Featured Property: 1795 Knollwood Crescent, Valleyview, Kamloops, B.C. $340,000

Kamloops Valleyview Real Estate 1795 Knollwood CresThis great Valleyview family home is located in a highly sought after location near schools, transportation, shopping and within minutes of downtown Kamloops. The property is 12, 000 square feet, and has tons of room for a large detached shop and/or pool. There is access to the backyard and RV parking. Inside there are original hardwood floors in good condition, updates to the furnace, main floor windows, paint and bathrooms. There is central A/C. Priced at $340,000.

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Featured Property: A20-220 G & M Road, South Kamloops, B.C. $89,900

Kamloops Mobile Home For Sale A20-220 GMBright 2 bedroom, 1 bathroom mobile located in South Kamloops, close to amenities. Vaulted ceiling in kitchen & living room. Spacious open floor plan. Huge yard that is mostly fenced with large shed & extra storage on the deck. Large master bedroom. Tons of parking & room for an RV. Roof needs repair. All appliances are included. Quick possession possible.

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6th Annual Demographia International Housing Affordability Survey 2010

The Demographia 6th Annual International Housing Affordability Survey for 2010 is out. It rates metropolitan markets for affordability of the housing in each market. Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States are all discussed. I have included a portion of the report below. You can access the full report by clicking the link at the bottom of this post.

The 6th Annual Demographia International Housing Affordability Survey expands coverage to 272 markets in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States. The Demographia International Housing Affordability Survey employs the “Median Multiple” (median house price divided by gross annual median household income) to rate housing affordability (Table ES-1).

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TABLE ES-1
HOUSING AFFORDABILITY RATING CATEGORIES
RATING                                     MEDIAN MULTIPLE
Severely Unaffordable                                5.1 & over
Seriously Unaffordable                              4.1   –  5.0
Moderately Unaffordable                            3.1   –   4.0
Affordable                                                  3.0 or less
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Historically, the Median Multiple has been remarkably similar among the nations surveyed, with median house prices being generally 3.0 or less times median household incomes. This affordability relationship continues in many housing markets of the United States and Canada. However, the Median Multiple has escalated sharply in Australia, Ireland, New Zealand and the United Kingdom and in some markets of Canada and the United States in recent years.

Over the past year, housing affordability has improved in some markets, remained constant in others and declined in still others. In the United States and the United Kingdom, the “bubble” markets that had “burst” generally reached a trough and began rising again. In the “boom” markets that did not experience a bubble, house prices generally declined in response to the intense economic disruption that occurred after the Lehman Brother‟s collapse, which signaled the “mortgage meltdown” and the “Great Recession,” the steepest economic decline since the Great Depression.

An Increase in Affordable Markets: Of the 272 markets surveyed, there were 103 affordable markets, 98 in the United States and 5 in Canada. This is an improvement from 87 in 2008. As before, the affordable markets include the three highest demand markets with more than 5,000,000 population in the high-income world, Atlanta, Dallas-Fort Worth and Houston. Overall, 19 major markets (more than 1,000,000 residents) in the United States were also affordable (Table ES-2). As in the past, all of these markets were characterized by “more responsive” land use regulation, as opposed to “more prescriptive” land use regulation (see Table 2 in Section 1). Severely Unaffordable Markets: There were 62 severel unaffordable markets this year, down from 64 in 2008. The least affordable markets were concentrated in Australia (22) the United Kingdom (19) and the United States (11). Nine of the 11 US severely unaffordable markets were in California. There were 5 severely unaffordable markets in New Zealand and 5 in Canada (Table ES- 3). However, many of these severely unaffordable markets have experienced steep price declines in the last year. Among the major markets, Vancouver is the least affordable, with a Median Multiple of 9.3, followed by Sydney (9.1), Melbourne (8.0), Adelaide (7.4), London (7.1), New York (7.0) and San Francisco (7.0). As in the past, all of these markets were characterized by more prescriptive land use regulation (such as “compact city,” “urban consolidation,” “growth management” or “smart growth” policies), which materially increase the price of land, which makes housing unaffordable. The national distribution of housing affordability is indicated in Table ES-4.

To read the rest of this report click on the following link: 6th Annual Demographia International Housing Affordability Survey 2010

Demographia Website

Kamloops and District Real Estate Associations Statistics For September 2010

The Kamloops and District Real Estate Association has posted it’s latest statistics for September 2010. Kamloops residential sales have definitely slowed in comparison to the number of residential sales for the same month in 2009. Click on the image below to enlarge.

Comparative analysis by property type September 2010 Kamloops Real Estate Statistics

Kamloops Real Estate Comparative Analysis By Property Type September 2010

MLS Activity September 2010 Kamloops Real Estate Statistics

Kamloops Real Estate MLS Activity September 2010

Sales by subarea September 2010 Kamloops Real Estate Statistics

Kamloops Real Estate Sales by Subarea September 2010

sales by subarea 3rd quarter 2010 Kamloops Real Estate Statistics

Kamloops Real Estate Sales by Subarea 3rd Quarter 2010

B.C. Real Estate & Housing Market Outlook For 2010 to 2012

Brenda Colman - Invis Kamloops Mortgage BrokerCentral 1 Credit Union recently released their report on the B.C. housing market for 2010 through to 2012. I have included small exerts from the article here in this post.  The full B.C. report is included at the bottom of this article.

Housing market activity in British Columbia is set to gradually improve over the next two years after deteriorating sharply for most of 2010. While weak demand is forecast to persist into early 2011 and lead to further home price declines, the combination of lower prices and mortgage rates will act as a catalyst for rising sales through 2012. A gradual improvement in the economy and modest rates of household formation will also provide support. Housing starts also look to edge higher over the forecast horizon as builders take their cue from the rising activity in the resale market. However, new home construction will remain subdued relative to cycle highs observed from 2005-2008.

  • Looking forward, sales are forecast to embark on a rising trend through 2012, but remain low.
  • This year, home sales, as defined by annual market arms-length residential transactions, in the province are expected to fall 7% from 2009 levels. Declines will be led by a significant cut in apartment condominium sales of 19%. Single-detached sales will remain relatively flat.
  • Stronger demand from the younger first-time buyer segment will lead to increased sales of multi-family units.
  • These factors will lead to sales increases of 5% and 9% in 2011 and 2012. However, overall transactions will remain 20% below peak levels reached during the 2005 – 2007 period.
  • A gradual downtrend in housing inventory and rising sales is expected to stabilize price levels.
  • Lower inventory levels and higher demand is forecast to push price levels higher through 2012.
  • Thompson/Okanagan (including Kamloops) sales are expected to dip 5%.
  • The main assumptions underlying this forecast includes a gradual but sustained economic growth trajectory, conducive to modest employment gains, a favorable mortgage rate environment for consumers, and positive net-migration similar to recent years.
Brenda Colman, Mortgage Consultant, Invis Kamloops
P. 250-318-8118  E. ac.sivninull@namlocadnerb W. www.BrendaColman.ca

BC Housing Outlook 2010-2012 Kamloops Real Estate MLS Listings Information

Open House Weekend: Sunday, October 3, 2010: Barnhartvale & Juniper Heights, Kamloops

This Sunday, October 3rd open houses will be held in Barnhartvale & Juniper Heights in Kamloops.

Kamloops Barnhartvale Real Estate 4900 Uplands DrSunday, October 3rd, 2010: 11:30-1:00, 4900 Uplands Drive, Barnhartvale, $899,900

Sprawling 5,700 square foot bungalow located on 17.82 acres with amazing river and valley views. Grand, open main foyer with vaulted ceilings and skylights. 3,700 square feet on the main floor and a fully finished daylight walk-out basement. more

Kamloops House for Sale 2900 Cheakamus Place Juniper Heights RidgeSunday, October 3rd, 2010: 1:30-3:00, 2900 Cheakamus Place, Juniper Heights, $899,500

Immaculate 2 year old Juniper Heights Benchlands executive bungalow with over 4,300 square feet of living space. Bright open design featuring a large gourmet kitchen with stainless steel appliances, granite counter tops and custom finishing. more

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Kamloops Mortgage Info: Is It The Right Time For You To Buy A Home?

Sheila Minten TD Canada Trust Mobile Mortgage Specialist Kamloops BCThe question on many people’s minds right now is, “Is this the right time to buy a home in Kamloops”.  This is a question that is very individual to each person.  There is no way to predict the Kamloops housing market and thus makes this a very difficult question to answer.  It is like trying to predict the stock market so you buy low and sell high.  History shows that the average person is not very good at this.

There is something out there that can help you with your decision making process and that is interest rate.

When using interest rates to guide us, we know that they are at an all time low right now, resulting in significant savings.  For purchasers waiting to see if prices are going to drop more before they buy, think about this: a 1% increase in the interest rate will cost you approximately an extra $10,500 over 5 years (based on a $300,000 at the current 5 year rate and a 35 year mortgage).  The question becomes do you want to risk paying $10,000 in hopes that the housing prices decrease enough to make that back in your purchase price?

With housing prices stabilizing and the rates hitting rock bottom, this makes for a very affordable borrowing and for some buyers a great time to buy.

Sheila Minten, Mobile Mortgage Specialist, TD Canada Trust
P. 250-852-0420 E. moc.dtnull@netnim.aliehs 

Featured Property: 152-2400 Oakdale Way, Westsyde, Kamloops, B.C. $64,900

152-2400 Oakdale mobile home kamloopsBright & tidy home in the popular Oakdale mobile home park. There are three bedrooms with a large rec room and a four piece bathroom with a jacuzzi tub. Recent updates include fresh paint, some flooring, roof, windows, interior & exterior doors, HW tank, new fridge & stove and  furnace motor. There is a large covered deck & private yard. Lots of parking & large storage shed for all your toys or added storage. Spacious kitchen with large pantry. Pets allowed with restrictions & no rentals. Located in the family section of the park. Lots of parking & room for an RV.

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