Bank of Canada Interest Rate Announcement - October 23, 2012

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Bank of Canada Interest Rate Announcement - October 23, 2012

Vernon BC

Got this from BCREA in my inbox as a subcriber to  BCREA Economics Now  which provides timely information on economic news relevant to REALTORS®.I like to share the highlights of the latest economic and housing market news as it happens. 

The Bank of Canada once again opted to hold its target for the overnight rate at 1 per cent this morning. Interest rates have been held constant for over two years, the longest such period since the 1950s.  The Bank somewhat tempered its bias for higher future interest rates, including a softer statement regarding the appropriateness of a gradual withdrawal of monetary stimulus as excess supply in the economy is absorbed. In a bit of a surprise, the Bank actually raised its forecast for the growth in the Canadian economy this year to 2.2 per cent, but kept its 2013 forecast at 2.3 per cent growth. The Bank judges that at that pace of growth, the Canadian economy will return to full capacity by the end of 2013. 

It is our view that monetary policy at the Bank of Canada will continue to be constrained by external events in the global economy and household debt growth at home. While the Bank's preference for tighter policy is clear, it is difficult to make a case for higher interest rates when core inflation is below the Bank's 2 per cent target and already slow economic growth is threatened by global uncertainty. Therefore, we are forecasting that the Bank of Canada will hold its target overnight rate at 1 per cent until mid-to-late 2013 when, conditioned on an improved global economic outlook,  it may test the water with a 25 basis point rate increase. 

For more information, please contact: 

Cameron Muir	Brendon Ogmundson
Chief Economist	Economist
Direct: 604.742.2780	Direct: 604.742.2796
Mobile: 778.229.1884	Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca	Email: bogmundson@bcrea.bc.ca

BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).

 “Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

Be informed. Stay on top of the market.

If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®

Sutton Group - Lakefront Realty 
2749 30 Street, Vernon, BC, V1T 5C6

A growing team, a different approach...we are better together!

Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

 

Posted via email from brell's posterous

JEWELS & ARTE funktional 2012

Always happy to share updates from Ashpa Naira: Ashpa Naira Gallery is pleased to present, JEWELS & ARTE funktional 2012. Susan Richards and I would like to extend this invitation to you and your friends for the opening reception of JEWELS & ARTE funktional 2012. It will be an exhibition with great artwork and fabulous jewellery created by Okanagan artists. Exhibition dates: October 25 - 26, 10am-5pm. October 27 - 28, 10am-4pm.  Opening Reception: Thursday, October 25, 5-8pm. We hope you are free to join us, Carolina Sanchez de Bustamante Ashpa Naira Gallery & Studio 250-549-4249 ashpanaira@telus.net www.ashpanaira.com www.ashpanairagallery.com Please see as well article in Vernon Morning star http://www.vernonmorningstar.com/entertainment/175013771.html Funktional art brings  an element of beauty to the everyday life

Posted via email from brell's posterous

JEWELS & ARTE funktional 2012

Always happy to share updates from Ashpa Naira: Ashpa Naira Gallery is pleased to present, JEWELS & ARTE funktional 2012. Susan Richards and I would like to extend this invitation to you and your friends for the opening reception of JEWELS & ARTE funktional 2012. It will be an exhibition with great artwork and fabulous jewellery created by Okanagan artists. Exhibition dates: October 25 - 26, 10am-5pm. October 27 - 28, 10am-4pm.  Opening Reception: Thursday, October 25, 5-8pm. We hope you are free to join us, Carolina Sanchez de Bustamante Ashpa Naira Gallery & Studio 250-549-4249 ashpanaira@telus.net www.ashpanaira.com www.ashpanairagallery.com Please see as well article in Vernon Morning star http://www.vernonmorningstar.com/entertainment/175013771.html Funktional art brings  an element of beauty to the everyday life

Autumn is in the Air - but a rise in sales tells this weeks real estate story.

After a few weeks of declining numbers, we see the Central Okanagan and Shuswap residential real estate sales rebound significantly over the past week, while the North Okanagan held fairly steady, with a decline of only one transaction. Overall 25 more transactions were reported between Oct. 1 - 7 than in the last week of September.

As expected this had a dramatic effect (just short of $16,000,000) on the total value traded. Average Sale price was almost $75,000 higher overall, and the most expensive property sold was worth $1,250,000 more.

Okanagan Shuswap Residential MLS Properties Sold (109)  Oct. 1-7, 2012
		List Price	Sold Price	DOM	Beds	Total Baths	Finished Floor Area
	Min	$19,900	$13,700	6	1
	Max	$2,785,000	$2,750,000	1289	5	5	6400
	Avg	$409,450	$380,927	137	3	2	1924
	Sum	$44,630,007	$41,520,990

Look at WHAT sold in order to determine what is really going on in the 3 zones of Okanagan Shuswap Real Estate.

Lots & Acreages: 4 sold, down from 7 sold,

Manufactured Homes: 7 sold, down from 8 sold,

Recreation: 1 sold, up from 0 sold,

Single Family Homes: 73 sold, up from 36 sold,

Apartments:   11 sold, down from 17 sold,

Townhomes: 13 sold, down from 17 sold,

24 residential MLS sales were reported Oct. 1 - 7 in the North Okanagan. Average sale price this week was $296,834, and the average days to sell was 175. Combined sales values were higher this week, at $7,124,025.

65 sales of residential MLS properties were reported by Realtors in Central Okanagan Oct. 1 - 7, 2012. The average sale price was almost $100,000 higher, bouyed by a $2,750,000 sale. Average days on the market was 109, and a combined value of over $28 Million resulted.

The number of residential MLS sales reported Oct. 1- 7, 2012 in the Shuswap was double that of the week prior at 20. The average sale price recorded was $319,076 an increase of over $120,000!!. Combined sales volume this week was over $6,381,000. 

 

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If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®

Sutton Group - Lakefront Realty 
2749 30 Street, Vernon, BC, V1T 5C6

A growing team, a different approach...we are better together!

Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

Posted via email from brell's posterous

Autumn is in the Air - but a rise in sales tells this weeks real estate story.

After a few weeks of declining numbers, we see the Central Okanagan and Shuswap residential real estate sales rebound significantly over the past week, while the North Okanagan held fairly steady, with a decline of only one transaction. Overall 25 more transactions were reported between Oct. 1 - 7 than in the last week of September.

As expected this had a dramatic effect (just short of $16,000,000) on the total value traded. Average Sale price was almost $75,000 higher overall, and the most expensive property sold was worth $1,250,000 more.

Okanagan Shuswap Residential MLS Properties Sold (109)  Oct. 1-7, 2012
		List Price	Sold Price	DOM	Beds	Total Baths	Finished Floor Area
	Min	$19,900	$13,700	6	1
	Max	$2,785,000	$2,750,000	1289	5	5	6400
	Avg	$409,450	$380,927	137	3	2	1924
	Sum	$44,630,007	$41,520,990

Look at WHAT sold in order to determine what is really going on in the 3 zones of Okanagan Shuswap Real Estate.

Lots & Acreages: 4 sold, down from 7 sold,

Manufactured Homes: 7 sold, down from 8 sold,

Recreation: 1 sold, up from 0 sold,

Single Family Homes: 73 sold, up from 36 sold,

Apartments:   11 sold, down from 17 sold,

Townhomes: 13 sold, down from 17 sold,

24 residential MLS sales were reported Oct. 1 - 7 in the North Okanagan. Average sale price this week was $296,834, and the average days to sell was 175. Combined sales values were higher this week, at $7,124,025.

65 sales of residential MLS properties were reported by Realtors in Central Okanagan Oct. 1 - 7, 2012. The average sale price was almost $100,000 higher, bouyed by a $2,750,000 sale. Average days on the market was 109, and a combined value of over $28 Million resulted.

The number of residential MLS sales reported Oct. 1- 7, 2012 in the Shuswap was double that of the week prior at 20. The average sale price recorded was $319,076 an increase of over $120,000!!. Combined sales volume this week was over $6,381,000. 

 

Get our Newsletter? Be a subscriber!

How's The Market? Get CLUE'd IN!

* indicates required

Email Address*

Email Format

• html
• text
• mobile

If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®

Sutton Group - Lakefront Realty 
2749 30 Street, Vernon, BC, V1T 5C6

A growing team, a different approach...we are better together!

Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

Where is the Fall Market?

September 30, 2012

       

   Find us on Google+  (feel free to share with your 

network)

The number of properties reported sold dropped with a THUD this week from 119 to 85.

Things almost went really sideways - with an error in a reported sale price - we eliminated that sale so that is why we show only 84 properties in our analysis.

 - look at WHAT sold in order to determine what is really going on in the 3 zones of Okanagan Shuswap Real Estate.

OK... I adjusted the sales -  Unless you believe someone actually paid $270,912,081 for a 2 bed 2 bath 1111 sq foot apartment at Shannon Lake....and if you do.. the Average sale price this week was $3,487,899. (NOT!)

Okanagan Shuswap Residential MLS Properties Sold (84) Sept.24 - 30 '12
		List Price	Sold Price	DOM	Beds	Total Baths	Finished Floor Area
	Min	$17,000	$14,500	8
	Max	$1,599,000	$1,500,000	905	5	5	4075
	Avg	$321,567	$304,277	149	3	2	1574
	Sum	$27,011,599	$25,559,300

Compared to the week prior:

Okanagan Shuswap Residential MLS Properties Sold (119) Sept. 17 - 23
		List Price	Sold Price	DOM	Beds	Total Baths	Finished Floor Area
	Min	$17,500	$17,000	7	1	1
	Max	$975,000	$945,000	1204	5	5	4878
	Avg	$357,475	$338,490	139	3	2	1833
	Sum	$42,539,498	$40,280,306

Overall in the Okanagan Shuswap, these property sales broke down into the following categories:

 

Lots & Acreages: 7 sold, down from 8 sold,

Manufactured Homes: 8 sold, down from 12 sold,

Recreation: 0 sold,

Single Family Homes: 36 sold, down from 69 sold,

Apartments:   17 sold, up from 13 sold,

Townhomes: 17 sold, unchanged

The number of sales reported by REALTORS in the Central Okanagan (Kelowna and area) dropped substantially to 49 from 71 the week before. Average sale price dropped to $343,035 and the total sales volume was $16,808,700. (with the removal of one sale that was mis-reported for $270 Million.....) 

25 residential MLS Properties were reported sold by REALTORS Sept. 24 - 30 in the North Okanagan (Vernon BC and surrounding areas) Total sales volume was Over $6.7 Million, and average sale price was $270,668. 

The number of sales reported Sept. 24 - 30 by REALTORS dropped in the Shuswap, from 18 the week prior to only 10 this week. Average sale price dipped below $200,000 and the total value sold was less than $2 Million. 

If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®

Sutton Group - Lakefront Realty 
2749 30 Street, Vernon, BC, V1T 5C6

A growing team, a different approach...we are better together!

Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

Where is the Fall Market?

September 30, 2012

       

   Find us on Google+  (feel free to share with your 

network)

The number of properties reported sold dropped with a THUD this week from 119 to 85.

Things almost went really sideways - with an error in a reported sale price - we eliminated that sale so that is why we show only 84 properties in our analysis.

 - look at WHAT sold in order to determine what is really going on in the 3 zones of Okanagan Shuswap Real Estate.

OK... I adjusted the sales -  Unless you believe someone actually paid $270,912,081 for a 2 bed 2 bath 1111 sq foot apartment at Shannon Lake....and if you do.. the Average sale price this week was $3,487,899. (NOT!)

Okanagan Shuswap Residential MLS Properties Sold (84) Sept.24 - 30 '12
		List Price	Sold Price	DOM	Beds	Total Baths	Finished Floor Area
	Min	$17,000	$14,500	8
	Max	$1,599,000	$1,500,000	905	5	5	4075
	Avg	$321,567	$304,277	149	3	2	1574
	Sum	$27,011,599	$25,559,300

Compared to the week prior:

Okanagan Shuswap Residential MLS Properties Sold (119) Sept. 17 - 23
		List Price	Sold Price	DOM	Beds	Total Baths	Finished Floor Area
	Min	$17,500	$17,000	7	1	1
	Max	$975,000	$945,000	1204	5	5	4878
	Avg	$357,475	$338,490	139	3	2	1833
	Sum	$42,539,498	$40,280,306

Overall in the Okanagan Shuswap, these property sales broke down into the following categories:

 

Lots & Acreages: 7 sold, down from 8 sold,

Manufactured Homes: 8 sold, down from 12 sold,

Recreation: 0 sold,

Single Family Homes: 36 sold, down from 69 sold,

Apartments:   17 sold, up from 13 sold,

Townhomes: 17 sold, unchanged

The number of sales reported by REALTORS in the Central Okanagan (Kelowna and area) dropped substantially to 49 from 71 the week before. Average sale price dropped to $343,035 and the total sales volume was $16,808,700. (with the removal of one sale that was mis-reported for $270 Million.....) 

25 residential MLS Properties were reported sold by REALTORS Sept. 24 - 30 in the North Okanagan (Vernon BC and surrounding areas) Total sales volume was Over $6.7 Million, and average sale price was $270,668. 

The number of sales reported Sept. 24 - 30 by REALTORS dropped in the Shuswap, from 18 the week prior to only 10 this week. Average sale price dipped below $200,000 and the total value sold was less than $2 Million. 

If you or anyone you know is looking for real estate services, I'd love to help.

Brell - Your Okanagan Real Estate Umbrella 250-308-4310
Brenda Ellis REALTOR®

Sutton Group - Lakefront Realty 
2749 30 Street, Vernon, BC, V1T 5C6

A growing team, a different approach...we are better together!

Visit my site Share with me on Facebook Share with me on Google+ Share with me on Twitter

Posted via email from brell's posterous