Nov 8, 2013 / 2:30 pm
The number of housing starts in Kelowna rose dramatically last month compared to September figures, and shows a solid upward trend over the past four months.
A total of 125 homes began construction in October, almost double the 67 units in October 2012, including 55 single detached homes and 70 multiples.
“The trend measure for both single-detached and multiple-family homes has moved up since August,” says CMHC Market Analyst Paul Fabri.
“Declining inventories of new, completed and unabsorbed homes coupled with rising home sales have supported increased levels of new home construction.”
Actual starts in the Vernon area also moved higher in October compared to the same month last year, with single-detached homes leading the way. In Kamloops, housing starts were similar to 2012 levels and in Prince George the numbers suggest a decline from last year’s levels.
Across the country, numbers depict the same story with CMHC estimating there were 17,033 actual starts in October, which extrapolated over 12 months gives a seasonally adjusted annual rate of 198,282 units, compared with 195,929 in September.
-- With files from CTV
Oct 31, 2013 / 12:31 pm
You can expect both new home construction and MLS home sales to move higher in 2014.
That according to Canada Mortgage and Housing Corporation's 'Fall 2013 Kelowna Housing Market Outlook Report.'
"Stronger employment growth coupled with low mortgage interest rates will support increased demand for housing in Kelowna," says CMHC market analyst, Paul Fabri.
Kelowna area housing starts are forecast to reach 1,125 homes in 2014, up from 900 in 2013 and 836 in 2012.
This includes both single-detached and multiple-family starts.
Fabri says declining inventories of new, completed and unabsorbed homes will contribute to higher levels of construction next year.
According to CHMC, the uptick in MLS home sales in 2013 is also expected to carry over into 2014.
Fabri says existing home prices are forecast to stabilize before edging higher during the second half of 2014 as demand picks up and the supply of homes available for sale slowly shrinks.
The city's apartment vacancy rate is also expected to move lower in 2013 and 2014.
Sep 5, 2013 / 1:39 pm
Numbers from the Okanagan Mainline Real Estate Board show that sales activity for the month of July improved when compared to the same month last year, but that was down slightly from June 2013.
“July is typically slower than June, and even more so this year, as some areas have seen more impact than others from the Alberta floods,” explains Karen Singbeil, OMREB president.
She points out this was especially true in the Shuswap, where the recreation and investment condo markets have also been affected by tighter credit conditions.
“Following a fairly flat first quarter, the Okanagan-Shuswap has experienced a steady year-over-year increase in sales during the past four months,” she says.
“While some segments are heating up and seeing a turnaround in consumer demand compared to last year at this time – echoing stronger activity province-wide – overall market conditions are still stabilizing in our area.”
Across the board, the central zone (Peachland to Lake Country) saw the biggest increase. It saw 471 units sold, compared to 417 last year – an increase of 13 per cent.
Year-to-date numbers also saw a modest six per cent increase with 2,621 compared to 2,471 units last year.
Sep 3, 2013 / 1:50 pm
Are you looking for a more efficient way to find the best building lots in town? Are you tired of driving by lot after lot without knowing if it fits your lifestyle and budget? If you are dreaming of a brand new home in one of Kelowna's most desirable neighbourhoods, finding your location has just gotten easier.
Wilden is the first Kelowna development to offer an online lot finding tool to help families narrow down neighbourhood home sites to find the perfect place for their new home. It's fun, easy to use and makes the search so much more efficient.
Wilden has over 140 lots in a great variety of locations, styles and price ranges available in the three currently selling neighbourhoods Lost Creek, Skylands and Upper Canyon. You can create your personal list of lots that best match your lifestyle and budget, tour Wilden to view your selection and contact the Wilden Sales Team any time.
Your direct link to the Wilden lot finder: www.wilden.ca/lotfinder
More About Wilden – With its 2000 acres near City Center and University Wilden offers the greatest variety of home sites within the Kelowna real estate market. In Wilden, your neighbourhood is surrounded by lakes, parks, natural green space and untouched forest. Steps from your door over 50 km of hiking and biking trails wind through that pristine Wilden wilderness.
Three Showhomes are open in the Skylands every day from 1 to 5 pm except Fridays. On September 21st 2 more Showhomes will complete the new Street of Dreams. Just drive to Wilden over Clifton Road or Union Road and follow the signs to the "Sky Parade of Showhomes".
Aug 27, 2013 / 6:29 am
U.S. home prices rose 12.1 per cent in June from a year earlier, nearly matching a seven-year high. But month-over-month price gains slowed in most markets, a sign that higher mortgage rates may weigh on the housing recovery.
The Standard &Poor's/Case-Shiller 20-city home price index slowed only marginally from May's year-over-year gain of 12.2 per cent, the fastest since March 2006. And all 20 cities posted gains from the previous month and compared with a year ago, according to the report released Tuesday.
Home prices in Las Vegas soared 24.9 per cent from a year earlier to lead all cities. Purchases by investors have helped drive that increase. Other cities hit hard by the housing bust also posted stunning gains in the past year. Prices have jumped 24.5 per cent in San Francisco and nearly 20 per cent in both Los Angeles and Phoenix.
Still, 14 of the 20 cities posted smaller gains in June compared with May. That's unusual considering June is the middle of the summer buying season.
Steady job gains and low mortgage rates have encouraged more Americans to buy homes. And even as demand has risen, a limited number of homes have been available for sale. The combination has led to sharp prices gains.
But mortgage rates have climbed more than a full percentage point since May. The increase has already slowed sales of new homes in July. And economists expect it could drag re-sales lower in August.
A slowdown from the strong price gains in recent months isn't necessarily a bad thing, economists said. It may keep home prices from becoming unaffordable.
Jul 26, 2013 / 5:00 am
If you’ve been dreaming about finding that perfect new place to live, Kelowna’s Troika Group has a deal for you! And the best part is, it doesn’t have to cost you a cent!
On Saturday, July 27 and Sunday, July 28, anyone who stops by Troika’s newest townhome development, Green Square, between 10 a.m. and 5 p.m. can enter a lottery to win a new house. Green Square is unveiling its show home during the two-day event, and there’s no cost to come down and register for a chance to win.
"The first phase of Green Square is almost sold out and we’re beginning construction of phase two, so it seemed like the perfect time to do something really unique and offer a chance to win one of these exceptional units," says Troika Groups’ CEO Renee Wasylyk.
Green Square is located at 3626 Mission Springs Drive, and is the newest townhome community in Kelowna’s Lower Mission neighbourhood.
The contemporary, three-bedroom homes are priced as low as $327,000, and are located close to shopping, schools, beaches and recreational facilities. Troika plans a total of 56 townhomes for the development.
The new home lottery isn’t the first time Troika Group has done something noteworthy to celebrate Green Square.
In April, carpenters and other tradespeople climbed atop the roof of one of the townhomes, and made a toast as part of Kelowna’s first Richtfest. The traditional German house blessing is designed to celebrate the hard work that goes into building a new home, and herald prosperity for its owners.
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