The Bank of Canada once again opted to maintain its target for the overnight rate at 1 per cent. In its accompanying statement, the Bank highlighted that inflation continues to move below the Bank's 2 per cent target due to significant excess supply in the Canadian economy. It also noted that the risks to inflation appear to be to the downside, meaning it sees the risk of continued below target inflation as a more likely outcome than a rise in inflation. This, along with the Bank's expectation of a "soft landing" in the Canadian housing market, suggest that monetary policy will remain highly accommodative.

The Bank of Canada is currently projecting that excess supply in the Canadian economy will be eliminated sometime in mid-2015. Keeping in mind that the Bank has spent the past several years pushing that date back, if the Canadian economy does accelerate as most expect in 2014, a gradual rise in short-term interest rates will follow. Importantly, an uptick in Canadian economic growth next year will most likely be the result of stronger external demand, particularly from a resurgent United States.  However, stronger growth in the US economy will also put upward pressure on long-term yields, lessening some of the urgency for monetary tightening. For that reason, we expect that eventual Bank of Canada tightening will occur very slowly, beginning with a 25 to 50 basis point increase in the overnight rate in 2015.

Information provided by www.bcrea.bc.ca

If you don't own one already, you may be tempted to purchase a widescreen digital television to enjoy your favourite movies, shows and sports programs. However, it can be difficult to select the right screen size, especially if you've been accustomed to viewing a TV with a traditional 4:3 screen.

When it comes to size, there are many factors that come into play, such as screen resolution and personal preference. However, the last thing you want is to purchase an HDTV that is too small for the room, or so big that it dominates the space.

Here's a tip:

The rule of thumb is to take the distance you'll be sitting from the television and multiple by five to get the screen size you need. So if you'll be sitting eight feet away, you'll want to look at HDTVs with screens that are in the 35-45 inch range.

A good electronics dealer can help you make the best choice.

What's one of the most important rooms in your home? When it comes to selling your property quickly, and for the best price, the answer is clearly the kitchen. In fact, one of the most common explanations a particular buyer gives for not making an offer is, "I liked the house, but I wasn't too keen on the kitchen."

That doesn't mean you must do a major renovation. However, you should do what you can to make the kitchen as attractive as possible to buyers.

Here are some ideas:

First, clear the countertops. Put away the toaster and other items. You want to make the entire countertop area seem as spacious as possible.

If the cabinetry is old, you can spruce it up by installing new knobs, handles and other hardware. A fresh coat of paint on the walls and ceiling can also make the kitchen look like it has had a major renovation – and it will only cost you a few hundred dollars. According to an article on the website HDTV.com, "The fastest, most inexpensive kitchen updates include painting and new cabinet hardware."

Replacing the countertops is a more expensive renovation, but it may be worth it if the current counters are old and worn.

Finally, when preparing your kitchen for a viewing, make sure it's clean and tidy. The garbage and recycling bins should be empty. Buyers will open cabinets so make sure items on shelves are neatly organized with the front labels facing forward.

There are many other ways to make the most important room in your home look great to potential buyers.

Call The Dion-Ivans Real Estate Group today for more ideas.

Every month the Okanagan Mainline Real Estate Board (OMREB) does a survey to get a better understanding of buyers. Below is a summary of the survey that shows what types of properties are being bought, the family dynamic of buyers and where the buyers are coming from. If you have any questions about this survey or any other Kelowna real estate stats, call The Dion-Ivans Real Estate Group!

OCTOBER SURVEY SUMMARY

Property Type:
24.5% of purchases were by Move-Up Buyers  (up from 22.4% as in September)*
17.5% by First Time Buyers  (down from 20.4%)
14.8% moving from Single Family Home to Strata Unit  (up from 12.5%)*
8.3% buying Revenue/Investment Property  (down from 8.6%)
7.9% buying Recreation Property  (down from 13.7%)
5.7% moving into Retirement Home/Seniors Community  (up from 3.9%)*
4.8% moving from Strata property to Single Family Home  (up from 3.5%)*

* During the month of October, there was an increase in purchases by move-up buyers, home owners downsizing to strata units and retirement communities, and  strata owners purchasing single family homes.   First-time buyers, and those purchasing revenue and recreation property saw a drop from the previous month.

Buyer Type (Family Dynamic):
26.2% Couple without Children (up from 19.9% in September)**
25.3% Two Parent Family/Children (same as September)**
17.3% Empty Nester/Retired (down from 26.8%)
14.3% Single Male (same as September)
10.1% Single Female (down from 10.7%)
5.1% Single Parent with Children (up from 3.2%)**

** There were more purchases by couples without children and single parents with children in October compared to last month.

Moving From: 
59.2% from Within OMREB Board Area  (up from 46.9% in September)***
14.3% from Alberta (down from 21.7%)
8.0% from Lower Mainland/Vancouver Island  (down from 12.0%)
7.1% from Other Areas in BC  (down from 9.7%)
5.9% from Saskatchewan/Manitoba (up from 5.0%)***
2.5% from Eastern Canada/Maritimes (down from 3.1%)
2.5% from Outside Canada  (up from 1.6%)***
0.4% from NWT/Yukon (up from 0%)***

*** Compared to September,  there were more buyers moving from within the Board area, Saskatchewan and Manitoba, the NWT/Yukon, and outside Canada but less migration from Albert, and fewer purchasers from the Lower Mainland/Vancouver Island, and other areas of BC during October.

If you have a basement, or even just a crawlspace, the last thing you want is water infiltrating the area. Even a minor leak can cause damage to walls and flooring, and may even lead to mould issues. Here are some precautions worth taking:

• Every spring and fall, check the grading around your home. The ground should gently slope away from the foundation. Pay particular attention to areas where shrubs and other foliage make the grading difficult to see.
• Look for cracks in the foundation. Get them fixed right away. Even a minor crack that doesn't appear to penetrate all the way through can cause problems eventually.
• Check the caulking on basement windows. If it's worn and cracked, it's time for recaulking. The lifespan of most exterior caulking is less than five years.
• Watch the eavestroughs when it rains. (You'll get wet, but it's worth it.) Make sure the water drains well away from the foundation.

Doing these simple inspections takes just a few minutes. Yet, if they prevent a basement leak, it's time well spent!

If you're planning to look for a new home sometime in the future, you may be wondering how long the process will take. How much time should you set aside for viewings? How many of the listed homes should you see?

Of course, the process varies from person to person. According to the Department of Housing & Urban Development, home buyers view an average of 15 properties before finally choosing to make an offer on one of them. That number may be a good benchmark for you.

On a Saturday afternoon, you can comfortably look at three or four potential properties. You can see more if you want to make a full day of it.

One factor that impacts the home shopping process is how clearly you know what you're looking for.

For example, if you're certain you want a three bedroom backsplit, backing onto a wooded area or ravine, in an upscale neighbourhood, then the process is going to be fairly simple. You're just going to view properties that closely meet that criteria.

But if you're the kind of person who simply says, "I'll know it when I see it", then you'll need to look at several homes on the market. That means carving out plenty of room in your schedule for viewings.

A good REALTOR like Rob Dion or Lee Ivans can help you understand what's available on the market and which homes are worth seeing. He or she can also help you determine how long the process will likely take, and show you ways to make the process go more quickly and smoothly.