Monthly Archives: March 2011

Featured Property: 1198 Clearview Drive, Barnhartvale, Kamloops, B.C. $324,900

Barnhartvale Kamloops Real Estate 1198 Clearview Dr Large Barnhartvale home with over 2,600 square feet of living space and has 5 bedrooms and 3 bathrooms. There is an kidney shape in-ground pool, hot tub, in-ground sprinklers and large, private yard. Recent updates include: roof, furnace, heat pump, hot water tank, flooring and more. There is a small workshop in the carport. Daylight walk out basement, bright sunroom off of the livingroom/diningroom area and two fireplaces. One fireplace has a new high efficient wood burning stove. The master bedroom is spacious and has a 2 piece ensuite which could be converted into a 3 piece. Tons of potential in this home. Some notice for showings appreciated.

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To view all homes for sale in Kamloops click here.

Canadian Housing Market Is Okay According to Economist

This article appeared on the Globe and Mail on Tuesday, March 29th, 2011 and was written by David Berman.

David Rosenberg, chief economist and strategist at Gluskin Sheff, remains a contrarian voice on the U.S. economic recovery, and he is also sticking to his argument that Canada is in pretty good shape – and that includes the country’s housing market.

That market has taken a few knocks recently, even attracting derision from the foreign press. The Wall Street Journal ran an article on Tuesday arguing that Canadian home prices are on a fresh tear, even as income growth lags record-high debt levels.

“All that has raised worry at the country’s central bank, which repeatedly has warned about rising debt levels, and among some economists, who say the market is ripe for a correction – maybe a steep one,” the Wall Street Journal noted.

However, Mr. Rosenberg counters these observations. Yes, debt levels are a concern but he notes that homebuilders have shown some discipline in cutting back production, to an extent that didn’t exist in the United States at the peak of its housing market. In Canada, single-family housing starts have fallen 20 per cent from year-ago levels.

“As such there is no evidence of any meaningful supply-demand imbalance that should undercut real estate valuation,” Mr. Rosenberg said in a note to clients.

“We see no reason why the Bank of Canada should be aggressive in raising rates, and at the same time, the demographics in favour of real estate are actually quite constructive, notably the influence from Canada’s business immigration platform. Note that in 2009, net international immigration to Canada surged 13 per cent. So not only is the country acting as a magnet for international capital inflow, but Canada is also being increasingly viewed as a stable place to do business and a desirable area to live.”

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Featured Property: 7071 Watson Road East, Savona, Kamloops, B.C. $239,900

Savona House For Sale 7071 Watson Rd. E Bright and spacious 3 bedroom home on 10,000 sq foot lot with lake views. Over 1,500 square feet of living space, 1 wired workshop, 2 storage sheds and fully fenced yard. Many recent updates include hot water tank, flooring, bathroom, paint, baseboards and more. Lots of parking for your vehicles, RV and toys. Fruit trees in the back yard and covered patio. Nice clean Savona home close to recreation.

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To view all homes for sale in Kamloops click here.

Open House Weekend: Saturday, March 26 and Sunday, March 27, 2011: Aberdeen, Barnhartvale, Batchelor Heights and North Kamloops

On Saturday, March 26th and Sunday, March 27th, 2011 the open houses will be held in Aberdeen, Barnhartvale, Batchelor Heights and North Kamloops.

5-930 Stagecoach Drive Batchelor Heights For Sale

Saturday, March 26th, 2011: 1:00-3:00: 5-930 Stagecoach Drive, Batchelor Heights $334,900

Stunning three bedroom and den townhome with TONS of custom upgrades. Located in the desirable Ridge at Saddleback development and perfect for first time home buyer or retiree. Many of the upgrades include.. more

451 Alexander Ave North Kamloops Open House

Sunday, March 27th, 2011: 11:30-12:30: 451 Alexander Avenue, North Kamloops, $239,900

Cute North Kamloops home close to shopping, park & transportation. Some updates done such as flooring & bathroom sink. Pool has new liner & pump in 2010. 70 amp service. Room for a detached workshop. more

2249 Linfield west highlands aberdeen real estate new development home

Sunday, March 27th, 2011: 11:30-1:00: 2249 Linfield Drive, Aberdeen, $429,900

This brand new view home is located in Aberdeen’s newest subdivision Aberdeen Highlands. It is located right beside a golf course and elementary school. more

 

Kamloops home for sale 26-1555 Howe Road

Sunday, March 27th, 2011: 1:30-3:00: 26-1555 Howe Road, Aberdeen Glen Village, $189,900

Spacious three bedroom home in Aberdeen with one full bathroom. Recent updates include roof, all windows, hot water tank, paint, kitchen appliances and more. The rec room could easily be converted to a fourth bedroom or office. more

Barnhartvale Kamloops Real Estate 4744 Uplands Drive

Sunday, March 27th, 2011: 1:00-3:00: 4744 Uplands Drive, Barnhartvale $399,900

Beautiful 180 degree views from many of the rooms of this 4 year old home. Spacious floor plan with 4 bedroom plus a den with 3 full 4 piece bathrooms. Located in cul-de-sac in a quiet area of Barnhartvale. more.

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Lower Inflation in February 2011 Likely to Keep Interest Rates Low

This article appeared on The Record on March 19, 2011 and was written by Steve Rennie and Mary Gazze (The Canadian Press).

Canada’s annual inflation rate fell slightly in February, giving the Bank of Canada room to keep interest rates low over the next few months, economists say.

Statistics Canada said Friday its consumer price index edged down one-tenth of a point to 2.2 per cent in February, with rising energy and gas prices keeping inflation just above the Bank of Canada’s ideal two per cent target.

The core inflation rate, which excludes volatile items such as gas and food, fell to 0.9 per cent — its lowest level since the government started keeping records in 1984. Economists had predicted an annual core rate of 1.1 per cent and annual inflation to remain at the January level of 2.3 per cent.

It all means the country’s central bank might take its time when it comes to raising interest rates, said CIBC World Markets economist Emanuella Enenajor.

“These (inflation) numbers certainly make it less likely that a May rate hike could happen, we do have to admit,” she said.

“Such a soft core number suggests there’s less pressure for the Bank of Canada to really start hiking rates aggressively so it gives it a little more leeway.”

She said CIBC is for now sticking with its prediction that Canadians will see rates go above the current one per cent in May and that they will end up at two per cent by the end of the year.

Canada’s economic growth surpassed expectations in the last half of 2010 and the Bank of Canada may want to get ahead of any resulting spike in prices by raising interest rates and cooling lending conditions, she said.

Doug Porter, deputy chief economist at BMO Capital Markets said he believes the central is likely to stick with lower rates for the short term.

“Both headline and core inflation have eased since the start of the year, at least partly thanks to the lofty loonie,” he wrote in a note to investors, pointing out that Canada’s core inflation rate is lower than that of the U.S. and rest of the world.

“This is set to reverse next month, as Canada gets with the global program, but the low starting point is very favourable. Suffice it to say that this keeps the pressure well off the Bank of Canada to get back in tightening mode any time soon.”

Enenajor said the March inflation rate will likely depend on oil price movement during the rest of the month.

“However, expect both the annual headline and core rate to move higher in March on a year-on-year basis,” she said.

Prices were higher in February in six of the eight major categories tracked by the agency, but items like women’s clothing, footwear and travel tours cost less than a year earlier.

On a month-to-month basis, consumer goods were 0.3 per cent more expensive last month than in January, mostly due to higher energy and gasoline prices. Canadians paid 10.6 per cent more for energy during the year leading up to February, after posting a nine per cent increase in January.

Gas prices soared 15.7 per cent last month, on top of the already recorded 13 per cent increase in the 12 months leading up to January.

On a regional basis, Nova Scotia remained the province with the highest inflation rate at 3.4 per cent. Many people in that province use oil and other fuel to heat their homes.

Alberta continued to enjoy the most stable prices, with an inflation rate of 1.2 per cent.

Drivers in every province except Manitoba faced double-digit price increases for gasoline on a year-over-year basis. The price at the pumps was up 15.7 per cent from a year earlier.

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Featured Property: 2247 Omineca Drive, Juniper Heights, Kamloops, B.C. $369,900

Juniper Heights Ridge Kamloops Home For Sale  2247 Omineca Dr Immaculate doesn’t even describe this Juniper Heights home. Beautiful hardwood flooring throughout the main floor that has 3 spacious bedrooms, 1 full bath and a 2 piece master Ensuite. Recent updates include: flooring throughout the home, bathrooms, kitchen countertops, a/c & furnace 2004, HW tank 2008, roof 12 years, painted throughout, light fixtures plus much more. The large private yard is fully landscaped and fenced, has a covered patio off of the kitchen, and a second patio with storage shed or children’s play house. There is a spacious heated 2 car garage with an extra storage room. The basement is fully finished with a large guest bedroom a cozy rec room with fire place, laundry room and lots of storage space. All appliances and window coverings are included. Some furniture also negotiable.

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Featured Property: 7-1655 Ord Road, Orchard Mobile Home Park, Brocklehurst, Kamloops, B.C. $104,900

Brocklehurst Kamloops Real Estate 7-1655 Ord Road Completely renovated inside and out. There isn’t a single thing left to update in this spacious 1,100 sq foot home. There are 2 bedrooms and a den and 2 full four piece bathrooms. All the updates include: roof, furnace, HW tank, windows, a/c, gutters, siding, flooring, kitchen, bathrooms w/ heated tile, paint, gas fireplace in master, new deck (10X12), external and internal doors, mouldings, drywall, ceilings, natural gas bbq hook up, landscaping, and so much more. 12X12 detached workshop with the potential to be wired. The large master suite has a ensuite and walk in closet. The floor plan is spacious and open. This home sits on a large lot that backs on to a park. Recently appraised at $124,000. This park signs a site lease and pets allowed with restrictions.

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To view all homes for sale in Kamloops click here.

 

Kamloops Mission Hill Development Given a July 2011 Deadline

Have you been wondering about the status of the Mission Hill development on Summit Drive and West Victoria Street? Here is an article published by the Kamloops Daily News. It was written by Cam Fortems on March 11th, 2011.

Kamloops developer Mike Rink has a July deadline to come up with millions in new financing to complete Mission Hill or the project will fall into the lender’s hands.

But that lender, Harbour Mortgage, may loan the money itself — keeping Rink out of bankruptcy and in control of his debt-ridden real estate empire.

The information is contained in court documents as part of a Companies Creditors Arrangement Act process. Rink’s New Future Group of companies was granted protection from creditors last year in a bid to restructure more than $100 million worth of debt.

An independent analysis found only two projects, Westbeach in the Shuswap and another resort project in Nelson, have prospects for making a profit. The others, including Mission Hill, will not be able to pay back all creditors even if they are completed.

Rink, as well as his lawyer, Chris Ramsay, could not be reached for comment Friday.

David McMillan, a city lawyer acting for contractors on another Rink project, said a creditors meeting is scheduled for March 16. A vote on the plan is structured so major lenders have weight. “This says to lien claimants we’re holding out the remote possibility of you getting paid versus certainty you won’t get paid —  you pick.”

If the plan proceeds, Rink will get more financing to complete at least Mission Hill’s first building, now about 75 per cent complete. Liens will be cancelled and promissory notes that expire in three years will be issued. If there is money from real estate sales after all lenders are paid, promissory notes will then be honoured. “This allows the principals to carry on without the stigma of bankruptcy,” said McMillan. “If these proposals are passed it will allow people like Mike Rink to stave off bankruptcy.”

One of those contractors, Barb Gorrill, owner of Falcann Septic, said she doesn’t know if the company will ever receive the $7,000 owed to it. Rink owes more than $2.5 million alone to small contractors, who are unsecured and will be paid last, if at all. “We’ve done work for Mike before,” she said. “We knew going in the risk. (But) we’ve always gotten paid.” Gorrill said the loss hurts the small business but she said Rink, like any developer, had to take on risk. “Without guys willing to take risk, how would these developments ever get done?”

If financing is in place the Mission Hill building should be back under construction this summer. “It all depends if your view of the world is optimistic or not,” McMillan said of prospects that lenders and contractors will be paid. “For people who put time and labour and materials into it, they’re powerless to affect the outcome.”

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