Real Estate Upswing Prompts New confidence In The Kamloops Housing Market

I found this article online written by Cam Fortems of the Kamloops Daily News.

With B.C. and the rest of Canada gradually climbing out from a deep but short-lived recession two Kamloops developers are looking to the future with renewed confidence.

While construction cranes creaked to a stop in many B.C. cities, including Vancouver and Kelowna, developers in Kamloops continued building and planning through the gloom Because of that confidence they are poised to sell condominiums under construction on both sides of the river. “We’re just over half sold on our residential and two-thirds on the commercial side,” said Mike Culos, developer of the Landmark One project at the corner of McGill Road and Summit Drive.

On the North Shore, Library Square developer Casey VanDongen, opened show suite and marketing office on Northills Mall and has poured the second-floor concrete “We’ll be waterproofing that with the intention of completing the library in March.”

Both projects represent major developments for Kamloops. The Library Square project will see 145 condominium units constructed along with a new North Shore library and commercial units on Tranquille Road.

Buyers of the units will also qualify for a special City of Kamloops incentive designed to focus development downtown and the North Shore: For five years owners will pay no property taxes and for the following five they will pay reduced taxes.

Culos’s Landmark One project calls for eventual construction of a 21-storey tower, what will be the city’s tallest building. To get there, he is starting with smaller buildings on the property. New owners will move into their new Landmark One units at the end of January. And Culos plans to have a show suite on the property ready by the first week of December. “That’s when we’ll sell to people who want to look, feel and touch.” Culos said he’s satisfied to be where he is on the project, considering the tough times for the world economy over the past 12 months.

The location, where a new traffic signal was installed and will soon be in operation, will eventually be home to four buildings: the current 36-unit residential building plus commercial on the main floor; a twin of that building; an all-commercial building and the tower.

Culos said he’s moving toward design for the commercial building, which he expects to sell quickly. The twin to the current building under construction will start once the residential units in the first building are about 80 per cent sold, Culos said. The Kelowna developer has a history of success in Kamloops, beginning with the Plaza Station development more than a decade ago. The South Shore building is more advanced and pre-sold units before last year’s economic crash.

Van Dongen expects sales on Library Square to ignite with continued rock-bottom interest rates and an improving economy. His development firm, locally based Tri-City Contracting, is focusing on completing the library interior and finalizing working drawings for its residential portion. “We’re hoping to start framing on the residential as soon as spring breaks or a little earlier.”


Kamloops Real Estate Open House Weekend: Saturday November 28, 2009, North Kamloops & Aberdeen

This weekend’s open houses will be held in North Kamloops and Aberdeen.

444 McGowan Ave Front of Home for sale Kamloops Real Estate Saturday November 28, 2009: 444 McGowan Ave, North Kamloops, 11:00am-1:00pm

3+1 bedrooms & 2 bathrooms. Lots of living space in this home. Hardwood floors, large open kitchen and spacious rooms. Fully finished basement with a spacious rec room. There is a single oversized garage with lane access. Large lot with tons of fenced yard space. This is a geat family home! $319,900

17-2365 Abbeyglen Way Kamloops Real Estate For SaleSaturday November 28, 2009: 17-2365 Abbeyglen Way, Aberdeen, 1:30-3:00

This two storey executive townhouse has a beautiful gourmet kitchen, large rooms and an unfinished basement. There is a two car garage, 4 bedrooms and 3 bathrooms with over 2,100 square feet of living space. Beautiful southern view from the master suite. $379,900.

To view more listings in Kamloops click here.

Featured Property: 550 Baywood Crescent, Westmount, Kamloops, B.C. $324,900

Baywood Crescent, Westmount Front of Home for Sale

Baywood Dining Rm Home for sale Kamloops Real Estate

This fantastic family home is located in a quiet cul-de-sac in Westmount. There are 3 bedrooms and 2 full bathrooms with over 2,100 square feet of living space. Recent updates include the roof, furnace, flooring, insulation and all windows. This home is located on a 9,512 square foot fenced lot. There is a single car carport with extra parking. The basement has a separate entrance making it easy to suite.

Baywood Living Room Home For Sale Westmount

Lots of pride in ownership, this home has been very well cared for inside and out. Priced at $324,900.

To view more pictures of this home click here.

To view all homes for sale in Kamloops click here.

B.C. Real Estate Association’s Fall 2009 Housing Forecast For The Kamloops Real Estate Market

The B.C. Real Estate Association recently released their 2009 Fall Housing Forecast. I have included the info specific to Kamloops below. You can also view the full PDF at the bottom of the page.

The Kamloops housing market is exhibiting balanced conditions and stable home prices, with buyers and sellers on equal footing. MLS® residential sales in Kamloops are estimated to decline 2 per cent this year to 2,200 units. However, an increasingly diversified local economy has lessened the impact of the recession and will contribute to a double digit rebound in home sales next year.

While an increase in home sales to end users has been evident of the past several months, recreation buyers have yet to come back into the market in significant force. Recreation buyers typically lag improved market conditions and are expected to increase their buying activity in 2010. MLS® residential sales are forecast to rise 18 per cent to 2,600 units in 2010. From a historical perspective, homes sales in 2010 will post a similar level to that recorded in the 2003-2004 period. Despite the financial crisis and a global recession, the average MLS® residential price in Kamloops is estimated to be down 2 per cent on an annual basis from a record $307,369 in 2008.

In contrast to the last 18 months, home prices in Kamloops are expected to be relatively stable in 2010, albeit forecast to climb 2 per cent to $308,000 as an annual average. Larger price appreciation in 2010 is less likely as improvement in the economy will be offset by expected increases in mortgage interest rates during the latter half of the year.

After declining 24 per cent in 2008, housing starts in the Kamloops CA are estimated to fall an additional 28 per cent to 415 units this year. A slowdown in the expansion of the housing stock helps support home prices in both the new and resale housing markets. However, lower inventory levels and stronger consumer demand is expected to induce increased new construction activity in 2010. A total of 545 housing starts are forecast for the Kamloops CA next year, with the largest increase occurring in single detached construction.

To view the full report click here:  BCREA Fall 2009 Housing Forecast

Kamloops Real Estate Open House Weekend: November 21 & 22, 2009, Aberdeen & Sahali

Open houses this weekend will be in Aberdeen and Sahali.

182 Whistler Drive Front, Sahali, Kamloops Real EstateSaturday, November 21st: 11:00am-1:00pm & Sunday November 22nd: 1:30pm-3:00pm: 182 Whistler Drive, Sahali

Updated two-storey home in a great Sahali neighbourhood. 4 bedrooms, 2 bathrooms and 2,100 square feet of living space. Large private, flat, fenced yard and single car garage. Great family home situated on a 7,250 square foot lot. $359,900

2340 Whitburn Cres, Aberdeen Home For SaleSaturday, November 21st: 1:30pm-3:00pm & Sunday November 22nd: 11:00am-1:00pm: 2340 Whitburn Cres, Aberdeen

3+1 bedroom, 3 bathroom home in a great location. Cul-de-sac, two car garage, tons of parking for an RV and boat. Fully fenced yard, gas fireplace, central air and sun deck. $379,900

To view more listings in Kamloops click here.

Kamloops Mortgage Information: Why You Should Talk To A Mortgage Broker

Brenda Colman Invis Kamloops Mortgage Specialist Purchasing a home in Kamloops is one of the biggest purchase most of us will ever make, and a mortgage can also be a powerful financial tool. No surprise then that a growing number of Canadians have started to ask some smart questions about their mortgage when considering purchasing real estate. In fact, more than 40% of all Canadian mortgages are now arranged through mortgage brokers. Why?  Read on;

Choice. A broker has access to mortgages from a huge range of lenders – so their clients have by far the best choice of rates and mortgage options.  With partners in a vast network of over 30 lending institutions, including banks, credit unions, trusts, national and regional lenders, and non-traditional lenders, your broker can help design the perfect mortgage for you.

Independence and objectivity. A mortgage broker actually works for you, not for any one lender. That kind of objectivity means that you – the client – are the focus. They fit the mortgage to the client, not the other way around.  You’ll get the best rate for your situation.

Promotions. You may not realize it, but there are sales and promotions in the mortgage world, too. Lenders often offer special rate promotions, for example. Your broker will know about these special offers, and whether they might work in your situation.

Expertise. With 35-year amortizations, re-advanceable mortgages (mortgage combined with a line of credit), no income documentation products for the self employed, credit repair and debt consolidation solutions, today there are mortgages for almost any situation. And your independent mortgage broker knows them all.  That’s what you want: someone who’s focused on the mortgage marketplace and your needs.

Rates. Getting a lower rate can potentially save you thousands of dollars. That’s why more homeowners are more likely to call a mortgage broker to check out their options for their first mortgage and at renewal. Call early; your mortgage broker can usually guarantee an interest rate for 90-120 days.

One credit inquiry. Rate-shopping on your own can actually be hazardous to your credit. Every time a lender checks your credit, the credit bureaus take notice. Too many inquiries and your credit rating can weaken, possibly affecting the rate and terms of your mortgage. Your broker does one inquiry only, regardless how many lenders you’re looking at.

No cost to you (o.a.c). As a rule, the winning lender pays compensation to your broker for the services and solution provided.

Personal attention. You need a mortgage plan that is a custom fit for you, and a broker who keeps in touch with you during your mortgage years. Keep in mind that their business is built primarily through referrals from satisfied customers, so your positive mortgage experience is essential for their ongoing business growth.

Your mortgage is a big decision and a powerful financial tool.  For your next mortgage contact me anytime. I am a local Kamloops mortgage broker who is trained and ready to help you achieve your financial and home ownership goals.

Brenda Colman, Mortgage Consultant, Invis Kamloops
P. 250-318-8118  E. ac.sivninull@namlocadnerb W.

Kamloops Real Estate Open House Weekend: November 14 & 15, 2009, Brocklehurst & South Kamloops

Open houses this weekend will be in Brocklehurst and South Kamloops.

723 Singh St  Home For Sale KamloopsSaturday, November 14th: #7-723 Singh Street, Brock: 12:00pm-2:00pm

Two bedroom rancher located in the Island Park development. It has a two car garage and RV parking. Beautiful open design, small private yard and covered patio. All appliances are included. $287,900.

600 Cambridge Cres Home For Sale KamloopsSunday, November 15th: #17-600 Cambridge Crescent, Brock: 12:00pm-1:00pm

Townhouse with no strata fees! Three bedrooms, 2 bathrooms and private yard. Cul-de-sac location. Newer furnace, hot water tank, flooring, windows, paint, trim & light fixtures. Very short walk to Mac Island. $249,900.

5-145 Nicola Street Townhouse for sale South Kamloops

Sunday, November 15th: #5-145 Nicola Street, South Kamloops: 1:30pm-3:00pm

Stunning & immaculate townhome in desirable Westview Village. South facing unit with a view of the mountains & secure underground parking & storage. Many recent updates including gorgeous new flooring using Zebrano engineered hardwood floors, bathrooms, kitchen, paint, baseboards, light fixtures, doors and windows. Fireplace in living room has new mantle & hearth. $274,900

To view more listings in Kamloops click here.

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