Okanagan Buyers Survey Summary - March 2012

Property Type:
28.7% of purchases were by Move-Up Buyers
21.3% by First Time Buyers
12.4% buying Revenue/Investment Property
9.6% moving from Single Family Home to Strata Unit
5.6% Recreation Property Buyers
3.9% moving into Retirement Home/Seniors Community
3.4% moving from Strata property to Single Family Home

Buyer Type (Family Dynamic):
30.9% Couple without children 
18.2% Two parent family/children
17.1% Empty Nesters/Retired
14.9% Single Male
13.8% Single Female
6.1% Single Parent with children

Moving From: 
63.0% from Within OMREB Board Area
12.7% from Alberta
10.5% from Lower Mainland/Vancouver Island
9.4% from Other Areas in BC
2.2% from Saskatchewan/Manitoba
1.7% from Eastern Canada/Maritimes
0.6% from NWT/Yukon (seventh month reported)
0% from Outside Canada

Information provided by OMREB.

Spring is upon us and the housing market is set to enter its busiest time of the year.  With winter a mere memory and lots of sunshine on the way, many potential homebuyers will be out and about looking for the perfect home to suit their needs and budget.  If you're preparing to put your home on the market this spring, there are a number of things you can do to erase signs of winter wear and improve your home's appeal.

"Whether you're in a buyer's market or seller's market, simple, cost-effective improvements like applying a fresh coat of paint to your home's interior or exterior can transform your home and help attract greater interest from potential buyers," said, Dianne Usher, Vice President and Division Manager, Royal LePage Real Estate Services, Johnston & Daniel Division. "Larger-scale improvements like renovations can also enhance a home's appeal while some houses might require repairs after a long and harsh Canadian winter."

To make sure your home is not only sale-ready but fetches the highest possible price, Royal LePage compiled a list of the top ten tips for selling your home this spring:

1. Create curb appeal - First impressions count! Get rid of any debris that winter left behind, edge your gardens and add creative arrangements to your front porch.
2. A fresh coat of paint goes a long way - Refresh the interior and exterior of your home by painting your walls, front door, garage, shed and fence.
3. Clean, clean, clean! - Nothing will turn a potential buyer away quicker than a dirty home. Be sure to scrub your floors and wash your windows.
4. Inspect your exterior - Have a professional check your property for any damage to your roof, shutters or siding caused by winter wear.
5. Are renovations required? - An updated kitchen or bathroom might boost your home's appeal as well as the value of your home.
6. Engage the senses - Create a welcoming scent for potential buyers by lighting a few scented candles or placing fresh flowers throughout your home.
7. Turn your backyard into an outdoor oasis - Update your patio furniture to create a relaxing outdoor environment.
8. Reseal your driveway - This will remove any wear and tear and keep your driveway looking new.
9. Depersonalize your home - Potential buyers want to picture themselves in your home. Remove family photos and diplomas.
10. Rid your home of unwanted clutter - Donate gently used items to your local Royal LePage office and take part in the Royal LePage Shelter Foundation's National Garage Sale for Shelter.  Every dollar raised by the nation-wide event supports local women's shelters as well as programs to stop the cycle of family violence.  For more information, visit www.royallepage.ca/shelter.

About Royal LePage
Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of 14,000 real estate professionals in over 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's & children's shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.

For more information visit www.royallepage.ca. 

The Bank of Canada left its overnight rate unchanged at 1 per cent for the 13th consecutive meeting. In the statement accompanying the decision the Bank noted that economic momentum in Canada is slightly firmer than the Bank had forecast in January and that economic headwinds from the US and Europe have abated somewhat. However, the Bank still judges the continued accumulation of debt by Canadian households to be the biggest domestic risk facing the economy. The Bank further noted that the degree of economic slack has been smaller than anticipated in January and that the economy is now expected to return to full capacity in the first half of 2013. Given a more rapid return to full capacity, we may see rate increases sooner than the mid-2013 date that most economists have penciled in. Indeed, the Bank sounded a more hawkish note in concluding their statement on the interest rate decision, citing that a modest withdrawal of monetary stimulus may become appropriate given firmer underlying inflation. However, the Bank was careful to condition that any withdrawal of stimulus would need to be balanced against domestic and global economic developments.

Our bias, and our modeling, still point to rates remaining at 1 per cent until the first quarter of 2013. However expectations of an increasingly hawkish Bank of Canada may start to get priced into long-term interest rates which could push mortgage rates higher in coming months.

Information provided by BCREA. 

One of the most prominent features of any home is the windows. When they are well maintained they have a positive impact on the impression people (such as potential buyers) will have of your property. The opposite occurs, of course, when your windows look old and worn.

So does that mean you should replace your windows?

That depends on a number of factors. Window replacement can be an expensive renovation. Here are a few things to consider before making your decision.

• Do your windows get frost or condensation build-up on the interior side? This could be a sign that the windows are not keeping out the cold as well as they should.
• Do you see water infiltration or mildew on the interior sides of any of the window sills? This means that moisture is creeping in from the outside, and you need to get those windows repaired or replaced as soon as possible.
• If your windows are double-paned – (two panes of glass) – check for any signs of moisture in between the glass panes. Moisture indicates that the thermal seal is broken and at a minimum, the glass will need to be replaced.
• Take a look at your windows from the outside. Is the trim rotted or cracked anywhere? Are there dark spots or any signs of rotting on the wood frames? Repairs or replacement may be required.
• Check the operation of your windows. Do they open and close easily? This is important because some windows, such as those in bedrooms, are often designed to be big enough to use as an exit in case of a fire.
• Finally, are you happy with how your windows look? Do you feel that your property will look significantly better with new windows? 

Although they are expensive, replacing windows has a lot of advantages. Depending on the efficiency of your current windows, replacing them could cut your energy costs by 10-20%. In addition, new windows block out more exterior noise, making your home quieter.

Want more tips on increasing the value, and enjoyment, of your property? Call the Dion-Ivans Group today!!

If you've been thinking about selling your home, you might be waiting until the "market is right". After all, if the local market suddenly booms, your property will likely sell for a higher price.

That may be true. However, there are other factors to consider in your decision to list.

For example, will you be buying a new home as well? If so, then the higher selling price will probably be offset by the higher cost of the new property.

In addition, there may be characteristics of your home that will help sell it quickly and for a good price – today – regardless of the market conditions.

A good REALTOR® will help you make the right decision. Call the Dion-Ivans Group today!!

Foreclosure sales quite often are thought to be really good deals, but are they?
Depending on your current situation, a sale on a foreclosure might be the right fit for you, but it is important to understand how the process works so that you can decide. When a homeowner defaults on their mortgage here in Canada, the lender will commence the process that will result in a court ordered sale. Foreclosure proceedings must be commenced by a petition that sets out the relief sought and then sets out the factual basis for the relief, once the petition is served to all parties whose interests may be affected by the proceedings such as any registered owners, co-signers, 2nd mortgage holders etc. Lenders then request an Order Nisi from the court; this order when granted commences a time frame where the owners can pay out the mortgage and retain ownership of the real estate in question. This is called the redemption period and the Supreme Court of BC has consistently stated that the usual redemption period is 6 months and that shortening this period is a matter of sound judicial discretion. During this period, the owner may continue to live in the property and cannot be made to leave except in exceptional circumstances. Technically, the property can be sold during this period, but the foreclosed upon owners could still payout the mortgage and regain control of the property. Upon Expiry of the redemption period, lenders usually put the property up for sale with a Real Estate company via a Lawyer who is acting for the lenders. This is the time the property is made available to the public for a court ordered sale. Foreclosure sales have some very important cautions that all buyers need to know and understand. It is very important to have an REALTOR® that understands the process as it is different from your standard purchase. Foreclosure sales are generally on an “as is where is basis” and there is no guarantee as to condition on possession date, plus appliances and other chattels are not included. Oh, and there is no guarantee your offer will be the winning offer.
So, is a foreclosure sale right for you?

Either way you’re investing in your future. Paying down your mortgage helps reduce future interest costs, and builds home equity. Contributing to your RRSP or TFSA builds your savings through the power of tax-free compounding.

What solution is right for you … or should you do both? Let’s take a look at both sides of the equation.

Pay down your mortgage

Being mortgage-free as soon as possible may be a sound strategy for creating wealth. Contributing to your mortgage over and above your payment will help you be mortgage-free sooner. Any additional amount over your regular payment will go directly towards reducing the principal. The more you pay down now, the more interest costs you’ll save in the future.

If your mortgage interest rate is equal to or higher than the rate of return you expect to earn on your RRSP or TFSA, then reducing your mortgage can be a good choice. An important thing to recognize is that when you pay down your mortgage it guarantees you a rate of return equal to the mortgage rate. In this low interest rate environment, it’s not possible to earn a similar guaranteed rate in your RRSP or TFSA.

Saving through RRSP/TFSA contributions

Money invested in your RRSP compounds tax-free, earnings on TFSA contributions are tax exempt. In either case each can create a sizeable nest egg for you in retirement. Also, if you're not planning on retiring for a while, the compound interest you can earn is likely more advantageous than a paid-off mortgage.

If the expected rate of return in your RRSP or TFSA is higher than the interest rate on your mortgage, then contributing to an RRSP or TFSA makes sense, (eg. 9% in your RRSP vs. 3.99% on a mortgage). It’s important to recognize however that the rate of investment return is not guaranteed and higher returns come with a higher risk.

Do both

Another consideration is to do both and get the best of both worlds. For example, contribute to your RRSP each year, and use the tax refund to pay down your mortgage. Finding a balance between chipping away at your mortgage and saving for retirement is a form of diversification that could benefit you in the long run.

There are a number of online calculators available that can provide a quick comparison of your options. Check out the RRSP vs. Mortgage Calculatoror the Government of Canada's TFSA calculator.

The above is general information and is not intended to be financial advice, and may not be suitable for you. Before you make a decision, we recommend you consult with a qualified financial advisor about which strategy might be right for you.

This article is provided by First National Financial. For more information call 888.488.0794 or visit www.firstnational.ca.

Has a new job or a new direction necessitated your moving to Kelowna, British Columbia? Or perhaps you visited, fell in love with one of BC’s fastest growing yet laid-back communities and have decided to retire there. Whatever it is drawing you to Kelowna, you’ll best start the process of finding a Kelowna home by approaching a qualified Kelowna Real Estate agency. When it comes to Kelowna properties for sale, no one’s going to have their thumb on the pulse of the market quite like the friendly folks at Royal LePage Kelowna.

First and foremost, their realtors won’t aim to find you a house, condo, townhouse etc. – they’re goal is to find you a home, and the definition of what is an ideal home differs with every individual and every family. Being receptive to the particular needs and wishes of the client is of the utmost importance and a value every Royal LePage Kelowna realtor places front and center in their service. Anyone can evaluate any number of Kelowna homes for sale on their own. Where a quality realtor provides real value is in fine tuning your search by combining his or her market expertise with an understanding of what distinguishes you as a buyer. It starts with a lot of listening, is followed by a lot of hustle and ends with a satisfied homebuyer.

The consistency seen in the large numbers of quality Kelowna properties for sale is a testament to the way the city has grown and the attractiveness it has for people at different stages of their lives. Like any mid-sized city, folks come and go but those who are on their way in are sure to feel good about what Kelowna has to offer. It features a burgeoning economy with a growing high-tech sector and other similarly strong industries. In addition, there is a real quality of life in Kelowna that is buoyed by the ample opportunities available to one and all to enjoy its spectacular natural beauty.  Add to it all the fact that Kelowna homes for sale and their properties offer good value for your dollar and some might say it’s a slam dunk in favour of BC’s interior gem of a city.

Do yourself a favour and weigh the many Kelowna properties for sale with the help of one of the experts at Royal LePage Kelowna. They’ll narrow the field of Kelowna homes for sale that meet your criteria and streamline the process of getting you into the one that’s perfect for you. Visit http://kelownahomefinders.caand get the ball rolling.