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Valley realtors hear reassuring words from U.S. expert
2009-06-09
The founder and chairman of the board of Re/Max International had nothing but praise for the Canadian government and its lending policies on Monday.
Dave Liniger from Colorado also had reassuring words for 100-plus realtors at a broker, owner and manager retreat in Kelowna hosted by Re/Max Western Canada, despite dismal news on housing starts from Canada Mortgage and Housing Corp. the same day.
“Canada is much more fortunate than we are,†Liniger told The Daily Courier in an interview. “You‘ve got some sanity in your government, a lot of common sense, and some good government regulations in your mortgage lending market that, unfortunately, we threw away for a few years. It will never happen again in our lifetime, I promise you.
“Your foreclosure rate is minuscule compared to what we‘re finding. Basically, the problem you are having in Canada in residential real estate is your market was just overheated.â€
On Monday, CMHC reported that housing starts in Kelowna fell 90 per cent in May, from 397 in May 2008 to 38. Penticton was down 79 per cent, 43 to nine, and Vernon was down 56 per cent, 48 to 21.
“Demand for new homes has since cooled off in response to strong price competition from a well-supplied existing home market,†CMHC analyst Paul Fabri said.
Liniger said the statistics aren‘t a cause for concern.
“Despite what the realtors think here, you‘re having a moderate and a very light correction that will probably last for maybe another six months or a year, depending on what happens with your employment,†he said.
“But, for the most part, this should be a welcome correction so that you don‘t get so superheated like we did in the U.S.â€
U.S. owner-brokers have learned a lot from their Canadian counterparts, he admitted.
“You had adjustable-rate mortgages and short-term mortgages 20 years before the U.S. did. And so we have learned an awful lot from Canadians and our Canadian operation for Re/Max.â€
CMHC also said Kelowna starts were down 91 per cent (1,631 to 138) for the first five months of the year compared to 2008.
Nationally, starts increased to 126,400 units in May from 117,600 in April while in B.C., they slipped to 9,400 from 9,900 due to volatility in the multi-family sector.
Source: http://www.kelownadailycourier.ca/stories_local.php?id=191079
Twenty four students from Western Canada have won a RE/MAX 2009 ‘Quest for Excellence’ bursary, valued at $500 each, to be presented during their school commencement ceremonies.
The annual RE/MAX Quest for Excellence program encourages graduating students from British Columbia, Alberta, Saskatchewan, Manitoba, North West and Yukon Territories to write an essay based on their personal experience in one of six topics – Leadership, Sports, Technology or Trades, Performing Arts, Fine Arts and Community Service.
“More than 1500 entries were received from students across Western Canada,†says Marie Sheppy, Senior Coordinator, Corporate Affairs, RE/MAX of Western Canada. “The passion portrayed by each of these young adults in their chosen topic is truly inspiring, and we are pleased to play a role in helping them achieve their future goals.â€
“RE/MAX Agents believe in giving back to the communities where they live and work†said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “It is our hope that by encouraging students to pursue their post-secondary interests, we can make a difference in the future of our children.â€
Quest for Excellence Award Winners are as follows:
Leadership Category – Andy Chau, Burnaby, BC; Jasdeep Dhaliwal, Abbotsford, BC; Danica Kindrachuk, Moose Jaw, SK; Vanessa Wattamaniuk, Coquitlam, BC
Sports Category – Haley Cameron, Kelowna, BC; Ryan Dragoman, Dawson City, YK; Laura-Anne Jensen, Aldergrove, BC; Jesse Kootenay-Jobin, Vancouver, BC;
Technology & Trades Category – Adil Adatia, Lethbridge, AB; Caitey Gilchrist, Port Coquitlam, BC; Jacob Foster, North Vancouver, BC; Tylor Froese, Regina, SK
Performing Arts Category – Bray Jorstad, Airdrie, AB; Amanda McCrimmon, Blackfalds, AB; Cassandra McMillan, Onanole, MB; Karina Pangilinan, Delta, BC
Fine Arts Category – Kevin Complido, Saskatoon, SK; Kirklin Maclise, Edmonton, AB; Kayla Mann, Penticton, BC; Sara Young, Cochrane, AB
Community Service Category – Kelsey Millman, Delta, BC; Marina Nixon, Winnipeg, MB; Daniel Popovski, Vancouver, BC; Prabhgat Sekhon, Calgary, AB
RE/MAX is Canada’s leading real estate organization with over 17,500 sales associates in more than 675 independently-owned and operated offices. The RE/MAX franchise network is a global real estate system operating in over 72 countries. More than 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management. For more information, visit: www.remax.ca.
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It’s a project which the developer thinks will bring together all the best aspects of the Okanagan.
Plans for a destination winery resort and marina were unveiled Tuesday by the Okanagan Waterfront Development Group.
Developer John Weisbeck, says the project, to be located on a 100 acre parcel of land on Westside Road in West Kelowna, will include a 650 berth marina, a 600 boat stacking system, a working vineyard and winery and a luxury hotel with spa features and restaurants.
“There are very few locations on Lake Okanagan on which we could do a project of this size, so when this property that available to us, we looked at the best possible project that we could put on that piece of property. The latest study has shown we are thousands of berths short of boat storage and moorage, so what better thing to do than to meld all the components together into a project that will be a wonderful experience for everyone, the public, the tourists. It will be unforgettable,†says Weisbeck.
He says they are in the process of making their applications and are hoping to start some of the ground preparations for the vineyard this fall.
“The first amenity that will be open will be the marina, we are hoping that will be available by June 2011. We are hoping our vineyard will be producing grapes by 2012 and we are hoping the hotel and restaurant complex will be open by 2013.â€
Weisbeck says the project will inject more than $175 million into the local economy and employ hundreds of people.
Source: Castanet
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Entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada, according to a recent report released by RE/MAX.
The 2009 RE/MAX First-Time Buyers Report, highlighting first-time buying activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market. While a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today’s buyer-centric real estate climate. Increased inventory and longer days on market, coupled with the lowest lending rates ever, are presenting opportunities that have not been seen in almost a decade.
While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices. Affordability has greatly improved and buyers are firmly in the drivers’ seat in just about every market we surveyed. The new reality is that homeownership remains well within reach for most first-time buyers.
Although the year got off to a slow start, February home sales were well ahead of those reported in January. The upward trending is expected to continue as more and more first-time buyers enter the market in the weeks ahead. The flurry of activity in the lower-end may also serve to kick-start sales in the mid-to-upper end of the market, which have, as expected, been relatively sluggish in recent months. While inventory and days on market was up virtually across the board, it’s noteworthy that several markets reported tighter conditions in the lower end of the market, where demand and buyer activity remains quite healthy.
Canadian markets from coast-to-coast are ripe for a reawakening as the weather warms up. First-time buyers seem more acclimatized to economic factors, even though the barrage of bad news continues to flow. Those who are secure in their jobs, have accumulated good down payments, and have acceptable credit ratings are continuing to venture forward, undeterred by tighter lending criteria.
According to the RE/MAX Report, buyers are clearly in control in most Canadian markets. Of the 32 markets surveyed, 22 (69 per cent) remain firmly in buyer’s market territory. These include Vancouver, Surrey, Port Coquitlam, Chilliwack, Kelowna, Victoria, Edmonton, Calgary, Saskatoon, Regina, Ottawa, Peterborough, London-St. Thomas, Niagara Falls, Mississauga, Metro Toronto, Northern GTA, Kingston, Windsor, Hamilton-Burlington, Barrie, and Halifax-Dartmouth. Ten (31 per cent) report more balanced conditions: Winnipeg, Kitchener-Waterloo, Sudbury, North Bay, St. Catharines, Saint John, Moncton, Fredericton, St. John’s, and Charlottetown.
Forty per cent of markets offered single-detached homes priced under $200,000, including Charlottetown, Saint John, Moncton, Peterborough, Niagara Falls, St. Catharines, Windsor, Fredericton, Halifax-Dartmouth, London, North Bay, Kingston, Saskatoon and Winnipeg. More than two-thirds (71 per cent) offered condominiums starting under $200,000, (Moncton, Fredericton, Halifax-Dartmouth, Sudbury, North Bay, Peterborough, Mississauga, Burlington, Niagara Falls, St. Catharines, Kitchener-Waterloo, London, Windsor, Surrey, Chilliwack, Victoria, Kelowna, Edmonton, Saskatoon, Regina, and Winnipeg).
The most affordable markets for detached homes, based on starting prices are: Moncton ($115,000), Charlottetown ($120,000), and Saint John ($130,000) in Eastern Canada; Windsor ($75,000), Niagara Falls ($119,000), and St. Catharines ($125,000) in Ontario; Winnipeg ($185,000), Saskatoon ($190,000), and Regina ($210,000) in Western Canada.
RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 670 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,800 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in resident, commercial, referral, and asset management. For more information, visit: www.remax.ca
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