| Recent Blog Posts by Jason Neumann | ||
Kelowna Foreclosure Property Sales August 2011The Central Okanagan foreclosure inventory levels continue to show signs of steady increases from month to month in 2011. Buyers ask me all the time if I foresee a huge influx of court ordered sales to the Kelowna real estate market? In my opinion, having watched how the local banks and lenders handle the foreclosure process the answer would have to be...no I don't. Reason being is banks ...
Posted by Jason Neumann
on August 29, 2011
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July 2011 Sales for Kelowna and the Central OkanaganKelowna/West Kelowna and Central Okanagan Real Estate Stats - July 2011
Ratio of Sales vs. Total Inventory = 7.40%
Condo -- Sales = 76
Condo -- New Listings = 177
Condo -- Current Inventory = 993
Condo -- Sell/Inv. Ratio = 7.65%
Condo -- Days to Sell = 101
Average Price: $229,469
Average Median Price: $216,950
Townhouse -- Sales = 54
Townhouse ...
Posted by Jason Neumann
on August 28, 2011
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Is now a good time to buy Kelowna and Okanagan foreclosure homes?The Central Okanagan foreclosure inventory is now starting to show signs of steady increases from month to month in 2011. The overall active foreclosure listings pale in comparison to the total inventory in the Central Okanagan which continues to be a good sign. Buyers ask me all the time if I foresee a huge influx of court ordered sales to the Kelowna real estate market? In my opinion, having watched ...
Posted by Jason Neumann
on July 18, 2011
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CIBC's Deputy Chief Economist Disagrees That Canada's Housing Market Is Set To Crash!Average House Prices a Misleading Gauge of the Health of the Canadian Real Estate Market: CIBC
Recently an article appeared in CBC News about Canada's housing market bursting according to research consultant company Capital Economics. The report caused quite a swirl of opinions amongst home owners and those active in the real estate industry. Below is Benjamin Tal's (Deputy ...
Posted by Jason Neumann
on July 7, 2011
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The Rundown On June 2011 Sales For Kelowna And The Central OkanaganKelowna,BC and Central Okanagan Real Estate Stats - June 2011
Ratio of Sales vs. Total Inventory = 7.36%
Condo -- Sales = 49
Condo -- New Listings = 190
Condo -- Current Inventory = 980
Condo -- Sell/Inv. Ratio = 5.00%
Condo -- Days to Sell = 104
Average Price: $289,912
Average Median Price: $284,000
Townhouse -- Sales = 41
Townhouse -- New Listings = 144
Townhouse ...
Posted by Jason Neumann
on July 7, 2011
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Finance Minister Jim Flaherty unveils new mortgage regulations
Finance Minister Jim Flaherty announced today new rules for the Canadian mortgage industry that he says will "protect the stability of the economy."
The announcement comes on the heels of a recent warning from the Bank of Canada that Canadians' domestic debt burden is the highest on record, even higher than our neighbours to the south. The ratio of household debt ...
Posted by Jason Neumann
on January 17, 2011
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Kelowna and Central Okanagan Foreclosure Stats December 2010 - January 2011There are currently 98 active foreclosures (as of January 15,2011) amongst the entire listing inventory for the Central Okanagan. There are 3,623 active listings this month (including the 98 foreclosure properties) versus 3,863 listings last month, a 6.62% drop in inventory level.
Active Foreclosure Inventory breakdown:
7 Lots and Acreages ...
Posted by Jason Neumann
on January 15, 2011
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Understanding the Changes to the Rules for Canadian Government Insured MortgagesThere are now new rules for home buyers looking to qualify for high-ratio mortgages and/or investment properties. There seems to be a some misconceptions out there as to how these new rules affect buyers today. I recently spoke with Julie Weimer an RBC Mortage Specialist and she kindly provided me the following information:
Changes to the Rules for Government Insured Mortgages: ...
Posted by Jason Neumann
on April 3, 2010
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Does renting really make sense in today's real estate market?
The idea of paying someone else's mortgage and helping them build equity in their property really doesn't make a lot of good financial sense! As a long term renter, you are literally throwing away tens of thousands of dollars of your hard earned money instead of creating a forced savings plan by way of having a mortgage. I have chatted with many renters over the years ...
Posted by Jason Neumann
on March 23, 2010
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The Dangers and Pitfalls of Overpricing Your Home
There are potential dangers and pitfalls when it comes to pricing your home in any kind of real estate market. Sellers can be reluctant to price their home in line with the marketplace as they feel they may be giving away too much of their home equity. The reality is pricing your home right from the start will get the net result you are looking for as a seller. Here ...
Posted by Jason Neumann
on March 20, 2010
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New Canadian mortgage rules take effect April 19,2010I was recently sent this article by Karen Shale a local mortgage broker with LendingMax here in Kelowna. Karen offers a straight to the point and excellent explanation of each of the new federal lending rules that were recently announced by Jim Flaherty, Minister of Finance. These new lending regulations take effect April 19,2010. Here's the article:
Here is the official announcement ...
Posted by Jason Neumann
on February 21, 2010
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Kelowna,BC Central Okanagan Current MLS Listing Inventory and Sales for January 2010Current Active Central Okanagan MLS Listing Inventory as of February 8,2010:
Single Family Dwellings - 1523 properties (a 15.12% increase from January) including 17 pending offers ranging in value from $284,900 to $999,000
Strata - Condos - 931 properties (a 1.48% decrease from January) with 1 pending offer at $174,800
Strata - Townhomes - 369 ...
Posted by Jason Neumann
on February 11, 2010
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Mortgage Document Checklist for Home Buyers
Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders. This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage. By providing these documents in a timely fashion, you will ...
Posted by Jason Neumann
on February 8, 2010
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Some great Stock Market insights for Canadian InvestorsCentral banks around the world have pushed their lending rates to historic lows in an effort to stave off a total global financial and economic collapse. As a result interest rates have remained for the most part at these low levels with many investors trying to take advantage of other's mistimed purchases.
2010 will likely be the year when everything changes...
Here’s ...
Posted by Jason Neumann
on January 11, 2010
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Kelowna,BC and Central Okanagan Foreclosure Listing Information for December 2009There are currently 78 foreclosures amongst the entire listing inventory for the Central Okanagan. There continues to be a trend of month to month increases in inventory levels of homes that are now in the foreclosure process.
The breakdown is as follows:
3 Lots and Acreages ($115,000 and $590,000) no pending sales.
39 Single Family Residential ($199,900 to ...
Posted by Jason Neumann
on December 14, 2009
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Central Okanagan Real Estate MLS Listing Inventory and Foreclosures for July 2009Current listing inventory as of July 27,2009:
Single Family Dwellings - 2113 properties including 8 pending offers
Strata - Condos - 1035 properties including 3 pending offers
Strata - Townhomes - 533 properties including 6 pending offers
Manufactured Home - 236 including 0 pending offers
Lots/Acreages - 915 ...
Posted by Jason Neumann
on July 27, 2009
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Central Okanagan Real Estate MLS Listing Inventory and Foreclosures for June 2009Current listing inventory as of June 11,2009:
Single Family Dwellings - 2108 properties including 13 pending offers
Strata - Condos - 1154 properties including 6 pending offers
Strata - Townhomes - 553 properties including 4 pending offers
Manufactured Home - 223 including 3 pending offers
Lots/Acreages - 864 ...
Posted by Jason Neumann
on June 11, 2009
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Bank of Canada lowers its key lending rate by another 0.5%, good news indeed!
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 ...
Posted by Jason Neumann
on March 3, 2009
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Conservatives offer billions in tax cuts and incentives in newly reworked budget
Well Steven Harper and his minority Conservative Government announced billions in tax credits for Canadians today! Finance Minister Jim Flaherty gave Canadians some good news as he went over the Federal Government's plan to kick start the stalled out economy. The proposed tax cuts and relief are aimed at getting consumer spending back up and instilling some confidence in the future. ...
Posted by Jason Neumann
on January 27, 2009
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Kelowna foreclosures are very rare indeed!
For current foreclosure stats please visit: Okanagan Foreclosure Properties
Foreclosures are few and far between in the Central Okanagan today. The Kelowna Real Estate Market has returned to more of a balanced one with homes taking longer to sell and buyers have more selection. There are also a number of "Subject to Sale" deals where one home owner is waiting for another ...
Posted by Jason Neumann
on January 16, 2009
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