Featured Property: 237 Sunhill Court, Upper Sahali, Kamloops, B.C. $499,900

Sunhill Court, Sahali, Sold

Sunhill Court Foyer Real Estate For SaleThis beautiful 3,200 square foot two storey home Sunhill Court Living Room Home For Salewith a full basement is located in a cul-de-sac in desirable upper Sahali. This home has three bedrooms on the top floor and one in the basement. There are two full bathrooms, one two piece bathroom and one three piece ensuite.The master Sunhill Court Kitchen Sahali Real Estatebedroom is huge, boasting a large walk-in closet and a private balcony. There is oak hardwood floors Sunhill Court Upper Sahali Denthroughout the main floor.

Other great features include three gas fire places, built in book cases, main floor laundry,Back Yard of Sunhill Court Property Sahali two car attached garage and five appliances. Beautifully landscaped yard with lush gardens, underground sprinklers and numerous trees provide considerable privacy.

Located on the desirable Sunhill Court nearSunhill Court View of Thompson Valley to the popular Sahali Coach Hills and Albert McGowan water park. The elementary school is within walking distance and Sahali Secondary school is a short drive away.

The lower Sahali area has numerous places to shop as well as a variety of restaurants. Click here to find out more about upper and lower Sahali.

For further information about this property or any other homes for sale in the Kamloops area click here.

Canada’s Subprime Mortgage Secret

The Globe and Mail recently published an article detailing what they called “Canada’s dirty subprime secret”. They looked into over 10,000 Canadian foreclosure proceedings and uncovered a subprime mortgage problem that many (including PM Stephen Harper) claimed does not exist in Canada. Here are some of the main points of the article. Some readers claim the article is fear-mongering and exaggerating the situation while other readers claim that we haven’t seen anything yet. I will let you form your own opinions.  I would love to hear what you think. You can view the entire article by clicking the link at the end of this post.

– Data from both B.C. and Alberta governments and two private companies that specialize in tracking foreclosure proceedings show that lenders are foreclosing on homes at an “alarming rate”.
– More than half of foreclosures in 2008 were initiated by a number of subprime lenders who targeted riskier borrowers with poor credit histories.
– Thousands of homeowners borrowed more than they could afford and lenders lent money too easily.
– The number of unsold homes in Canadian cities is building which has ultimately depressed the value of homes of even people who haven’t overextended themselves.
– Canada does not report court ordered sales or foreclosure numbers like the USA which uses the data to gauge it’s economic health. In Canada it is hard to get these detailed numbers.
– In B.C. and Alberta private companies collect foreclosure data from the courts. Ontario handles their foreclosures through a process known as “power-of-sale which effectively removed the issue from the courts and shielded the scope of the problem”.
– Canada’s real estate sector has not suffered as much as the USA.
– It was common in the past couple years to hear companies who had relaxed lending practices state “We say yes when the banks say no” and “No income verification”.
– We do have a subprime problem in Canada, lenders significantly reduced their lending standards over the past five years.
– Vancouver courts are overwhelmed with the flood of foreclosure applications. It now takes six weeks to process an order vs. one day six months ago.
– Subprime lenders “trashed the market”. These lenders gave loans that no sound financial institution would touch.
– Many wealthy individulas offered private high-interest-rate mortgages to homeowners who already had high debt and are now foreclosing on the properties at lower values than projected.
– Canadian government agencies don’t publish numbers on the scope of high-risk lending also banks and other mortgage lenders don’t disclose details about these loans know as “non-conforming” loans.
– Until the early 2000’s: subprime mortgage lending was often done by private investors or mortgage lenders who would take a gamble and charge high interest rates to home buyers who didn’t meet conservative lending requirements. This was a very small percentage of mortgage lending.
– Mid 2000’s: this small percentage mortgage lending changed into the fastest growing segment of the country’s mortgage market. This brought aggressive U.S. mortgage lenders to the Canadian real estate market which happened predominantly in the west.
– The mentality was as long as real estate values continued to increase the lenders were not taking on a high amount of risk because they could always foreclose homes and sell at a profit.
– Aggressive U.S. mortgage insurers that were approved by the Canadian federal government in 2006. These mortgage newcomers further minimized their risk by selling mortgages to entities that sold securities backed by mortgages to investors.
– Benjamin Tal, an economist with CIBC world markets was one of the first to sound the alarm. He published a report in late 2006 that estimated subprime loans were growing at a “meteoric” annual rate of 50 per cent by the end of 2006, becoming the fastest growing segment of Canada’s mortgage market.
– In 2006, Mr. Tal estimated more than 85,000 Canadian homeowners had subprime loans.
– Late 2007 easy money and soaring real estate prices tempted many borrowers and lenders into viewing homes as cash machines. Numerous second and third mortgages at high rates of interest were taken out to fund a lifestyle that was not financially responsible.

Kamloops Real Estate Open House Weekend: March 14 & 15, 2009, North & South Kamloops & Juniper Heights

Open houses this weekend will be in North Kamloops, South Kamloops and Juniper Heights.

Saturday, March 14th: 693 St. Paul Street, South Kamloops: 11:30-1:00

693 St. Paul Street, South Kamloops2+1 bedroom, 1 bathroom Bungalow. One of the cheapest single family homes in the area. Den and bedroom in the basement. Bring your updating ideas. $214,900

Saturday, March 14th: 625 Windsor Street, North Kamloops: 2:00-3:00

Windsor Street, North Kamloops Real Estate3+2 bedroom home in quiet area of North Kamloops. Close to elementary school and river’s trail. Main floor has all been extensively updated. 2 bedroom suite in basement. $289,900

Sunday, March 15th: #22-2050 Qu’appelle Blvd, Juniper Heigts: 12:00-1:15

Qu'appelle Blvd Juniper Ridge Home for Sale4 bedroom 2 full bathroom Juniper Heights town home. Newer kitchen, open design and private patio off of the living room. Two car garage. $289,900

Sunday, March 15th: 1969 Kechika Drive, Juniper Heights: 1:30-3:00

1969 Kechika Juniper Heights Home For Sale

Beautiful family home with 3 bedrooms and two dens plus 3 full bathrooms. Two car garage, large kitchen and fully fenced yard. Immaculate home. $489,900

To view more listings in Kamloops and Area click here.

B.C.’s Real Estate Sales Are Half What They Were A Year Ago

Here is an article published today by Derrick Penner of the Vancouver Sun.

Sales in British Columbia’s real estate market so far in 2008 are about half of what they were a year ago, although the pace has risen from a particularly dismal low point, according to the British Columbia Real Estate Association.

In February, B.C. recorded 3,653 sales through the Multiple Listing Service, down almost 47 per cent from February 2008. The average property price of $421,023 was down 12 per cent. Over the first two months, B.C. saw 5,768 sales, down 51 per cent from the same period in 2008. The pace of sales, however, increased 17 per cent in February, association economist Cameron Muir said in an interview, to a seasonally-adjusted annualized rate of 47,000 sales from the low of 40,200 units in January.

Recreation-oriented markets such as the Okanagan, Kamloops, Kootenays and Vancouver Island — which boomed in recent years due to an influx of wealthy Alberta buyers — are seeing some of the steepest declines. “That’s not surprising,” Muir said. “Recreational-property and investment buying decisions are much more easily put off.” Alberta is suffering its own economic contraction with consequent job losses, and Muir said Albertans have seen their property markets and values decline, curbing their enthusiasm for discretionary purchases.

The Okanagan Mainline board, which includes Kelowna, saw 230 MLS sales in February, down 60 per cent from the same month a year ago. The region’s average price of $276,776 was down 28 per cent from February 2008.

In Kamloops, MLS sales plummeted by almost 60 per cent to 92 units compared with the same month a year ago. There, the average price was down almost 14 per cent to $277,088.

The South Okanagan board, which includes the summer hot spots of Osoyoos and Penticton, saw sales drop almost 59 per cent to 61 units in February. The average price dipped just over 10 per cent to $283,634.

Vancouver Island saw its sales dip almost 50 per cent to 328 units compared with February 2008. The average price was down just over 11 per cent to $291,085.

Muir said that given the weakness of B.C.’s economy, he would expect real-estate sales levels to be similar to those during the downturn of the late 1990s. He said that means there is room for more activity in the market from current levels, which mirror the recession of the early 1980s. He said buyers are being drawn in by declining prices, and low mortgage rates have helped reduce the carrying cost of an average home to a three-year low. However, Muir still expects 2009 sales to drop from 2008 levels and has forecast that the decline will be about nine per cent. “A rebound in home sales [in 2009] over past highs is not on the radar,” Muir added.

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