Posted by admin on August 25, 2011 | Comments Off
by Jennifer Zielinski – Story: 64019
Aug 24, 2011 / 5:00 pm
Photo: Contributed – CMHC
Canada Mortgage and Housing Corporation expects new home construction to increase 30% in 2012.
CMHC forecasts new home starts in Kelowna to reach 1325, compared to 1025 in 2011.
Paul Fabri, Senior Market Analyst for CMHC in Kelowna, says it’s expected to be a very modest increase in housing starts for 2012.
“In 2010 there were 957 new home starts and we came in slightly higher this year. We will come in slightly higher again next year.”
Fabri says we can expect a bigger improvement on housing starts next year due to employment growth and population growth in the entire province.
“Although the growth is modest, it will trigger some demand for housing – and keep in mind interest rates are to remain low through the balance of this year and into 2012.”
According to Fabri the increase in 2012, although modest, will still exceed the growth from this year.
The supply for existing houses is also predicted to fall, says Fabri.
“There is a good supply of existing homes right now and if that comes down and the inventories of new homes come down then you’ll see builders construct new homes.”
The new homes are also projected at local buyers as Fabri explains there has been a drop in resort-owned homes or second residents.
“The biggest change that we have been seeing over the last 18 months is local buyers, and not as many buyers of investor owned properties that we saw, say, in the mid 2000s, where we saw a lot of buyers from Alberta and the lower mainland.”
Builders are now focusing on local buyers, such as families and seniors, rather than investors.
The key message that Fabri and CMHC are focusing on is that B.C. is seeing growth whether it be in employment or demand for housing.
“All areas in the interior of the province experienced the same kind of trends over the last few years. We saw a big demand for houses in the mid late 2000s then that moderated in the last year or so.”
As for the rental market in Kelowna the vacancy rate is up at 5.5 per-cent compared to 3.5 per-cent in 2010.
MLS is reporting an average price for 2010 at $419,884 compared to $405,000 in 2011 in the resale market.
Posted by admin on August 21, 2011 | Comments Off
Mega-star Brad Pitt has listed his Malibu beach house for $13.75 million.
The 4 bed, 4 bath, 4,088 square foot home on the Encinal Bluffs faces Point Mugu State Park on one side and the Pacific Ocean on the other, and features spectacular ocean views. The Mid-Century Modern main house was recently renovated, and its luxe amenities include a modern stainless kitchen with top-line appliances, bamboo flooring, and walls of glass that look out over the ocean. Two of the 4 bedrooms are currently being used as offices.
The gated home also includes stairs and beach access to a private cove, 3 fireplaces, a security system, and tennis court. Buyers who need more square footage will be happy to know that the property has Planning and Coastal approval for an additional story designed by Chris Sorenson.
Brad Pitt is, along with life partner Angelina Jolie, one half of one of the most famous couples in Hollywood. He most recently appeared in “The Tree of Life,” and will soon be seen in the baseball business movie “Moneyball.” Angelina Jolie was recently cast as Cleopatra in a new film version of the famous queen’s life which is set to appear in 2013.
Aerial view via Google Maps.
Read more: Brad Pitt Lists Malibu Beach House for $13.75 Million | REALTOR.com® Blogs
Posted by admin on August 11, 2011 | Comments Off
Vancouver, BC – August 11, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 12.9 per cent to 6,533 units in July compared to the same month last year. The average MLS® residential price climbed 10 per cent to $540,877 last month compared to July 2010.
“BC home sales edged down 4 per cent from June to July, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Less frenetic buying activity in Vancouver operated to pull total provincial sales lower.”
“The silver lining in the recent global economic uncertainty is that mortgage rates have the potential to reach record lows in the coming weeks as investors flock into bond markets,” added Muir. “The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand.”
Year-to-date, BC residential sales dollar volume increased 16.5 per cent to $28.2 billion, compared to the same period last year. Residential unit sales increased 1 per cent to 48,628 units, while the average MLS® residential price rose 15.3 per cent to $579,645 over the same period.
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For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
