Category Archives: Kamloops Real Estate News

Kamloops Housing Market ‘Surged’ During First Part of 2015, Infotel

This article appeared in the Infotel (Kamloops InfoNews.ca) on June 2nd, 2015 and was written by Dana Reynolds.

KAMLOOPS – With more houses being built and home-buyers spending more the Kamloops housing market is off to a very good start in 2015.

According to Canadian Mortgage and Housing Corporation single-unit housing starts in Kamloops ‘surged’ in the first three months of 2015. The report from the corporation shows every category of housing start grew during the first quarter, with the exception of rental apartments. The first quarter of 2015 saw just one rental unit built, compared to 88 in 2014.

The corporation notes there is a provincial trend towards multi-family dwellings and the trend is seen in Kamloops as well, where the number of starts on semi-detached homes tripled. Single-family homes almost doubled as well though, growing to 33 in the first quarter of 2015 from 19 during the same period in 2014.

The number of completions during the first quarter were up 76 per cent as well, with 92 more homes finished in quarter one of 2015 than in 2014.

The price of newly built homes during this time period averaged about $490,000, a more than $40,000 increase from the first quarter housing prices in 2014. Of the 69 single family homes sold in the first quarter of 2015, 68 per cent came in under $500,000. There have also been more people who have purchased houses in the $500,000 and up range so far this year, with 22 homes falling within that price range in the first quarter of 2015, compared to just 13 during the same time period last year.

Kamloops Experiences Increase in Housing Starts, Kamloops BC Now

This article appeared in the KamloopsBCNow.com on May 8th, 2015 and was written by Wendy McLeod.

April turned out to be a good month for housing starts in Kamloops.

Figures last month came in above year-earlier figures, according to the Canada Mortgage and Housing Corporation (CMHC).

A reported 59 units were started in April compared to just 38 units during the same month one year ago.

When broken down, 47 of the new housing starts were single-detached residences while 12 were multiples housing. That compares to 36 single-detached homes in 2014 and two multiples.

So far this year total housing starts sit at 111 which are lower when compared to the same time period of 2014 with 153 starts.

link

Kamloops Council Gives Nod to 10-Year Tax Break Downtown, Kamloops This Week

This article appeared in the Kamloops This Week on April 15th, 2015 and was written by Andrea Klassen.

Residential developers in downtown Kamloops will soon get a break on their taxes even if they don’t include rental units in their projects.

Kamloops city council has agreed to expand its downtown tax exemptions to include a 10-year, 100 per cent break on municipal taxes for projects that include new residential units.

A staff estimate puts the tax savings at $349,969 over the term for a new building with 15 units, and $745,848 for a development with 53 units.

Previously, the city had offered a tax break for residential projects in which at least 50 per cent of the units built are for rent, but planning and development manager Randy Lambright said no one has taken the city up on the offer since that incentive was created.

The city also gives tax breaks on both the North Shore and downtown for redeveloping brownfield sites, including former gas stations.

Several councillors wanted to see the downtown exemptions broadened further, to allow for other projects, such as converting unused office space into residential units.

Coun. Marg Spina is a fan of that idea, which she said could add more affordable housing to the downtown.

“My caution would be that I want to see the affordability factor there so we’re not just making tax exemptions for high-end residential buildings,” she said.

Coun. Tina Lange sees the move away from rentals as positive for developing the city’s core, arguing homeowners are more likely to stay in the area and become part of the downtown community.

“In order to build downtown, which is the most expensive per-square-foot land in the city, affordable housing isn’t going to be an option,” she said.

“If we want developers to build something they can sell, affordable housing isn’t going to cut it.”

Coun. Arjun Singh floated a proposal to allow tax breaks for second-floor conversions, using another portion of the downtown tax bylaw which gives a break on improvements worth $100,000 or 30 per cent of a property’s assessed value if they also include improvements to the building’s appearance.

Singh suggested the city could waive appearance requirements in cases when residential conversion is taking place, but wasn’t able to convince a majority of council to take up his idea.

“Frankly, I’m not looking to convert office space into apartments in downtown Kamloops,” Mayor Peter Milobar said.

“I think we have that office space and we need to fill it up because that provides employment for people to want to live in downtown Kamloops.”

Only Coun. Donovan Cavers opposed the new tax-break structure, saying the new exemptions are too broad and don’t allow council to pinpoint specific kinds of development it wants to encourage downtown.

Highest Residential Permits in January Since 2008, Kamloops BC Now

This article appeared on the Kamloops BC Now on February 11, 2015 by Todd Hauptman.

New Construction Kamloops BC Real EstateResidential construction is booming in the City of Kamloops in 2015 as 28 new residential unit permits were approved in January.

While January 2014 had only five residential units approved, January 2015 saw six new single family unit, two additions to properties and 20 multi-famly units approved by the City.

These residential permit values presently stand at $7.4 million in January 2015 while January 2014 they were $1.05 million. Meanwhile the commercial unit permit values year to date presently is $889, 752.

Landlords and new property owners from throughout the city are gathering on Wednesday to learn about ways to protect their investment as well as allow more low income residents get housing. The HomeFree Collection is an initiative through the City of Kamloops to help end homelessness in Kamloops.

Here is how residential permit numbers compare year to year in the first month of the year:

2015: 46 permits valued at $7.48 million
2014: 6 permits valued at $1.06 million
2013: 23 permits valued at $2.37 million
2012: 25 permits valued at $3 million
2011: 24 permits valued at $3.28 million
2010: 33 permits valued at $4.88 million
2009: 14 permits valued at $2.04 million
2008: 61 permits valued at $10.81 million

January numbers give local realtors and property owners opportunism about the market in the year ahead.

Link to article.

Multi-family Developments On Rise in Kamloops

multi famiy development KamloopsThis article appeared on Infotel.ca on October 24th, 2014 and was written by Jennifer Stahn.

KAMLOOPS – Requests to build more than 90 housing units were before council this week as developers look to move forward on projects around the city.

Projects for the industrial area of McGill Road, on Tranquille Road in Brocklehurst, downtown Battle Street and Qu’Appelle Boulevard in Juniper Ridge were all up for discussion Tuesday.

Council agreed to send the McGill Road project, which includes 14 residential apartment units situated in a commercial and industrial complex across from the new Telus Data Centre, and a 20-unit duplex development on Tranquille Road close to the airport to public hearing.

“This is our first development of this nature in our city,” Development Director Marvin Kwiatkowski says of the McGill complex, adding it would be different than the caretaker units that already exist in some industrial areas.

An 18-unit rental complex for 801 Battle St. got another look following an appeal by the developers earlier this month. Council agreed at the time to send it back to a public hearing, set for November, and Tuesday council got a preview of the new plans.

A 40-unit complex set for Juniper Ridge was also before council as the developers looked for a development permit, a necessary step before the project can move forward.

At the end of August the number of multi-family building permits so far this year were significantly below 2013 with only 125. In 2013 a total of 312 multi-family units were issued building permits.

Venture Kamloops Releases a Promotional Video About Our Great City

Venture Kamloops recently released this video about Kamloops and all it has to offer those who call Kamloops home. This short four minute video is a great snapshot of our city.

About Venture Kamloops:

As the economic development arm of the City, Venture Kamloops’ focus is just that, economic development. The team works to provide the most up-to-date information to those interested in starting their business in Kamloops or expanding operations into the city.

Venture Kamloops’ mission is to create economic growth to establish the city as the premiere location for business development. This is done by featuring the city’s resources and offering comprehensive information plus a full spectrum of support services to investors and entrepreneurs.

For more information about Venture Kamloops click here. You can also access their 2013 annual report through this link.

 

Housing Starts Steady as Market Prices Remain Competitive, Kamloops Daily News

This article appeared in the Kamloops Daily News on August 15th, 2013.

New Construction Kamloops BC Real EstateKamloops is like the tortoise in the fabled race against the hare.

Slow but steady, the city has been growing with a relatively stable economy and moderate increases in population, unlike some communities that have experienced the rushing boom and then sluggish bust of others.

Canada Mortgage and Housing Corp. market analyst Paul Fabri said Thursday housing starts for the first half of 2013 in Kamloops have been close to those of the previous year.

In 2012, 317 homes were started between January and the end of July, while this year, that number is at 330.

“Kamloops overall has fared better in terms of new construction than some communities with resort housing or second homes,” such as parts of the Okanagan, he said.

Kamloops has also had stronger employment growth than some other centres, Fabri added.

He suggested single-family home construction hasn’t been as strong as multi-family because the market is competitive these days. He described the Kamloops economy as relatively stable, which has kept housing construction on an even keel.

“Overall, housing starts will reach my forecast for this year, which was 500 housing starts. That’s just slightly more than last year,” he said.

For 2014, Fabri predicts housing starts in Kamloops will reach 525 units.

On the other hand, Kelowna’s housing starts have dipped in the last few years, after taking a big drop during the 2008/2009 recession years. That’s because of a reduced demand for resort housing during that period, Fabri said.

“Kelowna hasn’t seen as robust employment growth as Kamloops has. That factor has helped maintain stable housing activity,” he said.

“On the resale side, prices have been pretty stable in Kamloops for the last year or two,” he said.

Year off to strong start in construction sector

For the second month in a row, the value of building permits issued in Kamloops has exceeded 2012 monthly totals.

The city doled out $6.6-million worth of permits in February, compared to $4.2 million in the same period in 2012.

But, bucking the trend of late, February’s  surge wasn’t driven by commercial construction.

Commercial projects accounted for only $814,091 of the month’s totals, while residential-permit values totaled $5.7 million.

In 2012, residential construction accounted for only $1.3 million of permit value.

Multi-family projects accounted for the greatest amount of permit value, at $3.1 million.

Development and engineering director Marvin Kwiatkowski said that’s a trend that will likely continue.

“It’ll be higher than last year and you see that already,” he said.

A number of larger projects have yet to come through and the city is predicting it will add about 220 multi-family dwelling units by year’s end.

After a run of big-ticket commercial projects in previous months, Kwiatkowski said there aren’t many more major builds on the horizon.

On the institutional side, however, the city is expecting a $30-million bump from permits for the Royal Inland Hospital’s new clinical- services and parking building some time this year.

So far, the city has handed out $23.4 million in permits for 2013, compared to $18.8 million at this time last year.

By Andrea Klassen – Kamloops This Week

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