Search results matching tag 'Announcements'

June 4, 2013 - Okanagan-Shuswap Housing Market Springs Forward

324208 — Tue, 04 Jun 2013 17:31:00 GMT

June 4, 2013

Here is the latest update from the Okanagan Mainline Real Estate Board based on information in their database for the month of May residential MLS® market activity. We will be posting our monthly CLUE to each sector of the market shortly within each of the 3 board zones. Meanwhile - here is what the Board has to say about the Market overall in the Okanagan Shuswap Region.

Okanagan-Shuswap Housing Market Springs Forward

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported May 2013 sales activity

of all MLS® property types continued to improve with modest increases over the same month last

year.

“We expected an uptrend in May which is typical of the housing resale market as buyers and sellers

take advantage of the warmer weather and spring market activity.”

“Units being listed continue to decline. Sellers have recognized that their properties must be priced

within the current market conditions in order to obtain a successful sale. A Seller who really does not

need to sell is less likely to put their home on the market,” says Karen Singbeil, an active REALTOR® in

the Shuswap Zone and OMREB President. “It is evident that some price ranges are moving more

quickly than others and that well priced properties attract attention and will sell.”

Due to the divergence in OMREB’s three market areas, sales activity tends to vary among property

types zone by zone, Singbeil notes. “While the Central Okanagan experienced a more marked uptick

in May, both the North Okanagan and Shuswap remained relatively flat in sales, posting modest

gains.”

Board-wide (Peachland to Revelstoke): Overall sales of all property types reported in OMREB’s

Board area during May improved by 8.27% compared to 2012 -- to 733 units from 677. Total

residential sales for the month rose 8% to 667 units compared to 617 in May 2012.

New listings taken board-wide for the month dropped 13.48% with 1,836 listings posted compared to

2,122 last May.

Central Zone (Peachland to Lake Country): During May, overall sales in the Central Zone were up

10.8% to 482 units from 435 in 2012. Year-to-date, unit sales remained on par for January through

May in 2012 - 1,672 compared to 1625 units.

Total residential sales for the month improved 12% to 444 units compared to 395 last year while the

1,062 new listings taken in the Central Okanagan during the month was a decline of 11.9% compared

to 2012 with inventory for the month down 10.3% to 4,737 units from 5,283 last May.

North Zone (Predator Ridge to Enderby): Overall sales for May in the North Zone showed a nominal

improvement over last year – up 3% to 165 units from 160 in 2012. Year-to-date, sales were down

7% compared to the first five months of 2012 (to 542 from 583).

Total residential sales for the month were exactly the same as last year to 150 units in May 2012 and

2013. While inventory for May dipped 3.7% to 2,471 from 2,567 in 2012, the new listings taken for

the month (452) declined 14.56% from the 2012 level (529).MREB Stats Media Release for MAY 2013 - Page 2 of 2

DISCLAIMER: Monthly Sales statistics are based on the sales reported by real estate offices on or before the last day of the month.

Sales not reported by month end and collapsed sales are reflected in the subsequent month’s statistics.

Shuswap Zone (Salmon Arm to Revelstoke): During May, overall unit sales in the ShuswapRevelstoke Zone improved modestly by 5% at 86 units compared to 82 in 2012.

Total residential sales for the month remained virtually the same at 73 units compared to 72 last

year. New listings taken in the Zone dropped 17.25% over last May (to 307 from 371), and overall

inventory dropped slightly by 3% to 1,752 from 1,801 during the same month in 2012.

“Now is a good time to buy. There is still a good selection of properties and great opportunities to

get into a home at an attractive price – especially while interest rates remain at historic lows,”

Singbeil notes.

“To ensure your pricing is appropriate for your market area, 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.

More information from us available soon.

Brell

"Brell" - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®
Sutton Group - Lakefront Realty
2749 30 Street, Vernon, BC, V1T 5C6
A growing team, a different approach...we are better together!

First Time Buyers Lead Homebuyers in April.

324208 — Wed, 15 May 2013 19:15:00 GMT

The results of OMREB's APRIL 2013 Buyers Survey are just in. During the month of April, there was substantial increase in purchases by First-Time Buyers and a nominal bump-up in Revenue Property by Investors, while other catagories saw a drop or remained the same as the previous month.

A total of 226 respondents participated in this survey – representing 58% of the 392 OMREB sales representatives who acted as Buyers Agents, and 38% of the 595 deals closed on behalf of Buyers in April. While this data is collected voluntarily and does not comprise all sales, it is the only data we have about who is purchasing what for Okanagan Shuswap.

APRIL SURVEY SUMMARY

Property Type:
25.9% by First Time Buyers (up from 16.2 in March)*
18.6% of purchases were by Move-Up Buyers (down from 24.6% )
11.8% buying Revenue/Investment Property (up from 10.6%)*
10.5% moving from Single Family Home to Strata Unit (same as March – 10.6%)
5.5% moving into Retirement Home/Seniors Community (down from 7.8%)
4.5% moving from Strata property to Single Family Home (down from 6.1%)

* During the month of April, there was substantial increase in purchases by First-Time Buyers and a nominal bump-up in Revenue Property purchases by Investors, while other categories saw a drop or remained the same as the previous month.

Buyer Type (Family Dynamic):
24.8% Two Parent Family/Children (up from 23.1% in March)**
22.6% Empty Nesters/Retired (down from 27.5%)
21.7% Couple without Children (down from 25.8%)
12.8% Single Male (up from 7.7%)**
10.6% Single Female (down from 12.6%)
5.3% Single Parent with Children (up from 2.2%)**

** In April, there was an increase in purchases by Two Parent Families with Children, and a significant rise in purchases by Single Males and Single Parents with Children, while other categories saw decreases.

Moving From:
56.6% from Within OMREB Board Area (down from 57.6% in March)
19.0% from Alberta (up from 17.9%)***
11.1% from Lower Mainland/Vancouver Island (up from 8.7% )***
9.3% from Other Areas in BC (down from 10.3% )
1.3% from Saskatchewan/Manitoba (down from 2.7%)
1.3% from NWT/Yukon (up from 0%)***
0.9% from Outside Canada (down from 1.1%)
0.4% from Eastern Canada/Maritimes (down from 1.6%)

*** Compared to March, there was more movement from Alberta, Lower Mainland/Vancouver Island, and NWT/Yukon during April, and less migration from all other areas.

Brenda Ellis REALTOR®
Sutton Group - Lakefront Realty
2749 30 Street, Vernon, BC, V1T 5C6
A growing team, a different approach...we are better together!

APRIL STATS: OKANAGAN-SHUSWAP HOUSING MARKET STRONGER IN APRIL

324208 — Mon, 06 May 2013 17:18:00 GMT

APRIL STATS: OKANAGAN-SHUSWAP HOUSING MARKET STRONGER IN APRIL

Here is the latest overview from the Okanagan Mainline Real Estate Board with regard to residential sales activity from Revelstoke to Peachland.

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported April 2013 sales activity of all MLS® property types improved over the same month last year as the housing market strengthened moving into spring.

Following fairly flat first quarter results province-wide, during April the Okanagan-Shuswap market saw a bounce-up in sales and consumer demand compared to this time last year.

Although 2013 had a sluggish start, sales in our Board area have seen steady improvement month-over-month, and are currently up year-over-year. We hope this positive trend continues going forward as buyers and sellers take advantage of the spring market activity.

Due to the divergence in OMREB’s three market areas, sales activity tends to vary among property types zone by zone, Singbeil notes. While the Central Okanagan and Shuswap experienced an uptick in April, the North Okanagan remained relatively flat and saw minimal gains.

Now is a good time to buy. There is still a good selection of properties and great opportunities to get into a home at an attractive price – especially while interest rates remain at historic lows.

Serious sellers will be sprucing up their homes, sharpening their pencils and listing their properties to take full advantage of the heightened buyer activity typical of the spring market.

The right packaging -- a good location, strategic pricing and great curb appeal – is as important as ever. Sellers who sharpen their pencils and pay attention to presentation are selling their homes the quickest. If your home is priced well, it should sell.

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 appropriate for your market area, 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.

We will be posting Zone Reports soon, so check back. We are always adding to our residential MLS® market information

Cheers,

March Buyer Survey: Move Up Buyers Dominate the Market

324208 — Tue, 23 Apr 2013 15:54:00 GMT

The results of OMREB's MARCH 2013 Buyers Survey are posted!

A total of 184 respondents participated in this survey – representing 55.9% of the 329 OMREB sales representatives who acted as Buyers Agents, and 39.8% of the 462 deals closed on behalf of Buyers in February. This survey is voluntary - and the results are not "reliable" but they are the only indication we have. I think that makes them worth considering

MARCH SURVEY SUMMARY

Property Type:
24.6% of purchases were by Move-Up Buyers (up from 21.3% in February)*
16.2% by First Time Buyers (down from 19.7%)
10.6% moving from Single Family Home to Strata Unit (up from 7.1%)*
10.6% buying Revenue/Investment Property (down from 13.2%)
7.8% moving into Retirement Home/Seniors Community (up from 7.1%)*
7.3% purchasing Recreation Property (down from 12.6%)
6.1% moving from Strata property to Single Family Home (down from 6.3%)

* During the month of March, there was an increase in purchases by Move-up Buyers as well as owners of Strata units moving to Single Family homes, and Seniors moving into Retirement Communities.

Buyer Type (Family Dynamic):
27.5% Empty Nesters/Retired (up from 18.8% in February)**
25.8% Couple without Children (same as February)
23.1% Two Parent Family/Children (down from 30.5%)
12.6% Single Female (up from 10.9%)**
7.7% Single Male (similar to February)
2.2% Single Parent with Children (down from 3.1%)

** In March, there was an increase in purchases by Empty Nesters and Single Females, while other categories remained the same or saw decreases.

Moving From:
57.6% from Within OMREB Board Area (down from 68.2% in February)
17.9% from Alberta (up from 11.6%)***
10.3% from Other Areas in BC (up from 5.4%)***
8.7% from Lower Mainland/Vancouver Island (up from 5.4%)***
2.7% from Saskatchewan/Manitoba (down from 3.1%)
1.6% from Eastern Canada/Maritimes (down from 3.1%)
1.1% from Outside Canada (down from 3.16%)
0% from NWT/Yukon (same as February)

*** Compared to February, there was more movement from Alberta, other areas of BC, and the Lower Mainland/Vancouver Island.

Who's Buying Real Estate? More FIrst Time Buyers. January 2013 Report

324208 — Wed, 27 Feb 2013 16:09:00 GMT

The results of OMREB's JANUARY 2013 Buyers Survey are posted! A total of 122 respondents participated in this survey – representing 54.5% of the 224 OMREB sales representatives who acted as Buyers Agents, and 42.8% of the 285 deals closed on behalf of Buyers in January.

JANUARY SURVEY SUMMARY

Property Type:
24.8% by First Time Buyers (up from 17.5% in December)*
19.8% of purchases were by Move-Up Buyers (down from 29.9%)
13.2% buying Revenue/Investment Property (up from 9.3%)*
11.6% purchasing Recreation Property (similar to December)
10.7% moving from Single Family to Strata (up from 5.2%) *
3.3% moving from Strata to Single Family (down from 4.1%)
2.5% moving into Retirement/Seniors Community (down from 3.1%)

* During the month of January, there was a substantial increase in purchases by First Time Buyers, and Single Family Homeowners moving to Strata Unit, and in the sales of Revenue/Investment Properties compared to December, while sales in other categories declined.

Buyer Type (Family Dynamic):
32.2% Two Parent Family/Children (up from 29% in December) **
25.6% Couple without Children (up from 20%) **
19.8% Empty Nesters/Retired (down from 21%)
10.7% Single Female (down from 15%)
9.9% Single Male (down from 13%)
2.5% Single Parent with Children (down from 4%)

** In January, there was an increase in purchases by Two Parent Families with Children, and Couples without Children compared to December, while other categories saw decreases.

Moving From:
61.5% from Within OMREB Board Area (down from 68.7% in December)
14.8% from Lower Mainland/Vancouver Island (up from 7.1%) ***
11.5% from Alberta (up from 9%) ***
4.1% from Other Areas in BC (same as December)
4.1% from Eastern Canada/Maritimes (same as December)
2.5% from Saskatchewan/Manitoba (up from 2%) ***
1.6% from Outside Canada (down from 3%)
0% from NWT/Yukon (down from 2% -- 16th month reported)

*** Compared to December, there was more migration from the Lower Mainland/Vancouver Island, Alberta and Saskatchewan/Manitoba in January, but less movement from within the Board area, from NWT/Yukon, and from overseas.

"Brell" - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®
Sutton Group - Lakefront Realty
2749 30 Street, Vernon, BC, V1T 5C6
A growing team, a different approach...we are better together!

OKANAGAN-SHUSWAP HOUSING MARKET CAUTIOUS GOING INTO 2013

324208 — Thu, 07 Feb 2013 01:00:00 GMT

JANUARY STATS: OKANAGAN-SHUSWAP HOUSING MARKET CAUTIOUS GOING INTO 2013

Just checked and found this release online:

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. 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.

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.

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 North Okanagan took a hit this month with a 40% decline in this segment.

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.

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.

Active listings are trending downward as fewer new listings are being taken, and sales are picking up with the level of demand. 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.

Look at WHAT sold in order to determine what is really going on in the 3 zones of Okanagan Shuswap Real Estate.

Find us on Google+ (feel free to share with your

network)

Now back to the database and determine the monthly numbers to create zone specific real estate reports

Saludos,

Brell

If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Bre
nda Ellis REALTOR®

Sutton Group - Lakefront Realty
2749 30 Street, Vernon, BC, V1T 5C6
A growing team, a different approach...we are better together!

Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

Taxes- HST, GST, PST and Transitional Guidelines for New Home Sales

324208 — Sun, 03 Feb 2013 17:46:00 GMT

Frequently Asked Questions - PST Transition Rules

Why are transition rules necessary?
Transition rules determine whether 12% HST or 5% GST will apply to new housing contracts that start before April 1, 2013, but conclude on or after this date. Both the federal and provincial governments administer their own set of transition rules.
When does HST apply, and when does GST apply?
HST applies if tax becomes payable before April 1, 2013.
GST applies where tax becomes payable after March 31, 2013. In addition, the BC transition tax may then apply where construction or substantial renovation is at least 10% complete on April 1, 2013.

Generally, when does the tax become payable?

Except for the sale of certain residential strata units, the tax is payable on the earlier of the following dates:

when the seller transfers ownership (also known as the completion date) of the new home to the buyer, OR
when the seller transfers possession of the new home to the buyer under the Contract of Purchase and Sale.

In summary:

The 12% HST applies if the seller transferseither possession or ownership of a new home to the buyer before April 1, 2013.

The 5% GST applies if the seller transfersboth possession and ownership of a new home on, or after, April 1, 2013.

Generally, when does the tax become payable when the transaction involves a strata unit?
The general tax payable rule will apply for stratas except where the strata plan hasn’t been registered as a condominium by the date possession is transferred. The tax payable is then based on the earlier of the following dates:
- when the seller transfers ownership (also known as the completion date), OR
- 60 days following the date the strata plan is registered.
Who will be responsible for paying the GST?
As was the case prior to the implementation of the HST, the seller is responsible for charging GST on the sale to the buyer, and must then collect and remit the tax to the Canada Revenue Agency (CRA).
Will the PST apply to real property?
No. HST will generally cease to apply on the purchase of new housing as of April 1, 2013, even if the Contract of Purchase and Sale was signed or new home construction started before April 1, 2013, provided neither possession nor ownership transfer before April 1, 2013. However, the provincial government may collect a temporary transition tax of 2% if certain conditions are met.
How will the temporary transition tax work?
The provincial government may, in certain circumstances, collect a temporary transition tax of 2% on the purchase price of a new home where:
- HST does not apply to the sale (that is, GST applies because tax is payable on or after April 1, 2013), the construction or substantial renovation of the new housing is at least 10% complete before April 1, 2013, and
- either ownership or possession of the new housing transfers, or a deemed sale of the new housing (for example, a self-supply of an owner-built rental unit) transfers before April 1, 2015.
Who pays the temporary transition tax?
The BC transition tax will be payable by the buyer and collected by the seller on the same date the GST becomes payable. The seller is responsible to collect and remit the tax to the CRA. Buyers may wish to ensure that an appropriate allocation of the BC transition tax and BC transition rebate is factored into negotiations between the buyer and seller.
How will the temporary transition tax work when the transaction involves a strata unit?
The general temporary transition tax conditions are applicable to sales of strata units; that is, HST doesn’t apply, construction is 10% or more complete before April 1, 2013 and possession or ownership transfers before April 1, 2015.
Again, if the strata plan is not registered by the date possession is transferred, the temporary transition tax is payable on the earlier of the following dates:
- when the seller transfers ownership (also known as the completion date), OR
- 60 days following the date the strata plan is registered.

Are there any rebates for sellers related to the temporary transition tax?

Yes, the BC government has introduced a transition rebate to recognize that a seller will not be able to claim input tax credits on PST paid on construction materials acquired after March 31, 2013. The rebate is available where both conditions are met:

The BC transition tax applies to the sale of new housing, AND
Construction or substantial renovation is at least 10%, but not more than 90%, complete, before April 1, 2013.

The transition tax rebate for new housing will be calculated on the degree of completion of the housing as of April 1, 2013:

Degree of construction complete as of April 1, 2013	Transition tax rebate as a percentage of consideration or fair market value
Less than 10 per cent	Not applicable
10 per cent ≤ and < 25 per cent	1.5 per cent
25 per cent ≤ and < 50 per cent	1.0 per cent
50 per cent ≤ and < 75 per cent	0.5 per cent
75 per cent ≤ and < 90 per cent	0.2 per cent
90 per cent or greater	0.0 per cent

How will the transition affect the way REALTORS® prepare or counter a standard form Contract of Purchase and Sale?
The BC government has introduced disclosure requirements for builders (i.e., sellers) during the transition period to clarify the taxes and rebates that are included in the sale price stated in the Contract of Purchase and Sale.
Agreements entered into from December 1, 2012 to March 31, 2015 must contain the following prescribed information:
- the value of consideration (i.e., purchase price), disclosure of whether tax is inclusive or exclusive of the price, and a breakdown identifying the amount and rate of each tax and/or rebate where applicable;
- a statement that discloses whether or not the seller is a foreign supplier (essentially, a “foreign supplier” is not resident of Canada); and
- if the seller is not a foreign supplier, then the following Notice to Purchaser “If (a) both ownership andpossession of newly constructed or substantially renovated housing transfer on or after April 1, 2013 and (b)either ownership or possession of the housing transfer before April 1, 2015, then
  - the 7% provincial component of the HST and the BC HST new housing rebate for primary places of residences will not apply,
  - the 2% BC transition tax may be payable by the buyer, and
  - the supplier may be eligible for a BC transition rebate in respect of the housing.
NOTE: An alternate Notice to Purchaser is required where the seller is a foreign supplier.
Buyers may wish to ensure that an appropriate allocation of the temporary transition tax and transition tax rebate is factored into negotiations between the buyer and seller.
NOTE: Special rules apply where agreements were entered into prior to November 18, 2009 and/or construction/substantial renovation of homes began before July 2010 and ownership and possession will transfer after April 1, 2013.
If a Contract of Purchase and Sale for a new home was signed on or after February 17, 2012 and before December 1, 2012, and included an addendum containing required information, is any further action needed?
Yes. Where the CPS was signed on or after February 17, 2012 and before December 1, 2012, and neither ownershipnor possession transfer on or before December 31, 2012, then a new addendum (available through WEBForms®) must be provided to the buyer by January 2, 2013. While the addendum must be signed by the seller, it doesn’t have to be signed by the buyer.
If a sale is subject to transition tax (that is, tax becomes payable after March 31, 2013 and before April 1, 2015, and substantial renovation or construction is at least 10% complete before April 1, 2013), the seller must ensure that the statement of adjustments (or other document issued at the time tax is payable) contains the information in the addendum, plus disclose the completion percentage as at immediately before April 1, 2013, and as at the date tax is payable.
What methods can be used to provide the buyer with the addendum?
There are four acceptable delivery methods:
- in person,
- courier or registered mail,
- fax, or
- any other means, including email, if written confirmation of receipt by the buyer or the buyer’s agent is obtained.
Is there a penalty for builders who don’t make the required disclosures during the transition period?
Yes. A penalty of up to $10,000 per home (or one per cent of the purchase price) can be imposed on a builder who fails to fully and accurately disclose the required information. In the case of a builder who knowingly makes a false statement, a penalty of up to four per cent of the purchase price may be imposed, to a maximum of $40,000 per home.
Copyright ©2011 BCREA - British Columbia Real Estate Association.
If you or anyone you know is looking for real estate services, I'd love to help.
Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®
Sutton Group - Lakefront Realty
2749 30 Street, Vernon, BC, V1T 5C6
A growing team, a different approach...we are better together!
Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

DECEMBER 2012 STATS: OKANAGAN-SHUSWAP HOUSING MARKET STABLE AT YEAR-END

324208 — Mon, 07 Jan 2013 19:58:00 GMT

DECEMBER 2012 STATS: OKANAGAN-SHUSWAP HOUSING MARKET STABLE AT YEAR-END

Kelowna, BC – The Okanagan Mainline Real Estate Board (OMREB) reported December 2012 sales activity of all MLS® property types is down marginally over the same month last year but has increased year-to-date compared to 2011 -- ending the year on a stable note.

A typical seasonal slow-down was seen in December but for the most part, the housing market in the Okanagan-Shuswap remained fairly stable during 2012 and looks to continue this positive trend into the New Year. Overall sales for the month dipped 6% Board-wide compared to last year at this time, while year-to-date (January through December) sales were up 7% over 2011.

Sales continue to vary among single family, townhouse and apartment properties month by month and zone by zone due to the divergence in our market. While sales of all property types dropped by 22% in the North Okanagan and 18% in the Shuswap, the Central Okanagan showed a 3% improvement over December 2011. However, Board-wide total residential sales from January through December showed gains over last year with the North Zone leading the way at 9% year-to-date, followed by a 7% rise for the Central Zone, and 3% in the Shuswap.

The year ended fairly positively as forecasted expectations for growth in year-over-year residential sales for our Board area were met. While many markets in the province were sluggish, OMREB saw strong gains most of the year and did not see declines until the last couple of months.

Pricing is as important as ever with potential buyers taking a wait-and-see approach and some choosing to delay making purchases because they are hoping to see further price drops. However, home prices in our market are pretty stable and have remained flat overall, so we don’t anticipate any significant downward or upward pressure during the coming months. We could see more new listings when those sellers currently sitting on the fence see that inventory is moving as the market continues to improve going forward.

Look at WHAT sold in order to determine what is really going on in the 3 zones of Okanagan Shuswap Real Estate.

Find us on Google+ (feel free to share with your

network)

Saludos,

Brell

If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®
Sutton Group - Lakefront Realty
2749 30 Street, Vernon, BC, V1T 5C6
A growing team, a different approach...we are better together!
Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

2013 Property Assessments-Values Remain Stable

324208 — Thu, 03 Jan 2013 20:18:00 GMT

More than 150,000 property owners throughout the Central Okanagan, and North Okanagan-Shuswap regions can expect to receive their 2013 assessment notices in the next few days.

Most homes in the OMREB region are remaining stable in value compared to last year's assessment roll. Home owners in the North Okanagan and Shuswap can expect modest changes in the 0% to -5% range, while commercial and industrial properties will see changes ranging from +5% to -5%. Most homes and commercial/industrial properties in the Central Okanagan can expect changes ranging from -5% to +5%.

North Okanagan-Shuswap: Overall, the assessment roll decreased from $27,387,550,091 last year to $26,391,682,576 this year -- including $354,569,677 for subdivisions, rezoning and new construction. Please note that the North Okanagan Assessment region includes the Shuswap and Revelstoke. Click here for detailed media release and backgrounder.

Central Okanagan: Overall, the assessment roll decreased from $40,748,380,318 last year to $40,599,516,028 this year -- including $280,572,573 for subdivisions, rezoning and new construction. Clickhere for detailed media release and backgrounder.

Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice, should contact the BC Assessment office as indicated on their notice as soon as possible in January.

More Info Online: Please visit www.bcassessment.ca for more information about the 2013 Assessment Roll including lists of 2013's top most valuable residential properties across the province. Property owners can also contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322).

Special for 2013: Property owners can also visit the website for an online customer service survey, available until January 31. They can also compare assessments for similar properties online! Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.

Got Questions about your Tax Assessment - pop me an email tobrell@gmail.com and let's chat!

If you or anyone you know is looking for real estate services, I'd love to help.

NOVEMBER 2012 Real Estate Buyers Survey

324208 — Sun, 16 Dec 2012 16:46:00 GMT

The results of OMREB's NOVEMBER 2012 Buyers Survey are in! A total of 172 respondents participated in this survey – representing 59% of the 292 OMREB sales representatives who acted as Buyers Agents, and 42% of the 409 deals closed on behalf of Buyers in November.

NOVEMBER SURVEY SUMMARY
Property Type:
28.7% of purchases were by Move-Up Buyers
18.9% by First Time Buyers
12.8% buying Revenue/Investment Property (up from 8.4% in October)*
10.4% moving from Single Family Home to Strata Unit
9.1% purchasing Recreation Property (up from 7.3% in October)*
4.3% moving from Strata property to Single Family Home
3.7% moving into Retirement Home/Seniors Community (up from 2.8% in October)*

* During the month of November, there was a jump in the sales of Revenue/Investment and Recreation Properties, and an increase in Seniors moving to Retirement Communities compared to October – as noted above. Other categories remained at similar levels to the previous month.

Buyer Type (Family Dynamic):
27.1% Couple without Children
27.1% Two Parent Family/Children (up from 18.6% in October)**
19.4% Empty Nesters/Retired (down from 24.0% in October)**
10.0% Single Female (down from 14.8% in October)**
8.8% Single Male (down from 16.4% in October)**
5.3% Single Parent with Children (up from 3.8% in October)**

** In November, there was a significant increase in purchases by Two Parent Families with Children, and by Single Parents compared to October – as noted above, while other categories saw decreases or remained at similar levels as the previous month.

Moving From:
57.6% from Within OMREB Board Area
11.6% from Alberta (down from 14.3% in October)***
10.5% from Lower Mainland/Vancouver Island (down from 13.7% in October)***
9.3% from Other Areas in BC (up from 8.8% in October)***
4.1% from Saskatchewan/Manitoba (up from 0.5% in October)***
3.5% from Outside Canada (up from 2.2% in October)***
2.9% from Eastern Canada/Maritimes
0.6% from NWT/Yukon (15th month reported)

*** Compared to October, there was less migration from Alberta and the Lower Mainland/Vancouver Island in November, but more movement from other areas of BC, Saskatchewan/Manitoba, and outside Canada -- as noted above.

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