Featured Property: #25-2050 Qu’appelle Blvd, Juniper Ridge, Kamloops, B.C. $244,900

Qu'appelle Blvd Juniper Heights Back DeckQu'appelle Blvd Juniper Heights Front Of Townhome

 

 

 

 

 

Fantastic unit with over 1,000 square feet of living space. This three bedroom, two bathroom townhouse is located in desirable Juniper Heights. This two storey design has all three bedrooms on the second floor as well as one four piece bathroom and laundry. The master bedroom has a large walk in closet and bonus storage closet.

There are immaculate laminate floors throughout. The kitchen has a centre island with lots of storage and the living room opens up to a west facing patio. There is central air, a second two piece bathroom on the main floor and a single car garage. Pets and rentals are allowed in this complex. This unit is one of the best priced town houses in Juniper heights.

 Living & Dining Room Qu'appelle Blvd Juniper HeightsKitchen Kamloops Real Estate Homes for Sale

 

 

 

 

 

To view more pictures of this home click here.

To view other listings in this area or other areas of Kamloops click here.

 

Kamloops Mortgage Information: Advice For The First-Time Home Buyer

Introducing Brenda Colman. Brenda is a mortgage specialist with Invis here in Kamloops. She will share her knowledge and expertise on a monthly basis. If you have any questions for Brenda, please post them here or give her a call.

Brenda Colman Invis Kamloops Mortgage SpecialistInterest rates touching historic lows and more attractive house prices in parts of the country have added up to better affordability for first-time home buyers. The federal government’s recent budget has added more reasons for Canadians who aren’t yet homeowners to consider entering the Kamloops real estate market this year. Under the new federal budget, first-time home buyers can qualify for a $750 tax credit, to help with closing costs, such as appraisal or legal fees.  Also, home buyers can now withdraw up to $25,000 from their RRSP under the Home Buyers Plan for a down payment – up from the previous limit of $20,000. Couples can access an extra $10,000 from their RRSPs under the plan.

For those who are feeling secure about their income and want to take advantage of low rates and a more affordable market, the new federal budget provisions could make an enormous difference in terms of the properties they can afford, We’re now seeing more first-time buyers seriously considering making the jump into the Kamloops market this spring.

Here are some tips to help first-time home buyers:

Start the process early.
A mortgage consultant can help you with getting the right documentation in place, such as proof of income and down payment. A consultant will also check your credit history to avoid any unpleasant surprises and ensure you can meet the lender’s requirements. If you are thinking about a home purchase, consulting a mortgage specialist is critical to navigating the mortgage process.

Know your price range.
If you want to buy a home within the next few months, getting a mortgage pre-approval will help you determine the right price range of homes to shop for. Many lenders will also guarantee a rate for up to 120 days when pre-approving potential borrowers for a mortgage.

Don’t rush your decision.
A buyer’s market means that you now may have the leeway to negotiate more with sellers on the price as well as other terms of the transaction such as the possession date and extras to be included in the purchase.

Accelerate your payments – early and often.
A mortgage is the largest debt that most consumers will ever take on, and paying it down faster can mean large savings on interest costs over the long term. Get in the habit of making lump sum payments whenever possible, and consider making bi-weekly payments as a way to decrease the life of the loan.

Know your goals.
Choose a mortgage that accommodates the present state of your finances but also fits your long-term goals. Similarly, don’t just buy because it’s a buyer’s market – choose a home that fits your lifestyle as well as your family’s needs in the years ahead.

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

Report On Kamloops 2009: Uplifting View Of The Downturn

This was published by the Kamloops This Week in their 2009 Progress Report that was distributed March 29, 2009. Peter Milobar, the Kamloops City Mayor wrote this piece in the publication calling for residents to take a “realistic and positive” view on the economy in Kamloops. He does put some of the facts about the recent downturn in building permit values and real estate house values into perspective. Read below for the full story.

Peter Milobar Kamloops Mayor 2009

Peter Milobar Kamloops Mayor

Over the next year, keeping things in perspective will be critical as it seems we are being inundated daily with stories of economic ruin. While times are undoubtedly changing quickly and the overall economy is slowing, keeping the numbers we see in perspective is important.

Headlines highlight drops in building permit values or house values seem bad at first, but let’s put some perspective to those numbers. This year, our development services department is anticipating building permit values of around $140 million. Now one could say, based on the 2008 number of $208 million, this year will see a 30 per cent drop in values. Technically, that is correct, but does it mean the construction industry is on life support? To put some perspective to the numbers, you would see 2008 was the third consecutive record year for permit values. Yet a closer look to the projected 2009 numbers will show both 2003 and 2004 actually had lower permit values and in fact, $140 million is the 10 year average for Kamloops. So any drop from a record year would seem big. When you consider many of the projects in the 208 permit value numbers will actually be constructed this year and the fact builders were having trouble finding workers under the record setting years, the construction employment numbers should stay strong.

Two other bright lights right now are the B.C. Lottery Corporation and Thompson Rivers University. Locally, the BCLC is currently undergoing not only significant renovations, but are also in the process of hiring 60 new employees. TRU and the newly announced Faculty of Law are continuing to help make Kamloops an even more diversified economy. Domtar and their announcement of new capital improvements for their boilers is also a good indicator of the long-term viability of the Kamloops and regional economy. Capital re-investment provides not only much needed dollars into the economy, but – perhaps more importantly – provides reassurance to the many employees and suppliers of Domtar.

We have been hearing for some time now about the impending labour shortage heading our way into the next three to five years. Slowing economy or not, people will still be getting older and as RRSP accounts start to recover, retirements will pick up, resulting in new job opportunities.

None of the above is meant to make light of the situation the world economy is in and are only examples of how, when most forms of business are coming off record years of growth, some contraction is inevitable. Moving forward, there are two ways to have a realistic view on the economy – a realistic and positive view or a realistic and negative view. My choice is the realistic and positive view. What view will you chose over the next year?

Kamloops Real Estate: Golf Course / Golfing Communities

A popular activity in Kamloops is golf and many Kamloops residents love to live among the golf greens. The Dunes, Rivershore, Sun Peaks, Sun Rivers and Tobiano are some of the popular courses that have small surrounding golf communities.  For information about current homes and lots for sale in these areas click here.

Dunes Golf Course Kamloops, BCThe Dunes: This popular course is located in Westsyde, 15 minutes from the Kamloops city centre. It is a beautiful golf course set on the river’s edge carved out of the sands of the Thompson river riverbed. The course is 18 holes, 7,131 yards of challenging golf and was voted the 2007 best new golf course by Golf Digest Magazine. There are a number of new developments along this course as well as pre-existing single family homes and townhouses. Two of the newer developments are called Westlinks at the Dunes and Norview at the Dunes. For more detailed information about the Dunes and Westsyde click here.

Rivershore Golf Course KamloopsRivershore Golf Links: This golf course is located 20 minutes east of downtown Kamloops. Created in the 1970’s, Rivershore is set up against the sagebrush-covered hills to the north and the South Thompson River to the south. This 18 hole course is challenging and has held numerous tournaments over the years. Surrounding the golf course is the small golf community located on Navatanee Drive, Kananaskis Road and Nueva Wynd. For more information about homes for sale in this area click here.

Sun Peaks Golf Course KamloopsSun Peaks Golf Course: The Sun Peaks Golf Course is located 4,000 meters above sea level, among numerous recreational properties and full time residences. This 18 hole golf course is surrounded by some of the most beautiful mountain scenery in B.C. and is comprised of natural foliage and alpine vistas. Sun Peaks is a great resort for the whole family offering a variety of activities year round. For more detailed information about Sun Peaks click here.

Sun Rivers Golf Course Real Estate KamloopsSun Rivers Golf Course & Community: Sun Rivers is a unique golf community perched above the Thompson river valley just ten minutes from downtown Kamloops. This 18 hole, par 72 championship golf course has over 7,000 yards of golf. Among the natural sage and rolling hills, big horn sheep are often found grazing the fairways and wandering through this community. There are a number of single family homes, townhouse units and apartments in the Sun Rivers area. Talasa pre-sale units sold out phase I and II very quickly and phase III should be released sometime in 2009/2010. For more detailed information about the Sun Rivers area click here.

Tobiano Golf Course Kamloops Real EstateTobiano Golf Course & Community: Tobiano is located south west of the city of Kamloops at the western end of Kamloops Lake. This course offers 18 holes of golf with breathtaking views of the lake and valley below. Tobiano has gained a lot of recognition over the past year winning the 2008 best golf course in Canada by Golf Digest Magazine. There are a number of properties that border the course, including building lots, townhouses and single family homes that are selling now. For further information about Tobiano click here.

To view properties for sale at any of these locations or any other areas in Kamloops click here.

 

Kamloops Home Inspections: New Regulations For Home Inspectors

I have asked a couple of real estate related professionals to join me on my blog. I felt that it would be beneficial to include professionals in both home inspections and mortgages to share their knowledge and expertise. These two subjects are very important and go hand in hand with real estate.

Introducing Todd Hrycenko from Global Property Inspections here in Kamloops. He will share important information a couple times a month and you are free to post any questions that you have for him here.

Todd Hrycenko Kamloops Home InspectionsThe big news in the home inspection industry this month is we are now  provincially regulated. What this means for people buying real estate is that EVERY home inspector needs to be licensed by the Business Practices & Consumer Protection Authority of BC (BPCPA). The requirements include membership in one of three governing bodies, including the Canadian Association of Home and Property Inspectors of BC (CAHPI BC), possession of insurance, and a criminal records check. This is a fantastic step forward for the home inspection industry in Kamloops, British Columbia, and hopefully all of Canada as it requires all home inspectors to meet stringent educational, certification, and continuing education requirements to work in the industry. In the end legitimate, qualified, and knowledgeable home inspectors are thrilled with this development because it provides buyers of residential real estate in British Columbia with a level of protection never before seen in the industry. For more info go to the Home Inspection section of the BPCPA website.

Todd Hrycenko, Global Property Inspections 
ac.cbipgnull@ddot 250-371-2787

Kamloops and District Real Estate Association Statistics For March 2009

Here are the Kamloops and District Real Estate Association latest statistics for March 2009. There definitely has been a pick up in the number of sales over this past month but it is still far from last year’s numbers. Click on the image to enlarge.

Comparative Analysis By Property Type March 2009

Kamloops Real Estate Comparative Analysis By Property Type March 2009

Kamloops Real Estate MLS Activity March 2009

Kamloops Real Estate MLS Activity March 2009

Kamloops Real Estate Sales By Subarea March 2009

Kamloops Real Estate Sales By Subarea March 2009

Featured Property: 1648 Skeena Place, Juniper Heights, Kamloops, BC: $599,900

Skeena Place Juniper Heights Home For SaleSkeena Place Living Room Juniper Ridge, KamloopsAmazing home with 180 degree Thompson Valley view. This beautiful estate home has four bedrooms and three bathrooms with over 3,000 square feet of living space. This home has a bright open design with beautiful hardwood floors and tile Skeena Place Kitchen Juniper Heights Home for Salethroughout with custom design features and incredible attention to detail. Large windows, numerous decks and and extra large double garage are all great features of this home.

When you walk in the front door the large open living room with a 18 foot ceiling offers plenty of natural light. The daylight basement in this home doesn’t feel like a basement at all. There is a bedroom, three piece bathroom, games room, theater/family Skeena Place Master Bedroom, Juniper Heights Home For Saleroom and laundry room.  There is a small patio off of the games room that leads to the park-like back yard and pool.

The open design on the main floor overlooks the living room below. There is an abundance of natural light throughout the home. The large master bedroom has a three piece ensuite, Skeena Place Juniper Heights Foyer & Kitchen Nookboasting his and her sinks and a large soaker tub. There is a large private deck off of the master bedroom with a beautiful view of the valley. There are two other bedrooms on the main floor, a four piece bathroom with his and her sinks, a family room, formal dining room, kitchen and eating nook. Off of the family room there is a large, south facing tiered deck that leads to the back yard.

Skeena Place Ensuite Kamloops Real EstateThe beautifully landscaped back yard is a dream and great for entertaining  family and friends. There is enough room to put a children’s playground with room to spare. The kidney shaped pool is fully fenced for safety and there is a private gazebo in the back of the yard overlooking the property. The entire property is fenced but does need to be fully enclosed for any pets.Skeena Place Inside View, Kamloops Homes for Sale

This outstanding home is situated on a 0.48 acre lot (20,908 square feet) and is located within walking distance of the mountain bike park and playing fields. The furnace and hot water tank have just been replaced adding to the outstanding value in this home. Priced at $599,900.Skeena Place Back Yard, Juniper Ridge, Kamloops

Kamloops and area homes for sale click here.

There’s No Secret Subprime Mortgage Problem In Canada

This article was written by the Vancouver Sun to counter the article written earlier by the Globe and Mail. The Globe and Mail article claimed that Canada has an evolving subprime mortgage problem due to reduced lending standards over the past few years. To read the Globe and Mail article click here. What do you think about this “subprime problem” in Canada, is it just a fear-mongering or is there some truth to these theories?

A foreclosure on a family home is a heart-wrenching human tragedy. As the recession takes its toll on household income, the number of foreclosures is increasing. Fortunately, they remain relatively rare, and pose no systemic threat to Canada’s financial system, in stark contrast to the subprime mortgage meltdown that ravaged the U.S. economy. Despite what you may have read elsewhere, Canada does not have a subprime mortgage crisis. An article in a Toronto newspaper this week carried the alarming headline, Canada’s dirty subprime secret, but it offered little evidence that loans to unqualified borrowers were a secret or dirty — or for that matter, subprime.

The article focused on extreme anecdotes of homeowners using their property as collateral to get loans, and taking new loans to pay off old loans, hoping to squeeze out a profit through repeated refinancing. That hardly supports a case that Canada is awash in subprime mortgages. In fact, its only statistical defence for the thesis was a misrepresentation of a 2006 report by CIBC World Markets economist Benjamin Tal. The article stated that Tal estimated that subprime loans were growing at a “meteoric” pace of 50 per cent and that more than 85,000 Canadian homeowners had subprime loans. He did no such thing. What Tal said was that the market for non-standard and subprime mortgages was growing at that rate and that, in that year, the growth of the non-conforming market enabled no fewer than 85,000 Canadians who would otherwise have been shut out of the market to become homeowners.

Non-standard, or non-conforming mortgages, sometimes referred to as Alt.A, are not subprime. They are given to borrowers with good credit histories and have low loan-to-value ratios. However, they do not meet bank guidelines for conventional mortgages (good employment history, credit score above 700, 25 per cent down, gross debt service ratio below 30 per cent.) Subprime mortgages, on the other hand, are given to borrowers with bad credit and little or no income, have high loan-to-value ratios and often a low asset base. In the U.S., some of these loans were dubbed Ninja mortgages — no income, no job, no assets. Tal estimated that, in the U.S., those with bad credit account for only 30 per cent of the non-conforming market, but two-thirds of total losses.

Non-conforming and subprime loans represented between five and six per cent of all mortgages written in Canada in 2006, 2007 and 2008, compared with 22 per cent in the U.S., and analysts put the maximum potential at no more than 10 per cent. The federal government’s reversal of its ill-considered loosening of insuring criteria governing the Canada Mortgage and Housing Corp. and the general credit tightening globally will likely keep the share of the market below that potential.

As the housing bubble inflated, U.S. subprime lenders began to aggressively market their services to Canadians, but they have captured only a tiny portion of the mortgage market, which is dominated by the chartered banks, with the vast majority of high-ratio loans insured by CMHC. The recession has curtailed the activities of non-bank lenders, although they may resume when the economy recovers. Individuals must take responsibility for their personal finances, not borrow more than they can afford, be wary of teaser rates and other sharp marketing practices, and understand the terms of their mortgages.

Last month, Prime Minister Stephen Harper told CNBC in New York that Canada has avoided the subprime mortgage problem that has bedevilled the U.S. He was right then and has not “grossly underestimated” the impact of subprime lenders in Canada, as the newspaper article claimed. While there has been a doubling of foreclosures last year over a year earlier, B.C. has the lowest rate of non-conforming mortgages in the country. And here’s another factoid to consider: The percentage of Canadian mortgages in arrears for three months or more was just 0.3 as of December 2008.

Like other nations, Canada is coping with the global recession. While it is better positioned than many others, it still faces job losses, falling exports, low resource prices, weak consumer spending, declining government revenue and rising debt levels. One problem it doesn’t have is a subprime mortgage crisis.

 

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