Summerland & Penticton Okanagan BC Real Estate, Homes For Sale and Revenue Properties - Raymond MAASKE: July 2010

Canada's housing market (not just Summerland and Penticton Okanagan BC) is STRONG?  Take a look here and compare your place and see if you would agree...........

House prices still strong

Canadian house prices rose 1.3 per cent in May from a month earlier, and now stand 4.2 per cent above their pre-recession peak, according to a Teranet-National Bank composite house price index. It marked the 13th straight month of increases and the second that prices rose in each of the six regions it covers. National Bank economist Marc Pinsonneault contrasted that to the real estate market in the United States, where prices are down almost 30 per cent from their peak. In Canada, year over year, the index is up 13.6 per cent. The index differs from the measure used by the Canadian Real Estate Association.

"But we do not believe that acceleration in the Teranet-National Bank index will be sustained," he said in a research note. "... The number of existing homes sold has declined in each of the three months ending last June, and it did so to a much larger extent than the number of new listings. This heralds a deceleration in home price inflation, especially since a harmonized sales tax (HST) was introduced on July 1 in Ontario and B.C."

Among the gains:

Source:  Michael Babad Globe and Mail Update Published on Wednesday, Jul. 28, 2010 11:05AM EDT Last updated on Wednesday, Jul. 28, 2010 12:51PM EDT

Canada's housing market (not just Summerland and Penticton Okanagan BC) is STRONG?  Take a look here and compare your place and see if you would agree...........

Summerland BC's heart is broken with the tragic loss of Bela (Anabela) Blystone and her mom.

This past week has been hard as we try to absorb what happened last week to Bela and her mom.  Janice and I met Bela when we first moved to Summerland over 15 years ago and we instantly loved her because of her enthusiasm for life, which always gave her face a SMILE.

Our thoughts and prayers are with Bela’s family as we all must deal with this great loss.......................

Love from the MAASKE Family

HASSLE FREE: 6.32% Cap Rate on this remarkably well kept 12 unit; 3 storey wood frame, walk up revenue investment apartment building at 1094 Government Street in the downtown core of Penticton, BC - Raymond MAASKE

HASSLE FREE: 6.32% Cap Rate on this remarkably well kept 12 unit; 3 storey wood frame, walk up revenue investment apartment building at 1094 Government Street in the downtown core of Penticton, BC - Raymond MAASKE

3 Bedroom townhouse for sale at #16 7915 Hespeler Road, Summerland BC - $269,962 - Raymond MAASKE

3-bedroom townhouse with two sundecks, fenced private backyard and room in the basement for another bedroom or amazing entertainment/media room. Skylight in stairwell, Family room bay window, central vacuum, nice bright kitchen with eating area and oak cabinets makes this a great place to call home and to raise/start a family. No age limit, rentals, and pets ok.

3 Bedroom townhouse for sale at #16 7915 Hespeler Road, Summerland BC - $269,962 - Raymond MAASKE

Real Estate Market Update for the week ending July 24th, 2010 - Summerland, Penticton, Okanagan BC Homes for Sale

Real Estate Market Update for the week ending July 24th, 2010 - Summerland, Penticton, Okanagan BC Homes for Sale

HASSLE FREE: 6.24% Cap Rate on this 4 Unit revenue investment apartment building (fourplex) at 11114 Jubilee Road in the downtown core of Summerland BC. - $549,945

All units are spacious two bedrooms and 2 bathrooms. Decks and yards for each unit. This building has been fully renovated and so you do not have much to do. Gross Rents: $42,000. Annual Expenses: $6,694 Net Income: $35,306. If smoking and/or children allowed your return goes to 7.91%.   This property was a registered strata back in 1988 (KB28145 KA CANCELLED THE OWNERS, STRATA PLAN NO. K548  1988).  Further details should be sought from the Land Titles Office.

Owners will consider partial trade to either a property in West Kelowna or small house that needs to be renovated in the area.  The owners have promised the tenants that they would be disturbed as little as possible (bad past experience) so viewing would be a condition in the offer presented.

HASSLE FREE: 6.24% Cap Rate on this 4 Unit revenue investment apartment building (fourplex) at 11114 Jubilee Road in the downtown core of Summerland BC. - $549,945

HASSLE FREE: 6.24% Cap Rate on this 4 Unit revenue investment apartment building (fourplex) in the downtown core at 11114 Jubilee Road,  Summerland BC - $549,945

All units are spacious two bedrooms and 2 bathrooms. Decks and yards for each unit. This building has been fully renovated and so you do not have much to do. Gross Rents: $42,000. Annual Expenses: $6,694 Net Income: $35,306. If smoking and/or children allowed your return goes to 7.91%.   This property was a registered strata back in 1988 (KB28145 KA CANCELLED THE OWNERS, STRATA PLAN NO. K548  1988).  Further details should be sought from the Land Titles Office.

Owners will consider partial trade to either a property in West Kelowna or small house that needs to be renovated in the area.

Video at:  TBA             Full Listing:  TBA

RMD - Residential Medium Density Zone:  Details:  (page 74-75)  http://www.summerland.ca/docs/docs_forms/bylaws/Municipal%20Zoning%20By-law.pdf

HASSLE FREE: 6.24% Cap Rate on this 4 Unit revenue investment apartment building (fourplex) in the downtown core at 11114 Jubilee Road,  Summerland BC - 549,945

Bill Hibberd fine art - Summerland, South Okanagan, BC Artist

Summerland BC and its surrounding area has so much to offer which is the main reason that we live here or want to live here.  My good friend Bill Hibberd is a local artist that captures some of the ‘untouched' beauty we have been given.

artist's statement - Bill HIBBERD 

I am an oil painter. Commissioned work aside, I paint in response to my surroundings. People, clouds, land, water, shade and light. I will often use colour shifts instead of contrastng values. I don't have a final image in mind at the genesis of a painting; I allow the piece to direct me and find that the adventure is in the process. Towards the end of a work I'll give some consideration to how a viewers' eyes will explore a composition and will make some adjustments.

I am developing my own language in the textures and colours of oil paint. I paint what I find beautiful and visually exciting. I believe the artist's privilege is to be a conduit of visual beauty.

Each of us brings something to the banquet of life. I will bring my paintings.

Summerland BC and its surrounding area has so much to offer which is the main reason that we live here or want to live here.  My good friend Bill Hibberd is a local artist that captures some of the ‘untouched' beauty we have been given.

Bank of Canada Hikes Key Interest Rate Today - Summerland Penticton Okanagan BC Real Estate

Bank of Canada

Bank of Canada Hikes Key Interest Rate Today 

The Bank of Canada hiked its key interest rate by a quarter point today, for the second month in a row. 

In its statement the Bank noted that it “expects the economic recovery in Canada to be more gradual than it had projected in…April, with growth of 3.5 per cent in 2010, 2.9 per cent in 2011, and 2.2 per cent in 2012. This revision reflects a slightly weaker profile for global economic growth and more modest consumption growth in Canada.” 

Most lending institutions are expected to respond to the Bank’s rate hike by increasing their prime lending rates by a quarter point.  However, lenders do vary in when exactly they adjust their rates for variable-rate mortgages.  Contact an Invis mortgage professional for more information on how a particular lender may implement a rate increase. 

Fixed-rate mortgages are not affected directly by today’s announcement as their rates are influenced more by movements in the bond market. 

A competitive five-year fixed mortgage rate is available to qualified borrowers at 4.29 per cent, while with the Bank's rate increase today a competitive variable rate mortgage is available to qualified borrowers at 2.15 per cent (Prime of 2.75 per cent minus 0.60 per cent).

Mortgage holders or potential borrowers should sit down with their mortgage professional to explore their options and decide what makes the most sense for their own financial situation.

Bank of Canada Hikes Key Interest Rate Today - Summerland Penticton Okanagan BC Real Estate