BCREA Mortgage Rate Forecast for March 2020

Kamloops Real Estate Statistics, National Real Estate News

BCREA just released it’s Mortgage Rate Forecast for March and the year of 2020. With the COVID-19 mortgage rates have dropped. The Bank of Canada recently cut the rate again however says it is at a point where it can’t go lower. It is looking like a Canadian recession is unavoidable however it all depends on how long the pandemic related regulations go on for. This is a large factor that prevents accurate predictions since we have not seen an event of this magnitude in decades.

The Canadian government has postponed changes to the mortgage stress test due to the current events. This will help those renewing or refinancing their mortgages which will free up monthly cash flow due to the lower payments.

Economic growth in Canada was slowed at the end of 2019 due to the rail blockades and now COVID-19. The economy is also dealing with plummeting oil prices, a sharp decline in retail sales, tourism and other consumer related businesses.

It is expected that if we have a strong recovery in the second half of 2020 the Bank of Canada will likely maintain it’s policy rate at 0.25% for the rest of the year.

BCREA Mortgage Rate forecast March 2020 Real Estate BC COVID-19 Coronavirus
BCREA Mortgage Rate forecast March 2020 Real Estate BC COVID-19 Coronavirus

Click here to download the full PDF version of this report.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

New Listing: 14-7545 Dallas Drive, Kamloops, BC, $279,900

Dallas

14-7545 Dallas Dr, Dallas, Kamloops Real Estate SoldNew Listing: 14-7545 Dallas Drive, Kamloops, BC, $279,900

Welcome to this bright and beautiful, well kept home in Gateway Estates. This home features 2 bedrooms, 2 bathrooms and a spacious open concept kitchen, dining and living room. Lots of windows throughout that allow plenty of natural light into the home. Next to the kitchen, you will find laundry room with additional storage space. Off of the kitchen are sliding glass doors that take you out to the private patio and is perfect for entertaining on those hot summer days.  New patio ramp and fence recently installed along with 8×12 shed.

Bareland strata fee of $90/month and includes sewer, water, road maintenance and snow removal. New furnace and brand new hot water tank. Easy highway access and a quick 15 minute drive to downtown Kamloops. This well cared for home won’t last long – Book your viewing today!

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New Listing: 321 Fernie Place, South Kamloops, BC $1,049,500

South Kamloops

321 Fenie Pl, South Kamloops, Kamloops Homes Sold New Listing: 321 Fernie Place, South Kamloops, BC $1,049,500. Gorgeous level entry custom designed rancher featuring beautiful river and valley views, centrally located with a ton of high end features. This home backs onto Guerin Creek greenspace.

The main entry leads to the great room open floor plan with high coffered ceilings, hardwood flooring throughout and numerous windows for natural light. The kitchen features high end appliances, cork flooring, stone countertops and a custom Excel kitchen. The main floor includes 3 large bedrooms. The master bedroom with 4 piece ensuite and large walk in closet. There is a main floor family room which could be a fourth bedroom as well as main floor laundry. The basement level features a large family room with wet bar, which could accommodate an inlaw suite with separate entry and existing separate laundry room.

There are two additional large bedrooms, gym, 4 piece bathroom and tons of storage space. Other features include a huge storage space under the deck of the front of the home, central a/c, HRV system, triple pane windows, custom built SIPS construction by Trout Creek, 50 year rubber roof, sauna, irrigation, fully fenced, double car garage and so much more. Located minutes to shopping, TRU and all city amenities. Contact us for a full feature list.

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New Listing: 3525 Copper Creek Road, Red Lake, Kamloops, BC $349,000

Red Lake

3525 Copper Creek Rd, Red Lake, Kamloops Real Estate for Sale

New Listing: 3525 Copper Creek Road, Red Lake, Kamloops, BC $349,000. Red Lake waterfront cottage with so much to offer! This 2 bedroom, 1 bathroom home is perfect for year round living or a year round get away.

Located 45 minutes from Kamloops with year round maintained roads. The home has a nice open floor plan on the main floor with lots of windows and a vaulted ceiling with floor to ceiling windows to take in the lake views. There is one bedroom on the main floor, laundry and a 4 piece bathroom.

The second level features a loft room with tons of space for bunk beds or to create a master suite. The lot itself is very flat and useable. There is a well and septic. Shared dock to the lake with easy access. Perfect for fishing or year round recreation. Don’t miss out on this little piece of paradise.

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