Jan 28th, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Friday, January 28, 2011
Monday, January 24, 2011
Population of Summerland drops according to latest stats
While figures which show that Summerland lost more than two per cent of its population between 2009 and 2010 concern Mayor Janice Perrino, she believes that this drop does not signal a long-term decline in the population of the community.
“No,” she said. “I think it will turn around as the economy turns around,” she said.
B.C. Statistics estimates that the population of Summerland dropped by 251 residents to 11,007 during the period between July 1, 2009 and June 30, 2010. This drop places Summerland among the top five communities with the fastest declining populations in terms of percentages. Only Oliver (5 per cent), Grand Forks (3.8 per cent), Mackenzie (3.3 per cent) and Merritt (2.3 per cent) recorded larger declines.
The figures tracking population change at the regional and municipal level reveal that the provincial population grew just under 71,000 to exceed 4.5 million between July 1, 2009 and June 30, 2010.
But this overall increase in the provincial population features regional variations with the South Okanagan along with the rest of the Okanagan ranking as the largest demographic loser.
Perrino blamed the drop on structural factors such as the aging population of the community and more immediate reasons such as the poor state of the global economy.
“The economy has been down,” she said. “You cannot do anything about this.”
News of Summerland’s declining population, which from the outside signals stagnation and decline, arrived against the background of less than rosy developments in the local economy.
Aspects of this portrait include the recent loss of several hundred jobs with changes in the declining agricultural industry, rising food-bank use and the scuttling of several high profile projects such as failed plans for a major golf resort development and the so-called Wharton Street project, an ambitious multi-use project to revitalize downtown including the public library.
Faced with these developments, council has agreed to ask citizens whether they would support Summerland becoming the site for a provincial prison project that could generate additional revenues but potentially damage the town’s reputation.
While Summerland fails to meet several key criteria for such a facility, public input eventually forced council including Per
Council, more immediately, plans to review the Wharton Street project next week and reveal plans to increase density throughout the downtown core to lower the cost of housing, said Perrino, citing this condition as one of the major obstacles to attracting younger people to live and work in the community.
Raymond's Two cents: If your objective is to lower the cost of housing what is that going to do for the 72% drop in sales over December? Prices are dropping faster than you think becasue of the lack of JOBS. We need to focus on creating value NOT depressing our economy.
“This zoning bylaw (review) will be the most important of (this council’s) three years,” she said, in promising that council will continue to work on ways to improve the long-term prospects of Summerland.
She also warned against acting out of “desperation” as it might lead to unintended consequences.
“You can’t let fear override your good judgement,” she said.
http://www.bclocalnews.com/okanagan_similkameen/kelownacapitalnews/news/114383259.html
Friday, January 21, 2011
Cap Rate over 6% at list price. 631 Burns Street, Penticton, Real Estate
Cap Rate over 6% at list price. 631 Burns Street, Penticton, Real Estate, Home for
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| Home Star Realty - Summerland, Penticton Okanagan BC Real Estate : 5707 Impett Place - Summerland BC V0H1Z4 : 250.488.8764 |
Home
Jan 21st, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Jan 21st, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Summerland, Penticton, Okanagan, BC - Real Estate and Homes for Sale - Home Star Realty - Raymond MAASKE is the new generation of real estate company in the Okanagan Valley. We combine the best real estate technologies with the top professional services of Okanagan realtors. Specializing in marketing local properties we are able to give Okanagan listings maximum exposure here in the Okanagan, throughout British Columbia and across Canada.
We pride ourselves on being PROPERTY MARKETING SPECIALISTS - we use the newest & best technology to ensure your property is seen by the largest number of potential buyers. We also continue to update our website daily with updated Okanagan market reports and new listings. We are ready to help!
Monday, January 17, 2011
Canada Tightens Mortgage Lending Rules to Curb Household Debt - Household debt was a record 148 percent of disposable income
Canada Tightens Mortgage Lending Rules to Curb Household Debt
Canadian Finance Minister Jim Flaherty announced steps to tighten record household borrowing amid concern rising debt levels could threaten the economic recovery.
Canada will shorten the maximum amortization period for government-insured mortgages to 30 years from 35 years, and lower the maximum amount homeowners can borrow against the value of their homes to 85 percent from 90 percent, Flaherty said in a statement. The changes take effect March 18.
“A stable and sustainable housing market keeps our economy strong,” Flaherty, 61, said today in Ottawa.
The government will also withdraw its insurance on home- equity lines of credit starting on April 18.
Policy makers including Flaherty and Bank of Canada Governor Mark Carney have been urging households in recent months to be wary of taking on too much debt after data showed t
“The actions announced today by Minister Flaherty are prudent, measured, responsible and timely,” Frank Techar, president of personal and commercial banking at Bank of Montreal, said today in a statement.
Household debt was a record 148 percent of disposable income in the third quarter last year according to Statistics Canada data, exceeding the U.S. level of 147 percent.
Rate Increases
Regulatory steps to stem borrowing will allow Carney to slow the pace of interest-rate increases this year, Charles St- Arnaud, an economist and foreign-exchange strategist at Nomura Securities International, said in a Jan. 13 report.
Canada has relied on regulatory steps to rein in mortgage borrowing, primarily through changes for government-backed mortgages. In February, Flaherty tightened rules that forced buyers to meet standards for five-year
Friday, January 14, 2011
Jan 14th, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Jan 14th, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Summerland, Penticton, Okanagan, BC - Real Estate and Homes for Sale - Home Star Realty - Raymond MAASKE is the new generation of real estate company in the Okanagan Valley. We combine the best real estate technologies with the top professional services of Okanagan realtors. Specializing in marketing local properties we are able to give Okanagan listings maximum exposure here in the Okanagan, throughout British Columbia and across Canada.
We pride ourselves on being PROPERTY MARKETING SPECIALISTS - we use the newest & best technology to ensure your property is seen by the largest number of potential buyers. We also continue to update our website daily with updated Okanagan market reports and new listings. We are ready to help!
Raymond Maaske 250-488-8764
Jan 14th, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Wednesday, January 12, 2011
Summerland, BC’s highest tax assessed Single Family Residential property: $4,597,000
Summerland, BC’s highest tax assessed Single Family Residential property: $4,597,000 (Down $356,000 from last year!) I’m guessing that their tax bill will be about $26,000 in July!!
Tuesday, January 11, 2011
Old World Floor & Trim Installations - of hardwood, Engineered laminate, laminate, tile, ceramic, slate and finish trim – Steve Watt, Summerland BC – 250.809.7153
Old World Floor & Trim Installations - of hardwood, Engineered laminate, laminate, tile, ceramic, slate and finish trim – Steve Watt, Summerland BC – 250.809.7153
We install complete custom showers using the best waterproofing methods and materials available for a maintenance free shower, and we install unique kitchen backsplashes using stone, tile and inlays. Our motto is "Traditional Quality - From Start to Finish."
Saturday, January 8, 2011
Summerland & Penticton Real Estate and Homes for Sale, BC Assessment e valueBC Compare Assessments Online - Raymond MAASKE - Home Star Realty - 250.488.8764
BC Assessment's business is to provide a stable and predictable base for real property taxation in British Columbia. The corporation determines ownership and tax liability, classifies and values each property in British Columbia. To meet its goal, BC Assessment completes an Assessment Roll every December 31.
BC Assessment mails individual Assessment Notices, with entries recorded from the Assessment Roll, to all property owners in the province. Once audited and authenticated by the Property Assessment Review Panel, BC Assessment presents the Assessment Roll to various tax jurisdictions: municipal governments, regional districts and the Ministries of Education and Health. The Assessment Roll is used by tax jurisdictions to form the basis of their Tax Rolls. Tax jurisdictions set tax rates for each of the nine property classes.
BC Assessment maintains an extensive and up-to-date information database on all properties in British Columbia. Public access to this electronic database is available through BC OnLine. For a fee, BC Assessment will also produce custom information reports.
BC Assessment provides accurate property and value information to:
- tax authorities;
- property owners;
- municipal, provincial and federal government agencies;
- realtors, appraisers, lawyers, bankers, title search companies;
- other private and public agencies.
Financing
BC Assessment's operations are financed principally through a levy on all properties. Other revenue sources include the sale of information services and products to various levels of government, the private sector, and national and international markets.
Checks & Balances
The valuation of property by BC Assessment is subject to checks and balances in the form of legislated review and appeal procedures through the Property Assessment Review Panel and the Property Assessment Appeal Board.
Summerland & Penticton Real Estate and Homes for Sale, BC Assessment e valueBC Compare Assessments Online - Raymond MAASKE - Home Star Realty - 250.488.8764
Condo vs Townhome vs House
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| What is the difference in owning a condo or townhome compared to owning a house? The purchase price may be lower for a condo or townhome, but there are also association fees and restrictions. In reality, they are just different ways of assuming the responsibilities of homeownership. It can, however, have a bearing on the mortgage amount for which you qualify and some of the ways in which you live. | |||||||||||||||||||||||||||||||||||||||||||||
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| When you buy a townhome or condominium you become part of a Common Interest Community (CIC) in a Planned Unit Development (PUD), which shares some of the responsibilities and costs of homeownership. Those shared costs are usually paid by each unit owner in monthly association fees. Typically townhouse association fees include the following:
Condominium association fees usually include the above, plus some or all of the following...usually, the higher the fee the more is included:
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| Associations are most often managed by a professional management company. However, some associations are self-managed by elected members of the community. Following are some questions you might ask about the association.
If you decide to purchase a home in a Common Interest Community in Minnesota, you will have ten days to review the association documents to your satisfaction before your purchase agreement becomes binding. | |||||||||||||||||||||||||||||||||||||||||||||
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| When you are approved for a mortgage, you will be approved for a maximum monthly payment. If you are buying a house your maximum monthly payment typically includes homeowner’s insurance, but does not include the cost of utilities and maintenance. When you buy a townhouse or condo, your maximum monthly payment includes your association fee... which covers some, if not all, of your utility and maintenance costs. This means the same approximate qualifying monthly payment will buy you a condo, townhome or house at different prices ranges...see the example below. Monthly payments were calculated with 3% down at 5.5% interest for 30 years. Association fees in the examples include all the items listed above for the condo and typical townhome inclusions listed above. | |||||||||||||||||||||||||||||||||||||||||||||
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| Keep in mind that although your qualifying monthly payments are about the same, in this example the condo association payments include everything except telephone. For the townhome example you must pay for your own gas, electric and cable. When you own a house you are responsible for all utilities and maintenance. Following is a comparison of total estimated monthly costs. | |||||||||||||||||||||||||||||||||||||||||||||
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| All three forms of ownership are good options...it’s a matter of finding the best fit for you. A house gives you more independence, but also greater responsibility. A condo or townhome has the security of more regular expenses and freedom from snow and lawn care, as well as outside maintenance. | |||||||||||||||||||||||||||||||||||||||||||||
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Jan 8, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Jan 8, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
| Address | Unit | BR | Bth | List Price | SqFt Fin | Ratio | Price Sold | SqFt Fin | Ratio | DOM | Status | Area |
| 12619 GIANTS HEAD ROAD | 2 | 1 | 299,000 | 1,570 | 190.44 | 275,000 | 1,570 | 175.15 | 293 | SOLD | Summerland | |
| 102 TROY PLACE | 5 | 3 | 419,900 | 2,500 | 167.96 | 396,400 | 2,500 | 158.56 | 73 | SOLD | Penticton | |
| 9211 WELSH STREET | 4 | 3 | 517,000 | 2,860 | 180.76 | 497,000 | 2,860 | 173.77 | 101 | SOLD | Summerland | |
| AVERAGE: | 3 | 2 | 411,966 | 2,310 | 179.72 | 389,466 | 2,310 | 169.16 | 155 | |||
| 13222 HENRY AVE | 2 | 1 | 199,900 | 1,023 | 195.4 | 1,023 | 5 | ACTIVE | Summerland | |||
| 204 HUMMINGBIRD LANE | 2 | 2 | 349,900 | 1,670 | 209.52 | 1,670 | 4 | ACTIVE | Penticton | |||
| 145 MURRAY DRIVE | 4 | 3 | 429,900 | 2,200 | 195.4 | 2,200 | 3 | ACTIVE | Penticton | |||
| 3400 WILSON STREET | 124 | 2 | 2 | 459,000 | 1,644 | 279.19 | 1,644 | 6 | ACTIVE | Penticton | ||
| 6509 SOLLY ROAD | 5 | 2 | 487,500 | 2,537 | 192.15 | 2,537 | 4 | ACTIVE | Summerland | |||
| 413 VALIANT DRIVE | 5 | 3 | 499,900 | 3,010 | 166.07 | 3,010 | 3 | ACTIVE | Penticton | |||
| 2803 FORSYTH DRIVE | 4 | 4 | 699,000 | 3,150 | 221.9 | 3,150 | 4 | ACTIVE | Penticton | |||
| AVERAGE: | 3 | 2 | 446,442 | 2,176 | 208.51 | 0 | 2,176 | 0 | 4 |
Jan 8, 2011 - Market Update: Summerland, Penticton, Okanagan, BC - Real Estate - Raymond MAASKE
Raymond MAASKE
Owner/Agent
250.488.8764
Thursday, January 6, 2011
Property values steady - Summerland BC Real Estate
There was little change in value for most Summerland properties over the past year, according to B.C. Assessment.
Assessment notices have been set to nearly 6,000 property owners in the commu
Assessments are used in calculating property taxes. The figure used is the estimate of a property’s market value as of July 1, 2010.
“Most homes in Summerland are worth about the same on this year’s assessment roll as compared to what they were on the 2010 assessment roll,” said Dan Gaudry, regional deputy assessor with B.C. Assessment.
A typical single family home in Summerland assessed at $490,000 last year would be valued at $487,000 this year.
Not all properties will show the same change in value.
The activity in the real estate market and a property’s age, size, quality, condition, view and location can all affect the value.
Gaudry said properties in town saw little fluctuation in assessed value.
In the rural areas, the increases and decreases in assessed value were more pronounced.
Lakefront properties, which had been rapidly escalating in value in past years, appear to have stabilized with a decrease of five to 10 per cent seen on some waterfront properties.
"What we are reporting this year in Summerland is stability," he said.
Despite the slight drop in overall assessment values, Summerland’s assessment roll increased from $2.39 billion last year to $2.4 billion this year.
The change includes approximately $10 million in new subdivision, rezoning and new construction.
Throughout the province, there are 1.9 million real estate properties on the provincial assessment roll.
This year, for the first time, the value of properties has surpassed $1 trillion.
Property owners who believe their properties are not assessed correctly or do not reflect market value should contact the B.C. Assessment office as soon as possible in January.
Until Feb. 4, temporary in-person service is available at the Service BC location at 40 Calgary Ave., Penticton, from 8:30 a.m. to 4:30 p.m.
If a property owner is still concerned, he or she may submit a Notice of Complaint (Appeal) by Jan. 31 for an independent review.
The panels are independent of B.C. Assessment and are appointed by the Ministry of Community, Sport and Cultural Development. They will meet between Feb. 1 and March 15.
The Okanagan assessment office is at 202-1500 Hardy St., Kelowna. Office hours in January are 8:30 a.m. to 5 p.m.
Raymond MAASKE
Owner/Agent
250.488.8764
Wednesday, January 5, 2011
Looking ahead at the 2011 economy So where's the economy heading in 2011?
I think it's going to be a relatively weak year. We'll be at roughly 2 per cent economic growth, which is relatively slow growth ... You have to remember that over the past decade the government accounted for 40 per cent of economic growth. But this won't be the case anymore. Whenever you have a surplus, the government is a positive in the economy. But in five to six years the government will be a negative as far as economics are concerned, not a positive and that's something we'll have to get used to. The market will be a very challenging one. Prices will continue to go down and real estate activity will flatten. Beyond that, I see the housing market stabilizing in the second half of 2011, but it will level off to a point that won't even be close to what you have seen in 2008 or 2009. When the housing market slowed down, you not only had the direct impact of declining housing starts, but you also have the spinoff effects in terms of construction employment and other factors that were very strong drivers of economic activity in 2010, but won't be as strong in 2011. The effect of the HST is very difficult to quantify, but it's definitely there. During the first half of 2010, we saw a huge increase in activity and in the second half of 2010 we saw significant slowing. So it's clear the HST factor affected the housing market in a very significant way. We don't know how much, but we know it did. I think that interest rates won't rise for most of the year reflecting the fact that in the U.S. the Federal Reserve is not moving its rate, and the fact that the housing market in Canada is slowing. So there's no need to raise interest rates in any significant way, given the Canadian dollar is so strong. If the Bank of Canada divorces itself too much from the Fed, we'll be risking an even stronger dollar, which will not help the manufacturing sector. So I think a reasonable assumption is that the interest rate will not move until mid to late 2011. I think it's time to stop with the fiscal stimulus because there's no need for it anymore. And if we need to stimulate the economy, we should start with monetary policy. You cannot have the government spending and the Bank of Canada raising interest rates; it just doesn't make sense. If you need to stimulate the economy go with monetary policy, then go to fiscal policy. You don't want to continue with fiscal policy primarily because of the difficulty in closing the federal budget deficit gap, which clearly has negative implications. http://www.canadianrealestatemagazine.ca ews/75872/details.aspxLooking ahead at the 2011 economy So where's the economy heading in 2011? Here's CIBC Senior Economist Benjamin Tal's take.
Raymond MAASKE
Owner/Agent
250.488.8764
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