Open House Weekend: Saturday, October 29 and Sunday, October 30, 2011, Batchelor Heights and Brocklehurst

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.

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Featured Property: 58-1697 Greenfield Avenue, Brocklehurst, Kamloops, B.C. $199,000

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

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Bank of Canada Interest Rate Announcement, BCREA

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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Open House Weekend: Saturday, October 22 and Sunday, October 23, 2011, South Kamloops Downtown

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

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Kamloops Commercial Construction Bolsters Stats

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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Canada’s Housing ‘Like the Fountain of Youth’ — For Now

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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Featured Property: 964 Ryan Place, Brocklehurst, Kamloops, B.C. $314,900

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.

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