Kamloops foreclosures and court ordered sales are beginning to become more common in Kamloops and the surrounding communties.
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What do you think about this article posted by the Vancouver Sun on September 24, 2009? Have we seen the bottom of the housing market here in Canada and specifically Kamloops or was it a mild correction? What will the result be once interest rates begin to increase? Have we seen the worst of the recession here in Canada? I would love your opinion.
OTTAWA — The worst is over in the Canadian residential housing market, according to a new industry report that forecasts growth in the sector in the fourth quarter of the year.
According to the Re/Max Bricks and Mortar Report, “the bounce-back that began in early spring has made this recession one of the shortest on record for real estate.” Sales have increased in more than half of the 11 markets surveyed for the report, and values have surpassed “record-breaking” 2008 levels in seven of the markets.
“The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again,” said Elton Ash, regional executive vice-president, Re/Max of Western Canada. “In terms of its impact on the resale market, by historical standards, this recession was one of the mildest… . While there may still be some challenges down the road, the worst is definitely behind us in the housing industry.”
Low interest rates and falling housing prices in the midst of the economic downturn helped drive sales growth, Re/Max said. Sales in Vancouver, one of Canada’s most expensive housing markets, rose 14 per cent from January to August, while sales were up 7.4 per cent in Victoria over that period, 6.2 per cent higher in Edmonton and up five per cent in Regina. In Ottawa, where the real estate market remained fairly steady through the economic crisis because of the city’s relatively stable employment situation, sales were up 2.4 per cent.
Nationally, the average price of a home is about $312,585, up 0.5 per cent from January to August, but there was a much larger jump in St. John’s, N.L., where the average price rose 18.1 per cent to $203,584. There have also been substantial increases in Regina (6.4 per cent), Halifax-Dartmouth (3.5 per cent), Winnipeg (3.5 per cent) and Ottawa (3.3 per cent).
“Prices are on the upswing and inventory levels are tightening, so the push toward home ownership is expected to continue throughout the fall and possibly into early 2010,” says Michael Polzler, executive vice-president, Re/Max Ontario-Atlantic Canada.
The picture south of the border isn’t as optimistic. A report Thursday showed existing home sales in the United States fell in August after four months of gains. Still, BMO Capital Markets economist Jennifer Lee suggests there is room for hope, pointing out that inventories continue to drop and while housing prices continue their downward trend, the cuts are not as deep as they were earlier in the year.
Fantastic family home in a quiet area of Barnhartvale. This home has 3 bedrooms on the main, 2 downstairs & 2 full bathrooms. There is 3,000 square feet of living space and the home sits on a 14,810 square foot lot. Many recent updates include: windows, roof, some flooring & paint. Huge 22 x 37 foot detached shop & lots of extra parking for RVs and toys. Large fenced lot has room for the whole family. The hot tub & all appliances are included.
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Here are the Kamloops and District Real Estate Association’s statistics for August 2009. Click on the image to make it larger.
This article appeared in the Kamloops This Week “City Hall Briefs” section on Friday August 14, 2009.
It was smooth sailing for a couple of large North Shore developments at a public hearing this week. City council unanimously approved a pair of rezoning applications for a seniors’ housing complex in Brocklehurst and a shopping centre in Westsyde.
The RiverBend Seniors Community, located at Tranquille Road and Mayfair Street, met no opposition from the public on its way to being approved. The development, headed by the Thrupp Manor Society, will offer 266 multi-family seniors’ residential units comprised of 66 below-market rental units and 200 life-lease market-housing units. RiverBend will also include commercial space oriented to support services for seniors living in the complex, along with a wellness clinic. Construction on the project is expected to begin in October.
Mayor Peter Milobar said the development should help ease the demand for low-income and seniors’ housing in the city. “I think it’s a nice fit,” he said.
Council also gave the green light for a shopping centre on a 2.5-hectare piece of land at 3260 Westsyde Rd. That application also passed without any opposition.
Kamloops New Development: Phase One Of The West Highland Community in the Aberdeen Highlands Has Begun Construction
This article appeared in the Kamloops This Week “New Home Buyers Guide” on Friday, August 14, 2009.
Building a community from scratch is a lot harder than it looks – it’s what the group behind a massive development in Aberdeen is in the process of finding out. The Aberdeen Highlands Development Corporation has started construction on the first phase of it’s West Highland community and the land developer has a real life Sim City on it’s hands.
Chris Bebek, general manager for Aberdeen Highlands, explained the company has built other subdivisions, but she compared this project to starting a whole community. “You’re having to think about a lot more things than we’ve had to in the past,” she told KTW.
The to-do list before the area can be sub-divided and sold to developers is lengthy. A roundabout at Aberdeen Drive and Pacific Way is now being built will be built this summer along with all the services to the individual lots – that includes sanitary, storm and water works.
Streetlights will also be installed and Aberdeen Drive will be given a multi-use pathway that will act as a walking trail and bike path. ” There’s a lot of things that are on the go right now to get us prepared to start that pre-marketing for when it’s completed in the fall,” Bebek said. She pegged the completion date of the first phase for September or October.
In the meantime, Highland Development is updating it’s website and getting ready for pre-sales.
The first phase of the development will include 34 single-family lots, two multi family sited, a new fire hall and a mixed-use commercial-residential site. It is expected that 90 to 110 units could be built in the first phase, housing several hundred people.
While the economy and the real estate market have taken a pounding in the last year, Bebek noted Aberdeen Highlands has received plenty of interest and compiled a list of perspective developers in Kamloops.
City council gave the massive development the go-ahead last winter. The Aberdeen Highlands area, located near the top of Pacific Way and the Aberdeen Hills Golf Course, spans roughly 150 acres. Once completely built out, the development is expected to consist of nearly 1,000 new homes, along with some areas of commercial and park space.
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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.”