Kamloops Mortgage Info: New Mortgage Changes Announced By The Canadian Government For 2010

Brenda Colman - Invis Kamloops Mortgage BrokerWill the new mortgage regulations affect Kamloops real estate? On February 16, 2010 the Government of Canada announced a series of regulatory changes to support the long-term stability of Canada’s housing market.  The Government has now provided the following details in relation to these changes.

Effective April 19, 2010 Qualifying Interest Rate Guidelines Will Change

  • Fixed Rate Mortgages of terms less than 5 years and all Variable Interest Rate Mortgages: applications will be adjudicated based on the greater of the 5 Year Bank of Canada Benchmark Rate**, or the actual customer rate (inclusive of any customer discretion).
  • Fixed Rate Mortgages of terms 5 years or greater: applications will be adjudicated based on the actual customer rate.
  • This change applies to both conventional and insured mortgages.

The three key changes associated with this announcement are:

  • Borrowers will need to be able to afford a five-year fixed rate mortgage, even if they choose a mortgage with a shorter duration.
  • Investors, who want to buy a home that they don’t plan to live in, will have to make a minimum down payment of 20%.
  • Canadian home owners will only be able to withdraw 90% of the value of their homes in a refinancing, down from 95%.

The good news is that buyers still can purchase a home with 5% down and can still go up to a 35 year amortization.  The reason for the changes is the Government of Canada is wanting to make sure that if interest rates go up, purchasers will still be able to afford their mortgage payments.  With regards to refinancing your home, the Government of Canada is trying to discourage people from borrowing against their home for a quick fix for their financial problems.  They are trying to have home owners use their home as a savings tool and not just an easy way to keep consolidating their debt.

Please call me if you have any further questions on the changes or if you would like to go through a free no obligation mortgage information session.  We can look at pre-qualifying you for a mortgage, rate hold guarantees, even refinancing or renewing an existing mortgage.  I look forward to hearing from you!

Brenda Colman, Mortgage Consultant, Invis Kamloops
P. 250-318-8118  E. ac.sivninull@namlocadnerb

**The Bank of Canada Benchmark Rate is defined  as the Chartered Bank – Conventional Mortgage 5-year Mortgage rate, published by the Bank of Canada each Monday.

Featured Property: 1824 Fleetwood Avenue, Brocklehurst (Brock), Kamloops, B.C. $329,900

Brocklehurst Home For Sale 1824 Fleetwood AvenueThis immaculate Brock home is located on a very nice street close to transportation, schools and shopping. There are 4 bedrooms and two full bathrooms. Located on a 10,570 square foot fenced lot with fruit trees, vegetable garden and numerous garden sheds. Recent updates in this home include new flooring in the kitchen, bathrooms, laundry room and bedrooms. New kitchen counter tops, new furnace in 2003, new roof and hot water tank in 2008. This home is spotless. There is a single car carport, RV parking and tons of room for a detached shop in the back yard or a pool. Don’t miss out on this great Brocklehurst home! Priced at $329,900

To view more pictures of this home click here.

Click here to view all homes for sale in Kamloops.

Kamloops Home Inspections: Fire Escape Emergency Plan And Your Family’s Safety

Introducing a new contributor to the blog, Parker Bennett of Rest Assured Home Inspections. Feel free to post any questions here for Parker.

Parker Bennett Home Inspector Many Kamloops parents probably wouldn’t think of pulling out of the driveway with the kids unbuckled or letting their four year old take a bike ride without a helmet. As a parent you want to prepare your kids to be as safe as possible, but have you planned to get them out alive in the event of an emergency?

The truth is last year Firefighters in Canada were called to over 50,000 residential fires and a recent study revealed that 70% of Canadians have not yet put together a fire escape plan. Are we really giving our kids a chance in the event of a fire without some basic information about what to do in the case of an emergency?

In addition to properly working smoke alarms, the best defense against a fire is a well-rehearsed, escape plan. Having your family ready for a fire can save precious seconds in the event of a real emergency.

Practice Makes Perfect
A fire escape plan should be designed and practiced twice a year. Make the drill fun for the family by practicing with time trials, there’s nothing like a little competitive spirit to drive the efficiency of your escape plan.
The Canada Safety Council recommends these steps to prepare for a family fire drill:
Kamloops Home Fire Plan Escape •    Draw a floor plan of your house.
•    Mark two ways out of each room.
•    Establish a meeting place outside the house.
•    Be sure each family member has the plan and knows the escape route.
•    Post your fire escape plan on the fridge or family bulletin board.
•    Hold a fire drill for your family once or twice a year. Vary the drills, to      practice escaping from different fire sources.
•    Make sure your baby-sitter understands your fire escape plan.
•    Everyone should know NOT to re-enter the home.

All Kamloops homeowners should take the time to check all smoke detectors and design an escape plan to get out alive. Test your kids from time to time with an emergency fire drill and keep everyone up to date with the plan to get out alive.

Parker Bennett, Rest Assured Home Inspections
P. 250-372-7375 E. ac.oohaynull@snoitcepsniemohderussatser

Open House Weekend: Saturday March 13 & Sunday March 14, 2010: Brocklehurst, North Kamloops, South Kamloops & Sahali

This weekend’s open houses will be held in Brocklehurst, North Kamloops, South Kamloops and Sahali.

Brocklehurst Kamloops Real Estate 659 Valdes Drive

Saturday, March 13th, 2010: 659 Valdes Drive, Brocklehurst: 11:30-12:30

5 bedroom home with a 2 bedroom basement suite with a separate entrance. There is separate laundry for the upstairs and downstairs. Recent updates include siding, roof, furnace and air conditioning. There is a detached workshop in the back with drive through access from the front. Single car carport. $379,900

 

North Kamloops House For Sale 694 Stewart AveSaturday, March 13th, 2010: 694 Stewart Avenue, North Kamloops: 1:00-2:30

5 bedroom home with a 2 bedroom plus den basement suite with a separate entrance. Enclosed garage with a mechanics pit and additional carport. Open floor plan on the main. All appliances are included. New kitchen in basement suite, includes new tile, newer roof and hot water tank. $329,900

Home For Sale Kamloops Real Estate 2586 Glenview Kitchen

Saturday, March 13th, 2010: 2586 Glenview Avenue, Brocklehurst: 3:00-4:00

3+1 bedroom home with 1 bathroom. Single car carport, huge lot, vaulted ceilings, updates include flooring and paint. Small wired workshop in the back yard. Tons of room for a detached shop. Covered deck and second patio. Tons of potential! $319,900

 

Sahali Kamloops Home 620 Monarch Drive,

Sunday, March 14th, 2010: 620 Monarch Drive, Sahali: 11:30-1:00

3 bedrooms up rancher with 2 bedrooms down.  Can be easily converted to a daylight inlaw suite. Fenced yard has only one neighbour close by for a more private feel. All appliances are included except main floor washer & dryer. This home has a gas fireplace & central air. Owner occupied. $449,900

South Kamloops Property 581.585 Munro Street

Sunday, March 14th, 2010: 581 Monarch Drive, South Kamloops: 1:30-3:00

Full duplex in a desirable neighbourhood in South Kamloops. 3 bedrooms and 1 bathroom on each side. Enclosed large garage, rec room and large fence yard on each side. Some updates include flooring and electrical upgrades. $409,900

Click here to view more pictures of these homes.

To view all homes for sale in Kamloops click here.

Featured Property: 581 & 585 Munro Street Full Duplex, South Kamloops, B.C. $409,900

South Kamloops Real Estate 581.585 Munro Street

Full duplex located in a desirable South Kamloops neighbourhood cul-de-sac. 3 bedrooms, 1 bathroom, rec room, enclosed garage and large fenced yard on both sides. Current rent is $1,300 and $900 (long time tenants – last rent increase in 2005) plus utilities. Upgraded electrical to 100 amps each side. Great revenue property. $409,900

To view more pictures of this property click here.

Click here to view all homes for sale in Kamloops.

Open House Weekend: Saturday March 6 & Sunday March 7, 2010: Brocklehurst, North Kamloops & Juniper Heights

This weekend’s open houses will be held in Brocklehurst, North Kamloops and Juniper Heights.

North Kamloops, BC, Open House 694 Stewart Ave,

Saturday, March 6th, 2010: 694 Stewart Avenue, North Kamloops: 11:30-12:30

5 bedroom home with a 2 bedroom plus den basement suite with a separate entrance. Enclosed garage with a mechanics pit, additional carport. Open floor plan on the main. All appliances are included. New kitchen in basement suite, new tile, newer roof and hot water tank. $329,900

Kamloops House 1018 Surrey Ave

Saturday, March 6th, 2010: 1018 Surrey Ave, North Kamloops: 1:00-2:00

3 bedroom bungalow on nice street in North Kamloops. Some updated windows, nice private yard. Close to shopping, transit and schools. Newer roof and all appliances included. $239,900

 

Kamloops Homes For Sale 1805 Hycrest PlaceSunday March 7th, 2010: 1805 Hycrest Place, Brocklehurst: 11:30-1:00

Great 3+1 Bedroom, 2 bathroom home in a nice Brock neighbourhood. Updated furnace, hot water tank and some windows. Single car carport, large 10,890 square foot lot with numerous fruit trees. Within seconds of Brock shopping centre, transportation. $319,900

 

Juniper Heights Homes For Sale 2665 Qu'appelle Blvd Kamloops, BC

Sunday, March 7th, 2010: 2665 Qu’appelle Blvd., Juniper Heights, Kamloops: 1:30-3:00

Beautiful Juniper Heights home with 3+1 bedrooms and 3 bathrooms. Situated on a 10,000 square foot lot that is flat, usable and fully fenced. Very close to the elementary school and transportation. RV parking, hot tub, in ground sprinklers and 220 power to the garage. $419,900

Click here to view more pictures of these homes.

To view all homes for sale in Kamloops click here.

Kamloops and District Real Estate Associations Statistics For February 2010

The Kamloops and District Real Estate Association has released it’s latest statistics. Kamloops residential sales are up significantly over February 2009. The median sales price for Kamloops is also up. In February 2009 the Kamloops and District median residential price was $294,000. For Kamloops only it was $295,000. In February 2010 the median residential sales price for Kamloops and District was $320,000. For Kamloops only it was $334,500. Keep in mind the median price can be skewed by a number of high value property sales. To view the February 2009 statistics click here. Click on the image below to enlarge.

Kamloops Real Estate Comparative Analysis by Property Type February 2010

Kamloops Real Estate Comparative Analysis by Property Type February 2010

Kamloops Real Estate MLS activity Statistics, February 2010

Kamloops Real Estate MLS Activity February 2010

Kamloops Real Estate Sales by Subarea, February 2010

Kamloops Real Estate Sales by Subarea February 2010

B.C. Housing Starts Increase, But Hike May Be Short-Lived

By Raphael Alexander, Vancouver Sun

I wrote in early January about the “bubble” economy in British Columbia, which, despite the Olympics-related building, still resulted in a massive collapse in the construction industry in tandem with the recession. Construction jobs contracted by 11.9 per cent in the province in 2009, as we were one of the last districts in Canada to feel the effects of the global economic meltdown.

Although January construction numbers are up to 198,600 jobs, it is below the 202,100 jobs from a year ago, and a far cry from the 220,800 jobs during the boom.

The good news is that new construction is on the rise in the province, with the seasonally adjusted annual rate of housing starts reaching 186,300 units in January, a 5.8-per-cent increase from December.

That’s much better than the 149,081 housing units to begin 2009, but the construction starts have progressed steadily until now, according to the Canada Mortgage and Housing Corp. It’s even better than the figure that economists from financial institutions had been predicting.

In cities, housing starts are up 4.4 per cent, and within those numbers the increase of multiple urban starts [like condos] also increased by 5.7 per cent. All of those numbers show a recovery from the recession, with confidence in the housing market improving, and home sales rising again.

But the victory may be short-lived, with experts predicting the bubble will pop when the harmonized sales tax kicks in on July 1.

Home buyers will likely advance their demand for houses before the HST is implemented, meaning fewer purchases in late 2010 and early 2011.

This is forecast by the Canadian Real Estate Association itself, which says that not only the 12-per-cent HST, but also higher interest rates, which must inevitably rise after historically prolonged lows, will push real estate down in 2011.

B.C.’s housing resale market is forecast to jump 19.8 per cent for 2010, with average home prices going up by 4.2 per cent to $485,500. But the bulk of those sales will be before the HST and the Bank of Canada interest rate revisions.

Interest rate increases are likely to further dampen the housing market in 2011, with an expected decline of 7.1 per cent in the number of units sold. B.C.’s market is forecast to see the largest decline of 12.9 per cent to 88,800 units sold in 2011.

Even though the market is expected to fall in 2011, the prices of homes in B.C. are expected to decline only 1.8 per cent, meaning that investors will still be making a profit with the dip. That means there’s no relief for homebuyers who were hoping the astronomical prices of an average home in Vancouver would go down.

The median sale value of a home in Vancouver in 2009 was $540,900, while median household income was $58,200. According to The Demographia International report which calculates home affordability in an index that divides the price of a home by household income, Vancouver is the most expensive city among 272 metropolitan markets in Canada, the U.S., the U.K., Australia, New Zealand and Ireland.

The “Median Multiple” gives Vancouver an index of 9.3 in affordability, much higher, for instance, than Kamloops, where the median family income is $67,434 while the price of a home is $257,242, giving a Median Multiple of 3.8.

 

1 226 227 228 229 230 249