Kamloops Real EstateThe Kamloops Real Estate Blog is updated regularly and provides a wealth of information for the real estate market in Kamloops, BC, Canada and the surrounding communities.

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In today’s challenging Real Estate market, your choice of Real Estate Professional does matter!

Buying or selling Real Estate? Realtor Kirsten Mason is one of the top selling agents in Kamloops and a dedicated full time professional.

Kirsten can guide you through the process and be counted on to help you make the best decisions. Whether you are buying, selling or wish to investigate the possibilities. She cares about your needs, and she will take the time to provide you with personal attention and 100% client satisfaction.

CMHC Chief Says Housing Agency Considering Passing on Mortgage Risk to Banks, Financial Post. This article appeared in the Financial Post on September 19th, 2014 and was written by Garry Marr.

CMHC Pass On Mortgage RiskThe Canada Mortgage and Housing Corp. is looking at changes to mortgage default insurance that would include sharing risk with banks, the Crown corporation’s chief executive told a Montreal audience Friday.

“In our role as an adviser to government, we are evaluating a range of ideas on future improvements to our housing finance system, including risk-sharing with lenders to further confront moral hazard, future sandbox changes if housing markets are to become less stable, and increased capital requirements,” Evan Siddall told the Saint James Club, according to notes posted on CMHC’s website.

The Financial Post reported this month CMHC was looking at a new formula to push some of its losses on to financial institutions, essentially forcing them to pay a deductible on mortgages insured with the Crown corporation before claims are paid.

Sources have said the Office of the Superintendent of Financial Institutions has been involved in discussions with CMHC, which it oversees, while the Canadian Bankers Association is said to be against the measure. The CBA said it has had a variety of discussions with CMHC about mortgage and housing issues.

Mr. Siddall said in his speech that while Canada weathered the 2008 financial crisis it needed to think about “the next economic storm” to ensure the housing finance system can adapt to it.

“We are re-examining our role in the Canadian housing and financial markets and looking to be part of an even more resilient system,” he said. “As much as we never want to use taxpayer money to bail out banks, governments consistently want to help homeowners in the event of a generalized housing crisis.”

Since his appointment, CMHC has raised fees for mortgage insurance to boost capital requirements while reducing some housing that it covers, including second homes. It has also tightened the rules for insuring self-employed Canadians.

“As a government entity, we need to have a different approach to risk management. Implicitly, we are in the bail-out avoidance business. Lenders pay us a premium to back them up if things go wrong,” said Mr. Siddall. “So we have an explicit responsibility to manage tail risk and survive, since insolvency is a less obvious option for us.”

He noted the government has been compensated for its risk to the tune of $18-billion in profits from CMHC over the last decade.

As a government entity, we need to have a different approach to risk management

CMHC is backing about $550-billion in mortgages while another $160-billion in mortgages, covered by private insurers, is ultimately also backed by Ottawa. The federal government backs 90% of mortgage loan insurance issued by private entities Genworth Canada and Canada Guaranty.

“Earlier this year, we measured our mortgage loan insurance programs against the yard stick of attending to Canadians’ housing needs – as opposed to wants, desires well-served by the private sector,” said Mr. Siddall. “As a result of these and other changes, our insurance-in-force has begun to decline.”

The chief executive also addressed the issue of a possible bubble in the housing sector.

“As a risk manager, let me tell you why we aren’t overly worried about a housing bubble at this point in time, based on what we know,” he said. “Our educated opinion is that growth in house prices in Canada will moderate. If we are wrong, and price growth remains strong or accelerates, we may need to look to macro-prudential counter-weights to avoid excesses. As I said, we are currently evaluating them.”

Related

CMHC could force banks to pay deductibles on mortgage insurance
CMHC sees amount of mortgages it insures shrinking this year amid tighter housing market rules
CMHC cutting back on what it covers with mortgage default insurance

B.C. Housing Minister Moves to Shore Up Standards for Home Inspections, Globe and Mail. This article appeared on the Globe and Mail online on September 19th, 2014 and was written by Dene Moore.

By the end of next year, home inspectors will have to meet a standard set of professional criteria to be licenced in British Columbia.

Housing Minister Rich Coleman said Friday the improved requirements will help safeguard home buyers who rely on the inspections for making what is likely the largest investment of their lives.

Consumer Protection BC will set the education and training requirements and be responsible for testing and licensing home inspectors.

“At the end of the day, buying a home is one of the biggest purchases somebody ever makes, and we’ve always been very supportive of any move toward consumer protection in this area,” said Tayt Winnitoy, vice-president of operations for Consumer Protection BC.

In 2009, B.C. became the first jurisdiction in Canada to require licences and insurance for home inspectors, and there are now about 440 licensed in the province.

A few months later, a North Vancouver couple won an unprecedented award in the civil lawsuit they brought against their home inspector.

Three years earlier, Manuel Salgado and Nora Calcaneo bought a home for $1.095 million.

They paid $450 for an inspection, which found a number of structural deficiencies. The inspector, Imre Toth, estimated the repairs would cost them $15,000 to $20,000. They closed the deal.

When the bill came in, it totalled $213,000.

They filed suit against Toth, the sellers and the real estate agents, but settled with the previous owners and dropped their claim against the agents. Justice Grant Burnyeat said Toth’s estimate was “woefully inadequate.”

The purpose of the inspection is to provide a homebuyer with expert advice about any significant deficiencies, the judge wrote. “I have no hesitation in coming to the conclusion that the plaintiffs relied upon the report received by Mr. Toth to decide whether they would purchase the property,” he wrote.

“Plainly, if prospective home purchasers did not believe that they could secure meaningful and reliable advice about the home they were considering purchasing, there would be no reason for them to retain an inspector to inspect that home.”

Currently, inspectors must pass regular examinations to obtain and keep their license but there are four different associations that can licence, each with its own evaluation process.

In a survey by the provincial Office of Housing and Construction Standards, 78 per cent of home inspectors felt the requirements for a licence are too lax. “It is clear … that action is needed to increase consumer protection and to address the challenges in the current model,” the report said.

The Canadian Association of Home and Property Inspectors — one of the four groups that licence inspectors — said non-existent standards improved with the 2009 regulations, but loopholes remain.

Winnitoy said home buyers can rest assured that the inspectors they’re dealing with now have met minimum training and education requirements.

“What we see now and what we’re looking forward to is a deepening and an improving of the framework to help ensure that there’s a level playing field for all home inspectors and a clear set of expectations for consumers to have.”

2784 Beachmount Westsyde Kamloops Home for Sale Kamloops Home For Sale: 2784 Beachmount Crescent, Westsyde, B.C. $419,900. Beautiful new 3 bedroom 3 bathroom home in Beachmount Estates.

The main level has a huge living and dining room that opens to the kitchen. Includes stainless steel appliances, granite counters and lots of cupboard space.

The family room has a gas fireplace and walks out to a big patio perfect for barbecuing. Rock wall, landscaping and fencing in the back yard.  There is a dog park at the end of the street and a walking trail along the river.

Click here to view more pictures of this home.

There are many amenities in Westsyde. The Westsyde Recreation Centre and community pool is located off of Bebek Road in Westsyde. The pool is a 25 meter pool with 6 lanes, diving board, hot tub, tarzan rope, and a water slide. This facility also includes a weight room and climbing wall.

The Dunes Golf course is located on 652 Dunes Drive. It is a beautiful golf course set on the river’s edge carved out of the sands of the Thompson river riverbed. The course is 18 holes and 7131 yards of challenging golf.

Elementary and secondary students attend Arthur Stevenson Elementary (2890 Bank Road) and Westsyde Secondary (855 Bebek Road). There is also a private Francophone French Immersion school in the Oak Hills area of Westsyde.

Westsyde is serviced by regular bus service. Click here to review the BC Transit information. Westsyde is also 10 to 15 minutes from the Kamloops airport.

To view all homes for sale in Kamloops click here.

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