House Sales In Canada Rise 7% In March Month Over Month

The Globe and Mail came out with this article today detailing a 7% rise in home sales for March which is the second straight month of improving sales. It is an interesting article but what you have to remember is that spring and summer are typically the busiest times of the year for home sales. In Kamloops, we have seen the real estate market pick up over the last month and that is to be expected as we head into spring and summer. The full article is included below.

The Canadian housing market appears to be stabilizing, with sales activity up in March for the second consecutive month as lower prices drew in more buyers, the Canadian Real Estate Association said Wednesday. Actual transactions were down 13.7 per cent, year over year. This was the smallest decline in six months, the association said. “Housing markets are starting to show signs of buyer interest because of lower prices and interest rates,” Regina real estate agent Dale Ripplinger, CREA president, said in releasing the March results. However, economists were reluctant to characterize the increased sales activity as the beginning of a recovery in the real estate market.

The March statistics were “certainly encouraging,” Toronto-Dominion Bank economist Millan Mulraine said. “Nevertheless, with the Canadian economy continuing to be in a very intense recession, and labour market conditions continuing to worsen at an alarming pace, we expect over-all housing market activity to remain soft in the coming months,” Mr. Mulraine said in a research note. “That’s why we are cautious about interpreting this as the beginning of a long-term trend,” he added in an interview.

A seasonally adjusted total of 31,135 existing homes changed hands in March. “This is an increase of 7 per cent from the previous month, and builds on the 10.3-per-cent activity gain in February,” CREA said in a news release. “The number of transactions in March stands 18 per cent above levels reported in January, 2009, when activity sank to the lowest level in a decade.”

The national average resale price was $288,641 in March, down 7.7 per cent from a year earlier – again, the smallest year-over-year decline in six months, the association said. The largest monthly increases in activity were in British Columbia, at 13.6 per cent, and Ontario, at 10.5 per cent, the association said.

CREA’s chief economist, Gregory Klump, said the sales reflected a “stronger-than-normal seasonal bounce” in a number of markets. “The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers …who are taking advantage of improved affordability,” Mr. Klump said, adding that anecdotal evidence indicates that a lot of the buyers are first-time market entrants. “Looking back to economic recessions in the early 1980s and 1990s, national resale housing activity bottomed out before the job market or economy did,” Mr. Klump said. “It will take time for ample supplies of new and existing homes to be drawn down, but demand appears to be stabilizing.”

Bank of Montreal economist Robert Kavcic noted that, despite the recent improvement, sales activity is still down more than 30 per cent from the peak seen in May, 2007. “Still, the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn,” Mr. Kavcic said. “Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes,” he said in a research note.

Recent measures in the new federal budget, including an increase in the maximum withdrawal allowed under the Home Buyers Plan and the First Time Buyer Tax Credit, will also lend support to new buyers, Mr. Kavcic said. “While a continued gradual decline in new listings—down 10.9 per cent year-over-year in seasonally adjusted terms—will ultimately help restore the market to balance, the ratio of new listings-to-sales remained slightly elevated at 2.2 per cent in March. “Over-all price declines are still somewhat exaggerated by the changing sales mix (sharper declines in the most expensive cities and higher price ranges), and as such, weighted-average prices are down a more modest 4.7 per cent year-over-year. Still, a widespread 14 of 25 cities are reporting lower prices versus last year,” Mr. Kavcic wrote.

“Western Canada continues to face the most severe price pressure, with average home values still down more than 10 per cent year-over-year in each of Vancouver, Victoria, Calgary and Edmonton. Hard-hit manufacturing centres in Ontario are also posting double-digit declines, while Regina and St. John continue to lead the pack, up 16 per cent year-over-year and 13 per cent year-over-year respectively.” Mr. Kavcic said it remains a buyers’ market. “Further price declines and low mortgage rates will ultimately help trigger a recovery, but a reversal in the wave of job losses is one major pre-requisite still outstanding,” he said.


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.

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.

1 246 247 248 249 250 259