Posted by stoneteam on August 31, 2010 | No Comments
Globe and Mail, August 31,2010
Housing starts are expected moderate in the second half of this year and stabilize in 2011 at levels consistent with demographic trends, Canada Mortgage and Housing Corporation says.
CMHC’s second-quarter outlook, issued Tuesday, said housing starts are expected to be in the range of 170,200 to 198,400 units for 2010 as a whole as a result of the slowdown.
“Housing starts will moderate in the coming months as activity becomes more in line with long-term demographic fundamentals,” Bob Dugan, CMHC’s chief economist, said in a news release.
In 2011, housing starts will be in the range of 146,900 to 210,500 units, CMHC said.
Mr. Dugan also noted that existing home market conditions will remain balanced over the next two years as Multiple Listing Service re-sales ease and inventory levels remain elevated.
Existing home sales will be in the range of 450,000 to 485,700 units in 2010.
In 2011, MLS sales will move lower and are expected to be in the range of 425,000 to 490,700 units, CMHC said.
With an improved balance between demand and supply, the average MLS price is expected to edge lower through the end of 2010 and then rise modestly in 2011, it added.
Posted by stoneteam on August 26, 2010 | No Comments
It’s almost back to school and it’s time to register the kids if you are new to the School District 23. We have an excellent selection of schools to choose from here in Kelowna whether you are enrolling your children in French Immersion or English.
My children have been in the French Immersion program for several years now and we are very impressed with how much they are learning. They start of speaking a little French throughout the day and gradually move up to speaking primarily French. Studies have shown that children who have a second language are more adept at learning additional languages and it expands their thought process.
If you have any questions about cachment areas or want details about how French Immersion has worked for our family, just give us a call or email.
Tamara Stone
Posted by stoneteam on August 13, 2010 | No Comments
We were just speaking to some agents around our office asking about the activity they are getting on their listings right now. Steve Kirk said that they’ve had 17 showings in the last 3 days (and one offer). We have had 13 showings in the last 3 days and Terry Balfour has had several as well. The latest statistics were not encouraging with July of this year being the slowest July in the last 10+ years. Part of that may be the HST which came into effect on July 1st and is applicable on all new housing. Part of it is the economy. And part of it is this gorgeous weather we are experiencing.
However the good news is that Kelowna is still an amazing place to live and play. With 4 distinct seasons, an expanding hospital, an international airport and a highly respected university, Kelowna has a lot to offer. The local real estate market may be slower than we’d like to see, but it will improve.
if you have any questions, please let us know.
Posted by stoneteam on August 12, 2010 | No Comments
New to the Area? Are you a new comer to the Okanagan or BC? Here are some details that need you attention
Posted by stoneteam on July 21, 2010 | No Comments
Congratulations to Tamara & Shannon Stone for achieving their RE/MAX Hall of Fame Award. They joined the RE/MAX family in November of 2005 and we are proud of their achievements. Congratulations Stone Sisters
Posted by stoneteam on July 2, 2010 | No Comments
There has been a lot of talk and a lot of confusion regarding HST. We found a great article that will show what the cost is and we’ll upload that to our website shortly. One thing to remember is that HST is only applicable on NEW HOMES. Used residential housing is exempt. New home sales account for a fairly small portion of the residential market here in Kelowna (less than 13%) and there is no increase in the cost for properties that are under $525,000. On an $800,000 new property, the price will be approximately $13,000 higher than prior to the HST coming into effect.
If you have any questions, about HST or the Real EState Market in Kelowna, please give Tamara or Shannon Stone a call or email.
Posted by stoneteam on July 2, 2010 | No Comments
Below is some information on HST. Note that within these guidelines, Unlike PST, under the HST there will be no sales tax embedded in the price… click here HST to learn more
Posted by stoneteam on June 25, 2010 | No Comments
You may have noticed a few more sold signs appearing lately. With the rainy weather behind us (we hope!) it appears that the market is picking up a little. We are seeing more sales in the last couple weeks which is fantastic news. Three properties that have been on the market for over a year (at over a million dollars each) got offers this week which may indicate that it’s not just the lower price ranges that are moving. This increase in sales is great news for everyone in Kelowna as the business will also affect landscaping companies, home renovation companies, hardware stores etc. Today on the MLS system for the Central Okanagan, there were 31 new listings taken (including lots, condos, & homes) and 10 sales.
For detailed information on the best buys on the Kelowna Real Estate market, please give us a call.
Posted by stoneteam on June 4, 2010 | No Comments
The statistics were just released from Okanagan Mainline Real Estate Board for activity in our market May 2010. There were 187 single family homes sold compared to 209 the month before and 189 May of 2010. There are presently 1831 homes listed for sale and 10.21% of what is listed is selling now. Homes are taking on average, 75 days to sell and the median home price is $460,000 (average house price is $509,472.96). We will happily send you more specific details if you’d like.
And if we can help with any of your Real Estate needs, please let us know – we’d love to help!
Posted by stoneteam on May 18, 2010 | No Comments
Okanagan Mainline Real Estate Board (OMREB) just released the statistics for the month of April. If you’d like us to email you details of the full report, just let us know, in the meantime:
There were 404 units sold in the month of April compared to 388 in March of this year and 321 for April of 2009.
77 of the sales last month were apartment style condos, 50 were townhomes, 28 were lots and 194 were single family homes.
The median house price is $461,000 and the average home price is $502,523.
There were 1364 new listings taken last month compared to 1362 the month of March and 1169 in April of 2009.
What does this all mean? There’s a lot to choose from out there. Single family homes are selling better than anything else, with 11.04% of what’s listed selling. We are still in a strong Buyer’s market and homes must be well priced to sell.
We are seeing a return of the out of town buyer, Shannon and I had 3 groups here from Alberta last weekend. All were here to live full-time, they had found jobs already and wanted good neighbourhoods that would work for them and their families (we’re happy to report that all 3 found something they love!). But even the out of town buyers are price sensitive and well educated on our real estate market. They want to see a lot of homes before making an offer and they also want details on what has sold in the area recently.
If we can help you, or someone you know, find a great home here in Kelowna, please let us know!
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