December 2011

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This article appeared on the Vancouver Sun’s Website on December 20th, 2011 and was written by Tracy Sherlock.

Kamloops Homes For Sale SignCanada’s real estate market is strong compared to its global counterparts, but the boom has lasted longer than in most other countries and shows signs of waning, a Scotiabank report said.

“The Canadian housing market remains an outperformer among advanced nations, with real home prices up 4.8 per cent year over year in [the third quarter],” Scotiabank’s Global Real Estate Trends report said. “While the sector’s continued buoyancy is impressive, monthly data through November suggest prices have levelled off since the spring, with conditions in the majority of local markets in ‘balanced’ territory.”

The report credits “ultralow” interest rates with continuing to attract buyers, while economic uncertainty and some recent slowing in hiring are possible dampers on demand in Canada. Canada is at the top of the 10 countries included in the report. Five countries — the U.S., the U.K., Ireland, Spain and (to a lesser extent) Italy — show average house prices significantly lower than their peak values, while the other five countries — Canada, Australia, France, Sweden and Switzerland — still show average prices at or near record highs.

The cycle of rising real home prices is long, lasting on average 12 years, according to the Scotiabank report.

“Italy’s boom was the shortest at eight years, while Ireland and Sweden count 15 years. Canada’s ongoing housing boom is in its 13th year,” the report states.

Canada’s house prices did not rise as steeply as those in other countries, with inflation-adjusted average home prices up 85 per cent since 1998, according to the report.

“Canada’s residential real estate boom started several years later than many of its counterparts, with the economy still feeling the effects of the deep recession of the early 1990s and weak labour markets through mid-decade,” the report says.

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Kamloops Acreage For SalePritchard Farmland For Sale BC KamloopsPritchard is located 30 minutes or 39 kilometers south east of the City of Kamloops. The majority of the properties in Pritchard are small to large acreages. There is one area where smaller city lots exist (approximately 0.25 acre lots) and are largely dominated by modular or manufactured homes. Pritchard is a rural area with few amenities close. There are a lot of recreational, outdoor activities Pritchard BC Kamloops Bridgethat are easily accessible in Pritchard area.

The Pritchard Bridge spans the South Thompson River connecting the residents of the North side of the river with the South shore and highway. The Pritchard bridge is a wooden stringer system and has an opening at it’s highest point to allow boats to pass under. The bridge was constructed in the early 1900’s and it is a single lane bridge with large pull outs so oncoming traffic can pass. The bridge will support heavier loads as it does have a concrete deck and allows for logging trucks to pass over.

Properties & Real Estate

Pritchard BC Real Estate For SaleThe area of Pritchard is located along Highway #1 East of the City of Kamloops. This area is split by the Highway, one area of Pritchard rests at the valley bottom along the South Thompson River and the other area of Pritchard stretches into the southern hills and mountains. The smaller residential lots are located at the valley bottom across the Pritchard bridge on Decamillis Road, Bostock Crescent, Pritchard riding ring ranch kamloops bcGerella Road, Gore Road, Anker Road and Foort Road to name a few.

Predominantly, large acreages are found on the south side of the river off of Duck Range Road, Martin Prarie Road (main roads in this area of Pritchard) as well as Harrison Road, Schamps Road and Stark Road. Most of the acreages are located on the south side of Pritchard. There are a few medium and large sized acreages spread on the Northern side of Pritchard off of Pinantan Pritchard Road, Pinantan Road and Kamloops-Shuswap Road.

Shopping

The only shopping in this area is the Pritchard store located at the corner of the Trans Canada Highway #1 and Martin Prarie Road. Along with basic necessities the Prtichard store offers spirits and liquor as well. The closest shopping to Pritchard is Chase which is 18.5 kilometers east of Pritchard or Kamloops which is 39 kilometers west of Pritchard. There are some smaller shopping centres west of Pritchard such as the new Town Centre in Dallas (opening in 2012) that is 27.2 kilometers and shopping in Valleyview (Coopers, Shoppers Drug Mart, Dollar Store, TD, Interior Savings and other retailers) that is 34 kilometers from Pritchard.

There are local farmers that offer fresh foods in the area as well.

Schools

All school aged children are taken to school by bus. To view school information for this area click here.

Recreation

Pritchard BC Residential Real EstateThere are a number of outdoors activities to enjoy in the Pritchard area. In the summer it is easy to power boat from Pritchard, up the south Thompson River to Shuswap Lake. There are a number of fishing lakes in the area, cross country skiing, off road adventures on ATV, dirtbike or snowmobile, horseback riding, canoeing, kayaking and hiking.

Click here to view properties for sale in Pritchard.

Brenda Colman Invis Kamloops Mortgage BrokerCheapest is not always best. We know that’s true when we’re shopping for anything else. But we still tend to believe that lowest rate is the one and only factor in choosing a mortgage. Most Canadian homeowners would be shocked to discover that their low-rate mortgage could actually cost them more in the long run.

Why? Because the right mortgage is about a lot more than just rate.

It’s true that even a small reduction in rate can mean interest savings over the life of your mortgage. And mortgage brokers are experts at seeking out competitive rates from a wide range of lenders. But they also look deeper. Sometimes those cut-rate mortgages come with higher fees, penalties, or restrictive terms, which could prove more costly over the long term than a slightly higher-rate mortgage with flexible terms.

One of the best ways to save interest, for example, is to use pre-payment options. If you get a quarterly bonus, a tax refund, or a seasonal income boost, then you have some excellent opportunities to slash your mortgage costs. Putting extra money against your mortgage principal could save you thousands of dollars in interest. If your cut-rate mortgage doesn’t permit pre-payments, that’s a huge missed opportunity.

Also watch for low-rate “teasers”: cut-rate mortgages with a short timeline. Sometimes a lender will offer a rate that is good for just 30 days, after which the rate will jump. If closing takes a little longer, or there’s a glitch in documentation, then you need to be prepared with a backup plan. These teasers can be stressful – and not always the best deal anyway.

An accredited independent mortgage broker will determine the features and privileges that best meet your personal situation, looking at:

·        Refinancing penalties
·        Fixed vs variable rate
·        Term
·        Pre-payment options
·        Payment flexibility
·        Restrictions
·        Fees
·        Portability
·        Assumability

Most people spend more time choosing the right car than choosing the right mortgage, although it’s likely the largest expense they’ll likely ever undertake.

Make sure you have a mortgage that is custom-built for your personal situation. Cheapest isn’t always best. And obviously the most expensive mortgage is rarely the best choice either. But the right combination of rate and features – matched to your needs – is the fastest route to mortgage freedom. It’s your mortgage broker’s job to help you with that route-planning: a map for your financial future.

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

We wish you, your family and friends all the best this Holiday Season. We hope that 2012 brings you happiness, good health and success. Enjoy the video.

Upper Sahali Kamloops BC 251 Waddington DriveLots of updates in this centrally located Sahali home with a view. Within walking distance to schools, transportation & shopping. 3 bedrooms on the main floors & 1 down. Spacious master bedroom with an ensuite. French doors off of the kitchen leading to a huge covered deck that overlooks the yard. Large, private parklike yard that is fully fenced. Deck has a gas BBQ hookup. Large rec room down with laundry. Extra long double garage 21×23. Recent upgrades include high efficiency furnace, hot water tank, insulation, new windows, roof, some upgraded flooring & paint.

Click here to view more pictures of this property.

Click here to view the video tour of this home.

To view all homes for sale in Kamloops click here.

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