Kamloops Real Estate News

This article appeared in the Wednesday, August 12, 2009 edition of the Kamloops This Week and was written by Jeremy Deutsch.

Just as the economy is starting to show signs of life, construction in Kamloops also appears to have been given a new ticker. For the second straight month, the number of issued building permits and their dollar values increased. In fact, the number of single-family permits issued for the month of July was more than the previous two months combined.

A total of 24 single-family residential permits were issued in Kamloops, making it a bigger month than July 2008, when 15 permits were handed out. Throw in another 88 multi-family units and the number of residential permits climbs to 112 – more than double the previous July. The value for all those permits added up to $17 million, which was more than in July 2008.

Though the commercial side – which had been strong throughout the year – did take a dip, the total value of construction permits for the year now sits at $72 million. That’s well short of the $122 million at this time last year, but on pace for the $120 million to $140 million projected for 2009.

The real estate market in the city was just as busy. According to the Kamloops and District Real Estate Association (KADREA), 264 residential units were sold in the city last month, marking a 14 per cent increase from July of the previous year. Of the units sold, 82 per cent were under $400,000. Craig McIntyre, president of KADREA, attributes the bump in sales to a number of different factors, including good selection on the market, reasonable pricing and low interest rates.

Though the market in the first half of 2008 was thought of as still being red hot, McIntyre pointed out sales were already trending downward before the global recession hit last fall. As for the future, McIntyre predicts sales to stay strong for the rest of the year, noting the peak months are in the spring and fall. While he suggested the market is on the cusp between a buyer’s market and a balanced market, McIntyre said it’s still a good time to buy. “Kamloops remains a good place to be.”

Link

Tobiano MLS listings click here.

The Tobiano golf course and residential community is currently offering an unprecedented 50% off with it’s Win/WIN sales campaign. They launched this campaign Saturday July 18, 2009 and achieved immediate results. In only 48 hours, 16 of the lots offered in this sale sold, with additional sales pending.

In this win/WIN sale, they are offering large one-quarter to one-half acre lake-view, golf course and equestrian lots priced from $139,950 – $249,950. This campaign was announced in full-page advertisements in Kamloops, Calgary, Edmonton, and Vancouver newspapers and through Tobiano’s website. To view lots for sale at Tobiano click here.

Along with lots the developer is offering sales on a few select homes in the Lake Star development. Due to the inability of a few original purchasers to complete, the developer is selling off these properties as they don’t want to carry them through the winter. The homes that are available are some of the best in location and floor plan. The developer has agreed to reduce the prices on these homes by up to 20% and in most cases to below replacement cost.

Some of the featured Discounts:
Townhome 14:    WAS $629,900     is NOW $499,000 – Savings of $130,000
Townhome 6:      WAS $639,900     is NOW $549,000 – Savings of $90,000
Townhome 33:    WAS $419,900     is NOW $339,000 – Savings of $80,000

To view the properties for sale at Tobiano click here.

To read more about Tobiano click here.

This article appeared in the Kamloops This Week on Wednesday, May 13, 2009 and was written by Jeremy Deutsch.

It was expected to be a slower year for development around the River City, but the drop in residential single family permits for the month of April caught the city by surprise. The number of single family permits in April dropped to five, down from 26 the previous year. It brings the total number of permits to just 16 in the first four months of 2009, compared to 101 by the same time last year.

David Trawin, director of development and engineering for Kamloops acknowledged the number is lower than expected. However, he’s confident that segment of construction will rebound in coming months. “If it goes like this for three months, it will be shocking,” he said. Trawin pointed out single family permits are just one aspect of total construction value.

Last year the city set a record topping the $207-million mark for the value of construction permits. Staff predicted a return to a normal pace in 2009, with value estimated at $120 million to $140 million. Four months into the year Trawin is still optimistic the city will meet its prediction. So far, the city has reached $23 million in value for 2009 – more than half coming from commercial development, which is up by $4 million over 2008.

Residential value sits at just over $11 million, but that’s down form $25 million last year. One positive side to the slowdown noted by Trawin is that it has given his department a chance to catch up on files and inspections. One building inspector has been allocated to do follow up inspections on new developments to look for deficiencies like incomplete fencing or landscaping.

Kamloops Homeowners are you ready for water meters? This article appeared on the front page of the Kamloops This Week on the Friday May 1st, 2009 edition, written by Jeremy Deutsch. What do you think about these proposed water meters in Kamloops?  Read below for the full story.

The city is once again moving in the direction of universal mandatory water meters and will apply to the federal government to help bear the cost to make them a reality. Council has directed staff to apply for stimulus or “shovel-ready” funding after learning water-meter programs are eligible for money under the revised Building Canada Fund.

The cost to install meters in every home in Kamloops is pegged at $12 million, but the expectation is a grant would cover $8 million. The city has flirted with the idea of universal water meters before, but it was rejected by residents in a 2001 referendum. Instead, a voluntary water-metering program has been in place for the last two years, with 128 house-hold signing up in 2008.

The city hopes meters will cut water consumption and ease demand for the natural resource. According to numbers provided by the city, Kamloops is one of the thirstiest communities in Canada, consuming water on a daily basis above the average in the province. Kelowna, which is on a universal water-meter system, uses and average of 587 letres a day per person, compared to Kamloops which uses 700 letres. The provincial average is 426 litres a day per person.

Kelowna experienced a decrease in annual consumption of water by 20 per cent under water meters. “Based on results from communities across North America, there is no question that water meters are an equitable way to charge for water and save significant amounts of capital dollars,” said David Duckworth, the city’s director of public works and utilities.  It is estimated two of the city’s three primary water-delivery zones need significant upgrading within 10 years, while nearly half of the booster stations will require work within the same time period.

While the majority of councillors have expressed support for water meters, Denis Walsh, Pat Wallace and Marg Spina remain opposed. Tina Lange suggested residents prefer a user-pay system for many of the services in the city, noting meters fall in line with that desire. She said the city isn’t going to profit off a metered system, adding for those on a low or fixed income, meters would be financially beneficial. But Walsh questioned whether there were other ways to get people to conserve water without going to meters. He also wants to see some type of public consultation before meters are approved.

Wallace is skeptical of talk and savings under water meters and as a councillor at the time of the 2001 water-meter referendum, feels obliged to uphold its results. “Because we asked teh taxpayers for their opinion, I feel duty-bound to respect that,” she said.

Even if the grant application is approved, council would still need to give its final nod before going ahead with a universal metering program. Under the application, the meters would need to be installed by April 2011. With clear direction from council, it’s now up to city staff to put the application together before today’s deadline – not an easy task as a typical application can take up to four months to complete.