Category: 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.