Kelowna Real Estate News From Vantage West Realty

B.C's. home sales, property values to slow as job growth ebbs: BCREA

2011-09-03T11:54:00.000-07:00

Slower job growth in British Columbia's economy will mean slower increases in home sales and property values through to 2012, the B.C. Real Estate Association said Thursday.

And by the end of 2012, the association expects the high-flying prices in some of B.C.s bigger markets to show small declines.

Home sales through the realtor-controlled Multiple Listing Service should hit 74,640 by the end of 2011, which is up four per cent from 2010, and then rise to 80,300 in 2012, association chief economist Cameron Miur said in his report.

However, those estimates are below B.C.s long-term average for sales and the forecast for 2011 represents reduced expectations from Muir's forecast from earlier this year that B.C. should see 78,200 sales this year.

"Following a decade where unit sales broke all records, consumer deamnd for the next few years will be relatively moderate,' Muir said in releasing the report.

A postive note....Read More

The following are the forecasts for each B.C. region:

Victoria:

2011 sales, 5,855 -4.6%; 2011 Avg. price $498,00 -1.3%

2012 sales, 6200 +5.4%; 2012 Avg. price $500,000 +0.4%

Vancouver Island:

2011 sales 6,490; 2011 Avg. price $327,500 +0.1%

2012 sales 6,700; 2012 Avg. price $328,000 +0.2%

Powell River Sunshine Coast:

2011 sales 280 +3.7%; Avg. price $236,000 -0.9%

2012 sales 290 +3.6%; Avg. price $240,000 +1.7%

Greater Vancouver:

2011 sales 33,600 +7.9%; Avg.price $769,000

2012 sales 34,500 +2.7%; Avg. price $742,000 -3.5%

Fraser Valley:

2011 sales 14,800 +5.9%; Avg. price $505,000 +11.9%

2012 sales 15,300 +3.4%; Avg. price $498,000 -1.4%

Chilliwack and District:

2011 sales 1,980; Avg. price $299,000 -1.7%

2012 sales 2,075; Avg. price $302,000

Kamloops and District:

2011 sales 2,060 -2.9%; Avg. price $307,000 +1%

2012 sales 2,140 +3.9%; Avg. price $308,000 +0.8%

Okanagan Mainline (includes Kelowna and Vernon):

2011 sales 4,910 +1.5%; Avg. price $385,000 -2.4%

2012 sales 5,200 +5.9%; Avg. price $388,000 +0.8%

South Okanagan (Penticton, Osoyoos and Oliver):

2011 sales 1,240 -0.4%; Avg. price $307,000 -4%

2012 sales 1,390 +3.7%; Avg. price $309,000 +0.7%

Northern Lights (Dawson Creek and north);

2011 sales 440 -13.6%; Avg. price $214,000 +4.3%

2012 sales 475 +8%; Avg. price $218,000 +1.9%

Kootenay:

2011 sales 1,850 -7.35%; Avg. price $264,000 -3.6%

2012 sales 1,960 +5.9%; Avg. price $265,000 +0.4%

B.C. Northern (from Prince George to the West Coast):

2011 sales 3,865 +5.1%; Avg. price $218,000 +3.4%

2012 sales 4,070 +5.3%; Avg. price $221,000 +1.4%

Source of Photo and Text: The Vancouver Sun

Waterfront Homes Have Private Beach & Dock. Eight Luxury Detached Houses With Boat Lifts

2011-07-25T12:50:00.000-07:00

By FELICITY STONE, Postmedia News

Peachland boasts Lake Okanagan’s longest uninterrupted beach, yet homes with direct access to the water are rare, and those with private beaches, rarer still. Much of the beach is public, with Beach Avenue separating many properties from the waterfront — unlike Stonewater on the Lake, a collection of eight homes on 200 feet of private lake frontage at the north end of Peachland.

“When we designed Stonewater, we had about a two-acre parcel of land that had been sitting there for a long time,” says developer Rob Moyor. “It was completely overgrown, and we envisioned a couple different ideas for it, but we settled on a high-end residential development with eight individual detached homes in a strata so they would share in the beach and with a boat dock and so on.”

Norm and Leslie Wilson of Vancouver had owned a vacation home in Peachland for about three years when they discovered Stonewater last summer. Their previous residence was what Peachlanders call semi-waterfront, across the road from the water, which made getting to the beach problematic for their then-six-year-old grandson.

Leslie Wilson was captivated by the house, as well as the location. “She loved the décor, the stairs, the glass, the kitchen, everything about it, so it was a no-brainer for us,” says Norm Wilson. “We just fell in love with the whole thing.”

Each of the homes has its own 6,500-pound boat lift, another attraction for the Wilsons. “On Okanagan Lake, you pretty well have to have a boat lift,” explains Rob Moyor. “You can’t leave your boat unless you’re in a marina where they have a breakwater because the wave action would damage your boat. With a boat lift, you basically pull into your slip, push a button, your boat lifts out of the water, and that’s how you store your boat when you’re not using it.”

The Wilsons, the first purchasers at Stonewater, bought what was then the show home. With three bedrooms and 2,384 square feet of space over three levels, it is one of three Stonewater floor plans. The new show home, which has just been completed, is 2,237 square feet over three levels with two large bedrooms, each with an ensuite.

The third design is a 2,342-square-foot five-level split. “The site had a drop in that section so rather than fill it, we created an extra level,” says Moyor.

It has an 18-foot vaulted ceiling in the great room with steps up to the dining room and again to the main entry. The whole top floor is a retreat with a spacious master bedroom, ensuite, lounge with wet bar and decks at both the front and the rear.

Decks and patios are a feature of all the Stonewater homes. The show home has a huge — 19 feet wide by 9.5 feet deep — main floor deck off the living room, an even larger ground floor patio and decks off both bedrooms. The main floor deck has a built-in barbecue, and both it and the patio have a retractable screen that can be lowered should insects intrude on the scene.

The homes sit on a rise about 50 feet above the water with views of the lake in all directions. And that view continues indoors, where 14-foot-wide floor-to-ceiling sliding-glass Slung doors on the main and ground floors bring the outside in. The views are unobstructed from all areas of the home, which is open plan and filled with light.

Glass is used extensively inside and out. Railings on the decks off the living room and master bedroom are frameless glass. Frameless glass balustrades add to the airy feel of the open-riser stairs. There are two skylights on the upper level: one in the guest bath and the other over the stairs and the built-in computer desk on the landing. A window over the front door floods the entry with light, there are frosted glass transoms over interior doors, and even the master bathroom has a view of the lake.

Interiors are luxe, with either walnut or maple used for the sleek stairs and flat-panel cabinetry mixed with painted Shaker-style interior doors and living room cabinets.

The main level floors are hardwood, and all counters are granite, even on the computer desk. There is a laundry centre on both the ground floor and top floor, and each home has its own geothermal heating and cooling system which is prepaid so there are no leasing costs.

Other smart green features include low-maintenance, low-water landscaping and a green roof over the two-car garages.

The beach and part of the hillside are riparian setback areas so must be left in a natural state, although there are also terraced planters and a lawn.

The garage is tucked into the hill behind the homes, maintaining views from the street above it — and the semi-waterfront properties beyond.

View Stonewater Lakefront Homes in Peachland

The Truth About Buying a Timeshare Foreclosure

2011-07-01T09:00:00.000-07:00

There is no doubt that you can save thousands of dollars buying foreclosed properties. In most cases foreclosed properties can be purchased for just a fraction of what they are worth. The same is true when you purchase a time share foreclosure. But while buying a foreclosed vacation property may sound alluring, there are many hazards and pitfalls that can make it anything but.

The first thing you need to consider is why the time share property is facing foreclosure in the first place. Like most other foreclosures, vacation properties are foreclosed upon when they can no longer be afforded by the owner. The owner stops making payments and legal action begins. The most obvious solution to this problem is to sell the property. More than likely the owners have already tried to do this. So why didn't the property sell and why is it now being foreclosed upon?

The simple reason why many vacation properties are facing foreclosure is that they are hard and slow to sell. For this reason purchasing a time share should not be taken lightly. It should be viewed as a long-term commitment and not something that you can quickly get rid of when it becomes a financial burden.

Another thing that you should consider before buying a time share foreclosure is how many people have a financial stake in the property. Unlike conventional real estate, there may be many people financially involved in this type of property including developers, real estate agents, resort owners, and lenders. All of these will be expecting to recoup all or part of their losses through a foreclosure sale. The legal red tape involved in this could become quite confusing and stressful.

If done with plenty of forethought and preplanning, purchasing a time share foreclosure can be a great way to enjoy all of the benefits of a vacation property for a fraction of the cost. Be sure to research all properties thoroughly and seek legal counsel before making your final decision.

Also keep in mind that there is a lot of fraud surrounding time share foreclosure sales. This is due to the high-pressure selling atmosphere that surrounds this type of property and the number of people who stand to lose a great deal of money when a foreclosure becomes imminent.

Be careful not to get lured in by claims that seem too good to be true. If in doubt about the integrity of a time share foreclosure opportunity, pass it up. There are plenty of properties to choose from; it is not worth the headache of a potential scam to get caught up in a questionable purchase.

Owning a time share has many advantages including the ability to exchange your property with other resorts and the use of your vacation resort's amenities. If done right purchasing a time share foreclosure could be the key to owning the vacation property of your dreams...

2011 Property Taxes

2011-06-28T14:52:00.000-07:00

From our friends at Spagnuolo & Company Real Estate Lawyers

2011 Property Taxes are due early July. If you have a purchase or sale closing around that time, make sure one of the parties claims the Home Owner Grant.
We have a file where the closing is scheduled for July 8, which is later than the due date for the Property Taxes. The Vendor is not eligible to claim the HOG but the Buyer is. We will have the Vendor pay the net taxes, so the HOG remains outstanding. Following completion the Buyer will claim the HOG of $770.00.

The Buyer will have to pay a 10% penalty on the HOG, but will be able to claim the full amount of the HOG of $770.00 after completion. The penalty is $77.00 but the Buyer will save $770.00.

Watermark Beach Resort lives up to its name

2011-06-24T17:29:00.000-07:00

More like a retreat than a cottage by the lake, residents discover all needs are easily addressed

BY ALISON APPELBE

JUNE 24, 2011 5:01 PM

View listings and more info Vantage West Realty Featured Listings at Watermark Beach Resort

The resort’s patio wine bar is a favourite gathering place.

Project size/scope: On the west shore of Lake Osoyoos and at the foot of Main Street in the town centre. A full-ownership and strata-titled luxury resort, with one-, two- and three-bedroom view apartments in the main building, and two-storey and single-storey (top-floor) town houses along the lakefront. Buyers have the option of participating in income-generating rental by the full-service resort-hotel.

Prices: Pre-season pricing on one-bedrooms starting at $199,900; two-bedrooms at $389,900 and town houses at $569,900.

Developer: Osoyoos Shoreline Development Ltd.

Architect: Burrowes Huggins Architects, Vancouver

Interiors: Co-ordinated Hotel Interiors Ltd.

Sales Contact: Judith Hart

Tel: 1-866-453-9797, 604-723-5620

Website: www.ownwatermark.com

When Vancouverites Alan and Pam Skinner were raising their two sons, they made an annual trek to the South Okanagan — and specifically to Haynes Point Provincial Park, a campground that extends into Lake Osoyoos like a long finger.

“The kids loved it — and so did we,” says Alan Skinner of their summer stays at the popular campsite known for its exotic setting on a toasty lake, and rare (and threatened) creatures such as the Western small-footed bat, Spadefoot toad and Painted turtle.

The Skinners, whose sons are grown, were considering purchasing recreational property, so returned to Osoyoos and booked a few nights at the luxury Watermark Beach Resort, located on the lake at the foot of the main street of the town.

The full-ownership and strata-titled Watermark, opened in 2009, features a four-storey building facing the lake, with wings extending towards the water. A generous courtyard includes an L-shaped swimming pool, hot tubs and patio wine bar. A series of town houses extends along the lakefront. The complex looks east towards sage-covered hills and Anarchist Mountain.

If they choose, property owners can take part in a suite and town house rental program, maintained to resort-hotel standards, and earn some income.

The Skinners looked at the townhouses — both the ground-level two-storey units and the bungalow-style homes on the third level. But Skinner recalls that when they turned their attention to one of the penthouses, positioned directly above the lake and with views (and decks) on three sides: “We looked at each other and said, ‘we want this one.’ ”

Since making the purchase last June, they’ve made seven or eight visits. On one trip, they hosted three other couples for a few days of golf (and rented a one-bedroom suite at the resort for the added space).

The Skinners are happy with their purchase, in large part because it fits their needs. The couple wanted to avoid buying into a property on leased land (Skinner is a realtor). And while they favoured a site both on the lake and in town — “It’s more of a hotel than a ‘cottage at the lake’,” Skinner points out — he concedes that, from a real estate perspective, it has a niche appeal.

They also studied the rental aspect, and while Skinner admits that “it’s not the return we’d get from a good quality stock portfolio,” they were satisfied that, weighed against less tangible benefits, it would deliver a satisfactory return for a property they’d likely use only one-tenth of the year.

The Watermark complex, with commercial frontage facing Main Street, includes a small conference centre, a full-service spa, fitness facility and yoga studio. A gelato shop is open and a restaurant is planned; meanwhile, meals are served at the resort’s wine bar.

The more than 300-metre lakefront, above a beach, features a public pedestrian boardwalk. The resort’s pool and patio area includes a waterslide, hot pools for adults and children, communal barbecue facilities, and a “kids’ zone” and day camp.

Of the 153 units, 37 fully furnished suites and town houses, with various floor plans, remain available. One-bedrooms units, from 600 square feet, start at $199,900; and two bedroom units, from 836 square feet, at $389,900.

The two-storey townhouses and one top-floor “bungalow,” all with two bedrooms and between 1,208 and 1,230 square feet, start at $569,900.

Resort realtor Judith Hart reports that one of the town houses sold in 2007 for $750,000, illustrating the impact that the 2008-09 recession had on the Okanagan recreational real estate market.

At the same time, Hart and resort manager Ingrid Jarrett, who also chairs the Thompson Okanagan Tourism Association (TOTA), says that the Watermark Beach Resort has weathered two years of sluggish sales better than comparable regional properties.

“At this juncture, we’re doing very well,” Hart says. “We’re very secure in our financing, and from a real estate perspective, we’re very solid.”

The South Okanagan, with its ever-expanding wine culture and dry summer heat in what is said to be Canada’s only true desert, “is poised for success,” Hart claims.

There are 40 wineries within 30 kilometres of Osoyoos, many garnering widespread attention. Wines coming out of the Black Sage Bench to the east of the lake, and the Golden Mile Bench, on the west, are often exceptional.

Among the region’s particular success stories are the Osoyoos Indian Band’s Nk’Mip Cellars and associated Nk’Mip and Spirit Ridge resorts.

The Nk’Mip Desert Cultural Centre, together with the Desert Centre at Osoyoos, brings to public attention to the local “antelope brush ecosystem,” and ongoing efforts to create the South Okanagan-Lower Similkameen National Park Reserve.

The South Okanagan region boasts half a dozen golf courses, and extensive trails for walking, hiking and biking. Mount Baldy, east of Oliver, is an expanding ski resort. Osoyoos Lake, and smaller neighbouring lakes, draws anglers year-round.

However, the region may be best known for its agricultural output. Along with grapes coveted by wineries through the entire Okanagan, the south produces soft fruits such as cherries, apricots, peaches, pears and apples, and other farm produce. Osoyoos is developing a strong culinary scene.

TOTA chair Jarrett reports that European, Australian and New Zealand tourists are showing a growing interest in a South Okanagan noted for its cultural, ecological and soft adventure attractions, as well as for being “warm, clean and safe.”

And therefore eyeing double-digit tourism growth, she believes that Watermark Beach Resort rental income will increase.

Indeed, Skinner already sees an upward trend. “We didn’t buy the property to flip it. We’ll keep it for 10 years at a minimum,” he says. “And we’re pleasantly surprised with the returns we’re getting. I’m thinking that this year should be even better.”

Special to The Sun

TOP 8 HOUSE HUNTING MISTAKES

2011-06-21T15:14:00.000-07:00

Buying a home can be a very emotional process, and if you are not open to a more rational perspective on the home buying process, it can leave you making many mistakes you just might regret.

There are 8 common emotional mistakes people make when purchasing a home. To help you find the best place to call home, avoiding these following common mistakes will help.

Mistake 1: Falling in Love With a House You Can't Afford

Once you see a house you’ve fallen in love with, it’s difficult to like anything else that's out there on the market. Your imagination starts running and you immediately start planning out where you’ll put your furniture or what the back yard will look like. However, if you can’t afford the house or even qualify for the mortgage, you’re setting yourself up for failure and disappointment. To avoid the potential heartache, it’s best to stick with homes in your price range and not waiver.

It’s a great idea to begin your search at the low end of your price range and work from there. Remember that for every $10,000 worth of house, you aren’t just paying $10,000, you are paying that price PLUS interest. That in turn may double or more in time. Ask yourself if it’s worth it.

Mistake 2: Assuming There's Nothing Better Out There

It may seem that there is nothing better out there once you set your sites on what you want, but what you may not realize is that most neighbourhoods have similar homes available as many developers created similar, if not the same floor plans. Even if you can’t find the same house, you may find homes that have some of the same features. The odds are also in your favour if you are considering a condo or a townhouse.

Even with a long list of must-haves, chances are there are many homes that can suit and meet your needs. If you do find one and there are issues such as major repairs, inflexible asking prices or possession dates, consider keeping your options open to looking further. It could save you money.

Mistake 3: Being Desperate

When you’ve been looking for awhile and can’t seem to find the house you want, or the ones you do want are getting outbid on, it’s easy for desperation to set in. You can’t wait to get into a new house right away and will probably end up settling for something you could end up hating because you settled in the first place. Transaction costs could end up costly, you’ll pay for agents’ commission ( up to 5-6% of the sale price) not to mention closing costs for the mortgage, all on a house you rushed on, end up hating or have spent tons of money in altering the house to your liking or renovate. It’s OK to take your time and wait for that house you really want (and can afford), in fact it’s worth it.

Mistake 4: Overlooking Important Flaws

It’s important to pay attention to any flaws of a house. That may seem logical, but again when emotions are involved, some may think a few flaws are ok, until reality sets in and end up dealing with a cracked foundation, major renovations to take care of, or worse. Remember that new houses come on the market everyday. Remind yourself of that and it may save you in the long run.

Mistake 5: Overestimating Your Handyman Skills

Fixer-uppers may sound appealing but before you eagerly get out the tool belt, make sure you keep in mind the factors of time, money, ability and the cost of tools and labor. Don’t buy a fixer-upper if it’s realistically more than you can handle. Be sure to be honest with your abilities and your budget and if you have the time to do the work or have it ready by your move in date.

Mistake 6: Rushing to Put In an Offer

In a hot market, it may be necessary to make quick decisions to put in an offer on a house. If you have some time, be sure to be diligent in researching the neighbourhood and possible noise issues such as being near an airport or the night time nearby train that will rattle your dishes. Having the knowledge of the area will give you an idea of what the property is really worth and an appropriate offer price.

Mistake 7: Dragging Your Feet

Contrary to rushing an offer, sometimes dragging your feet on an offer can be just as detrimental. It’s important to be careful in your decision, but waiting too long gives time for another potential buyer to scoop up the opportunity, not to mention how time-consuming and routine-disrupting house shopping can be. If you are self –employed, the longer you shop the more you are disrupting your valuable time and money.

Mistake 8: Offering Too Much

In a situation where there are multiple offers on a listing, it’s easy to get sucked in to a bidding war, or try to pre-empt a bidding war by offering a high price in the first place. There are potentially a few problems with this. First, if the house doesn’t appraise at or above the price of your offer, the bank won’t loan you the money unless the seller reduces the price or you pay cash for the difference. If this occurs, the shortfall on your offer as opposed to your mortgage will have to be paid from your pocket. Secondly, when you decide to sell your house, if the market conditions worsen or are similar than when you first purchased, you may find yourself upside down on your mortgage and unable to sell. Be sure that the purchase price for the home you buy is reasonable for both the house and the location by comparing recent sales in the area and speaking to your real estate agent before making the offer.

Conclusion

It is perfectly natural for emotion to come into play when looking for a home. It’s exciting. Buying a house is a big decision and is exactly why there must be rational decisions made rather than getting caught up in the notion of a dream home. Take your time, overcome the emotions and ultimately make a home buying decision that‘s good for your finances, feelings and future.

$28M Toronto Condo sets Canadian Price Record

2011-06-09T16:22:00.000-07:00

An international buyer has paid $28 million for a penthouse suite at the Four Seasons development in Toronto, the highest price ever paid for a condo in Canada.

The unnamed buyer stepped up with the eye-popping bid for the suite, which sits atop the 55-storey West Residence building in Toronto's tony Yorkville area. The suite has 9,038 square feet of living space and offers a panoramic view of the city with 3.6 metre ceilings and four terraces.

It also comes with separate quarters for household staff.

The building is 85 per cent sold, developer Alan Menkes said. Prices in the 210-residence building start at $1.9 million for a 1,000-square-foot condo. First occupancies and the opening of the adjacent hotel are expected in the summer of 2012.

"The discerning international buyer of the penthouse suite was attracted to all that this landmark project has to offer," Menkes said, while declining to name the buyer.

Former BMO president Tony Comper used to hold the record for the most expensive condo in the city, laying down $15 million for the penthouse on 1 St. Thomas Street several years ago. But that was eclipsed by the $20 million billionaire Alex Shnaider reportedly paid for the penthouse at the yet-to-open Trump International Hotel & Tower.

The Best Times To Buy And Sell

2011-06-01T09:00:00.000-07:00

In the long-term property prices tend to move in an upward trend with occasional stagnation and downturns along the way. There are times when asking prices are sky high and other times when they are slightly lower. However, what a lot of people don't realise is this is equally true in a shorter time frame, and there are times of the year that are better than others for buying and selling a home.

Let's start by looking at the best time of the year to buy a property. Obviously if you're looking for a potential property, then you obviously want to get the lowest price possible. Therefore the best time of the year to buy is when the market is at it's most quietest, ie when there are less potential buyers out there looking and competing for properties.

If there are fewer viewers looking at properties then there will obviously be fewer people bidding for them which means you are more likely to be able to get an offer accepted well below the asking price.

So when are the best times to buy?

Well the market is significantly quieter during the winter months, particularly during December and January so this is an excellent time to buy.

There are generally slightly fewer properties on the market at this time, but if you do see a house you like, then you are more likely to be able to pick up a bargain.

Another good time to buy, but to a slightly lesser extent, is during the holiday season, ie late July through to the end of August, when most potential buyers take a rest from looking at properties to concentrate on their holidays. In general though the winter months are the best time to buy.

Now let's look at the best times of the year to sell a home. Here we are obviously looking to receive the best price possible so we ideally want to put the house on the market when the market is most buoyant, so there are lots of people viewing and competing for properties, which drives the prices higher.

After the lull of the winter months, the market tends to pick up again from March onwards, so this is the time when you should be thinking about putting your house up for sale. In general, the spring and summer months up until the holiday season starts are the best times to sell because this is when the buyers are out in force and competing hard with each other.

This is good news for you as you can often set your asking price a little bit higher than the true market value knowing that there's a good chance that people will pay a slight premium and pay at or close to a higher asking price in order to fight off any other potential buyers.

The next best time to sell your house is during the autumn months when the kids are back at school and the holiday season is over, but the only problem is that if you don't sell during this time, you have to try and find a buyer and get a good price in the long winter months when the market is quieter.

So to conclude, if you're looking to buy then the best time to do so is during the winter months and late summer, and if you're looking to sell then you should have your home on the market during the spring and summer months if you want to achieve a higher asking price...

Okanagan a Bargain, But Won't Last Long

2011-05-25T12:41:00.000-07:00

If you’re on the lookout for a bargain property, the Okanagan may be your best bet.

But be quick. Because the real-estate scene in this hugely varied destination — from Shuswap Lake in the north, through the major ski resorts and urban Kelowna, to the lakefronts and vineyards of the Central Okanagan and south to desert-dry Osoyoos — is on the mend.

While the Okanagan remains, for the moment, a buyer’s market, the prices for every type of property are creeping back up and the inventory is dissipating.

At the same time, the market is maturing — or changing. Rather than solely eyeing short-term vacations, some condo-purchasers have retirement in mind. Extended families are pooling their resources for, maybe, a ski chalet. Increasingly, purchasers are Western Canadians, rather than Americans and other outsiders.

The Okanagan was badly hit by the 2008 recession, and by the summer of 2009, prices were in free fall. Recreational and regular properties were discounted by 30 per cent and more, foreclosures were not uncommon, and some construction came to a halt.

Today, says Gary August, longtime realtor and co-owner of Coldwell Banker Horizon Realty in Kelowna, the market is improving.

Comparing the first four months of 2008 with the first four months of this year, prices are down 21 per cent for condos; between seven and 8.5 per cent for single-family and town houses; and by 14.5 per cent for lakeside homes costing $2 million or more.

According to statistics from August, that puts the median price for a condo today at $213,000, a town house at $330,000, a single-family house at $461,000, and a luxury lakeshore home at $2,025,000 (the latter, a 2010 figure, given a dearth of sales so far this year). In short, says August: “Our market is better than it was two years ago, but down from the peak of 2008.”

Flipping that House: Things You Should know

2011-05-01T09:00:00.000-07:00

The concept of house flipping has become quite popular as of late and is seen by the average investor as a means of making money relatively quickly through the use of real estate flipping. What is house flipping? Generally speaking, house flipping is a term that is used when one purchases a house with no intent other than to make a profit off of it.

The house flipper will buy a house that needs significant renovations or work, and then they will have the work done themselves and sell the house for more than they bought it in order to make their profit. House flipping has become so popular in fact, that many people have gone into this business full time and use the profits from house flipping as their sole income. If you are considering house flipping as a career, there are a few things you will want to know about the process that may make your life a little easier.

You do not need to be good at renovating to flip houses, but it is recommended that if you are not, you hire someone like a general contractor that can ensure that the work you need done is done properly. Hire someone with a good reputation and it is a good idea to use personal referrals for this when you are looking for someone.

If someone you know has a good experience with a contractor, then you will likely have one as well. Your contractor is going to be your 'go-to guy' for all of your renovations and will meet you regularly at your property to ensure the repairs are met to your standards.

Before you choose a house that you want to flip, investigate the surrounding market in that area. Many house flippers fall into the trap of overestimating how much their house will finally sell for and often end up losing money on their homes.

See what the houses in your area are going for and conduct your calculations accordingly. It is rare that you will be able to sell something that is priced out of the market in a certain area, so the term buy low and sell high is something that is appealing, however can backfire if you don't do your calculations correctly.

Your contractor will be able to give you an estimate on how much your repairs and renovations will cost. Add an additional 3-5% on top of this estimate as many times projects run over budget as just a simple fact of life. Your contractor is not trying to scam you, but this happens more often than it does not. If you are prepared going into the flip with these budgetary guidelines, you will protect yourself in the long run.

Take the cost of your house and add this to the contractors estimate, and when comparing with the market values in the area, you should have a healthy estimate of the profit you can expect from the house you wish to flip.

No two experiences with house flipping are identical, so always be prepared for surprises. In the business of house flipping, the more prepared you are, the more profit you will make...

House Buying for the Expecting Couple

2011-04-01T09:00:00.000-07:00

Becoming a parent is one of the most wonderful things in the world. To watch as your bundle of joy wriggles his tiny toes and crinkles his little eyes is sheer bliss. Other more experienced parents and loved ones come up with all kinds of tips that young parents could use. The baby gets heaps of presents even before it is born. Shopping for the baby is a thrilling time as you choose from among hordes of things that the baby would be needing.

However, even as you enjoy the process of becoming parents, there are some serious questions that you must ask. One of the first of these is regarding the size of your house. The first house that you moved into may have been all right for a young couple. But will it be all right for a couple and a child who is growing up?

As anyone who has ever thought about expanding their families already knows, one invariably has to move to a bigger house when the children start growing up. Even if you do not make the move before the baby is born, in a few years time, it may become necessary to do so.

But shifting from one house to another tends to be a challenging affair. Moreover, now that you have a family, it would make sense to go in for an ownership house. Yes, many young couples decide to buy their first house when that first baby arrives. At the same time, one need not iterate that this is expensive business.

With a baby on the way, it may not seem like the best idea to go in for a house. Yet, you should be aware that expenses will only keep increasing. If you are hoping to shift to a better house some day, you might as well start now.

Once you have made the decision to make that shift, you will have to check out several houses. Ideally, you should be looking for houses that you will be able to afford. This is not to say that you will be paying the entire amount from your savings account.

Most of us do not have the savings to purchase a house at any time. The affordability problem is further compounded if you are a young couple. But that should not deter you from deciding to purchase a house. You could always avail of a mortgage plan to help you out.

Every lender offers a number of great mortgage deals. But you will have to sift through them to get the best bargains. Ensure that you consider factors such as the rate of interest and the term of the loan. A fixed, low rate of interest coupled with a period of say twenty years could be a good choice for a young couple.

A variable rate of interest might turn out to be a great bargain when the market rates are low. Discounted mortgages are also full and plenty. Look around before you make a choice that would suit you best...

Preparing To Move: Essential Moving Supplies and Tips

2011-03-01T09:00:00.000-08:00

When you know you have to move, it’s never too early to get started with your preparations. One of the first things you are going to have to do is to get all of your moving boxes and other moving supplies organized so you can start with packing away your items as early as possible. While you may not want to pack up your clothes and kitchen items much in advance, there are several items that you may not need in the near future and packing those away in moving boxes as early as you can will help ease the last minute confusion that inevitable accompanies any move.

Start with sorting out your belongings so you can determine what goes with you, what is destined for the trash heap and what you don’t need but is in good enough condition to be given away. Once you have a better idea of the amount of stuff you are taking with you, you will have a fair estimate of the amount of moving boxes and moving supplies that you will need.

One mistake many people make when moving is to use regular boxes. The problem with this is that these boxes are not strong enough and the odds are high that these boxes could tear or break either while loading or unloading and could damage your items. Many times, household items, especially those with sentimental value, are irreplaceable and using moving boxes that are not reinforced is not worth the risk. Moving boxes are available in several sizes and are specially constructed to weather the wear and tear of moving without breaking or tearing. These boxes often have handles or cut-outs on either side so they can be easily lifted by two people, thus making them easier to carry when packed with heavy items. Make an approximate estimate of the number of boxes you will need for your items.

In addition to moving boxes you will also have to get some other moving supplies such as bubble wrap as well as stretch wrap, packing tape, tape dispenser, straps, packing paper and name tags. While clothes, toys and other unbreakable items can be placed inside moving boxes as is; fragile items will require special moving supplies. For example when you are moving your glassware and your curios, you will need to wrap each item with bubble wrap and place it carefully into moving boxes. Then, to prevent the items from moving around inside the box and to provide additional protection, crumple some packing paper and place it firmly in between the items. Keep in mind, it is always best to use smaller boxes for fragile items so they can be easily carried without dropping.

With so much to do before you move, you will be relieved to know that at least it is not too difficult to find moving supplies. The best place to source all of your moving boxes and moving supplies is undoubtedly the internet. Just check out the various websites and you are sure to find one that will have everything that you need.

Curb Appeal - Creating a Good First Impression

2011-02-01T09:00:00.001-08:00

Many people believe: “you never get a second chance to make a good first impression.” In real estate, the outside of your home is the first thing potential buyers see when they come for a visit. It’s also their first opportunity to start forming judgments. Give them a reason, and they will start forming negative opinions about your house before they’ve reached the front door. Remember, the negatives stick out more than the positives do. This is just one example of someone judging a book by its cover.

Here are my top five tips to improving the curb appeal of your home:

1. People! Start Cleaning
Clear away old lawn furniture, toys, and clutter. Things that you think need replacing such as that old deck in the back yard -- probably just needs cleaning. Power washers are great on wood decks and fences, and aluminum siding too. Wash the windows, sweep away cobwebs and get rid of any nests that you have. If you have pets, clean up after them. Stash garbage cans and recycling bins out of sight. Clean your gutters and if you find mold or mildew anywhere, try using the power washer on it, and try cleaning with bleach!

2. Get Some R&R: Replace and Repair
If a windowpane is cracked, simply replace the pane and not the whole window. Repair or replace torn window screens and fix any broken steps or fences. Replace missing shutters, straighten doors that are crooked, and oil anything that squeaks.

3. Paint: Easy and Affordable
Paint the trim white, or a clean neutral color. Put a fresh coat of a nice welcoming red or blue paint on the front door, to set it off from the other houses on your street.

4. Give It Some "Bling"
Put a light bulb in the front porch light and turn it on. Polish any metal fixtures you have, switch out your tired old mailbox for a new one, and replace your old house numbers with something that shines. Replace the old worn out welcome mat with a fresh new one. Remember, people love sparkly new things.

5. Time to Take Up Gardening, But a Lawnmower Will Do
An overgrown garden is a signal to potential buyers that your lot requires too much upkeep. Mow, rake or shovel, depending on the season. Keep paths and drives clean and clear. Remove vegetation from between cracks in the pavement and trim sidewalk and driveway edges for a neat and tidy look. Trim the hedges and add some bright flowers to the garden or window boxes. Prune any wayward branches that are too close to the house and cut back anything that prevents light from coming in through the windows.

So in a nutshell, if it’s dirty, clean it, if it’s broken, fix it, if it’s worn out replace it and if it’s cluttered, get rid of it. And make sure the back garden is just as presentable as the front.

Homework Before Home Buying

2011-01-10T16:13:00.000-08:00

Purchasers scared by stories of spiraling prices - which often change from week to week - are snapping up new homes with an almost indecent haste. And, contrary to popular opinion, this method of buying doesn't sit well with reputable home builders.

Many people spend only two or three hours selecting a home on their first visit to a site before coming back a second time to sign on the dotted line.

Too many people later regret this type of purchase. Not fully understanding their contract or the current construction situation, their expectations are too high and their dream home turns into a nightmare.

Established builders want satisfied customers. Word of mouth is the best, or worst, advertisement for their products. So if you are buying a new home for the first or even the second time how should you go about it in today's torrid market?

Look at the community. Check with the municipality. Knock on doors of people who have already bought homes in the subdivision.

If it is a brand new subdivision where houses have not yet been built, locate a subdivision previously constructed by your builder. Go there and, again, knock on doors.

It is important that purchasers check with the municipality before signing on the dotted line. Building department inspectors can provide them with a lot of information.

Inspectors usually know the location of subdivisions previously constructed by the builder and will also tell you what amenities are available near your new home and the zoning for adjoining land.

Are there schools nearby? What type of recreation and shopping is available or planned? Inspectors can tell you.

Taking a little time will save you from some nasty surprises. Choosing your builder is important. In the past few years there has been a large increase in builders entering the Metro scene to cash in on a lucrative market.

One reason for today's panic buying is the fear that prices will increase if a purchaser delays making an offer. There is no need to panic.

It is always good to discuss your builder's offer with lawyers so they know what they are getting into. Choose lawyers who specialize in real estate. All this is good, solid advice. Buying a home is the most important investment most people will make and buying the right home will maximize that investment.

Take your time - you're not buying patio furniture...

RBC Report States - Housing to become more affordable in 2011

2011-01-01T14:51:00.000-08:00

It is becoming more affordable to own a home, according to the Royal Bank of Canada, but the high cost of ownership will continue to keep the market steady and contain price increases. In its quarterly housing affordability report, RBC said home ownership cost decreased over the summer for the first time in more than a year. This is attributed to low mortgage rates.

But homes were still more expensive than long-term averages in many markets, suggesting “greater than usual tensions exist for Canadian homebuyers.” “These tensions are unlikely to derail demand for housing in the near term but will act as a restraint on growth in market activity going forward,” said RBC senior economist Robert Hogue. This is the first time affordability has improved since mid-2009. The following are provincial highlights from the report:

British Columbia: In the third quarter of 2010, affordability in B.C. dropped between 1.8 and five per cent, representing the largest decline since the first quarter of 2009. But the measures remain above long-term averages and poor affordability will weigh down on provincial housing demand in the time ahead.
Alberta: Homeownership in Alberta is among the most affordable in Canada both in absolute terms and relative to its historical averages.
Saskatchewan: Current market conditions are stretching homebuyers’ budgets. However, those budgets are likely to be boosted from a strong expected rebound in the provincial economy and thus family income this year and next.
Manitoba: Lower mortgage rates in the third quarter were particularly helpful in bringing down homeownership costs in the province although some price declines also contributed. Manitoba is one of only two provinces, alongside Alberta, where the measures for all housing types are currently below long-term averages, which will be a supportive factor for demand going forward.
Ontario: Existing home sales ended their earlier slide by sustaining three straight gains from August to October. With the market now back in balance, the recent softness in home prices will likely prove to be healthy for 2011.
Quebec: Following four consecutive increases, province affordability fell 1.4 to 1.8 per cent. Still, the measures remain close to the pre-downturn peaks and above their long-term average, which will restrain upcoming demand growth.
Atlantic: Affordability levels returned to roughly where they were in mid- to late 2009. Overall, housing continues to be quite attractive in Atlantic Canad

What is a Mortgage Pre-Qualification?

2010-12-14T16:32:00.000-08:00

So if you have been shopping for a home, chances are you have submitted information that has been used in "pre-qualifying" you for a home loan. Pre-qualification (also sometimes called a pre approval) is a term used in mortgage loan circles meaning that a loan officer has taken some information from you, the potential borrower, and made a tentative decision, but not verified much of, if any of it.

Typically in a pre-qualification, the potential borrower is asked for their social security number, their employment, income and asset information and the amount of current monthly debt. In addition the potential borrower is asked about their general credit worthiness. This information is then quickly worked up and contrasted against industry standards for qualifying credit scores and debt to income ratios.

Based on this quick work up the potential borrower will be told that they pre-qualify up to a certain mortgage loan amount. For example, if the borrower makes $3,000 / month this is then calculated to an industry-standard ratio of debt to income (which can vary depending upon mortgage loan program), for example 36%. So if a borrower makes $3000/month they would be pre-qualified at a total debt of $1080 (this includes any monthly payments, including car & credit card min. amount; along with the proposed payment of principal, interest, taxes and insurance).

Dependent upon the loan program you choose, other factors that may be included in determining your pre-qualification status...monthly residual income (that income remaining after paying all monthly obligations and family support), middle FICO score whether or not you are a first time home buyer, if the refinance has a "cash-out" amount requested, whether or not you have had a bankruptcy or foreclosure, how many times you have been late on a mortgage payment and how recently, your income type and the way you will verify your income (W-2, tax returns, bank statements, etc). Additionally, property type, property use, loan-to-value ratio (LTV), purpose of loan all play into the over all ability to qualify for a mortgage loan.

If you are preparing to shop for a home and will be seeking a mortgage loan, it would be a good idea to gather the following and allow your mortgage lender to review them thoroughly.

DO's and DON'Ts during your home shopping and home purchase periods.

DO save money
DO send payments on time
DO pay cash for common items
DO keep credit balances under 50% of credit limit
DO keep credit card accounts open even if balance is paid off or zero
DO keep down payment funds in one account with minimal activity

DO NOT open new credit accounts
DO NOT take out new consumer loans or other credit
DO NOT pay off collections (without consulting your Loan Counselor)
DO NOT buy a new car, truck or motor home (wait until after the close of escrow)
DO NOT close accounts with a zero balance
DO NOT pay down credit balances or pay off credit accounts (without consulting your Loan Counselor)

3 Huge Savings on Energy Efficient Home Building

2010-12-14T16:25:00.001-08:00

One of the biggest trends in new home construction
in recent years has been the move towards Energy Efficient Housing. This design trend helps to make homes more cost effective to operate while at the same time working to minimize the impact on the environment of heating or cooling your home. Your new home can be a big user of energy, primarily for keeping the inside at a comfortable temperature for you and your family.

That's why keeping the following three things in mind when you are having your home built can end up saving you a lot of money on operating costs, not to mention reducing the home's impact on the environment. By installing energy efficient windows, by ensuring that your attic is properly insulated, and by using a high-efficiency furnace and water heater, you can help make your new home energy efficient and more comfortable.

Windows are an important design element in your home and everyone wants to have the best view from inside their homes. But windows can be a significant potential energy loss. A picture window in your home's living room can provide a stunning view and using energy efficient windows will help to keep thermal transmission to a minimum. This way, your living room can stay warm in the winter time and cool in the summertime without costing a fortune in heating and electrical bills. Talk with your builder about the his recommendations for the windows you want to make sure that they are energy efficient.

Attic insulation is another thing that can make a big difference towards ensuring a home is energy efficient. Heat transmission through a poorly-insulated attic can cause your heating and cooling bills to skyrocket. Insulation is rated in Canada by its "R" value, which is a measure of how well insulation resists transferring heat. Although building codes require at least R35, I would suggest insulating up to at least R50 standard to have an energy-efficient home and would encourage you to talk with your builder for more details.

Finally, high-efficiency furnaces and hot-water heaters are a must. Most if not all new furnaces sold in Canada today are high-efficiency as are hot water heaters. Also, the relatively new tankless hot water heaters allow you to heat only the water you need when you need it and can help in making your home more energy efficient than the standard hot water tank. Again, speak with your builder about the type of furnace recommended for your home, as well as the type of water heater.

By insisting that your new home has energy efficient windows, proper attic insulation, and high-efficiency furnaces and water heaters, you can make sure that your home is energy efficient, and that will not only save you money but will help the environment as well.

Movember at Vantage West

2010-11-09T13:22:00.000-08:00

Great news. The guys at Vantage West are willing to look a little more ridiculous than usual for a good cause. They’re taking part in Movember, (as in “Mustache November”) a fundraiser for prostate cancer awareness.

Vantage West Co-founders AJ Hazzi and Joel Sherlock will be among the men proudly sporting shag carpeting on their upper lips while keeping the beards tidy. Given that I’ve never seen an Egyptian moustache, I’m excited to see where AJ’s takes us. Joel on the other hand, looks like he could be sporting a Tom Selleck-thick cookie-duster by breakfast tomorrow.

The team is hoping to raise $10,000 for a cause best described by the Movember.com website:
“The moustache becomes the ribbon for men’s health, the means by which awareness and funds are raised for prostate cancer. Much like the commitment to run or walk for charity, the men of Movember commit to growing a moustache for 30 days.”

And grow they shall.

Periodic updates will post on the Vantage West Facebook and Twitter accounts so we can all chart the awkward progress as it happens.

It’s a light-hearted way to address a serious problem, and they would appreciate any and all support from those who believe that the power of the moustache can help fight back against prostate cancer.

You can make your donations at: at this Mospace Page using a credit card or Paypal account in approximately the time it takes to wax a quality curly-tipped mousty. So...

Thank you for your support!

The team at Vantage West

A Billion Dollar Home?

2010-10-26T08:52:00.000-07:00

I feel as if I need to channel Dr. Evil from the Austin Powers movies a bit when I utter the price of the home that has been built in India. A few years ago, it has hit the news and some of you may have already heard about it when it was designated as "The World’s First Billion-Dollar Home. As of this week, that claim to fame is now a reality as the home is completed and ready to welcome its owner, one of the richest men in the world, Mukesh Ambani.   

Ambani is the chairman of Reliance Industries, which is India’s largest private sector company. His personal wealth is estimated at about $29 billion and Forbes named him the 2010 fourth richest man in the world.

A look back in time shows that the home seems to have all the features noted in the original plans. Soaring 27 stories and 570 feet high, it towers over much of its surroundings, with glass walls taking full advantage of its stunning position in the center of downtown Mumbai, with views stretching to the Arabian Sea. Six garage levels sit below the residence, providing garage space for approximately 160 cars. No doubt Ambani, his wife and three children, plus the 600 staff members reportedly hired for this building/residence will have no problems with parking…or perhaps Mr. Ambani can fill those spots on his own? Some published reports say there is a full-service auto maintenance center that comprises one floor of the tower.  

While there is some question as to exactly how much the home is worth (which seems to be anywhere between $1 billion and $2 billion, according to many analysts), there seems to be little question as to the level of amenities this mansion in the sky affords. Named Antilia, after a legendary island in the Atlantic Ocean, this palatial building took seven years to complete and begins with the home’s lavish “lobby,” offering nine elevators. The home’s reported 37,000 square feet include such features as a two-story health club, a 50-seat theater, a ballroom and a four-story hanging garden. Other highlights include multiple safe rooms, a dance studio, a swimming pool and the three heli-pads on the roof.  

What more can one say?  

Source from: Kathleen of Unique Homes

Largest Residential Sale in Kelowna's History - $10 million property sold.

2010-10-12T09:58:00.001-07:00

By Steve MacNaull

Thursday, October 7, 2010

An aerial view of the 29 acre parcel at 5880 Lakeshore Road that has changed hands for $10 million.

What real estate slowdown?

A 29-acre waterfront super-estate has just sold in Kelowna for $10 million.

“It‘s good news, really good news,” said Gary August of Coldwell Banker Realty, who co-listed the property with realtor Jane Hoffman.

“It shows that Kelowna is still a desirable real estate market and wealthy people are more than willing to invest here.”

At $10 million, 5880 Lakeshore Rd. is the most expensive single-family home to ever sell in the Central Okanagan.

The record was previously held by the lakefront mansion at 1499 Pritchard Dr. in West Kelowna that sold in early 2008 for $7.4 million.

“Not many properties sell at these price points, so they are big deals, something that everyone sits up and takes notice of,” said August.

The $10-million transaction is somewhat shrouded in secrecy.

The confidentiality rules that bind realtors means that August is only comfortable revealing that the seller is from out-of-town and used the property as a second home over the past 30 years.

Realtor A.J. Hazzi, a partner at Vantage West Realty, represented the buyer.

“He‘s from Calgary and is involved in the oil and gas industry,” said Hazzi.

“He knew what he wanted – a big private estate on the lake – so when found it everything moved quickly.”

Hazzi was introduced to the buyer after helping a friend of his find a home in Kelowna.

“This reinforces two things that are very important in Kelowna real estate,” explained Hazzi. “Even with the recession, Alberta buyers with oil and gas money are still our big buyers and referrals are the best way for realtors get business.”

The 29-acre parcel is actually an amalgamation of three properties, all in the Agricultural Land Reserve, so there are no plans to subdivide.

“The buyer wants to turn this property into a world-class estate,” said Hazzi.

“There is a 5,500-square-foot house on the property that would have been the best when it was built in 1972, but the buyer has already lined up a local builder to build his dream home for him. What drew him to the property was the privacy, the views and the location right on Okanagan Lake with 1,100 feet of waterfront, a private breakwater and five-boat slip dock.”

The buyer also plans to have a couple of golf holes put in and plant some grapes to one day make wine.

While $10 million is the biggest sale for a single -family home, there have been some larger for commercial properties.

In 2004, the land where the Mission Creek Towers are now at the corner of Springfield and Durnin roads changed hands for $12.1 million.

And just last year, a 120-acre waterfront plot on Westside Road that will be developed as a marina, hotel, restaurant and winery sold for $18 million.

The property is located just north of the former Old Ferry Dock and will be turned into a 1,350 -boat marina with automated underground dry stack storage system and have a floating restaurant, 50-room boutique hotel, vineyards and winery.

A group of investment partners from Vancouver and Calgary, headed by retired dentist and former Kelowna-Lake Country Liberal MLA John Weisbeck, is behind the development.

The project will be developed in phases over the next several years starting with the first of the marina slips and the restaurant.

3 Level Penthouse at Club Fuzion Kelowna

2010-06-26T13:53:00.000-07:00

Luxury Home Market Shatters Records

2010-04-26T23:03:00.000-07:00

Greater Vancouver topped the charts for the most expensive home sold in the first quarter of 2010, while prices for luxury properties in 9 of the 13 markets shattered records.

A recent report form the real estate council stated that nearly all marketing reported double to triple digit price increases in the firs quarter for the upper end on of the housing market. Kelowna lead the gains with prices surging 700% Followed by Montréal at 300% and Victoria with 275%.

“Recovery in the upper end has been nothing short of remarkable,” stated Elton Ash, “This segment of the market was hardest hit when the recession took hold – yet its comeback has been fast and furious.”

Foreign buyers, particularly from the Middle East and China, are also helping buoy sales at the upper end of the market, with investors attracted by the stability of the Canadian financial system and the beauty… did you see the Olympics?
This report also speculated that the economic recovery coupled with the rebound in stock portfolios has helped boost the number of high net worth individuals who are reaching for their wallets.

The most expensive home sold through the MLS listing system in the first three months of the year was an 11,600 sq. ft. property in Vancouver’s Westside, which fetched $10.6 million, it said.

The Bank of Canada last week predicted that the feverish property market would begin to cool in the second half of this year as higher interest rates, tax in some markets and tighter mortgage rules dampen demand.

These are not factors likely to affect the higher end of the market, however. Greater Vancouver topped the entry-level price for luxury homes with the sales tag starting at $2 million, followed by $1.5 million in Toronto and Montreal

Okanagan housing market picks up.

2010-04-08T15:20:00.000-07:00

The Central Zone of the Okanagan Mainline Real Estate Board reported March 2010 sales activity of all MLS property types improved over 2008, the early part of 2009 and last month as the local housing market continues to pick up steam moving into Spring.

“Sales activity remains strong and listings continue to increase in the Central Okanagan as Spring unfolds and the promise of warm weather spurs Buyer interest,” says Brenda Moshansky, OMREB President.

“New listings rose 27% over last year at this time (1,362 compared to 1,070) and are up 12% over February (1,098). A wider selection of properties means more choice for buyers and a better opportunity to find the dream home they are looking for.”

She says overall sales of 366 units this month jumped 49% from the 245 sold in March 2009 and rose 26% from the 289 sold in February.

Total residential units sold showed a 42% improvement over last year at this time (331 compared to 233) – a 33% increase from last month (249).

Sales of 172 single family units were up 32% over last March (130) and increased 34% compared to sales this February (123).

Townhouse and apartment sales continue to show improvement, rising 85% (63 townhouses sold compared to 34) and 19% (56 apartments from 47) over March 2009.

“As economic growth improves in BC and recovery is well underway across the country, mortgage rates have gone up with the anticipation of potentially higher inflation. Despite the increases, home prices remain relatively affordable and mortgage rates comparatively low in the Central Okanagan – factors that will continue to draw buyers into our attractive market and to strengthen sales.”

She says they expect to see buyers with pre-approved mortgages making a move before the upcoming changes to qualifying criteria come into effect in mid-April.

“And, others could jump in sooner rather than later in the coming months to avoid further rate increases and the pending HST.”

These intrest rate changes won't hurt a bit.

2010-02-16T13:20:00.000-08:00

Its important for Kelowna Home Buyers to understand that when the minister of finance is talking about a bubble and trying to prevent the market from over heating, its major centres like Vancouver and Toronto that are driving these decisions. Kelowna Condo sales hardly reflect the speculative market we saw in 2003-2007. Okanagan real estate market is in a very balanced place right now.

The mortgage rule changes announced Monday by Financial Minister Jim Flaherty will weigh a bit on real estate speculators and heavily indebted people who want to fold
their high-rate credit card debt into a lower-rate mortgage. But for rank and file homebuyers, the changes will barely be perceptible when they take effect on April 19, 2010

“This should have a limited impact on what I see daily,” mortgage broker Peter Majthenyi said in an e-mail he fired off after Mr. Flaherty's announcement. “I believe it's more a message that ‘Big Brother' is watching and cares.”

Olympics aside, the favourite Canadian diversion of the moment is to debate whether there is a bubble in the housing market. Those most worried about the housing market plunging have urged Mr. Flaherty to raise the minimum down payment for a home and reduce the maximum payback period.

But the 35-year amortization, favourite of first-time buyers across this land, remains. So does the 5-per-cent down payment, which is heavily relied upon in high-cost cities like Vancouver, Calgary and Toronto.

All the measures announced by Mr. Flaherty affect mortgages covered by government-backed mortgage insurance, where the buyer puts less than 20 per cent down. The key change for typical home buyers is that, regardless of what term or type of mortgage they choose, they'll have to be able to afford the five-year rate.

New Mortgage Regulations from Finance Minister Jim Flaherty

2010-02-16T10:17:00.000-08:00

Finance Minister Jim Flaherty announced Tuesday he will be issuing tighter lending standards for mortgages, saying that while the housing market is “healthy” the moves are needed to “help prevent negative trends from developing.”

Under the new rules, all borrowers will need to meet standards for 5-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower rate and shorter term.

Also, the government is lowering the maximum amount Canadians can withdraw when refinancing to 90 per cent of the value of their homes, from the current 95 per cent, and requiring a 20 per cent down payment for government-backed mortgage insurance on “speculative” investment properties.

“There are no definitive signs of a housing bubble,” Mr. Flaherty said. “We think we're being pro-active in the three steps we're taking today.”

Frank Techar, the President of Personal and Commercial Banking for BMO Bank of Montreal, welcomed the announcement.

“While we do not believe that Canada faces a housing bubble, we fully support the minister's actions,” Mr. Techar said in a statement. “Given the prospect of higher interest rates and the recent run-up in housing prices in some markets across Canada, the measures announced today are prudent. Currently, we require high ratio mortgages to be able to qualify using the 5 year rate.”

In a release, the finance department indicated that the three new changes to the mortgage insurance guarantee rules are intended to take effect April 19, 2010.

In reference to the tightening of re-financing rules, Mr. Flaherty said this will encourage Canadians to build equity in their homes instead of tapping that equity as a source of cash.

“This will discourage the kind of mortgage refinancing that can create unsustainable debt levels as interest rates go up. We are encouraging people to build equity over time, using home ownership as an effective way to save, rather than as a vehicle for quick cash,” he said.

In his comments on the third measure, Mr. Flaherty said the hike in minimum down payments for such properties will help keep prices from climbing too high.

“We will require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. This will discourage the kind of reckless real estate speculation that can drive prices to unsustainable levels which does not serve Canadian home buyers,” he said.

“We're not aiming here at investment properties,” Mr. Flaherty added. “What we're getting at is the speculation in multiple-condo markets, in particular.”

CIBC economist Avery Shenfeld said “these look to be very well targeted at the one area of concern that we have, which is that low rates are making larger variable rate mortgages look more affordable than they really are on a long term basis.”

The moves send an appropriate message to borrowers about debt, he said. While the rules don't take effect yet, Mr. Shenfeld suggested that the banks might begin adopting them earlier. And they could take a little bit of steam out of the market, he said.

“It may be part of a cooling that we'll see in house price appreciation,” he said. “We were pushing into house prices that were running a bit ahead of rental rates and income fundamentals – not to the point that we feared a huge house price crash, but to the point that it might be time to head-off such risks.”

Jeremy Torobin, Bill Curry and Tara Perkins

Globe and Mail Update

Marketing your Home on the Internet

2010-02-15T21:29:00.000-08:00

There are many Marketing Questions to Ask the Real Estate Agent Who Is Offering to List Your Property for Sale. With almost 90% of property buyers searching online for real estate, you'll likely be best served by an agent who understands modern Real Estate web marketing techniques.

• Are you using a professional photographer to capture the best photos of my property?
o How many photos of my home do you intend to post on the web?

• Do you post to Craig’s List, Castanet and Kijiji? Will your ads divert that traffic to more effective website?
o How often will you repost

• Do you use Facebook ad impressions? How will they be targeted?

• Which keywords will you target as part of the Google adwords and/or Bing campaigns will you run for the property?

• Will you post my property to your blog and update your readership at least twice/month with updates etc?

• Can I see the MLS description you plan to write for the property before it is posted? Is it written by a professional copy writer?

• Are you willing to notify the 10 agents who have the most recent sales on properties closest to my property about the listing?

• Which social networks will your blog posts about my listing syndicate to? How many total people do you have on your friends/fans/followers lists?

• Will I be able to access web tracking for the various sites where my listing appears? Can you set me up to be able to view these visitors in real time?

• Can I send your presentation online to my address book of contacts?

• Are you willing to provide a Satisfaction Guarantee

Agents are often chosen solely on the recommendation of a friend or maybe an ad in the newspaper. But choosing the right agent can save you time, effort and aggravation. No matter the source if the agent does not have a marketing plan or does not have a strong grip of real estate marketing in today’s world of tech savvy buyers, how will this agent ensure that your home gets into the hands of as many buyers as possible? Exposure is Key.

If you are thinking of selling real estate in Kelowna or the okanagan? Would like a Vantage West Realty Agent to spend some time with you and show you our extensive property marketing system? Or if you have any questions about marketing your property in your home town please feel free to contact us at info(at)vantagewestrealty.com or 1.877.817.3133

10 ways to improve the value of your home

2010-02-09T21:02:00.000-08:00

After you have taken the time to evaluate your real estate professional there are a few more important items that you may want to take a good look at to ensure you are getting the most for your home.

Whether it’s to prepare your property for selling, or even just to enhance the enjoyment of your single largest investment.

Here are 10 ways you can increase the value of your home.

10: Showcase that view in an out Purchase New Windows. They not only add to the value of your house, be GREEN and save money by keeping your home more energy efficient.
9: Bring your family room up to date, buyers love open space, maybe enough room work out with the Wii! — a feature potential buyers will love!
8: Clean up the Kitchen. Yes insides of your kitchen drawers too. Try adding rollout trays and other organizers. Save some space, and make them more attractive to buyers.
7: Consider investing in a power generator, to keep the light on, when the electricity goes out! Stand out from the competition
6: Do a ‘floor space audit’ in your home. Look for square footage that isn’t being used, or used well, and try to put it better use. With some drywall and a bit of imagination, you can add a new room at little cost.
5: Add a deck! One of the best ways to add value is to create a brand new room outdoors! And just think, your grille will love you for it. That Kelowna lifestyle is all about the balance of indoor and outdoor living.
4: Upgrade your garage door opener to a keyless touchpad entry system to provide a bit of convenience and high-tech flair!
3: Fix up that basement. Whether you do a whole renovation or just a fresh coat of paint, it’s not a dudgeon. It will make a big difference in the value of your home.
2: Consider using that attic space for more than just overflow storage, try adding a room. You’ll see a big return on your investment, there.
1: Let there be light! Update your light fixtures – a small cost, for a big return!

Do you own Real Estate in the Okanagan? Call a Vantage West agent today we would be happy to help you with a custom list for your home!

BC Real Estate Market Update - Interest rates and inflation...

2010-02-09T11:27:00.000-08:00

Real estate activity has been blistering in recent months, fuelled by record low interest rates. The Bank of Canada stated this month it will keep its key lending rate at 0.25 per cent through to mid-year unless its inflation outlook changes.

The flurry of activity has sparked concern about housing bubbles though. The heads of the country's six largest banks have expressed concern over a potential slide in house prices and said they want Ottawa to tighten rules on mortgages, reported The Globe and Mail Saturday.

Finance Minister Jim Flaherty seems to have no near-term plans to tighten mortgage rules.
“Right now, there is no compelling evidence of a housing bubble in Canada,” he told reporters this weekend, though “we're continuing to watch” how the market evolves

HST Real Estate Update

2010-02-06T00:10:00.000-08:00

The HST has been looming large in the minds of prospective homebuyers. A recent IPSOS Reid survey indicated 40 per cent of B.C. Home Buyers believe the HST will impact their home buying plans. The question is, how big of an impact will it have?

The jury is still out on exactly how the HST will affect the overall housing market. However under the current proposal a homebuyer purchasing a used or resale home will see only a marginal increase in their actual costs.

According to Tony Spagunolo, “The average buyer purchasing a used home will see an increase of maybe $100 if the HST is implemented in the current form.” Spagunolo owns, The Spagunolo Group of Real Estate Law firms, and specializes in Real Estate conveyance.

When you break down the numbers it becomes apparent Tony is right.

Buyers only pay GST on new real estate. Therefore a resale property should not be subject to HST. Legal fees already include GST and PST therefore will have no change.

The only additional cost will be on home appraisals and inspections. Home appraisers and inspectors currently only charge GST. In the Okangan an appraisal can cost about $300 while an inspection is around $175. The total GST on both is currently $23.75. Once the new rules take effect July 1st, 2010 the total tax will increase to $57.00 which is an increase of only $33.25.

Who will the HST hurt the most?

Sellers will actually pay quite a bit more HST than buyers. Sellers pay Real Estate commissions which are subject to GST. Considering the average $400,000 sale generates a commission of around $16,000 the HST will add an additional $1,120 in tax. Not a small sum, but probably not enough to prevent a sale either.

Perhaps the single group most likely to feel the pinch from the HST are homebuilders. In particular builders who have a building completing after July 1/2010 will be the most impacted. There is a transitional tax planned for these buyers, but rest assured the builders, or more likely buyers are going to absorb some of the new tax.

It seems the provincial government is convinced more tax is the cure for what ails us. Whether this is the case still remains to be seen. At least homebuyers purchasing re-sale real estate can breathe a collective sigh of relief since the increased cost of the HST will be less than a less than a pizza and a six pack of beer

-Scott Peckford – Mortgage Architects

More Kelowna Real Estate News at Vatage West Realty.com
http://www.vantagewestrealty.com

VIew More Kelowna Real Estate Listings at www.vantagewestrealty.com

Kelowna Real Estate Quote of the Day

2010-02-03T12:05:00.000-08:00

"No house should ever be on a hill or on anything. It should be part of the hill. Belonging to it. Hill and house should live together, each happier from the other." Frank Lloyd Wright

To view more incredible Kelowna Real Estate visit Vantage West Realty.

CHMC Kelowna Real Estate Update

2010-01-11T11:51:00.001-08:00

KELOWNA - JANUARY 11, 2010 – CMHC

Kelowna area housing starts totalled 657 homes in 2009, down from 2,257 homes the previous year, according to Canada Mortgage and Housing Corporation (CMHC). Fewer multi-family homes accounted for most of 2009’s decline. “Strong price competition from a well supplied existing home market and high inventories of new, completed and unoccupied units constrained apartment condominium construction in 2009,”.

Kelowna’s new home construction market ended the year on a positive note. December housing starts, led by the detached home sector, increased to 72 units from 28 units in 2008. “Detached home starts have begun to trend back up in recent months,” noted Fabri. Both detached home and multi-family starts are expected to move higher in
2010.

For additional valuable real estate information please call or email a Vantage West Real Esate professional info(at)vantagewestrealty.com

Vantage West

Urban Lofts in Downtown Kelowna

2009-11-23T22:30:00.000-08:00

The third development to lock down Vantage West's productivity is a sharp new in-town development called Martin Lofts.

Windmill Developments, the team behind Martin Lofts came to Vantage looking for a fresh, young company to market their quality, urban-style lofts.

For Vantage West, they know they've acquired a great opportunity to offer their clients something different. The value Martin Lofts is offering on fantastic floor plans is unlike anywhere else in Kelowna. For the most part, you can check out any of the apartment complexes in Kelowna and find the same thing, re-done. Martin Lofts takes the bull by the horns and finally mixes it up a bit; match that with the quality of the builder Kevin Edgecomb and that is a perfect combo.

Not to mention that the professionals a Vantage West are willing to get creative with how sales are made. From; Mortgage Buy-downs, trades, rent-to-own, whatever works best for the perspective client.

Martin Lofts are where comfortable, fun living is heading. A great location, a nice gym, quality throughout, all with the look and feel of a stylish, big city centre. Trendy, might be the word.

And they found they'd be the perfect fit with Vantage West Realty.

All this speaks nicely to the development of the company that's been making major real estate inroads in Kelowna. Take a look at the brilliant floor plans and new prices.

http://www.vantagewestrealty.com/developments.php

StoneBridge Lodge, StoneGate Resort and Big White Ski Resort

2009-10-30T09:00:00.000-07:00

Time to take notice of Vantage West for the other major real estate company, is it not?

They just continue to further solidify themselves as the young, energetic, vibrant real estate group in town, and they continue to be a thorn in the side of the big names. With the corporate giants, clients find themselves getting lost in the shuffle, and not getting attention they deserve.

Enough people have found Vantage to be the complete opposite that just this past month, Vantage has secured deals with three large development projects.

Two brand new, stylish Big White communities - Stone Bridge and Stone Gate - will be introducing Vantage West's services to both the resort world, and for the first time, to the Big White market.

For these two mountain projects, the appealing part of Vantage West was the unique manner in which the company operates. Simply put, they've got a better grasp on what works today. Better than the larger, lumbering agencies of yesterday that are unable and unwilling to adapt to the specific needs of the current market.

The high-end, beautiful properties at both StoneBridge and StoneGate are a nice fit with the style of the high-end company in Kelowna. It's chalet living with optimum amenities, class, style and fun - exactly what the type of people who hit up Big White are looking for.

These major developments have shown a serious trust in Vantage West: never before have the properties been available to be sold by anyone but the developer prior to now, which speaks volumes to what they know Vantage West can do for them.

As Joel Sherlock and AJ Hazzi have pointed out, it's a great fit for them as well. They'll have two offices at the hill to meet the needs of clients, as well as a home at StoneGate. "With it being the best location on the mountain. Aggressive new prices coupled with the apres ski lifestyle that Stonegate delivers made for a perfect fit to launch Vantage West's Development marketing division."

Negotiating in Today's More Active Market

2009-10-26T15:46:00.000-07:00

After a brief slowdown for a few months, the real estate market is roaring back in most of Canada's urban markets. The big question now for many home buyers is

- In today's market, will sellers be more or less open to negotiating their price?

As with most aspects of real estate, there's no one right answer to that question. Every transaction is different. Sellers will tend to determine their negotiating position due to a number of factors, such as their financial goals, personal time lines, their own motivation to move and many other factors, including market conditions.

However, it goes without saying that in an active market with limited inventory, such as we're seeing now in most of Canada's major urban centers, sellers tend to have more options. It's easier to hold firm on your price if you think there are other buyers out there who will be prepared to meet it. Of course, the seller is in an even stronger position when it comes to an all-out bidding war. Negotiating a price between one buyer and a seller tends to be a more measured process. When bidding wars come into the mix, emotions run high, time lines are tight and a greater sense of urgency exists.

This is when the expertise of your real estate professional really shows its worth. Buyers need to prepare their negotiating strategy with their sales representative in advance. They should know their limits going in, so they won't get caught up in the frenzied pace of a bidding war and make an impulsive decision.

Your Vantage West REALTOR can arm you with a wealth of information to help you plan your negotiating strategy. Information such as past sales, competition from other comparable listings currently on the market, and trends in the local marketplace can all be used in negotiations and help you to make an informed decision.

Want to know more about negotiating strategies? Contact your Vantage West REALTOR to find out more. You'll be glad you called us first!

http://www.vantagewestrealty.com/contact-us.html

First Annual Commercial Building Awards

2009-10-14T13:14:00.000-07:00

The Okanagan Mainline Real Estate Board Commercial Zone is looking for
nominations for its first annual Commercial Building Awards which will be held November 5, 2009 at the Delta Grand Okanagan Resort and Conference Centre.

The gala event will highlight the best in commercial building in OMREB’s jurisdiction - from Peachland north through the Okanagan to Revelstoke - and will celebrate the best in commercial building projects that were completed between January 1, 2008 to September 1, 2009.
“we are pleased to be recognizing the unique variety of quality commercial, industrial and investment real estate developments throughout the Okanagan Mainline Real Estate Board,” says Gary Bowker, Vice Chair, Commercial Zone.

There will be at least nine categories represented at this event, although more could emerge once the nominations close in September. The categories are: Mixed Use, Community - Seniors Housing, Community Institutional, Retail, Industrial, Multi-Family Apartment, Multi-Family Townhouse, Hospitality, Commercial Renovation-Restoration. There will also be a “Judge’s Choice” award for best of show.

Nominations need to be received by OMREB by September 30, 2009. Eligible projects can be selfnominated. Nomination forms are available through the OMREB website: www.omreb.com

Sponsorships of the event are the Canadian Western Bank, Interior Savings, FortisBC Inc. and
Terasen Gas.

Men are from Mars and Woman are from Venus, but somehow they both buy homes.

2009-09-15T15:21:00.000-07:00

When it comes to the home buying process, there are some definite differences between how men and women approach it. Some recent findings of a consumer survey that tracked the gender preferences of more than a thousand home buyers turned up some interesting facts.

Here are some of the highlights:

Women may be inclined to make up their mind more quickly than men
· When asked how long it took before they knew their home was "right" for them, almost 70 percent of women had made up their mind the day they walked into the house. (62 percent of men)
· Men needed two or more visits: (32 percent vs. 23 percent of women).

Women would rather live closer to their extended family than to their job
· 55 percent of women find it more important to be closer to their extended family to their job ( compared to only 37 percent of men). A home's security is a deal-breaker for both men and women
· 64 percent of women said if they found the home of their dreams but had concerns about its security, they'd no longer be interested. More than half of men agreed (51 percent). Couples say that "no one wears the pants in the relationship" in terms of major financial decisions
· When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it's actually mutual. Men and women tend to agree on how they would use a spare room (Sellers are you listening?)

When asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:

· Additional Bedroom: 25 percent
· Office/Study: 15 percent
· Family Room / Den: 11 percent

Call your Vantage West Agent and we can help you find that Safe/secure home closer to extended families, all you will need to agree on is what to do with that extra room.

Joel

BC Home Sales Brightest Light in Economy

2009-09-14T15:34:00.000-07:00

BCREA Forecast Update - Third Quarter 2009

August 27, 2009. -The British Columbia Real Estate Association (BCREA) released its Forecast Update for the third quarter of 2009 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to climb 15 per cent from 68,923 units in 2008 to 79,400 units this year. This brings us just below the ten-year average of 82,800 units. Residential sales in 2010 are forecast to rise an additional 6 per cent to 84,200 units. For comparison, a record 106,310 units were sold in 2005.

“After 12 months of significant volatility in BC’s housing markets, greater stability is expected through 2010,” said Cameron Muir, BCREA Chief Economist. “Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters.”

“Home sales have doubled since January, with prices edging higher in Metro Vancouver and Victoria in recent months,” said Muir. The average annual MLS® residential price in the province is forecast to reach $451,200 in this year, down 1 per cent from a record $454,599 in 2008.

“Market conditions vary depending on the region of the province,” added Muir. “While the Metro Vancouver and Victoria markets have rebounded sharply, interior markets are demonstrating a more gradual trend toward balance between supply and demand.”

The Penthouse with “Big City Swagger”

2009-09-07T10:04:00.000-07:00

“Big City Swagger” available in the Okanagan

An ultra chic “Hard rock style” Penthouse is being sold high above Okanagan Lakes deep waters.

Picture an ultra chic, Las Vegas penthouse – cut right out of the Hard Rock Hotel – and hung high above Lake Okanagan’s deep waters.

Vantage West Realty recently listed a home fit for a rock star in Sunset Waterfront Resort just down from Prospera Place. Kelowna has seen an emergence in style – exemplified in this custom-designed 3,750 square foot double suite, originally built in 2006 and listed for the first time since construction.

“This is a special property that combines the best of both worlds,” said AJ Hazzi, Director of Vantage West Realty. “This is a unique opportunity to show people that Kelowna has more than one speed – and properties that capture all the style and glamour of the world’s most exciting cities.”

The view from this Sunset Drive residence encompasses all of Kelowna’s traditional beauty – anunobstructed view of Lake Okanagan, picturesque mountains and glorious sunsets. But the visioninside this newly listed property is something rarely seen in the interior of British Columbia – a glimpse of Las Vegas flash, with an ostrich-leather pool table, fused glass and metallic flooring and eight flat-screen televisions.

A rising percentage of high-end homeowners are turning to Vantage West to find and move the type of places that cater to a very specific home-buyer. They’ve been a beacon of change – focusing on being responsive to the demands of a style migration that’s been sweeping the city.

Kelowna is attracting interesting and successful people from around the world – entrepreneurs,professional athletes and high-profile celebrities who appreciate the region’s natural beauty. Withinternational style and flair gaining hold in the Valley, the value of a property like 1902-1128 Sunset Drive is on the rise.

Style has come to Kelowna – and its here to stay.

http://www.vantagewestrealty.com/details.php?id=111

Greg Norman and a $1-Billion Golf Resort and Winery in Peachland

2009-08-18T12:00:00.000-07:00

Legendary golf professional Greg Norman and Norm Porter CEO of Treegroup Developments unveiled a $1-billion golf, winery and housing development for Peachland on Monday.

With 425 acres on the south-eastern slopes of Pincushion Mountain, Ponderosa will have a 7,100-yard championship golf course, winery, hotel, golf academy, tennis courts, amphitheatre, trail system and 2,200 housing, units ranging from 10% affordable housing to single-family homes, townhouses, condos and villas.

Treegroup Developments Corp. bought the Ponderosa Golf Course in 2007, but received a stalled development application. With a few additional purchases the company bought surrounding property and added 138 acres through a joint venture with Westbank First Nation. The signature golf course will be capable of hosting world-class golf tournaments and other major events, said Treegroup CEO Porter.

When Norman‘s team inspected the property, VP Jason McCoy told Porter: “We‘ve designed and developed 60 to 70 golf courses around the world, and this is one of the most spectacular properties we‘ve been on.”

Norman, stated it‘s “I completely concur with what Jason said. This is a magnificent piece of property, it’s like the Napa Valley and Lake Tahoe comes together.” Greg Norman aka The Shark continued to say “It really is, when you think about the wineries you‘ve got here, the lakes, the beautiful vistas and the Ponderosa pines. It‘s just a combination of everything. Very rarely do you get that anywhere in the world and you have it right here,” “From our perspective, we‘re very, very fortunate to be involved here because this will turn out to be a gem, no question about it. We look where the growth corridor is going. If you look where Kelowna is now and West Kelowna, it‘s a very fast growing part of Canada.”

The goal is to open the golf course in the late spring of 2011 and have the first residents move in early in 2011.

Contact Vantage West with any questions info@vantgewestrealty.com

BC Housing Market Exhibits Balanced Conditions

2009-08-17T17:01:00.000-07:00

Vancouver, BC – August 14, 2009. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 53 per cent to 10,051 units in July 2009 compared to the same month last year. After six consecutive months of rising home sales and declining inventories, the province moved into balanced conditions in July, the first time since April 2008.

"Record home sales in Metro Vancouver and Victoria propelled the province into balanced conditions last month,” said Cameron Muir, BCREA Chief Economist. “While conditions in many interior markets are getting much better, their reliance on the struggling resource sector and a recent spate of forest fires have contributed to a more gradual pace of improvement."

Year-to-date, MLS® residential sales dollar volume declined 10 per cent to $21 billion over the same period last year. A total of 46,380 units were sold in the first seven months of 2009, down 6 per cent from 2008, while the average MLS® price declined 4 per cent to $451,758.

Housing Sales Improve and Market Shows Signs of Stability

2009-07-22T22:47:00.000-07:00

Kelowna, BC - July 9th, 2009 The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) reported June 2009 sales activity of all MLS® property types continued to improve with a total of 438 sales – increasing by 15% from 381 sales in May and up 23% from 356 units sold in June 2008. While single family residential units sold in May increased by 16% from June, sales improved by 35% from this time last year – up from 189 units to 220 in June compared to the 163 single family units sold in June 2008. Brenda Moshansky, OMREB Director and REALTOR® in the Central Zone said “The year-over-year sales activity improved significantly this month and unit sales remain relative to 2000/2001 levels. Signs of greater market stability are helping to stabilize prices as we slowly move towards more balanced conditions,”

“Improved affordability and low mortgage rates are pushing unit sales higher and reducing inventory as first-time buyers continue to enter the market. However, banks are tightening up qualifications for financing and there is only so much home a first-timer can buy. “While we are still lagging behind the Lower Mainland where the condo market is recovering faster and the change of ownership is creating a lot of activity as sellers move out and up, we could see similar movement in the coming months,’” she adds, “especially as BC – the Okanagan in particular – continues to attract retirees, the largest demographic. The overall market is expected to strengthen once consumer confidence comes back and buyers are more comfortable with their personal economic situations.” Moshansky notes, “If a home is priced well, it will sell. The guidance of a REALTOR® to help determine market value in this competitive marketplace is important for both Buyers and Sellers.”

Melnyk, A Garage Sale and Propaganda

2009-06-19T11:35:00.000-07:00

Vantage West Realty co-founders AJ Hazzi and Joel Sherlock recently played golf with Stanley Cup winning defenseman Larry Melnyk.

The relationship was forged at the Hockey Greats Fantasy Camp last August, where Larry was able to fulfill his fantasy by playing on a team with AJ.

They've been inseparable ever since.

*****

Vantage has been taking an active role in the community lately, partnering more and more with local ventures that will bring people and money into the Okanagan Valley.

The most recent relationship has been formed with Inspirative Promotions, and their "Garage Sale", that features over a dozen items such as boats (including the Miami Vice classic, MoJo), a vintage car, a new car, a plane, two motor-coaches, a custom motorcycle and four pieces of real estate (including an estate property at Sheerwater). Over 80% of the ticket prices for the event will be given to charity.

That ticket takes care of your weekend. Food, drinks, live entertainment, transportation, you name it.

For more information on this exciting event, check out http://www.the-garagesale.com/.

*****

Vantage West's clientele and property list, as you may have noticed by now, is both unique and distinct. Recently, this became so clear that Okanagan Life Magazine featured a press release on one of Vantage's listings for its distinct "swagger", a condo on Sunset Drive. The release was also picked up by the online magazine Red Mill Propaganda (http://www.redmillpropaganda.com/propaganda/home-with-big-city-swagger-available-in-the-okanagan/)

Professional photography, classy customer care and a dogged work ethic has helped Vantage to continue to grow their business at a steady rate. Check out their office at 1329-2 Ellis St. to inquire about any and all of your real estate needs.

New Developments

2009-06-02T09:45:00.000-07:00

When the market started to hit the skids in 2008, Vantage West got creative.

Necessity creates innovation, and from necessity was born www.tradethishouse.ca.

This site has meaning for anyone looking to sell their home quickly, or for someone trying to find a new home that's tailored to their needs.

Essentially, it functions as a dating website would, minus the awkward "you look different from your picture" moment. Someone listing on the site would list the attributes of their own home from drop down menu's, as well as the attributes of a home they're looking for, and tradethishouse.ca scours it's vast database, and comes up with a couple matches.

Instead of risking buying before having your own home sold (and paying two mortgages), or selling before having somewhere to go, this work as a simultaneous buy and sell, partnered with someone looking to do the exact same, but has needs that can be met by your home.

Pretty sweet, right? Check it out.

And, at Vantage, the growth continues. As new bio's get put up on the website next to new listings (www.vantagewestrealty.com), there are rumblings of another new hire. Four-time Stanley Cup Champion Bob Bourne has recently met with one of the owners at Vantage West about partnering with the company to form an exclusive sales niche. More on that story as it develops.

Lastly, co-founders AJ Hazzi and Joel Sherlock have partnered with Bourne to sponsor this years "Hockey Greats Fantasy Camp" in Kelowna BC, August 5th through the 8th (www.bournevents.com). The camp brings 10 NHL stars of the past to town, who repeatedly fall in love with the town and threaten to move here.

Returning NHL Hall-Of-Famer Clark Gillies, a teammate of AJ Hazzi's in the 2008 edition of the vacation weekend has insisted on once again being linemates, as both men contributed four goal games at one point. Sadly, their team lost badly in the Cup final.

Redemption, apparently, is on the horizon.

How to get more Money for your Home…

2009-05-19T23:53:00.000-07:00

Home Staging.

1. Take Home More Money.
Fact: Staged homes generally sell for more when compared to those left in "as is" condition.

2. Speed up that Sale.
Fact: Staged homes typically sell faster than un-staged homes. A home that doesn't show well and sits on the market longer. Homes that get stale result in thousands of lost dollars through price reductions. Put yourself in the buyer’s shoes, sellers need to put your best foot forward and stage first!

3. Get the advantage on your competition.
With the abundance of inventory in the Okanagan valley you need to every advantage to set yourself apart from the competition. The purchase decision often starts with an emotional connection between the buyer and their new home. You want to leave the buyer feeling that your home can feel like their home.

4. Your taste may be exceptional, but it’s still exactly that … Yours?
It's difficult to be objective with your personal belongings. A stager looks at your home through the eyes of a buyer - taking into account functionality, flow, selling features, colors and style to appeal to a larger audience.

5. The cost of home staging is not what you think.
Staging often results in selling your home for more thus recovering your staging costs. This means allocating a very small % of your home investment towards staging less than 1%. This could mean a huge difference between profit and loss, take a chance and stage your home.

6. One-stop shopping.
Staging services offer a turn-key solution, quality furniture, design concepts and setup, all in one.

7. Your most valuable commodity, Time.
Using a professional home stager will take the guesswork out of staging. Our stagers have the experience and local resources to meet your deadline.

8. Few buyers can visualize the potential of a space.
An empty room can seem much smaller without appropriate furniture, and buyers might not imagine how beautiful and stylish a space could be. Staging can eliminate many questions/concerns buyers may have about a home. More importantly, staging can excite a buyer about living their dream lifestyle in your home - leading to an offer (is that not what were looking for?)

9. A well cared for home is a more valuable home.
Buyers view a staged home as a well cared for property. Simple … any questions please ask.

10. Are you doing everything in your power to sell fast and for top dollar!
Why wouldn't you do everything you could to protect your investment? Is selling your home the largest transaction you will be doing this month? Using all the tools and resources available to sell your home is the best way to go. In this challenging market and there are many variables, use everything in our toolbox.

Playgrounds Abound

2009-05-08T15:11:00.000-07:00

Big things at Vantage West folks. Big things.

As company expansion continues, a niché slowly forms.

Vantage has become home to multiple big listings that are tailored to a new crowd, a crowd that seems to be waking up from its vanilla and beige slumber.

For future homeowners looking for something different, Vantage stands out like a flamingo in March of the Penguins. A Highpointe palace and a Sunset Drive penthouse crackle with the type of fresh life that Kelowna is trending towards. This infusion of vivacity should serve to remind us all that just because you live in a safe, respectable community doesn't mean you can't have fun.

Wetbars, rec rooms and colours that range from sultry to spicy make these homes perfect for summer entertainment, and perfect for the rock-star in us all.

As Vantage matures into its founder’s vision, success has become apparent for a host of reasons, all of which work because of one main focus:

Service.

A company unequalled in work-ethic and attention, clients of Vantage West have experienced their exceptional marketing and luxury service since its inception.

And, as the weather has warmed, some special opportunities have presented themselves to Kelowna's fastest growing real estate company and its clients – apparently adults need playgrounds too.

To go with the movement towards the high-end listings, the company has proven to work with all price ranges, earning an endless string of positive testimonials.

Check out the website for a peek at the type of life you could be living, at http://www.vantagewestrealty.com/.

Spring has Sprung at Vantage West

2009-04-24T19:48:00.000-07:00

The trees are budding and the flowers are blooming. Spring has come to the Okanagan.

Vantage West is in bloom too. After a successful 2008 in what was described as a "tough market", our small but expanding company has continued it’s torrid pace, expanding both our sales and our staff.

Thriving with a small office of eight licensees in an industry that boasts over 800 on the Okanagan Mainline Realty Board, Vantage West took a substantial 14% of the market share last month. Our office has become a group of young and hungry agents, people proving themselves to be capable of working harder, faster and smarter than their competitors.

That’s under 1% of the people doing 14% of the work. Somehow, Vantage West became that smart kid in class that got put in with the group of slackers. Everyone knew he’d be doing more than his share, but in the end, he’s the one people want to hire.

The rising prominence of Vantage West in the valley has brought new buyers, new sellers, and with them, new work. To maintain diligence in keeping customer care our priority, we wanted to take further measures to meet the growing demand, and that’s lead to one thing: new staff.
We were excited to have the opportunity to bring aboard three new employees, Veronica Campbell, formerly of Coldwell banker, Lucas Jackson from Sarras Marketing in Calgary, and Justin Bourne from Creative Fire.

When you have the opportunity to hire young talent, you take it – just ask the Canucks. Veronica Campbell has two years of productive service under her belt, so when the opportunity to lure her to Vantage West came about, we did our best, and sure enough she made a smooth transition to joining the our team.

Veronica is ready to help us meet the demands of our clients. She knows Kelowna inside and out, is well connected in town, and is willing to put in the hours needed to keep up with the hectic pace of the Kelowna market.

But there’s more: In a clever move for the future of the company, we managed to pick up Lucas Jackson to be a part of our marketing team. He’s a perfect fit for the feel of our office: ambitious, talented, and hell-bent on doing a good job.

Lastly, we brought in a copywriter who can bring life and color in capturing the unique traits of our clients properties. Justin Bourne, who plays hockey better than most writers and writes better than most hockey players, has built a following in The Hockey News, Max Hockey and his own personal blog, which has been recognized by the New York Times as must-read material. But above all, he is a product of the Okanagan who understands what makes every property special – and has the words to convey that to others.

So, with a long winter behind us here in the Okanagan, we turn our focus to spring. The sun is scrapping its way through the clouds to give us golf weather while the Canucks are in the thick of a playoff run full of promise.

How could you not be excited? We look forward to seeing you in Kelowna this summer!

Great Line I had to Post.

2009-04-17T16:33:00.000-07:00

I recently came across this great line as I was getting my daily intake of real estate newsletters and books... This may be a little pointed but the point he is crystal clear. Enjoy!

A BUYERS MARKET SHOULD BE JUST THAT – A Buyers Market. It’s not a fence sitting, waiting, loitering, delaying, doddling, postponing, vacillating, hesitating, wavering, faltering, pussy footing, foot shuffling market. It’s a buyer’s market. By its very name it means buyers should be doing one thing and one thing only, Buying! So where are these buyers and why aren’t they buying.

So Lets go BUY.

Joel

window of opportunity

2009-03-12T14:20:00.000-07:00

I am Proud to say that all three of the hot deals I have posted on the Facebook group have gone to members. Which means that there are people looking to take advantage of this BUYERS market.

It's called a buyers market for one reason and one reason only, If you can, you must be buying. This is perhaps the best buying opportunity we will see in the okanagan in the next 20 years. We have all time lows in interest rates (2.5%) and prices have come down by over 20%. Thats 150k off the average house! This is not the time to be waiting around or trying to time the bottom of the market. We never know the bottom until its on its way back up. By that time the sellers are aware of the upswing and are no longer willing to take huge discounts or give favourable terms.

If you think theres another 10% of price drops yet to come, whats stopping you from preying on seller fear and offering 10-15% less than their asking price. Our average lately when working with a buyer has been 10.4% off the list price. FYI when working for my sellers I have been able to protect pricing and have an average of 96.5%

The typical spring surge of sales activity has been reported by the Central Zone of the Okanagan Mainline Real Estate Board, increasing by 42% in one month from 114 sales in January to 162 in February. The federal incentive plans such as the home renovation tax credit and the increase to the Home Buyers Plan from a maximum of $20,000 per individual to $25,000 for first-time home buyers to draw from their RRSPs for a down payment will also help sweeten the pot for buyers.

Sorry there hasnt been a deal of the week in 3 weeks. I take the scouting of these deals very seriously and when I post them, you can bet they're the real deal. Hopefully one presents itself soon, I know there are many of you waiting. Thanks for reading this novel Ive written, next time wont be so wordy!
AJ Hazzi

Budget - Home Renovation Tax Credit (HRTC)

2009-01-27T23:31:00.000-08:00

With record setting low interest rates, Real Estate prices that are back at about the 2003 levels and now tax credits for renovations there has really been no better time to get into the market.

Here are some relevant points from the recently released budget.

Joel

Action to Stimulate Housing Construction.

Providing $8.4 billion to build quality housing, to stimulate construction and enhance energy efficiency. Measures include a renovation tax credit providing up to $1,350 to an estimated 4.6 million Canadian homeowners.

British Columbia will receive its share of the investments in social housing.

Implements a temporary Home Renovation Tax Credit (HRTC), which will benefit homeowners in British Columbia up to $419 million over two years.

Vantage West Client Appreciation Evening

2009-01-24T14:32:00.000-08:00

http://www.snapokanagan.com/display/63818/514/

Vantage West Realty hosted their first annual Client Appreciation Evening at the Laurel Packinghouse. There was great food and wine with live entertainment provided by Kelowna's own Scott Theilman as the guests mixed and mingled. If you like your real estate service served up on a silver platter Vantage West is for you. Since it's launch in early 2008, the partners and realtors at Vantage West have dedicated themselves to creating a high end real estate service offering unique and creative approaches to finding, buying, and selling residential and commercial real estate.

The Oprah Show-Solutions in a tough market

2009-01-24T14:12:00.001-08:00

http://www.oprah.com/slideshow/oprahshow/20081008_tows_thriftiest/19
Mike and Pam found Lauren and Ryan, homeowners in Elgin, Illinois, who wanted to upgrade their home. It was the perfect match for Mike and Pam, who were looking to downsize. Mike and Pam sold their home for $295,000 and purchased Lauren and Ryan's home for $180,000.

"We were able to sell our house at the price we wanted, and they were able to sell their townhouse at the price they wanted," Pam says."We're all happy," Ryan says. "It was an even trade in the sense we both got exactly what we wanted. We were looking for a house with four bedrooms, a basement and a backyard that would be fenced in for our dogs, and we ended up getting that."

If you're interested in finding a creative way to sell your home, make sure to contact a Vantage West Professional 250.717.3133 (Alright... Oprah may not have said that last part)