The Bank of Canada kept its target overnight rate at 1 per cent this morning. In the statement  accompanying the decision, the Bank forecast that the Canadian economy will gain momentum through the year following a weak second half in 2012, but slow growth through the first half of this year will limit real GDP growth to just 1.5 per cent in 2013 before rising to 2.8 in 2014. The Bank's revised forecast means that the economy is now projected to return to full capacity in mid-2015, rather than in 2014 as previously predicted. A more persistent output gap will keep downward pressure on inflation, which is now expected to gradually rise to the 2 per cent target rate by mid-2015. The Bank continued to sound a much more dovish note on future rate increases, noting that the considerable policy stimulus currently in place will likely remain appropriate for "a period of time, after which some modest withdrawal will likely be required." 

With an expanding output gap and inflation trending well below its 2 per cent target, it is natural to ask if the next move by the Bank of Canada is a rate cut rather than the rate hike that almost all economists have penciled into their forecasts. However, unless the economy deteriorates much more or inflation trends much lower, the Bank is unlikely to lower interest rates since doing so would run counter to a year of loudly exhorting households to cut back on debt. Instead, the Bank will likely continue to use forward guidance about the need, or lack thereof, for future rate hikes in order to influence long-term rates and the Canadian dollar lower. The combined of effect of which should provide continued stimulus to the Canadian economy.

Information provided by www.bcrea.bc.ca. 

Property Type:

24.6% of purchases were by Move-Up Buyers  (up from 21.3% in February)*
16.2% by First Time Buyers  (down from 19.7%)
10.6% moving from Single Family Home to Strata Unit  (up from 7.1%)*
10.6% buying Revenue/Investment Property  (down from 13.2%)
7.8% moving into Retirement Home/Seniors Community  (up from 7.1%)*
7.3% purchasing Recreation Property  (down from 12.6%)
6.1% moving from Strata property to Single Family Home  (down from 6.3%)

* During the month of March, there was an increase in purchases by Move-up Buyers as well as owners of Strata units moving to Single Family homes, and Seniors moving into Retirement Communities.

Buyer Type (Family Dynamic):

27.5% Empty Nesters/Retired (up from 18.8% in February)**
25.8% Couple without Children (same as February) 
23.1% Two Parent Family/Children (down from 30.5%) 
12.6% Single Female (up from 10.9%)** 
7.7% Single Male (similar to February)
2.2% Single Parent with Children (down from 3.1%)

** In March, there was an increase in purchases by Empty Nesters and Single Females, while other categories remained the same or saw decreases.

Moving From: 

57.6% from Within OMREB Board Area  (down from 68.2% in February)
17.9% from Alberta (up from 11.6%)***
10.3% from Other Areas in BC  (up from 5.4%)***
8.7% from Lower Mainland/Vancouver Island  (up from 5.4%)***
2.7% from Saskatchewan/Manitoba (down from 3.1%)
1.6% from Eastern Canada/Maritimes (down from 3.1%) 
1.1% from Outside Canada  (down from 3.16%)
0% from NWT/Yukon (same as February)

*** Compared to February, there was more movement from Alberta, other areas of BC, and the Lower Mainland/Vancouver Island.

Information provided by www.omreb.com 

If you want more information about market stats or if you are thinking about buying or selling, call the Dion-Ivans Real Estate Group today!!

Did you know that, next to heating and air conditioning, your lights consume most of the energy in your home? In fact, you can lower your electricity bill quickly – and substantially – simply by being smarter about lighting.

First, consider replacing your conventional light bulbs with the energy-saving variety. You've probably seen these at your local home improvement centre. Compact florescent light bulbs, for example, use up to 75% less energy.

Second, lower the wattage in some outlets. Is it necessary to have a 100 watt bulb in the furnace room? Try a 60 watt bulb.

Finally, think before you turn on the lights. Do you really need them on? Perhaps there's an alternative, such as opening a window blind to let in more sunlight.

When you see a new home you like on the market, it's easy to get distracted by all the features you love – the wrap-around backyard deck or the spacious rec room with plenty of space for entertaining. You just need to make sure that in all that excitement you don’t overlook any expensive maintenance issues that could be just around the corner.

Nothing lasts forever. The major components of every home – from the furnace to the roof shingles – need to be replaced eventually. Knowing when such maintenance issues are likely to arise can help you make a smarter decision about the home you're considering.

How do you do that?

When viewing a property, ask for the age of the major components of the home, such as the roof shingles, furnace, air conditioner, water heater, and appliances. Roof shingles may look merely weathered in spots – and you might think they have years of service left – when, in fact, they're due to be replaced in a year.

Also pay close attention to the backyard deck, fencing, flooring, and windows. Do any of those components look aged, worn, and in need of repair or replacement sometime soon?

Finally, don't forget to check the kitchen and bathrooms. Sinks, faucets, bathtubs, showers, and cabinetry have a life-span of about 10-15 years.

Of course, there are things you can't see, such as wiring, plumbing, venting, and other components of a property that may require maintenance soon. That's why it's so important to make any offer to purchase a home conditional on passing an inspection by a qualified home inspector.

Want more ideas on buying the right home for you? Call The Dion-Ivans Real Estate Group today.

FEBRUARY SURVEY SUMMARY

Property Type:
21.3% of purchases were by Move-Up Buyers  (up from 19.8% in January)*
19.7% by First Time Buyers  (down from 24.8%)
12.6% purchasing Recreation Property  (up from 11.6%)
9.4% buying Revenue/Investment Property  (down from 13.2%)
7.1% moving from Single Family Home to Strata Unit  (down from 10.7%)
7.1% moving into Retirement Home/Seniors Community  (up from 2.5%)*
6.3% moving from Strata property to Single Family Home  (up from 3.3%)*

* During the month of February, there was an increase in purchases by Move-up Buyers as well as Seniors moving into Retirement Communities, and owners of Strata units moving to Single Family homes.

Buyer Type (Family Dynamic):
30.5% Two Parent Family/Children (down from 32.2% in January) 
25.8% Couple without Children (similar to January) 
18.8% Empty Nesters/Retired (down from 19.8%)
10.9% Single Female (similar to January) 
7.8% Single Male (down from 9.9%)
3.1% Single Parent with Children (up from 2.5%)**

** In February, there was an increase in purchases by Single Parent Families with Children, while other categories remained the same or saw decreases.

Moving From: 
68.2% from Within OMREB Board Area  (down from 61.5% in January)***
11.6% from Alberta (similar to January)
5.4% from Lower Mainland/Vancouver Island  (down from 14.8%)
5.4% from Other Areas in BC  (up from 4.1%)***
3.1% from Eastern Canada/Maritimes (down from 4.1%) 
3.1% from Saskatchewan/Manitoba (up from 2.5%)***
3.1% from Outside Canada  (up from 1.6%)***
0% from NWT/Yukon (same as January)

*** Compared to February, there was more movement from within the Board area and other areas of BC, and migration increased from overseas, but was down significantly from the Lower Mainland/Vancouver Island.

 Information provided by www.omreb.com 

If you want more information about market stats or if you are thinking about buying or selling, call the Dion-Ivans Real Estate Group today!!

Shopping for a new home can be intimidating. With so many things to do and think about, it’s easy to feel overwhelmed. But it doesn’t have to be that way. Here are some good tips for making the home hunting process a lot easier and less stressful.

1. Get your mortgage arranged in advance.

You don’t want to find the ideal home on the market, only to face problems arranging a suitable mortgage. You might end up losing the opportunity. So make mortgage arrangements in advance by getting “pre-approved”. Then you can shop for a new home with confidence.

2. Clearly define the home you want and the neighborhood you want to live in.

You can’t view every home that’s on the market. If you try, you’ll burn yourself out! So write down a clear description of the kind of home you want. How many bedrooms? Big kitchen? Pool? And don’t forget the neighborhood. Upscale? Close to downtown? Lots of trees and parks? Urban and close to shopping and theatres? With this information, a good REALTOR® can quickly create a shortlist of properties that meet your criteria.

3. Take good notes. 

After viewing a few homes, you may easily start to forget the details. Was it property #1 that had the large Elm tree in the backyard? Or was that property #4? If you take good notes, you’ll be able to make decisions later on about which homes to shortlist.

4. Get help.

A good REALTOR® can make the home shopping process go quickly and smoothly.

Want more ideas for finding the perfect home? Call the Dion-Ivans Real Estate Group today! Your best source for Kelowna Real Estate Listings.