November 2011

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2289 Linfield Drive Aberdeen Kamloops HouseStunning open concept home located right beside elementary school. Main floor has a spacious living area including large living room with built in entertainment center & a gourmet kitchen with granite counters. Hardwood flooring & tile throughout including around the tub surround. Comes with high efficient furnace, humidifier & wired for security. High quality finishing throughout & 9 ft ceilings on both floors. Fully landscaped with underground sprinklers. This home is a must see!

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2285 Linfield Drive Aberdeen Kamloops for SaleThis stunning home has a dramatic entrance w/18 ft ceiling. Oversized living room has vaulted ceilings and large windows. Master bedroom ensuite has 2 sinks and separate tiled shower and soaker tub. Fully finished basement w/2 bedrooms. High quality finishing including granite counters, h/w floors and tile around tub on main floor. Incl high efficient furnace, humidifier, wired for alarm and satellite. 9 ft ceilings on both floors. Comes fully landscaped with u/g sprinklers. This home is a must see!

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This article appeared on Realty Biz News on November 28th, 2011 and was written by Travis J. Hampton.

Kamloops Home For SaleHomes in Canada became a bit more affordable in the third quarter of 2011, according to a new report by RBC. Most parts of Canada saw a decrease in housing costs, with Vancouver being the one exception.

The index RBC uses calculates the affordability of housing at a given time. The lower the index, the more affordable homes are expected to be. In the third quarter of 2011, the amount of pre-tax household income a family would need to pay for home ownership went down across much of Canada. In Vancouver, however, home prices continued to be extremely high in wealthier neighborhoods.

The increase in affordability can be attributed to many factors, including the economic crisis in Europe, which has kept interest rates low. Experts at RBC expect prices to level off sometime next year, and those few places where prices increased (Toronto, Montreal, and Ottawa) will also start to see some stability in their home affordability.

“Housing affordability levels are quite good in most parts of Canada and will pose little threat to overall housing demand,” said Craig Wright, senior vice-president and chief economist.

The affordability index takes into account a number of factors beyond just the sticker price. It includes actual mortgage payments, utilities, and property taxes. It then formulates an affordability reading percentage, which indicates the amount of pre-tax monthly household it would take to cover those home ownership expenses. While Toronto and Montreal have an index of 52.1% and 40.9% respectively, Vancouver’s index is 90.6%.

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This article appeared on the Globe and Mail on November 24th, 2011 and was written by Michael Babad.

A new study of global housing markets by The Economist warns that markets in Canada and some other countries still appear “uncomfortably overvalued.” Indeed, the magazine calls it downright frothy in its latest update of house prices indicators.

Overall, the report shows prices falling in eight of 16 countries studied in terms of a price-to-income ratio, which measures affordability, and a price-to-rent ratio.

By averaging the two readings, The Economist warns that prices are overvalued by 25 per cent or more in Canada, Australia, Belgium, France, New Zealand, Britain, the Netherlands, Sweden and the ever-unfortunate Spain.

Here’s a really troubling bit: For Canada, Australia, Belgium and France, housing “looks more overvalued than it was in America at the peak of its bubble.”

The magazine notes that some economists dismiss its measures, citing the fact that lower interest rates – Canada is such an example – can justify fatter prices because they allow heftier mortgages. The magazine responds to that just as Bank of Canada Governor Mark Carney and others have: It will not always be thus, and rates will inevitably rise.

Here’s another warning, also along the lines of what we’ve been told for months now: “Australia, Britain, Canada, the Netherlands, New Zealand, Spain and Sweden all have even higher household-debt burdens in relation to income than America did at the peak of its bubble.”

Canadian housing markets have been cooling down, and many forecasters project a continued softening, though not a crash.

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This article appeared in the Kamloops This Week on November 24th, 2011 and was written by Jeremy Deutsch.

Tobiano Golf Resort Kamloops Real EstateIt’s been nearly five months since Tobiano resort went into receivership, but there are still no takers for the financially struggling development.

The resort was put on the market in September, with a deadline for offers by the end of that month, but there were no significant bids.

Douglas Chivers, a representative with the Bowra Group, which was appointed receiver of Tobiano by the court, said despite the lack of interest, the resort will continue to run business as usual.

“We intend to continue to develop the resort and sell off the lots and the other properties and see what interest can be generated,” he said, adding the award-winning golf course will be open next season.

Chivers said it isn’t a surprise interest in the resort has been minimal given the current real-estate market, noting several other troubled developments in Interior have also received little attention from buyers.

Word of the resort’s financial woes broke in June, after the real-estate side of the resort and golf course was ordered into receivership by a B.C. Supreme Court.

Pagebrook Inc. and Kamlands Holdings Ltd., companies owned by developer Mike Grenier, owe the Bank of Montreal debts totalling roughly $26 million.

In August, a representative with the Jim Pattison Group, which owns a 13-acre parcel of land within Tobiano, where it hopes to one day build townhomes, told KTW it’s unlikely such a project will get started any time soon.

Since the summer, the receiver has managed to sell five lots at Tobiano and continues work on trying to get some form of a marina in place.

The financial downfall of the resort was in part blamed on the inability by the developer to secure funding to build a marina.

Chivers said the Bowra Group has no intention to stop marketing Tobiano, but said getting some type of building activity at the resort is key to a sale.

“The more activity up there, the more people come to it, the more attractive it is,” he said.

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