Crebnow aug 5,2016

Page 1

CRAZY WEEDS

Starting out

When those flowers are too good to be true

Outgoing CHBA co-CEO Donna Moore discusses the evolution of first-time buyers

DONNA BALZER A7

Rosalee Krygier

2003 CREB® President

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FREE aug 5 to aug 11 2016 issue 06-30 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca

real estate news from industry experts

KELOWNA CONTINUING TO CAPITALIZE

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MARTY HOPE for creb®now

ANTHONY BASTIAANSSEN PRESIDENT, OKANAGAN MAINLINE REAL ESTATE BOARD.

He also noted that while the average selling price may have slipped back slightly and days on the market increased in June, “consumers looking to buy are still likely to feel pressure to respond quickly and decisively to listings.” OMREB figures show that for June, the average price was about $475,000 compared with $486,600 in May. One thing that is noticeable — and expected — is a decline in the participation of Alberta buyers because of the impact of the struggling oil-induced economic downturn back home. Long considered the playground for Albertans, the largest city in the Okanagan Valley of British Columbia,

is welcoming more people from the province’s Lower Mainland and other parts, and fewer from the eastern side of the Rockies. OMREB reports at the nearly six of 10 homebuyers are existing residents of the Okanagan region, followed by 17 per cent from the Lower Mainland

MLS® MONTH END INVENTORY* JUL ‘14 – JUL ‘16

5533 5706 5641 5394 5141 5137 5215 5600 5623 5327

JUL14 AUG14 SEP14 OCT14 NOV14 DEC14 JAN15 FEB15 MAR15 APR15 MAY15 JUN15 JUL15 AUG15 SEP15 OCT15 NOV15 DEC15 JAN16 FEB16 MAR16 APR16 MAY16 JUN16 JUL16

3384

4058

4336

4796

4917 4838 4801 4643

CITY OF CALGARY

PHOTO BY JAMIE ZACHARY

5022

K

elowna’s healthy economy and population growth are driving resale home transactions up and fuelling higher levels of new home construction, suggesting a sellers’ market, according to housing industry figures. And the lure of the valley continues to draw buyers from Alberta despite the province’s economic downturn. The largest city in the Okanagan Valley of British Columbia, Kelowna has recorded nearly 3,600 sales for the first half of this year compared with slightly more than 2,700 a year ago, according to figures from Canada Mortgage and Housing Corp. (CMHC). The average selling price for the comparative January-June periods moved up to $485,100 from just under $430,000 in 2015, CMHC reports. For the same period, CMHC reports construction started on 712 homes of all types — more than double the first six months of 2015. “Housing demand continues to be robust,” said Anthony Bastiaanssen, president of the Okanagan Mainline Real Estate Board.

WHILE OUR ALBERTA NEIGHBOURS CONTINUE TO BE A SIGNIFICANT PORTION OF BUYERS IN THE OKANAGAN, THEIR NUMBERS HAVE DROPPED OFF IN THE PAST YEAR…”

5681 6084 6242 6148 6004 5685

Alberta’s out of province playground still drawing buyers

or Vancouver Island — and 12 per cent from Alberta. “While our Alberta neighbours continue to be a significant portion of buyers in the Okanagan, their numbers have dropped off in the past year, for sure,” said Bastiaanssen. Down, but not out.

Developers of recreational housing communities in and around Kelowna continue to see interest from Albertans looking for an escape destination, or buying as a future retirement home.

KELOWNA A3

CITY OPENS NEW CONTENTS NEWS BRIEFS DOWNTOWN GREEN SPACE DIGITAL DOWNLOW 3D listings

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CREB® STAFF

WEEKLY FEED. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6

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EVENT LISTING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A6

he City of Calgary officially reopened the Rooftop Plaza on Fire Station 1, located at 450 – 1 St. S.E., providing a rejuvenated green space for Calgarians who live and work in the downtown core, and for visitors to the city. The Rooftop Plaza renovation was undertaken to make much needed repairs to the Fire Station 1 roof and to breathe new life into the Plaza that had fallen into disrepair.

*All statistics based on monthly data compiled by CREB® via MLS® activity. Includes detached, attached and apartment.

MUNICIPAL A3

MLS® STATISTICS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . A8 July 2016

MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B1 OPEN HOUSES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B15 MORTGAGE RATES. . . . . . . . . . . . . . . . . . . . . . . . . B15 @crebnow

CREBNow

@crebnow

www.crebnow.com

AMAZING MOUNTAIN AND RIVER VIEW

OPEN HOUSE SAT AUG 06 1:00-5:00 PM $749,000

Lee Edwards 403.540.0540

19 RIDGE VIEW PL, River Song, Cochrane

• Walkout basement, onto E.R. • 2751 sq. ft., completely upgraded • Smartphone controlled high-end security • MLS® C4070388

CANYON CREEK

braggcreekrealestate.com lee@braggcreekrealestate.com


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