About Central Okanagan, BC

From March 17th to 20th the 2010 Community Tour will be hosted at the Delta Grand Conference Centre. This multi-city tour will feature interactive exhibits, ski machine, and a 2010 Paralympics mascot.

The tour can be visited during normal Conference Centre hours starting noon Tuesday, March 17 until Friday March 20 at 1pm. The public is encouraged to come support the tour as it gives a way for parents to teach their children an idea of what being an Olympic athlete is all about.

Sincerely,

Jason Neumann

Well, the speculation and anticipation of yet another rate decrease by the Bank of Canada became a reality today! The Bank of Canada reduced its key lending rate to a historical low of 0.5%. The move is intended to help jump start a rather fragile Canadian economy and get consumers out there spending again. Bottom line here is if you have a variable rate mortgage loan, you are quite literally laughing all the way to the bank! Fixed rate mortgages with five year terms are still in the low 4.2% neighborhood, but are expected to move upward as the bond market has already reacted to the latest rate cut by the Canadian Government. Full CBC Story

For a buyer looking to potentially purchase a home after this latest rate cut, the news just got a little better. Banks and lenders alike are still looking to fund mortgages for first time home buyers and there aren't as many hoops to jump through as one might think. One of the local mortgage companies I typically recommend is Mortagageopolis for great service and knowledge of various lending products on the market today. Keep in mind that real estate prices here in Kelowna have come down approximately 15% in the last calendar year. This allows buyers even greater buying power with less cost to borrow funds.

You have may heard many of us in the real estate industry state that..."Now is a great time to buy!" There is more truth to that today than there was yesterday. So let's all get out there and get this economy rolling again!

Sincerely,

Jason Neumann

For complete January 2009 Stats for the Central Okanagan please visit:OMREB Stats

Sincerely,

Jason Neumann

The average residential home is expected to decline 13% to $396,600 in the province of British Columbia.

Residential sales are also being fore-casted to decrease by 9% from 68,923 unit sales in 2008 to 62,650 unit sales.

Cameron Muir, Chief Economist for BCREA says "Downward pressure on mortgage rates and lower home prices are providing much needed improvement in home affordability. Increasing affordability and significantly lower housing starts are setting the stage for a healthier market in the years to come."

I agree with Cameron Muir's assessment of the current real estate market in British Columbia. With average home values adjusting and consistent low interest rates, now is a terrific time to consider buying a home. The affordability of homes will benefit the first time home buyer or the move up buyer looking to upgrade from a condo or townhome into a house. Personally, I am finding buyers are starting to come out of the woods and write offers, some get accepted while others are just too low for the current market. Conversely, I am finding sellers are acknowledging that the real estate market favours buyers and are starting to price their homes accordingly!

Please note that it is very important to remember that forecasts are nothing more than a prediction and/or best guess and should not be taken as factual as even economists have been known to be wrong from time to time!

Full BREA article

Sincerely,

Jason Neumann

As a Realtor® I am often asked questions such as:

"How's the Real Estate Market?", "Do you think the Real Estate Market will crash?" and my personal favorite "What do you think is going to happen in the Real Estate Market this year?"

The track record of those who try to forecast the ups and downs of any market is exceptionally poor, so let's consider what is factual about the current real estate market in Central Okanagan currently. Certainly, it is much more of a Buyer's market than we have seen in recent years. Sellers also are starting to recognize the change in market conditions and as a result are reducing their asking prices to where Buyers are willing to purchase their homes.

Here are 6 reasons why now is a great time to buy:

1) Home prices have dropped by 10-15% over this time last year making it more affordable to buy today.

2) Selection is better than it has been for a very long time. Chances are that you will find the home you have always dreamed of owning!

3) Interest rates have fallen significantly over the past months. Banks have now passed on these rate reductions to the consumer which makes getting a mortgage loan easier and more affordable.

4) Rental vacancy rates are still very favorable to landlords especially in Kelowna. It is now possible to have a smaller monthly mortgage payment then it would be to pay rent on a home in many cases today.

5) The Central Okanagan continues to be a destination city and a must visit is still the destination of choice for many people which means that real estate should continue to be a solid investment.

6) "Move Up" Buyers now find themselves in a great position. The price on their ideal home has likely dropped in the last year by a larger amount than their present home.

These are just some of the many reasons why NOW is the time to BUY!!!

Sincerely,

Jason Neumann