The Central Okanagan foreclosure inventory levels continue to show signs of steady increases from month to month in 2011. Buyers ask me all the time if I foresee a huge influx of court ordered sales to the Kelowna real estate market? In my opinion, having watched how the local banks and lenders handle the foreclosure process the answer would have to be...no I don't. Reason being is banks ...
Posted by Jason Neumann
on August 29, 2011
Kelowna/West Kelowna and Central Okanagan Real Estate Stats - July 2011
Ratio of Sales vs. Total Inventory = 7.40%
Condo -- Sales = 76
Condo -- New Listings = 177
Condo -- Current Inventory = 993
Condo -- Sell/Inv. Ratio = 7.65%
Condo -- Days to Sell = 101
Average Price: $229,469
Average Median Price: $216,950
Townhouse -- Sales = 54
Townhouse ...
Posted by Jason Neumann
on August 28, 2011
The Central Okanagan foreclosure inventory is now starting to show signs of steady increases from month to month in 2011. The overall active foreclosure listings pale in comparison to the total inventory in the Central Okanagan which continues to be a good sign. Buyers ask me all the time if I foresee a huge influx of court ordered sales to the Kelowna real estate market? In my opinion, having watched ...
Posted by Jason Neumann
on July 18, 2011
Average House Prices a Misleading Gauge of the Health of the Canadian Real Estate Market: CIBC
Recently an article appeared in CBC News about Canada's housing market bursting according to research consultant company Capital Economics. The report caused quite a swirl of opinions amongst home owners and those active in the real estate industry. Below is Benjamin Tal's (Deputy ...
Posted by Jason Neumann
on July 7, 2011
Kelowna,BC and Central Okanagan Real Estate Stats - June 2011
Ratio of Sales vs. Total Inventory = 7.36%
Condo -- Sales = 49
Condo -- New Listings = 190
Condo -- Current Inventory = 980
Condo -- Sell/Inv. Ratio = 5.00%
Condo -- Days to Sell = 104
Average Price: $289,912
Average Median Price: $284,000
Townhouse -- Sales = 41
Townhouse -- New Listings = 144
Townhouse ...
Posted by Jason Neumann
on July 7, 2011
Finance Minister Jim Flaherty announced today new rules for the Canadian mortgage industry that he says will "protect the stability of the economy."
The announcement comes on the heels of a recent warning from the Bank of Canada that Canadians' domestic debt burden is the highest on record, even higher than our neighbours to the south. The ratio of household debt ...
Posted by Jason Neumann
on January 17, 2011
There are currently 98 active foreclosures (as of January 15,2011) amongst the entire listing inventory for the Central Okanagan. There are 3,623 active listings this month (including the 98 foreclosure properties) versus 3,863 listings last month, a 6.62% drop in inventory level.
Active Foreclosure Inventory breakdown:
7 Lots and Acreages ...
Posted by Jason Neumann
on January 15, 2011
There are now new rules for home buyers looking to qualify for high-ratio mortgages and/or investment properties. There seems to be a some misconceptions out there as to how these new rules affect buyers today. I recently spoke with Julie Weimer an RBC Mortage Specialist and she kindly provided me the following information:
Changes to the Rules for Government Insured Mortgages: ...
Posted by Jason Neumann
on April 3, 2010
The idea of paying someone else's mortgage and helping them build equity in their property really doesn't make a lot of good financial sense! As a long term renter, you are literally throwing away tens of thousands of dollars of your hard earned money instead of creating a forced savings plan by way of having a mortgage. I have chatted with many renters over the years ...
Posted by Jason Neumann
on March 23, 2010
There are potential dangers and pitfalls when it comes to pricing your home in any kind of real estate market. Sellers can be reluctant to price their home in line with the marketplace as they feel they may be giving away too much of their home equity. The reality is pricing your home right from the start will get the net result you are looking for as a seller. Here ...
Posted by Jason Neumann
on March 20, 2010