March 2012

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This Saturday, March 31st and Saturday, April 1st, 2012 open houses will be held in Chase, Dallas and Westsyde in Kamloops.

Dallas Kamloops Property for SaleSaturday, March 31st, 2012: 1:00-3:00: 6417 Dallas Drive, Dallas, $349,900

Great Dallas home on 12,000+ sq.ft. lot. Recent updates include kitchen, downstairs bathroom, some windows & doors & all flooring. The main floor features an open floor plan with French doors. More

Chase Real Estate Property for Sale BCSunday, April 1st, 2012: 1:00-3:00: 331 Willow Street, Chase, $159,900

Cozy bungalow on quiet street with lots of character. Two bedrooms & 1 full bathroom, updated laminate floors & paint, gas fireplace, private fenced yard and workshop. The yard has a garden, water feature with pond. More

Westsyde House for Sale Property HomeSaturday, February 18th, 2012: 12:00-1:30: 827 Sumac Place, Westsyde, $339,900

Great Westsyde home with lots of updates. 2 bedrooms on the main but could be converted to a 3 with 2 bedroom sin the basement. Recent upgrades include: flooring, paint, trim, furnace (2008), central a/c(2008) more

Click here to view more pictures of these homes.

To view all homes for sale in Kamloops click here.

This article appeared on the Kamloops Daily News website on March 28th, 2012 and was written by Michele Young.

A long public hearing didn’t give neighbours of a proposed apartment and mixed-use building on Ninth Avenue and Fraser Street the answer they were looking for.

City council voted five to three Tuesday night in favour of allowing Lion Rock Developments to build a five-storey apartment where the Bridge Baptist Church now stands.

The company owns the church building; the Bridge Baptist rents the space but pastor Michael Oatway told council the room that’s being allotted for the church in the new plan is too small and he’ll be looking for a new location.

Coun. Ken Christian was absent from Tuesday’s public hearing. Councillors Donovan Cavers, Marg Spina and Arjun Singh voted against allowing the development.

Cavers, who lives in the area, said in the end, he felt the proposal was too big. Five storeys was just too high and too intrusive for the neighbours.

“This is the first decision I’ve been most torn one way or the other. I really support infill, I really support larger density developments near transit routes, which this one was as well. I support mixed-use developments,” he said Wednesday.

“I didn’t support it because I felt it was too big, five storeys is too high. And I felt they could have done more meaningful consultation with the neighbourhood.”

Coun. Pat Wallace said the decision was a tough one. The fact the public hearing went until 11:30 p.m. indicated just how difficult and controversial it was.

“This is a painful discussion I’m subjected to over and over. We’ve got to get densification, we’ve got to get the cars out of town. And right across from this proposal was a bus stop,” she said.

But there are big apartment buildings downtown and on the North Shore, with houses around them, she noted.

“That pain has to be shared. Nobody likes intrusion. People want their privacy protected, we can’t do that. My neighbour across the lane is higher than me. My neighbours can look in my yard.”

Wallace said she expects more projects like this one to come up in the future.

“I know that people are disappointed. But I still had to look at the greater issue. The land use is good. There’s a lot of pain in the decisions we make.”

The proposal calls for 52 apartment units — 33 one-bedrooms and 17 two-bedrooms — as well as space for a church, multi-purpose use, a 10-child day care and eight-seat coffee shop. It’s located directly across from the John Peterson building of South Kamloops secondary.

Many of the 60 people who crowded into the Interior Savings Centre for the public hearing said they didn’t want the development.

Fraser Street resident Barb Stratmoen, who has lived on Fraser Street for 30 years. She pointed out the area has three other apartment buildings in a three block radius that meet or exceed the recommended density in KamPlan.

“It’s a high density plan and high density proposal,” she said.

The height of the building would also see her lose her privacy and the parking lot behind her home — currently used by the school district office during the day and empty at night — is slated to be used by the apartment dwellers and their visitors in evenings and on weekends.

Don Ferguson of the recently formed Sagebrush Neighbourhood Association, said the largest elementary school in the city, Lloyd George, is a few blocks away, as is the largest high school, South Kamloops secondary. Beattie high school is also sharing space in the high school, making for even more traffic in the area, particularly when classes start and end.

Ferguson said there’s one four-storey apartment in the area, but the rest of the buildings in the neighbourhood are lower than that. There are no five-storey structures.

“We feel this is significant and overstepping the principles of KamPlan. What are targets and how will we know when to stop densifying for the neighbourhood,” he said.

He also appealed to council to do a neighbourhood plan for his part of town, too.

The owner of the four-plex right beside the church said he wasn’t notified of the developer’s neighbourhood meeting held back in October.

His tenants have lived in his building for years; one couple has been there for 37 years, he said. His concern was the building shadow would put some of them in the dark, and that parking behind his four-plex would be impacted.

City planner Linda Piroddi said the developer stepped back the top of the building and reoriented it to lessen the shadow that earlier plans had shown.

Lion Rock also plans to save the tall trees along Fraser and Ninth, she said. And there are 88 parking spaces included for the 52 residential units, visitors and other services in the building.

The units would be sold, and it would be up to the strata to decide if they could be rented out.

This article appeared on the Kamloops Daily News website on March 27th, 2012 and was written by Michele Young.

City council heard loud opposition Tuesday night from residents who live near South Kamloops secondary who don’t want to see a five-storey apartment building in the neighbourhood.

Council was still hearing from people at a public hearing and hadn’t made a decision by 10 p.m.

Most of the 60 people who crowded into the Interior Savings Centre for the public hearing said they didn’t want the five-storey, 52-unit housing development proposed for the church property at Ninth Avenue and Fraser Street.

Lion Rock Developments has plans to tear down the existing church and build ground level space for a small coffee shop, a 10-child day care, multi-purpose space and church.

But Michael Oatway, pastor at the Bridge Baptist Church currently renting the church, said if the building goes, so does his congregation.

The new building has a small space for a church, but it’s inadequate. So if the plan goes ahead, his church will go elsewhere, he said.

Fraser Street resident Barb Stratmoen, who has lived on Fraser Street for 30 years. She pointed out the area has three other apartment buildings in a three block radius that meet or exceed the recommended density in KamPlan.

“It’s a high density plan and high density proposal,” she said.

The height of the building would also see her lose her privacy and the parking lot behind her home — currently used by the school district office during the day and empty at night — is slated to be used by the apartment dwellers and their visitors in evenings and on weekends.

Don Ferguson of the recently formed Sagebrush Neighbourhood Association, said the largest elementary school in the city, Lloyd George, is a few blocks away, as is the largest high school, South Kamloops secondary. Beattie high school is also sharing space in the high school, making for even more traffic in the area, particularly when classes start and end.

Ferguson said there’s one four-storey apartment in the area, but the rest of the buildings in the neighbourhood are lower than that. There are no five-storey structures.

“We feel this is significant and overstepping the principles of KamPlan. What are targets and how will we know when to stop densifying for the neighbourhood,” he said.

He also appealed to council to do a neighbourhood plan for his part of town, too.

The owner of the four-plex right beside the church said he wasn’t notified of the developer’s neighbourhood meeting held back in October.

His tenants have lived in his building for years; one couple has been there for 37 years, he said.His concern was the building shadow would put some of them in the dark, and that parking behind his four-plex would be impacted.

City planner Linda Piroddi said the developer stepped back the top of the building and reoriented it to lessen the shadow that earlier plans had shown.

Lion Developments also plans to save the tall trees along Fraser and Ninth, she said. And there are 88 parking spaces included for the 52 residential units, visitors and other services in the building.

The units would be sold, and it would be up to the strata to decide if they could be rented out.

Deloro Kamloops Acreage Property for Sale2 bedroom 2 bathroom home situated on 2.53 acres with beautiful river views. Only 0.8 km east of Lafarge bridge. Property is partially fenced. The septic was installed in 2009 and there is a community well with good water. This property could be a good hobby farm or horse property. Very flexible possession. This property backs onto crown land so you will never have a neighbour behind you! Furnace and roof 1998, new deck, updated flooring and paint. Open floor plan and the master bedroom has a 4 piece ensuite. There is RV parking at the foot of the property and room to build a large detached shop or outbuildings. Some notice for showings is appreciated.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

This Saturday, March 24th and Sunday, March 25th, 2012 open houses will be held in Aberdeen, Batchelor Heights and Campbell Creek in Kamloops.

Campbell Creek Kamloops Real Estate for SaleSaturday, March 24th, 2012: 12:00-1:00: 8905 Badger Drive, Campbell Creek, $465,000

Beautiful Campbell Creek executive 2 storey home. Tons of value in this home with over 3100 sq ft finished, 5 bedrooms and 4 bathrooms. Hardwood and tile flooring throughout the home, high vaulted ceilings in the living room. more

Aberdeen Glen Village Property for SaleSaturday, March 24rd, 2012: 1:00-3:00: 144-1555 Howe Road, Aberdeen, $132,900

Brand new home in a newer subdivision that sits on a large private lot. This home has 3 bedrooms, and 3 bathrooms which includes a full 4 piece ensuite with separate shower and soaker tub. more

Batchelor Heights Kamloops Property for SaleSunday, March 25th, 2012: 1:00-3:00: 1732 North River Drive, Batchelor Heights, $399,900

Fantastic updated 3 bedroom family view home. This house has full city view from the kitchen, dining room, living room and deck. It also has vaulted ceilings throughout main living areas.  more

Click here to view more pictures of these homes.

To view all homes for sale in Kamloops click here.

This article appeared  in the Kamloops Daily News on March 23rd, 2012 and was written by Michele Young.
People in Kamloops are going to be getting swollen heads, with two studies in one week pointing to the city as a great place to be.

First, MoneySense Magazine rated Kamloops 44th out of 190 Canadian cities for livability.

Then on Thursday, KPMG ranked Kamloops as top B.C. community for overall competitiveness to do business.

Venture Kamloops executive director Dan Sulz said the accounting firm’s ratings looked at 26 factors — things like land prices, taxes, labour costs, real estate and utilities — in making the choice.

Other B.C. cities vying against Kamloops were Prince George, Vancouver and Victoria.

The KPMG rating was something that’s important to help with getting Kamloops recognized among international investors, Sulz said.

“This is also an international report. It’s very important that Kamloops fared above the other communities in B.C. as we try to promote ourselves internationally,” he said.

“When I talk to international investors, they ask me how we fared on the KPMG report.”

It was those questions that prompted him to sign Kamloops up for this year’s ranking — a first for this city.

Participating cities pay for the service of being ranked by KPMG. But Sulz said the money spent has great value when it comes to marketing and promotional uses.

“I was listening to international companies saying this is an important report we rely on in terms of competitiveness,” he said.

“There is value in being able to be ranked in this publication.”

Between the two reports, Kamloops stands out in terms of availability of labour, affordability of lifestyle for employees, quality of life for employees with what the City has done with the Tournament Capital program, and location, services and infrastructure that the city has that companies can benefit from, he said.

Venture Kamloops hasn’t been alone in helping the city’s business image. Sulz said the Chamber of Commerce and other local business associations have contributed.

And even social agencies have helped because they build infrastructure and services in the community that are important to the quality of life Kamloops offers, he said.

“It’s not just about building things that are good for business; it’s about building things that are good for the community. I was surprised and ecstatic to see us ranked as we were. But when you look at every group and organization working hard in the community, it doesn’t surprise me.”

Mayor Peter Milobar said Kamloops needs to let outsiders know about what it has to offer, and rankings such as these two help with that.

“When you combine business competitiveness with one of the best cities to live in Canada, you’ve got a community that is positioned to grow and prosper. That’s something we all have a stake in and can be proud of,” he said.

This article appeared on the CBC News website on March 22nd, 2012.

Major Canadian housing markets have continued to show “exceptional resiliency” so far this year, setting the stage for a busy spring, according to a major Canadian real estate organization.

In its market trends reports, Re/Max said its survey has found that 12 of 15 Canadian centres, or 80 per cent, reported sales activity in January and February that was ahead of last year’s levels.

More than half of the cities reported double-digit increases, “with the strong demand and diminished supply setting the stage for a heated spring 2012.”

Re/Max said low interest rates, coupled with strong consumer confidence levels and a mild winter played a significant role in the upswing, ushering in an early start to the spring market.

Average prices climbed in 14 of 15 markets, although price appreciation was more tempered, with only three markets — Toronto, Winnipeg and St. John’s, N.L. — posting gains in excess of 10 per cent.

However, tighter inventory levels at entry-level prices have sparked bidding wars — particularly in the Winnipeg and the Greater Toronto Area — with similar conditions starting to emerge in Saskatoon, Regina, London-St. Thomas, Hamilton-Burlington, Ottawa, St. John’s and Halifax-Dartmouth.

“Given the current economic climate, the strength of the country’s housing market clearly reflects the value Canadians place on home ownership,” said Michael Polzler, executive vice-president of Re/Max.

In terms of sales volumes, the best performing markets heading into the traditionally busy spring period were Halifax-Dartmouth, up 35 per cent, Saskatoon (21 per cent), Saint John, N.B., (20 per cent), Regina (16 per cent), St. John’s (12.5 per cent), Greater Toronto Area (12 per cent) London-St. Thomas (11 per cent) and Edmonton (11 per cent).

Only Vancouver, Kitchener-Waterloo, and Winnipeg have experienced softening in housing activity so far this year. Sales are down 16 per cent in the Greater Vancouver, 4.5 per cent in Kitchener-Waterloo, and Winnipeg down 0.2 per cent.

Meanwhile, despite expectations of continuing strong sales, price gains are likely to be “much more moderate that in years past,” said Elton Ash, regional -vice-president for Re/Max in Western Canada.

“We expect this will remain the trend moving forward, in line with the Canadian economy, as GDP growth also moves ahead at a more subdued pace.”

However, Ash said local conditions vary, with inventory shortages driving prices in some markets while others, such as in the case of Saskatchewan and Newfoundland, the local economy has shown extraordinary strength.

“On the whole, this is a very stable and healthy housing market in line with traditional norms, with few exceptions,” he said.

Re/Max said first-time buyers have been driving demand in both the smaller and major markets, in turn sparking strong sales activity among move-up purchasers at higher prices.

“As a result, the upper-end of the market has also held up well. There’s no question that the spring 2012 market will see all segments working in tandem.”

Kamloops Condo For SaleOpen concept, spacious 1 bedroom unit in popular Park Place. Located in a quiet location close to all downtown amenities and transportation. Secure underground parking with 1 parking stall. All appliances included. Many of the amenities include indoor pool, exercise room, sauna, whirlpool, recreation room with billiards, workshop, car wash, bicycle storage, and gated entrance. To top it off there is a private wharf on the river that offers moorage for you boat. This complex is located on the millennium trail, close to Pioneer Park, tennis courts and more. A/C and hot water tank replaced 2009. Please allow 24 hours notice for viewings. Don’t miss out on the opportunity to live in this great complex. Pets and rentals allowed with restrictions.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

Tranquille on the lake Kamloops WaterfrontTranquille on the Lake is a former Tuberculosis Sanatorium. It is currently in the early development stages of a comprehensive waterfront village plan. The developers have a grand vision for this large lakefront parcel of land. I came across this website recently and found that their ideas and concepts for this region are very interesting. I thought before looking at what the developers plans are, it would be good to revisit this region’s very rich history.

History of Padova/Tranquille

Kamloops Lake BC Padova Real Estate WaterfrontTranquille, also known as Padova is located at the eastern bay of Kamloops Lake. It gets its name from the Tranquille River that enters Kamloops Lake in this area. In the 1840’s and 1850’s this area was a main route for fur traders, passing along the north shore of Kamloops lake. The area was largely uninhabited until gold was discovered in 1857. The area was mined for years to follow.

In 1868 the Fortune family developed the first grist mill and sawmill in the area. It was run by a waterwheel using water from nearby Tranquille Creek. The ranch was established in 1878. They successfully ran the mill and farmed until a disastrous fire in 1898. A decade later the ranch was then sold to the Troup Brothers in 1888 where a large 18 room mansion was built to later be repossessed after they went bankrupt in 1892.

Charles T. Cooney and his wife Elizabeth in the meantime had take up land at Tranquille in 1869. The ranches (Fortune and Cooney Families) prospered with cattle, hay and fruit orchards. Cooney passed away in 1917 and his wife in 1942. Their family plot (cemetery) is still kept up by the Provincial Government today.

Ranch into Hospital

Tranquille at the lake Kamloops Real EstateAs early as 1897 the Fortune family was taking in TB patients at their ranch. The Fortunes sold their ranch in 1907 for $57,000. The hospital was officially named the King Edward Sanatorium but was known as the Tranquille Sanatorium. Many residents of Kamloops opposed the Sanatorium.

Construction on the property began in 1908 with the new main building, the hospital and administration building in 1912, nurses residence in 1913 and the east and west pavilions in 1914 and 1915.

The CN Railway along the north side of Kamloops lake was completed in 1915 making this area more accessible.

The government purchased the Cooney farm in 1922.

The Sanatorium was a very self sufficient entity for decades operating both as a hospital and farm.  There were as many as 40 buildings on the property. Tranquille housed over 600 patients and staff at one time. The BC Health Minister closed the Sanatorium in March of 1958.

After closing the Sanatorium in 1958 it was reopened in 1959 and then became the home of an institution for mentally ill patients. There was a large movement for deinstitutionalizion in the 1980’s which led to it’s closure in 1984.

Historical information gathered from: Kamloops Museum & Archives and Jordan Keats Blog

The Developer’s Vision for Tranquille

Kamloops Lake Thompson River View West BC Real EstateA lakeside village, urban farm, dynamic, sustainable community, breathtaking aquatic landscapes and pristine shorelines are all phrases the developers use to describe their vision. This lakeside community will feature a local market, public trail network, public beach, working farm, local artisans, eco friendly living, boat launch, marine ecology research centre and beachfront cafes all set among residential properties.

The developers have defined three areas where residential homes will be built and sold. Click here to view their neighbourhood plan. Each neighbourhood will have it’s own distinct personality. The village is still in it’s planning stages and there are not yet any properties for sale currently.

The plan sounds great. I really like the ideas they have for this property. It is however going to take years to develop. I do believe that once these plans are put into play they will create a fabulous community.

Tranquille on the lake New Development KamloopsThe developers have built new buildings on the site, refurbished some of the pre-existing homes and dealt with some of the environmental issues such as asbestos and lead paint. There is farming activity right now. Currently there are hay fields and produce (cantelope, blackberries, cherries, grapes and more).

Kamloops lake is a vast body of water stretching for miles. Motorized boats are permitted on this lake. This is one of the closest bodies of water to Kamloops and for the most part is very undeveloped due to the fact that it is mainly surrounded by either steep cliffs or railways. The nice thing about this property is that the CN tracks are not very close to the development site. People will not have to cross any tracks to access the property.

There is space currently available in the heritage barns that have been refurbished on the property. The developers have a nice website set up for this project where you can sign up for further information on the residential plans, becoming a part of the artisan market, volunteer and/or be a part of the planning process. Click here to sign up on their site.

YouTube video from the developers. Link

A video and story provided by CFJC TV7. Link

 

This article came from the Globe and Mail on March 19th, 2012 and was written by Tara Perkins and Grant Robertson.

Canada’s banking regulator is looking at instituting new rules to ensure that banks know enough about borrowers before giving them a mortgage.

The draft rules, which the Office of the Superintendent of Financial Institutions has put out for comment, are designed to ensure that banks are collecting detailed information about a borrower’s identity, background, and willingness and ability to pay their debts on time before they approve a mortgage. In addition, the proposed rules deal with due diligence the banks should conduct on the value of the property that the mortgage would be for.

For example, OSFI says lenders should be doing an assessment of a prospective borrower’s assets (mutual funds, savings etc), anticipated living expenses and property ownership expenses such as maintenance costs. Banks should also assess whether the borrower will likely be able to keep up his or her income until the mortgage is paid off.

Notably, the regulator has issued a warning to banks about home equity lines of credit, or HELOCs, noting that while they can provide consumers with an alternative source of funds, “these products can also significantly add to consumer debt loads.”

Both Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney have been issuing warnings about the rise in Canadian consumer debt levels, and the potential problems that high debt levels could create both for individual borrowers and the greater economy once interest rates rise.

“While some borrowers may elect to repay their outstanding HELOC balances over a shorter period of time relative to the average amortization of a typical traditional mortgage, the revolving nature of HELOCs can also lead to greater persistence of outstanding balances, and greater risk of loss to lenders,” OSFI said. “As well, it can be easier for borrowers to conceal potential financial distress by drawing on their lines of credit to make timely mortgage payments and, consequently, present a challenge for lenders to adequately assess credit risk exposure.”

OSFI is also asking banks to step up the amount of public disclosure they provide when it comes to their mortgage portfolios. This includes details on the lengths of their mortgages, the proportion that are insured, average loan-to-value ratios, and a discussion about the potential impact on their portfolio of an economic downturn.

The OSFI report comes as the banking sector is locked in a heated price war over fixed-rate mortgages, with 5-year rates as low as 2.99 per cent and 10-year rates dropping to 3.99 per cent.

Lenders have been scrambling to gain market share in advance of the spring mortgage season, when home buyers tend to start looking for deals.

“It’s an interesting market, I will tell you,” Marcia Moffat, head of home equity financing at Royal bank of Canada, said in an interview Monday.

“What you tend to see is customers are quite savvy in terms of rate, and certainly the fixed rates are a very good deal for consumers, so we are seeing more consumers choosing fixed rates over variable these days, relative to, say, a year ago.”

A variety of banks have introduced cut-rate mortgage offerings, but Ms. Moffat said there are other important items to look at in a mortgage deal than just the rate. Early payment penalties and flexibility on payments are also key factors.

“We’re in somewhat uncertain times these days, this decade is characterized by that. So my main message would be that options and flexibility are important in times like that.”

The banks are still digesting the OSFI draft report, but Ms. Moffat said she supports efforts to bolster lending standards.

“We have quite a disciplined credit adjudication approach,” Ms. Moffat said of the bank’s standards.

Vancouver, BC – March 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 9.6 per cent to $3.4 billion in February compared to the same month last year. A total of 5,923 MLS® residential unit sales were recorded over the same period, a decline of 7.6 per cent. The average MLS® residential price was $574,975 in February, 2.1 per cent lower than in February 2011.

Statistics Residential Sales MLS Listings BC“Sales gains in the interior and the north were offset again in February by less robust demand on the south coast,” said Cameron Muir, BCREA Chief Economist. Improving economic conditions in both BC and Alberta are positively influencing consumer demand outside of large urban areas, closing the gap between regional housing markets.”

Year-to-date, BC residential sales dollar volume declined 9.2 per cent to $5.5 billion, compared to the same period last year. Residential unit sales dipped 6.8 per cent to 9,828 units, while the average MLS® residential price edged back 2.5 per cent to $557,732 over the same period.

Link to full article

This article was written by Cam Fortems of the Kamloops Daily News on March 16th, 2012.

A Kamloops developer is in the midst of preliminary work on an 80- to 100-room hotel to be located at the heart of the Sun Rivers commercial and residential area.

Darryl Caunt, president of Mibroc Group of Companies, confirmed Friday he is pursuing the idea, which remains at the conceptual stage.

“It was in the master plan right from the beginning,” Caunt said of a hotel at Sun Rivers. “But that was located farther up the hill.”

Rather than developing the hotel far from the Talasa multi-family development, Caunt said he is looking at including it at the town centre.

“We’re putting concepts together. We still have to attract an owner-operator and flag (affiliation with a chain). We’re putting concepts to paper and have to solicit.”

Sun Rivers, the golf-course and housing development on TIB lands, commissioned an economic study to determine if a hotel is feasible.

“We know the numbers. We know the summary and we know it’s very good,” said Sun Rivers vice-president Leslie Brochu.

“It’s looking exceptionally positive and we’re looking forward to something happening next year.”

Brochu said the study found the Talasa development within Sun Rivers — multi-family units that will be anchored with a commercial and amenity area — was the best location for a hotel.

“We’ve determined the best site is in commercial centre and zoning is there.”

Tourism Kamloops chief executive officer Lee Morris said she’s not surprised at the plans because the local hotel sector has “had a good, five-year run of increases.”

Morris said the hotel would likely cater to a higher-end traveller and the corporate market, seeking views and golf.

She also noted major reinvestment at city hotels, including the new Kamloops Coast Hotel and Conference Centre in Aberdeen and Hotel 540 downtown.

“There’s enough optimism in future growth that reinvestment is happening, and we believe it, too.”

Caunt — a builder and developer who is donating his time as general contractor for a new indoor baseball facility for the Kamloops Minor Baseball Association — said whatever design comes out of planning must ensure residents who purchased units at Talasa are at the forefront and lends itself to creating a busy and vibrant atmosphere.

Mibroc has completed its third phase at Talasa and sold about two-thirds of the homes in that phase.

He also said the hotel won’t affect a commitment to build commercial space and a residents’ centre, including fitness club, what Caunt called “our original commitments to our homeowners.”

This article appeared on the CFJC TV 7 News on the 17th of March, 2012. The story was by Doug Herbert.

Kamloops Community Information Property For SaleThis morning at Riverside park Kamloops North Thompson MLA Terry Lake along with Community Development Minister Ida Chong announced funding for 5 infrastructure projects in the Kamloops area.

In downtown Kamloops the Lorne street enhancement project is getting a 250 thousand dollar boost from the provincial government.

Mayor Peter Milobar says the total project cost is around 1.3 million dollars and this new money will go towards making the street more walk able. Milobar says it will cover the cost of more benches, fruit and nut trees as well an enhanced entranceway to Riverside park.

On top of the Lorne street upgrades, the Village of Chase gets 365 thousand dollars towards the rebuild of the memorial wharf.

Clearwater gets 400 hundred thousand dollars to expand the Sportsplex dressing rooms, Sun Peaks is receiving the same amount towards a new community centre with Barriere rounding out the list, being given 238 thousand towards a recreation project.

On Saturday, March 17th and Sunday, March 18th, 2012 we will be holding open houses in Batchelor Heights and Campbell Creek, Kamloops.

Campbell Creek Kamloops Real Estate for SaleSaturday, March 17th, 2012: 1:00-3:00: 8905 Badger Drive, Campbell Creek, $465,000

Beautiful Campbell Creek executive 2 storey home. Tons of value in this home with over 3100 sq ft finished, 5 bedrooms and 4 bathrooms. Hardwood and tile flooring throughout the home, high vaulted ceilings in the living room. more

Campbell Creek Kamloops property for SaleSunday, March 18th, 2012: 1:00-3:00: 8970 Grizzly Crescent, Campbell Creek, $409,900

Brand new home in a newer subdivision that sits on a large private lot. This home has 3 bedrooms, and 3 bathrooms which includes a full 4 piece ensuite with separate shower and soaker tub. more

Batchelor Heights Kamloops Property for SaleSunday, March 18th, 2012: 1:00-3:00: 1732 North River Drive, Batchelor Heights, $399,900

Fantastic updated 3 bedroom family view home. This house has full city view from the kitchen, dining room, living room and deck. It also has vaulted ceilings throughout main living areas.  more

Click here to view more pictures of these homes.

To view all homes for sale in Kamloops click here.

Dallas Kamloops Property for SaleGreat Dallas home on 12,000+ sq.ft. lot. Recent updates include kitchen, downstairs bathroom, some windows & doors & all flooring. The main floor features an open floor plan with French doors leading to the large covered deck & bay window in living room. All appliances included, range, hot water tank & dishwasher are new. Basement has a separate entrance with suite potential. Large downstairs rec room with 2 spacious bedrooms & a 4 piece bathroom. Lots of storage, fenced yard with large storage shed.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

Knutsford Kamloops acreage property for saleFlat 5 acre parcel of land in Knutsford minutes from Aberdeen amenities. Property set up with septic installed (2007), drilled well, hydro and telephone lines. The property is fenced and cross fenced for most of the lot (except on Rose Hill Rd). Zoned ALR ideal for a horse property or hobby farm. The septic has 5 lines making it easy to accommodate a new home. Build your dream property. This property is a 5 minute drive from Aberdeen Mall, Costco, Big Box stores, many restaurants, 10 minutes from TRU and the Tournament Capital Centre and 15 minutes from the downtown core. You can have the best of both worlds, a rural home minutes from the city.

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Kamloops Condo Apartment For SaleGreat condo in great location. 2 bedroom and 1 spacious bathroom unit in adult oriented complex (19 years +). Recent updates include flooring (laminate and cork), windows, light fixtures, paint, kitchen countertops and more. Price includes all appliances and A/C. This building has an indoor heated inground pool, sauna, community room, storage room (on same floor as unit) and secure underground parking (parking spot to be arranged w/ strata). This unit has in-suite laundry and storage in the condo as well. Nice south facing unit overlooking a greenspace. There is a sliding glass door leading to the patio. Top floor unit. Located in South Kamloops minutes from downtown amenities, the hospital, shopping, transportation and TRU. The building does have an elevator and shopping carts in the parking garage for groceries. Strata fee includes hot water & digital cable. No pets or rentals.

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Franco Caputo BMO Mortgage Specialist Kamloops

This information was provided by Franco Caputo, a mortgage specialist from Bank of Montreal. I have included the mortgage information below followed by an article from CTV News.

TORONTO, March 7, 2012 – BMO Bank of Montreal announced today that it is decreasing the rate on the 5-year fixed low-rate mortgage effective March 8, 2012 and introducing a new 10-year fixed low-rate mortgage effective March 11, 2012.

Effective March 8, 2012:

Fixed rates:                                    To:       Change:
5-year low-rate fixed closed         2.99%      -0.50

Effective March 11, 2012:

Fixed rates:                                    To:        Change:
10-year low-rate fixed closed         3.99%      NEW

These limited time offers are available until March 28, 2012. The interest rate for a fixed rate mortgage is calculated half-yearly not in advance. Rates are subject to change without notice. Offers may be withdrawn or extended without notice. Mortgage funds must be advanced within 90 days of the application.

Franco Caputo, BBA, Mortgage Specialist, Bank of Montreal
tel: 250-682-1223  email: moc.ombnull@otupac.ocnarf
 

Article included below relating to the rate drop. This article came from CTV News and was written on March 8th, 2012.

BMO Lowers 5-year Mortgage Rate, Sets Stage for Rate War

BMO Bank of Montreal announced Thursday it’s lowering two key mortgage rates, setting off what could be yet another mortgage war with other lenders.

Canada’s fourth-largest bank lowered its five-year, fixed mortgage rate to 2.99 per cent Thursday. That represents a drop of a half a percentage point.

It’s also introducing a new 10-year mortgage that comes with an introductory fixed rate of 3.99 per cent. That mortgage will be available starting Sunday. Both the five-year and 10-year offers apply to 25-year amortizations.

The new rates will be available only until March 28. BMO is urging home buyers to get pre-approved financing now to take advantage of the special rates.

With BMO throwing down the lower-rate gauntlet, it is expected that other lenders will soon roll out similar offers. When BMO last offered 2.99 per cent rate back in January, TD Bank and Royal Bank quickly followed up with their own similar deals.

The new rates come a day after two housing reports were released that said that prices in Canada’s housing market are shifting in favour of home buyers.

Scotiabank senior economist and real estate specialist Adrienne Warren said the market is cooling but still remains in better shape than many international markets.

Warren did warn that if job growth slows significantly, or household debt spikes, the housing market could suffer.

In a separate report, the RBC Housing Trends and Affordability Report found that home prices eased off and income increased at the end of 2011 — two forces that combined to give a break to the Canadian housing market.

On Thursday, Statistics Canada said the national average price of new houses rose 0.1 per cent in January from the previous month. It said higher prices in Calgary and Vancouver were the main contributors to the increase, offsetting decreases in Victoria and St. John’s, N.L.

Benjamin Tal, deputy chief economist with CIBC World Markets, told CTV’s National Affairs Wednesday that the Canadian housing market is “overshooting,” but won’t be crashing anytime soon because the Bank of Canada is unlikely to increase interest rates and risk hurting the economy.

On Thursday, the Bank of Canada announced that it’s holding held its overnight rate steady, at one per cent.

This article appeared on the Canadian Business website on March 7th, 2012 and was written by Sunny Freeman of the Canadian Press.

The number of Canadian homes sold this year will outpace 2011 while prices will hold steady in most parts of the country, the country’s largest real estate association said Monday in a rosy revision to its 2012 outlook.

The Canadian Real Estate Association said the number of home sales will grow by 0.3 per cent this year to 458,800 from 457,305 units in 2011, largely due to the continuation of low borrowing rates.

The national average price is forecast to dip by 1.1 per cent in 2012 to $359,100 but that’s due to a drop-off in multi-million dollar sales activity in Vancouver —Canada’s most expensive real estate market..

Prices are expected to remain around current levels in most parts of the country, CREA said.

The most recent forecasts reversed those CREA gave in November, when it expected home sales to fall by 0.5 per cent this year, and the national average home price to hold steady at $362,700.

The revisions come at a time when central banks in Canada and the United States are keeping their key lending rates low to counter the economic drag caused by the European debt crisis.

“Risks to the Canadian economic outlook remain elevated owing to the European sovereign debt quagmire, but the continuation of low interest rates is the silver lining,” CREA chief economist Gregory Klump said.

“So long as the European debt crisis is contained and a global economic recession avoided, low interest rates will support Canadian home sales and prices.”

CIBC economist Benjamin Tal said the new CREA forecast is much more in line with what he is projecting, and if anything it is “a best case scenario” forecast, with his bias being toward an expectation of more significant price declines.

“This is basically a stagnating housing market,” Tal said.

“This is not a housing market that is going to be on fire. This is a housing market that you’ll see activity moderating and prices actually going down.”

CREA expects Alberta, Saskatchewan, and Nova Scotia will drive the sales growth this year, offsetting weakness in British Columbia, Ontario, and New Brunswick.

In Vancouver, prices are already falling from sky high levels a year ago, especially in the once bustling condominium market, and prices elsewhere in country are not rising significantly to offset those big declines, Tal noted.

By contrast, sales and prices are still moving higher in Toronto, with sales up 16 per cent from last February and prices up 11 per cent.

However, a stagnating market is “exactly what we need to see” over the next few years to avoid a housing bubble that could burst, Tal noted.

“I think even real estate agents will tell you that another year of crazy activity with house prices rising by 10 per cent would not be good for their business from a long-term perspective.”

Sales are now expected to pull back by 0.3 per cent to 457,200 units in 2013, with prices rising 0.9 per cent to a national average of $362,300, CREA said.

Ontario is expected to weigh down the national results, as it is the only province not expected to make “modest gains,” CREA said.

The outlook would put national sales activity on par with the 10-year average for annual activity, the agency noted.

The Bank of Canada and some economists have warned that Canadians are piling on too much mortgage debt while interest rates are low, and some may no longer be able to afford their homes when interest rates rise.

One paper issued by the central bank suggested that home prices have been influenced not only by low mortgage rates but also on expectations that values will keep rising.

Meanwhile, CREA’s Klump has steadfastly declared Canada’s housing market is healthy, and is more likely in for what he calls a “soft landing.”

“Recent trends are reassuring, but interest rates remaining low for longer will doubtless keep the Canadian housing market under scrutiny for signs of overheating,” Klump said.

Tal believes that if there is a reacceleration of activity, the federal government would step in again with new mortgage rules to curb activity. Meanwhile, the central bank is unlikely to raise interest rates to soften the market because it is too broad of a tool that could hit other sectors hard.

“The real measure of intelligence is what you do when you don’t know what to do,” Tal said.

“And what you do when you don’ you don’t take chances so this fog of uncertainty will prevent it from switching policy any time soon.”

Kamloops Westsyde Property For Sale Sun Valley DriveGreat Westsyde home with 3 bedrooms on the main floor and 2 large bedrooms down. Located on a nice, quiet street close to schools, shopping and transportation. Numerous updates include furnace (2008), bathrooms, flooring, paint, hot water tank (2011), A/C and roof. This home sits on a large fully fenced lot with drive thru access to the back yard. There is huge potential for a detached shop or in ground pool. RV parking. There is a separate entrance to the basement from the back. Huge deck that is partially covered. French doors from the family room to the deck. Just move right in to this great home.

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