| Recent Blog Posts by Jason Neumann | ||
January 2012 Kelowna and Okanagan Real Estate StatsKelowna West Kelowna and Okanagan Real Estate Stats - January 2012
Ratio of Sales vs. Total Inventory = 5.73%
Condo -- Sales = 40
Condo -- New Listings = 174
Condo -- Current Inventory = 850
Condo -- Sell/Inv. Ratio = 4.71%
Condo -- Days to Sell = 105
Average Price: $267,945
Average Median Price: $233,000
Townhouse -- Sales = 25
Townhouse -- ...
Posted by Jason Neumann
on February 12, 2012
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Kelowna and Central Okanagan Foreclosure Sales October/November 2011The Central Okanagan foreclosure inventory levels continue to show steady increases from month to month as 2011 comes to a close. 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 ...
Posted by Jason Neumann
on November 28, 2011
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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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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,BC and Central Okanagan Foreclosure Stats for May 2010There are currently 83 active foreclosures (as of May 24,2010) amongst the entire listing inventory for the Central Okanagan. That is a 36% increase in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
11 Lots and Acreages (Ranging in value from $39,500 to $1.75 Million)
0 Manufactured Homes currently ...
Posted by Jason Neumann
on May 8, 2010
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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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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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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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Kelowna,BC and Central Okanagan Foreclosure Listing Information for February 2010There are currently 61 foreclosures (as of February 7,2010) amongst the entire listing inventory for the Central Okanagan. That is a decrease of 14 properties (-22.95%) in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
2 Lots and Acreages (both at $115,000) with no pending sales
2 Manufactured Homes ($79,000 ...
Posted by Jason Neumann
on February 8, 2010
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Kelowna,BC and Central Okanagan Foreclosure Listing Information for January 2010There are currently 75 foreclosures (as of January 10,2010) amongst the entire listing inventory for the Central Okanagan. There was a slight decrease of 3 properties in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
4 Lots and Acreages ($115,000 to $590,000) with no pending sales.
32 Single Family Residential ($199,000 ...
Posted by Jason Neumann
on January 24, 2010
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Kelowna,BC Central Okanagan Current MLS Listing Inventory and Sales for December 2009Current Active Central Okanagan MLS Listing Inventory as of January 10,2010:
Single Family Dwellings - 1323 properties (a 12.17% decrease from December) including 12 pending offers ranging in value from $49,900 to $15.9M
Strata - Condos - 945 properties (a 11.96% decrease from December) with no pending offers ranging in value from $62,400 ...
Posted by Jason Neumann
on January 15, 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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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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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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Canada's housing bubble could soon burst according to Merrill Lynch Canada Economist! Truth or Sensationalism???Well, here it is once again a headline just begging for some attention, or at least a guy trying to get fis five minutes of fame! It would seem that if the media isn't reporting a complete real estate meltdown, then economists are chucking more fuel onto the fire they are creating amongst those that own real estate. Canwest News Service published an article which quotes Merrill ...
Posted by Jason Neumann
on September 27, 2008
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The Zero Money down 40 year Amortization Mortgages run out effective October 15,2008.In an effort to protect and strengthen the Canadian housing market, the Governement of Canada has put a deadline on 40 year amortized mortgages. As of October 15,2008 it will a little more difficult for first time buyers to qualify for larger mortgages. It would be a massive understatement to suggest that this measure is being taken to avoid a similar crisis as the US real estate market ...
Posted by Jason Neumann
on September 26, 2008
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