep and hose down. Paint or stain the steps.   Clean windows inside and out.  Replace any damaged or broken panes.   There are simple things that we as a homeowner forget!  Prospective buyers look everywhere! So make sure that you have washed the dishes and no nasty smells are left behind.   Run around the house with a duster and remove any cobwebs, check for mould on the walls. Make sure that all the door and window hardware is in ...
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By Dave Vrabic, Mortgage Broker
(MortgageOpolis)
Here are 10 quick tips on how you can make changes to your daily lives to contribute less to global warming. This article is courtesy of www.cmhc. Each Canadian generates, on average, five tonnes of greenhouse gases every year. Canada Mortgage and Housing Corporation offers 10 simple steps you can take to help keep our planet healthy and make your home more comfortable and healthier, while saving you money, and increasing your home's resale value. Step 1 - Switch to Public Transit By simply switching from a mid-size car to public transit for your local travel, you can save up to 230 kg of CO2 per year for every 1,000 km you don't drive. Step 2 - Think Smaller Downsizing to a smaller car can eliminate 1,100 - 2,600 kg of CO2 each year-and save you dollars at the gas pump! Step 3 - Stay G...
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