October 2011

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People find many different ways to celebrate holidays. How would you feel if this was your neighbour? Have a safe and enjoyable Halloween!
 


On this Saturday, October 29th and Sunday, October 30th, 2011 open houses will be held in Batchelor Heights and Brocklehurst.

1846 Grouse Crt Batchelor Heights Kamloops HouseSaturday, October 29th, 2011: 1:00-3:00: 1846 Grouse Court, Batchelor Heights, $484,900

Beautiful level entry Batchelor Heights rancher with a large, bright 1 bedroom inlaw suite with separate laundry. Hardwood flooring, and tile throughout the home. 3 bedrooms on the main floor with 2 full bathrooms, more.

Kamloops Townhouse 58-1697 Greenfield Glenwood Townhouses BrocklehurstSunday, October 30th, 2011: 1:00-3:00: 58-1697 Greenfield Avenue, Brocklehurst, $209,000

Court order sale. Centrally located Brock townhouse with 3 bedrooms, and 2 full bathrooms. Updated kitchen, bathrooms, some new vinyl windows, large storage area, private yard.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

Townhouses Brocklehurst 58-1697 Greenfield Glenwood Court order sale. Centrally located Brock townhouse with 3 bedrooms, and 2 full bathrooms. Updated kitchen, bathrooms, some new vinyl windows, large storage area, private yard. Sold as is, where is. All offers must be subject to court approval. All offers must have a deposit equal to or greater than 5% and payable upon acceptance. Schedule A to accompany offer. Court order #45832

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

This is the latest release from the BC Real Estate Association on October 25, 2011.

As was universally anticipated, the Bank of Canada opted to hold its target overnight rate at 1 per cent this morning.  Ongoing uncertainty in the Euro-zone continues to weigh heavily on the Bank’s outlook. In its statement accompanying the interest rate decision, it was noted that the bank is now projecting a contained Euro-crisis, but also a brief recession in the Euro-area due to ongoing deleveraging and fiscal austerity. The Bank also expects continued weakness, but no recession, in the United States through the first half of 2012 before a resumption of stronger growth. Given various challenges in the global economy, the Bank of Canada trimmed its outlook for Canadian economic growth to 2.1 per cent in 2011, 1.9 per cent in 2012 and 2.9 per cent in 2013 which is in line with our own forecast. On inflation, the Bank now expects slack in the economy to persist longer than originally forecast, leading to a closing of the output gap at the end of 2013. This implies softer than expected inflation in coming quarters, with consumer price growth moderating before returning to the Bank’s 2 per cent target by the end of 2013.

Overall, this morning’s statement shows a very cautious Bank of Canada that is unlikely to make any significant movements on interest rates over the next two to three quarters. Further monetary tightening will be highly contingent on a brighter growth outlook in the United States and a credible solution to the Euro sovereign debt crisis. Therefore we expect the Bank of Canada to remain on the sidelines through the end of 2011 and the first half of 2012.

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This Saturday, October 22nd and Sunday, October 23, 2011 open houses will be held in the South Kamloops Downtown area.

510 Lorne St South Kamloops Condo For Sale

Saturday, October 22, 2011: 1:00-3:00: 201-510 Lorne Street, South Kamloops, $254,900

Immaculate 2 bedroom, 2 full bathroom condo in the Plaza Suites at the Station in South Kamloops. The main living area is very open and spacious. This home has recently been painted and new flooring has been installed. more

Kamloops Downtown Condo For Sale 602-629 Lansdowne Street

Sunday, October 23, 2011: 1:00-3:00: 602-629 Lansdowne Street, South Kamloops, $219,900

Great downtown condo in prime location. North East facing top floor 2 bedroom, 1 bathroom unit with open concept living. Beautiful 180 degree views of river, downtown and mountains. more

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

This article appeared in the Kamloops This Week on October 19th, 2011 and was written by Jeremy Deutsch.

Kamloops New Home For SaleConstruction in Kamloops this year could go down as the tale of two sectors. While residential-permit activity at city hall has taken a bit of a dive in 2011, commercial construction has been there to pick up the slack.

Through September in 2011, the city has handed out $50 million in commercial building permits, compared to $40 million at the same time last year. However, the $79 million in residential permits issued is a drop from the $107 million in 2010.

The city has recorded $137 million in construction activity in 2011, compared to $153 million through the same span last year. In September, the city handed out $11.4 million in building permits, compared to $14.8 million during the same month in 2010.

David Trawin, director of development and engineering services, said the solid numbers from September were better than expected. “It’s one of the strongest commercial years, which has helped keep us strong,” he said. Trawin is now predicting the city will hit $150 million in overall permits, exceeding the target for the year.

In 2010, the city issued $191-million worth of building permits, but expected that number to drop in 2011 to about $140 million.

The city issued $2.3-million in commercial-building permits for the month, a slight dip from the $2.9-million value in September 2010.

The number of single-family permits issued in September hit 14, two-thirds of the 21 permits issued at the same time last year. The city handed out $7.6-million worth of residential permits last month, compared to $10.8 million in September 2010.

Kamloops has only topped the $200-million mark in permits once, in 2008, when it doled out $207-million worth of permits, which remains a record.

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This article appeared on the Financial Post on October 14th, 2011 and was written by John Greenwood.

Canadian Real Estate Fountain Market ConditionsCanada’s banks, which emerged from the financial crisis mostly unscathed, stole the spotlight as they were recognized as the world’s strongest, but there’s a good argument to be made that our real estate market deserves some glory, too.

Consider: for the better part of a decade house prices have been on the rise — apart from a brief decline in early 2009 — in most major cities across the country. If you zoom in on certain regions like Calgary or, say, Ontario cities like Windsor that have been hit by troubles in the auto industry, the curve gets a bit bumpy, but on a national basis Canadian real estate looks pretty good. Compared to the rest of the world, it’s a bastion of stability.

The U.S. market is a basket case. Since 2006 prices have tumbled more than 30% across the country and even now distressed sales account for more than one-third of total transactions, according to Moody’s.

In Europe the numbers are even more dramatic. In Spain, prices almost doubled between 2000 and 2006 but over the past three years they’ve fallen as much as 25% in some regions. House prices in Ireland have fallen below the level they were at in 2003, according to Bloomberg. Meanwhile, the U.K. market has been treading water since 2010 with some economists calling for a steep decline as the troubled economy begins to bite.

The Canadian housing market “is like the fountain of youth,” said one analyst. Rising real estate values, he explained, have helped drive consumer spending and provided fuel for the home building industry, a major source of jobs. According to the CMHC, residential development represents about 20% of the domestic economy.

Importantly, residential mortgages are the biggest single asset on bank balance sheets. When the global meltdown that started in 2008 began to threaten the banks in this country, the federal government stepped in by buying up billions of dollars of mortgages from lenders while the CMHC boosted its securitization program. The move effectively moved the risk of default from the banks to the government, providing banks with incentive to increase mortgage lending. Which they did.

But by boosting the level of securitization the government provided a buffer between the housing market and the banks, allowing them to benefit from rising prices but at the same time protecting them from potential losses in the event of a correction.

The good news is that at least for the moment a correction does not appear to be in the cards.

“The housing market is quite healthy,” said Mathieu Laberge, deputy chief economist at the CMHC. “Despite the financial uncertainty in global markets, economic fundamentals remain supportive of the housing market in Canada.”

Indeed, according to Capital Economics, things are about to heat up again. Growth in housing investment “appears to have re-accelerated again in the third [quarter],” the research group said in a recent note, adding that overall residential investment could get a boost for at least one or two more quarters and possibly more.

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Brocklehurst Home For SaleImmaculate Brock home on a large lot with many updates. Open great room floor plan on the main floor that features a large gourmet kitchen with stainless steel appliances & a large island, new flooring, paint & light fixtures. 4 bedroom, 2 bathroom home with a large covered & enclosed deck. Bathrooms have been updated. Large private backyard backing onto a park, 16×20 wired workshop, RV parking. Roof 4 years old, updated hot water tank, furnace, insulation, siding & much more. There is suite potential. Don’t miss out on this gem.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

Vancouver, BC – September 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 8.8 per cent to 5995 units in September compared to the same month last year. The average MLS® residential price increased 6 per cent to $523,568 last month compared to September 2010.

MLS Residential Sales BC September 2011

Click to Enlarge

“MLS® home sales edged up 3 per cent in September compared to August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment.”

“Despite a modest gain in unit sales, total active residential listings in the province remained elevated in September,” added Muir. A total of 55,616 homes were listed on the MLS® in the province at the end of September.

Year-to-date, BC residential sales dollar volume increased 17.5 per cent to $34.8 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 61,127 units, while the average MLS® residential price rose 13.9 per cent to $569,922 over the same period.

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The Kamloops and District Real Estate Association has released the statistics for September 2011 and the third quarter. Click image to enlarge.

Comparative analysis by property type September 2011

Kamloops Real Estate Comparative Analysis by Property Type September 2011

Sales by subarea September 2011 Kamloops Real Estate Statistics

Kamloops Real Estate Sales By Subarea September 2011

MLS Activity September 2011 Kamloops Real Estate Statistics

Kamloops Real Estate MLS Activity September 2011

Sales by subarea Third Quarter Kamloops Real Estate Statistics

Kamloops Real Estate Sales By Subarea Third Quarter 2011

This article appeared on Reuters.com on October 5th, 2011 and was written by Andrea Hopkins.

* Low rates fuel Q3 price gains * Slowdown forecast in some regions * U.S.-style correction seen as unlikely

TORONTO, Oct 5 (Reuters) – Canadian house prices rose in the third quarter as very low interest rates supported consumer confidence even as signs of softening in some regions point to a broader slowdown in the months ahead.

The country’s leading real estate broker said on Wednesday the average price of a home in Canada increased between 5.7 percent and 7.8 percent from July through September compared with the same period the previous year, a deceptively big gain because the third quarter of 2010 had been weak.

“The strength in Canada’s national housing market conceals signs of predictable softening in some regions,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services.

“The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas — with some average values even receding — after the busy spring trading season.”

Soper said a broader slowdown is expected as the economy struggles to gain traction as global growth falters. Even so, he said, “fears of a U.S.-style correction are completely unfounded.”

The average price of a detached bungalow rose 7.8 percent in the third quarter to C$349,974 from a year earlier. Over the same period, the price of a standard two-storey home rose 7.7 per cent to C$388,218, while the price of a standard condominium rose 5.7 per cent to C$239,300.

“Canadian home owners have turned a deaf ear to the negative economic situation shaking housing markets in Europe and the United States,” Soper said.

“A resilient domestic economy coupled with the stimulative effect of ultra low interest rates has extended the post-recession bounce in house prices, but there is evidence of over-shooting in some markets.”

Royal LePage said prices climbed in Toronto across all three housing types in part because of a supply shortage, while Vancouver prices also rose again. Montreal, Ottawa and Winnipeg showed strong price gains as well, while both Calgary and Edmonton remained little changed for condominiums and notched small gains in house prices.

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Deb Fehr Dominion Lending Mortgage BrokerThis article came from The Real Estate Centre and was written on October 4th, 2011.

Planning ahead to ensure your credit is healthy before applying for a mortgage can translate into a better mortgage rate and product – which can save you significant money throughout the term of your mortgage.

Following are five steps you can use to help attain a speedy credit score boost:

1) Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards. Revolving credit like credit cards seems to have a more significant impact on credit scores than car loans, lines of credit, and so on.

2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit score. If there is a balance at the end of the month, this affects your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month.

3) Check credit limits. If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders may view your file. Ensure everything’s up to date as old bills that have been paid can come back to haunt you. Your best bet is to pay your balances down or off before your statement periods close.

4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. You should use these cards periodically and then pay them off.

5) Don’t let mistakes build up. You should always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.

If you have repeatedly missed payments on your credit cards, you may not be in a situation where refinancing or quickly boosting your credit score will be possible. Depending on the severity of your situation – and the reasons behind the delinquencies, including job loss, divorce, illness, and so on – I can help you address the concerns through a variety of means and even refer you to other professionals to help get your credit situation in check.

As always, if you have any questions about you credit situation or your mortgage in general, I’m here to help!

Deborah Fehr, Mortgage Consultant, Dominion Lending
P. 250-571-2472 E. ac.gnidnelnoinimod@rhefd W. www.dfehr.ca

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This article appeared in the Vancouver Sun on October 5, 2011 and was written by Jenny Lee.

City of Kamloops View Homes For SaleKamloops is adding small businesses at the fastest clip of any community in B.C., according to Small Business BC. The southern Interior city is followed by Victoria, Penticton, Vancouver, Abbotsford, then Kelowna, each of them with significantly lower growth.

“Real estate seems to be the big driver,” said Mark Eversfield, a research analyst at Small Business BC. “Construction was also busy there.”

Kamloops added 412 new businesses, a six-per-cent increase, between June 2010 and June 2011. By comparison, Vancouver added 5,733 new businesses, up three per cent.

Not surprisingly, real estate agents led the charge in Kamloops, with 93 new businesses in the 12 months, but 83 were owner-operated. The city added 49 retail stores for the year ending June 2011, including 21 retail stores with fewer than five employees. Other growing sectors in Kamloops include health care, agriculture, forestry, fishing, hunting, business services, accommodation, food services, finance and insurance.

“I’m not sure why Kamloops would rank No. 1,” said Helmut Pastrick, chief economist at Central 1 Credit Union. “It does stand out in contrast to some other economic numbers suggesting that the Kamloopsarea economy is struggling somewhat.”

Business incorporations and labour market data for the Thompson-Nicola Regional District – which includes Kamloops – are weak, Pastrick said. The number of employment insurance beneficiaries continues to decline this year, but it’s not clear whether this is due to successful job searches or expired claims. Business incorporations in this regional district are running below last year, he said.

“Lower Mainland employment growth is up 1.7 per cent this year,” Pastrick said. “Metro Vancouver is up 2.1 per cent, compared to 0.3 for Thompson-Okanagan, -3.4 per cent for Vancouver Island, 0.5 per cent in the Kootenays and 1.3 per cent in the Cariboo.”

In the Thompson-Okanagan, which includes Kamloops, Kelowna and other cities, unemployment averaged 8.3 per cent from January to August of 2011.

Meanwhile, the Statistics Canada/Small Business BC data shows Victoria was the second-fastest-growing community for small business locations between June 2010 and June 2011, registering 3.3 per cent growth. There were 544 new real estate businesses, of which 527 had no employees. Other growth sectors were health, insurance and finance, professional, scientific, technical service and retail.

Real estate also led in Penticton, which grew 3.1 per cent over the period. Other growth came from professional, scientific and technical service business, agriculture, forestry, fishing, hunting and construction.

Cranbrook was the small business growth leader last year, increasing 5.2 per cent between June 2009 and June 2010, Eversfield said.

Kamloops Condo 602-629 Lansdowne Downtown Great downtown condo in prime location. North East facing top floor 2 bedroom, 1 bathroom unit with open concept living. Beautiful 180 degree views of river, downtown and mountains. Very well maintained home with private patio, in suite laundry & storage, central air, secure parking and all appliances included. Sliding glass doors to covered patio with natural gas hook up. Access to patio off of 2nd bedroom and living room. Steel and concrete constructed building with elevator. 1 dog or 1 cat under 20 lbs permitted, rental restriction and 1 covered parking space included. Seconds to all downtown amenities, shopping, transportation, restaurants, YMCA, parks and schools. Quick possession.

To view all homes for sale in Kamloops click here.