Denise Vines Kelowna and Westside Real Estate

CMHC Spring 2010 housing report.

Denise Vines — Sat, 12 Jun 2010 18:02:00 GMT

Click on the link to see the latest report and forecast for your local real estate market.

http://www.cmhc-schl.gc.ca/odpub/esub/64359/64359_2010_B01.pdf

Royal LePage housing market report.

Denise Vines — Fri, 09 Apr 2010 16:14:00 GMT

CONSUMER CONFIDENCE BOLSTERS HOUSING MARKET BUT RECOVERY UNEVEN ACROSS CANADA

Markets in some cities are overheated while others show modest growth

TORONTO, April 8, 2010 – After a buoyant, if geographically uneven start to the year, Canada’s housing market is poised to moderate as 2010 unfolds, according to the Royal LePage House Price Survey. The post-recession real estate recovery, which began in earnest in the third quarter of 2009, continued unabated in the first quarter of the year. While year-over-year unit sales volumes increased and prices appreciated across the country, a look back at the two year period that spanned the recession’s beginning and end shows that some cities have experienced a rollercoaster effect of declining and rising prices, while at the other extreme, home prices in some regions never stopped appreciating.

“The first quarter of 2010 continued where 2009 left off, with more Canadians enthusiastically participating in a rejuvenated residential real estate market,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “One of the earliest sectors of the economy to return to growth after the difficult recessionary period, the housing sector has been a prime beneficiary of low borrowing costs and improving consumer confidence.”

House prices were up across all key housing types surveyed by Royal LePage, with the average price of a detached bungalow in Canada rising almost 11 per cent to $329,209 in the first quarter year-over-year, while standard two-storey homes rose 10.3 per cent to $365,141 and standard condominiums increased 10.9 per cent to $228,963.

While some analysts have described house price increases over the past 12 months as a national housing boom, an analysis of Royal LePage data from Q1 2008 through Q1 2010 shows three different patterns of house price trends in Canada’s major cities:

a rollercoaster effect in which prices dropped sharply then rose dramatically to levels that exceed pre-recessionary prices (Toronto, Vancouver and Victoria);
non-stop growth markets, which were generally resilient through the downturn with incremental price appreciation over a two-year period (Halifax, Ottawa, Regina, Saint John, St.John’s and Winnipeg); and
level markets, where house prices have remained relatively unchanged (Calgary, Edmonton, Moncton and Montreal).

“National averages from our first quarter report are not particularly useful in painting a picture of the country’s neighbourhood real estate stories. House sale data from the past two year period shows tremendous variances in terms of how different cities reacted to the recession,” Soper said. “In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets; and overly enthusiastic when the tables turned. Montreal is an example of a city where the market has been much more stable and homeowners there seem quite happy with the relatively slow pace of change.”

“Even in our most frenzied pockets of market activity, the inevitable rise in interest rates coupled with home price appreciation will rein in demand as affordability erodes. Expect house prices to continue to rise, but the rate of appreciation should ebb steadily, month by month, throughout the remainder of the year, as balance returns to the industry,” concluded Soper.

Source: Royal LePage Real Estate Services

Royal LePage compared first-quarter house prices from 2008, 2009 and 2010 to show the variances in market trends across Canada. While cities such as Toronto and Vancouver rebounded dramatically from the price declines brought on by the recession in late 2008 and early 2009 – producing a rollercoaster effect – other markets such as Montreal have shown greater stability and steady year-over-year growth.

In addition to strong price appreciation in the first quarter of 2010, the volume of sales also increased year-over-year as pent-up demand from constrained supply of homes for sale in 2009, coupled with unseasonably warm weather, prompted a spike in home sales in the country’s largest housing markets from January through March.

Regional House Price Data

Royal LePage’s latest quarterly House Price Survey shows the strongest growth in year-over-year increases in Vancouver, where detached bungalows were up 21.8 per cent over 2009, to $906,045, standard two-storey houses rose 19.2 per cent to $987,500 and standard condominiums increased 15.7 per cent to $470,500. Because of strong demand, first quarter unit sales in Vancouver were nearly double those of last year. Victoria home prices also showed strong growth year-over-year, with detached bungalows up 12.9 per cent to $511,400.

In Ontario, home prices rose across all key housing types in all of the markets surveyed by Royal LePage, with detached bungalows and standard two-storey homes in Toronto seeing some of the largest gains. Greater Toronto home prices rose an average of 10 to 13.3 per cent year-over-year, with detached bungalows reaching an average price of $459,107 in the first quarter. Ottawa price appreciation ranged from 8 to 11.1 per cent year-over-year, with standard two-storey homes averaging $346,833 in the first quarter.

In Montreal, where average prices increased between 7.2 and 7.6 per cent year-over-year, a standard two-storey home was $355,109 in the first quarter of 2010. The real estate market has been extremely active on the Island of Montreal. Low inventory, combined with the presence of first time buyers and consumers’ desire to beat the expected interest rates hikes have contributed to an increase in average house prices for the first quarter of 2010.

In the Atlantic Provinces, house price appreciation was generally modest, with the exception of St. John’s, Newfoundland, which saw significant increases year-over-year as prices for the three key housing types rose between 17.6 to 18.4 per cent. The average price of a standard two-storey home in St. John’s increased to $313,775 in Q1 2010. Saint John, New Brunswick, also showed strong growth in detached homes, with bungalows up 16 per cent year-over-year to $233,775. Halifax also showed year-over-year price appreciation across all housing types, with standard two-storey houses up 6.8 per cent to $278,267.

Strong economic performance in Saskatchewan continued to bolster the housing market in Regina, where the average standard two-storey house increased 9 per cent to $267,000 in Q1 2010. The city’s limited supply of homes for sale – inventory is at 60 to 70 per cent of 2009 levels – is prompting multiple offers. Meanwhile, similar market dynamics in Saskatoon are putting upward pressure on prices, with standard condominiums seeing year-over-year price gains of 28.3 per cent, to $240,000. Prices for detached bungalows increased by 4.3 per cent in Regina and standard two-storey houses increased 9 per cent.

Average prices in Winnipeg jumped between 9.6 and 11.9 per cent year-over-year, with detached bungalows reaching $259,313 in the first quarter. Price appreciation is being driven by limited inventory and active first time buyers taking advantage of low interest rates.

Housing markets in Alberta continued to recover in the first quarter of this year. Although still averaging lower than pre-recession prices, all housing types in Calgary saw year-over-year price increases ranging from 7 per cent to 10.6 per cent. In Edmonton, home prices remained flat or increased year-over-year, with standard two-storey homes experiencing the largest increases at 5.2 per cent. Data produced by Royal LePage, Canada.

Ecomonic recovery.

Denise Vines — Wed, 03 Feb 2010 20:58:00 GMT

Signs of recovery starting to sway the skeptical

Looks like a V shaped recovery after all

Paul Vieira, Financial Post

OTTAWA -- Despite all the angst in financial markets over sovereign debt and the populist influence on banking reform proposals, the economies in the United States and Canada have chugged along the road to recovery at a pace that's surprising even the most skeptical of analysts.

Data released Friday indicate U.S. GDP grew in the fourth quarter, an estimated 5.7%, at its fastest pace in six years. Meanwhile in Canada, data show November growth was stronger than expected, at 0.4%, while revisions to September and October figures indicate the economy was much stronger than earlier thought.

"It couldn't have been that easy, could it?," asked Stewart Hall, economist at HSBC Securities Canada, who in previous notes had expressed caution about a slow, uneven recovery. "Yet charting out the month over month GDP looks an awful lot like a "V" shaped recovery."

Prior to the release of this data, markets had been consumed with worries in the aftermath of the financial crisis, be it the debt levels of industrialized countries; a slowdown in Chinese growth as Beijing looks to tighten credit conditions, and measures proposed by the U.S. White House that could scale back the size of U.S. banks, leading them in the meantime to restrict credit growth as given their uncertain future.

"One of the important lessons of the crisis was that it was often helpful to focus squarely on more comprehensible macro-cyclical dynamics than on the noise and complexity of these other areas," Dominic Wilson, director of global macro and markets research for Goldman Sachs, said in a note this week.

"The latest focus on the banks might inadvertently restrict credit or tighten financial conditions in ways that do alter the macro path. But we think it makes sense to stay more focused on the economic news rather than shifting views too much on the basis of handicapping the twists and turns of possible legislation and the inevitable news from Washington."

As for the nuts and bolts of the data, analysts had mixed views.

In the U.S., economists at Capital Economics argued the big estimated headline gain was largely due to inventory rebuilding – hence, there's some skepticism that will kickstart a self-sustaining recovery.

But Dawn Desjardins, assistant chief economist at Royal Bank of Canada, said the U.S. data suggest "the consumer, after being in hiding the previous-six quarters, re-emerged in the second-half of 2009. ... This was a reflection of rising confidence that the recession was ending, the effect of government programs and a very low interest rate environment. Going forward, we expect that consumer spending will remain positive but that increases will be moderate as the hangover from the buying binge in previous years constrains activity."

It is not just the consumer. Business investment also surprised on the strong side, with growth of 2.9% after a 5.9% drop in the previous quarter. Investment in equipment and software jumped 13.3%, well above the 1.5% expansion in the third quarter. Net exports also added to U.S. GDP, in a sign that the country is beginning capitalize on its weaker currency and stellar productivity when it comes to trade.

In Canada, the surprisingly strong November data – and upward revisions to September and October – have economists indicating that the recovery is for real, with some now penciling in growth of at least 4% for the fourth quarter, or above the Bank of Canada's own projections. And remember, the central bank's forecast is at the upper end of market projections.

"This is one of the most convincing signs so far that the Canadian recovery is for real, and neatly dovetails with the robust U.S. GDP result," said Douglas Porter, deputy chief economist at BMO Capital Markets.

Ability is what you're capable of doing.

Motivation determines what you do.

Attitude determines how well you do it.

Lou Holtz

15 new condo homes on the Kelowna Foreclosure list.

Denise Vines — Thu, 21 May 2009 17:37:00 GMT

Fifteen condo units starting at $169,000 for a 1 bed, and rising to $289,000 for a 2 bed, 2 bath, over 1300 sq ft home,have just been listed on the foreclosure sales. The homes all located in Lake Country, represent savings of upto $150,000 over the previously listed prices. Give me a call if you would like more information or to view any of these homes. Call Denise on 250-862-7883.

What's selling?

Denise Vines — Wed, 13 May 2009 21:43:00 GMT

More and more first time home buyers are taking advantage of great inventory and very low interest rates. Spring sales activity will likely get a boost from the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers' Plan and the First Time Buyers tax credit.

Well priced single family homes under $400,000 are the hot market at the moment, with suited homes also selling. There are currently 48 suited homes in Kelowna under $400,000 listed for sale.

Kelowna Foreclosure update.

Denise Vines — Thu, 16 Apr 2009 20:55:00 GMT

4 year old family home in the Mission, assessed at $728,000. Foreclosure list price $549,00 and court date set.

Call Denise 0n 250-862-7883 for more information.

Global ConfidenceRises to 11 Month High as Credit Markets Thaw.

Denise Vines — Thu, 16 Apr 2009 19:47:00 GMT

By Shamim Adam

*April 15 (Bloomberg) -- Confidence in the global economy rose to an 11-month high as officials stepped up efforts to thaw credit markets, stocks rallied and some banks returned to profit, a Bloomberg survey of users on six continents showed.

The Bloomberg Professional Global Confidence Index climbed to 21.2 in April from 5.95 in March, the biggest increase since the survey began in November 2007. A reading below 50 means pessimists outnumber optimists. Sentiment climbed the fastest in Asia and the U.S. as respondents around the world became more confident the worst may be over for their economies.

Lenders from Citigroup Inc. to JPMorgan Chase & Co. said they made money in the first two months of the year as zero interest rates and central bank purchases of government debt led to a jump in home loans. At the same time, manufacturing is declining and unemployment rising amid a drop in global demand that may see world trade shrink as much as 9 percent this year.

“The outlook was completely hopeless a month ago and now there’s a slight ray of hope that a recovery in financial markets will lead to a recovery in the broader economy,” said Chris Rupkey, chief financial economist at Bank of Tokyo Mitsubishi UFJ Ltd. in New York, and a survey participant. “Things are not as gloomy as before. We will improve slowly, probably in fits and starts.”

The survey of more than 1,300 Bloomberg users was conducted between April 6 and April 10. Since the previous survey, Federal Reserve Chairman Ben S. Bernanke said the “sharp decline” in the U.S. economy is easing, and the Group of 20 nations increased the resources of the International Monetary Fund.

*excerpt from the Bloomberg Press on-line

Canadian real estate market relatively resilient during first quarter.

Denise Vines — Fri, 10 Apr 2009 05:09:00 GMT

Only modest house price declines despite predictions of double digit depreciation

TORONTO, April 8, 2009 – Consistent with current economic trends, Canadian residential real estate prices declined during the first quarter, according to a quarterly House Price Survey released today by Royal LePage Real Estate Services Ltd. As the market correction unfolds, year-over-year home prices were lower, as was expected. Increased buyer activity at the end of March suggests that spring will bring its typical increase in unit sales activity as buyers target summer moves.

Regional disparities in quarterly housing prices showed markets in Atlantic Canada outperforming other areas of the country as hardy local economies spurred house price growth across the three housing types surveyed. Markets in central Quebec and eastern Ontario held steady with areas of modest growth and limited declines. In the balance of Ontario, and in particular the Greater Toronto Area, prices retreated from the record levels set in the first quarter of 2008, with most trading areas showing mid to low single digit declines. With the exception of Manitoba, western provinces saw significant changes as the rapid run-up in prices experienced earlier in the decade gave way to double-digit declines in most regions. As market corrections in B.C. and Alberta were underway well ahead of the full impact of the current economic crisis, it is suggested that these areas may be first in Canada to stabilize.

“We expected a sharper decline in house prices across Canadian markets during the first quarter,” said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services Ltd. With economic hardship dominating our global consciousness, it was predictable that dwindling consumer confidence would continue to drive prices lower. But markets were relatively resilient during the period. Soper continued, “Canadians in most regions should not expect the prices of their homes to begin appreciating again until the overall economy begins to stabilize, likely in the first half of 2010.”

The report shows that the average price of a two storey home in Canada declined 6.5 per cent to $379,636 compared to the same quarter last year. In Vancouver, the average price declined 12.6 per cent year-over-year to $828,750 while in St. John’s prices climbed 15.6 per cent to $265,000. With consumer confidence bolstered following investments by Vale Inco NL and Hebron, Soper commented: “Using house price change as a gauge, Newfoundland is Canada’s sole remaining seller’s market."

Moderate growth occurred for detached bungalows in Montreal (up 2 per cent) and Ottawa (up 1.9 per cent), while Toronto saw a decline of 6.3 per cent compared to the same period in 2008. Prices in the prairies and in western cities declined with the average price for a detached bungalow down 8.1 per cent in Saskatoon and 11.2 per cent in Edmonton.

The nation’s condominium market waned with the average price of a standard unit dropping 3.4 per cent to $232,877 compared to $241,152 in the first quarter of 2008. Calgary saw a 12.8 per cent drop in average price of condominiums, but declines were less severe in Vancouver (down 5.3 per cent) and in Toronto (down 3.1 per cent). “Condominiums are generally the most affordable housing option, especially in urban centres,” Soper said. “With record low lending rates and new government initiatives aimed at encouraging first-time buyers to enter the market, ownership at the entry level is becoming increasingly accessible.”

Noting recent global efforts to address the economic crisis, including the coordinated response from the world’s leading economies coming out of the G20 meeting and stimulus package announcements at home and in the United States, as well as what appears to be the beginning of equity market recovery, Soper commented, “These glimmers of economic hope are coinciding with a time of year that typically brings renewed interest in the housing market. Traditional spring trends – increases in open house attendance, calls to brokers and viewing appointments – tell us that potential buyers are stepping off the sidelines and an increase in purchase activity is likely to follow.”

Kelowna Foreclosures.

Denise Vines — Mon, 06 Apr 2009 06:55:00 GMT

Current foreclosure Data

Type of property	Listed	Under offer	Sold YTD
Single Family	18	0	4
Condo /townhouse	4	1	0
Mobile	0	0	0
Lots	2	0	0
Totals	24	1	4

Average Assessed value			$476,500
Average list price			$429,250
Average sale price			$407,875

New today
Townhouse in Glenmore
updated 6 April 09

2 Story For Sale in Westbank

Denise Vines — Thu, 08 Jan 2009 06:00:00 GMT

includes 40in. plasma and media equip.

• 2,540 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $447,750 - Lots of extras.

Westbank, West Kelowna - Shows as a brand new home. Seller has done a quality job finishing the basement. Home is currently handicap equipped with stairlift, ramps, and riser chairs, all can be negotiated or removed. Excellent floor plan with 3 beds on main, beautiful great room, ultra modern feel with colours and furnishings, light fittings etc. The price includes a 40 inch plasma TV and all media room projection equipment. All other furniture and furnishings are negotiable. Come and see it you won't be disappointed.

Property information