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http://money.ca.msn.com/banking/homebuyersguide/article.aspx?cp-documentid=26127042
Interesting article here for my anyone with Real Estate investments to read. Realtors hate the 'negative' news but reality suggests we had better be advising our clients on news form all different sources.
Also posted on my Facebook site.
Monday, November 1, 2010
Saturday, September 4, 2010
NO BUBBLE HERE!
ReMax Kelowna's Cliff Shillington reacts to the report from the Canadian Centre for Policy Alternatives recently by say their warning of a housing bubble does not relate to the Kelowna area.
I have to agree.
Cliff points out that for such a situation to occur you need, "rapidly rising prices meeting a big increase in mortgage interest rates forcing people to sell and prices to drop in all the freefall activity". Clearly, as he suggests, we do not have any of that in the Okanagan.
Prices have remained steady over the last two years and it is expected that interest rates will stay near their historic lows and the real estate market will remain flat.
This is one of the best reads of the situation I have read so far!
I have to agree.
Cliff points out that for such a situation to occur you need, "rapidly rising prices meeting a big increase in mortgage interest rates forcing people to sell and prices to drop in all the freefall activity". Clearly, as he suggests, we do not have any of that in the Okanagan.
Prices have remained steady over the last two years and it is expected that interest rates will stay near their historic lows and the real estate market will remain flat.
This is one of the best reads of the situation I have read so far!
Tuesday, August 31, 2010
CMHC Stats
New CMHC stats show housing starts are down and suggest that the housing sector will not be a factor in economic recovery. The drop is explained in part by higher interest rates and stiffer mortgage qualification requirements.
Interesting discussion is included around an independent report that talks of the potential for a housing bubble in several urban markets. It also points out that historically "house prices have tended to hover within a narrow range of between 3 and 4 times the annual median income" but that currently they are from 4.7 to 11.3 that amount.
Interesting discussion is included around an independent report that talks of the potential for a housing bubble in several urban markets. It also points out that historically "house prices have tended to hover within a narrow range of between 3 and 4 times the annual median income" but that currently they are from 4.7 to 11.3 that amount.
Friday, August 27, 2010
THE FUTURE OF REAL ESTATE
Just picked up an article from the Seattle Times which I have posted on my Facebook page and Linkedin site. Be sure to read it!
It says in plain language that "People shouldn't look at a home as a way to make money, because it won't". It points to the current dip in activity as the new reality in the market for the years to come.
"Wealth generated by housing in those decades (the second half of the 20th century), particularly on the coasts, did more than assure owners a comfortable retirement. It powered the economy, paying for the education of children and grandchildren, keeping cruise ships and golf courses full and restaurants humming. That era is probably gone for good."
This article is well documented and goes a long way to explaining what may lie ahead in the industry.
Enjoy!
It says in plain language that "People shouldn't look at a home as a way to make money, because it won't". It points to the current dip in activity as the new reality in the market for the years to come.
"Wealth generated by housing in those decades (the second half of the 20th century), particularly on the coasts, did more than assure owners a comfortable retirement. It powered the economy, paying for the education of children and grandchildren, keeping cruise ships and golf courses full and restaurants humming. That era is probably gone for good."
This article is well documented and goes a long way to explaining what may lie ahead in the industry.
Enjoy!
Wednesday, August 18, 2010
Where is the Market?
I am posting articles that I find on the Real Estate market to my Facebook and Linkedin sites as a way of trying to keep readers informed as to what is going on out there. As a former educator I have always had an interest in NEWS and believe by following it closely one can stay on top of current trends.
Two new articles posted this week, one entitled 'Personal Finance: The retirement process', is a great article for Baby Boomers and how they can prepare for retirement so that when the day arrives they have everything in order. Such novel suggestions as; "One the day that you retire, you'll want to spend a lot of money", gives readers a lot to think about!
The second article 'Existing home sales fall, new sales tax blamed', gives a brief update on the possible impact of the HST on house sales in Ontario and BC. As we weather another slowdown in market activity here in the Okanagan I try to collect articles like this to give readers an idea as to what is happening.
Stay tuned!
David
I am posting articles that I find on the Real Estate market to my Facebook and Linkedin sites as a way of trying to keep readers informed as to what is going on out there. As a former educator I have always had an interest in NEWS and believe by following it closely one can stay on top of current trends.
Two new articles posted this week, one entitled 'Personal Finance: The retirement process', is a great article for Baby Boomers and how they can prepare for retirement so that when the day arrives they have everything in order. Such novel suggestions as; "One the day that you retire, you'll want to spend a lot of money", gives readers a lot to think about!
The second article 'Existing home sales fall, new sales tax blamed', gives a brief update on the possible impact of the HST on house sales in Ontario and BC. As we weather another slowdown in market activity here in the Okanagan I try to collect articles like this to give readers an idea as to what is happening.
Stay tuned!
David
Thursday, August 12, 2010
August Issue: RE/MAX Western Canada Region Update
The August issue of the RE/MAX of Western Canada Region Update is now online!
With your success in mind, the Region Update continues to provide all the content you expect from RE/MAX of Western Canada, but is now available in an easy to navigate, always available website.
In this issue:
· TD Referral Contest
· Quest For Excellence Bursary Program Changes
· Special Events Team Booking Procedures
· Professional Development Retreat Info
· …and much more!!
Check it Out Today!
With your success in mind, the Region Update continues to provide all the content you expect from RE/MAX of Western Canada, but is now available in an easy to navigate, always available website.
In this issue:
· TD Referral Contest
· Quest For Excellence Bursary Program Changes
· Special Events Team Booking Procedures
· Professional Development Retreat Info
· …and much more!!
Check it Out Today!
Saturday, February 27, 2010
MARKET TRENDS REPORT - 2010
http://www.okanaganlandco.com/images/report.pdf
RE/MAX - Low Inventory Levels.
http://www.okanaganlandco.com/images/pressrelease.pdf
EDITORIAL
http://www.okanaganlandco.com/images/editorial.pdf
http://www.okanaganlandco.com/images/report.pdf
RE/MAX - Low Inventory Levels.
http://www.okanaganlandco.com/images/pressrelease.pdf
EDITORIAL
http://www.okanaganlandco.com/images/editorial.pdf
Monday, January 18, 2010
The Olympics
There is a lot of discussion around how the Olympics will or are affecting Real Estate in British Columbia.
There is no question that it is certainly having an impact, most assuredly in the Lower Mainland and to some extent in other areas outside. In the Okanagan there is definately a slow down on the number of listings and volumes of sales as it would appear people are putting their thoughts of purchases on hold until after the Games are over.
By the middle of March we predict an increase in activity with pent up demand, as much of the industry will have been on hold since November. As the weather begins to change in March people will begin thinking again about the Okanagan in full bloom and will want to continue to explore their lifestyle changes or their plans for that vacation home.
We are advising Sellers to begin looking at listing there home now to be ready for the upsurge in market interest and Buyers to look seriously now at properties they may be interested in as prices may begin to rise with an increase in activity.
While we all hope for increased interest from the people who have travelled to the Olympics from other spots on the globe that may not have a measurable impact for some time to come.
Meanwhile...Good Luck to all our athletes. Make Canada proud!
There is no question that it is certainly having an impact, most assuredly in the Lower Mainland and to some extent in other areas outside. In the Okanagan there is definately a slow down on the number of listings and volumes of sales as it would appear people are putting their thoughts of purchases on hold until after the Games are over.
By the middle of March we predict an increase in activity with pent up demand, as much of the industry will have been on hold since November. As the weather begins to change in March people will begin thinking again about the Okanagan in full bloom and will want to continue to explore their lifestyle changes or their plans for that vacation home.
We are advising Sellers to begin looking at listing there home now to be ready for the upsurge in market interest and Buyers to look seriously now at properties they may be interested in as prices may begin to rise with an increase in activity.
While we all hope for increased interest from the people who have travelled to the Olympics from other spots on the globe that may not have a measurable impact for some time to come.
Meanwhile...Good Luck to all our athletes. Make Canada proud!
Monday, January 11, 2010
Movie Theatre Announced
There was exciting news in the local papers last week about the planned commercial centre across the River Channel from Green Avenue, in Penticton. The announcement centred around a movie theatre, a long awaited devlopment in the Penticton and surrounding area. It was somewhat premature however as negotiations are still underway with the Provincial Government for the construction of a bridge over the Channel. While I was Mayor in 02-05 I initiated discussions around providing sewer service to the Reserve side of the River Channel and that generated considerable development interest in this land at the time. The eventual announcement of the bridge will mean an opportunity for Locatee land holders as development interests will be looking at all the land from Highway 97 to Green Mountain Road.
This is an exciting development for Penticton and the trading area to the south as it means that services and products will be provided right here in Penticton instead of further up the Highway in West Kelowna. Eventually we will see a seamless commercial corridor extending north on the Parkway bordered by the River Channel. LandMark Cinemas' propose a six theatre complex with all the current technology, with room for market expansion to nine offerings. Additional and complimentary businesses proposed are sure to make this a 'Destination Centre' for the region.
This is an exciting development for Penticton and the trading area to the south as it means that services and products will be provided right here in Penticton instead of further up the Highway in West Kelowna. Eventually we will see a seamless commercial corridor extending north on the Parkway bordered by the River Channel. LandMark Cinemas' propose a six theatre complex with all the current technology, with room for market expansion to nine offerings. Additional and complimentary businesses proposed are sure to make this a 'Destination Centre' for the region.
Monday, January 4, 2010
Investing in the Okanagan
As my first blog of the New Year I will hit on my current theme and one of interest to those looking at my web site and that is the current recession and the value of investing in the Okanagan.
Inspite of the 2007-2009 international economic situation the Okanagan Valley remains a solid investment opportunity for those interested in real estate. This is for two reasons; climate and demographics.
The Okanagan with its mild winter climate and warm, sunny summers is a popular tourist destination for BC and Prairie folk. The abundant beaches on Okanagan, Skaha and Osoyoos lakes has made it a popular destination since the 1950's. That population segment is now looking to retire out of Vancouver, Edmonton and Calgary and is already purchasing a slice of that romantic childhood memory.
Add to that the burgeoning wine industry and the valley is slowly developing a more sophisticated cultural base that is appealing to people who spent there career years in urban areas. This combination of climate and demographics has served to insulate the Valley against the worst of the economic downturn.
Smart investors or lifestyle seekers will be giving a hard look to those opportunities now.
David
Inspite of the 2007-2009 international economic situation the Okanagan Valley remains a solid investment opportunity for those interested in real estate. This is for two reasons; climate and demographics.
The Okanagan with its mild winter climate and warm, sunny summers is a popular tourist destination for BC and Prairie folk. The abundant beaches on Okanagan, Skaha and Osoyoos lakes has made it a popular destination since the 1950's. That population segment is now looking to retire out of Vancouver, Edmonton and Calgary and is already purchasing a slice of that romantic childhood memory.
Add to that the burgeoning wine industry and the valley is slowly developing a more sophisticated cultural base that is appealing to people who spent there career years in urban areas. This combination of climate and demographics has served to insulate the Valley against the worst of the economic downturn.
Smart investors or lifestyle seekers will be giving a hard look to those opportunities now.
David
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