Do not know the optimum time for repotting, but suspect it might be just after flowering which seems to be about mid summer here.
Most species are easily grown in a hanging basket outside all year in this climate. Something like a citrus tree might give suitable shade. The hanging wire basket needs to be lined with a suitable material to retain the potting mix and to allow the flowering spikes to break through.
Flowers last about a week at the most and are heavily scented.
Pics in the link to give you an idea.

Here is a link that might be useful: Stanhopea and relatives

Thanks arthrum so much for your input. Looking at my plant you think I should wait until I see more growth before re-potting?

Stanhopeas bloom in the summer, right about now as a matter of fact. Yours is much to small so no need to worry about that. Either put it in a basket right now and let it grow up in it's permanent home or grow it where it is and put it in a basket next spring. They usually like it on the warm side and don't need much light.

Nick

Thanks Nick...i'm off basket shopping.

Ron