Modest Home Price Gains Predicted in B.C. Over Next Four Years, BC Local News

This article appeared on the BC Local News Website on January 21, 2015 and was written by Jeff Nagel.

BC Market Forecast, Landcor Data Corp 2015

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Housing prices in B.C. should rise modestly this year after stronger gains in 2014, according to a new forecast by Central 1 Credit Union.

The association of B.C. credit unions predicts a 2.5 per cent increase in resale home prices in 2015 and similar increases of between two and three per cent out as far as 2018.

Bryan Yu, senior economist with Central 1, sees continued strength in urban real estate markets.

“I think sky-high prices in Greater Vancouver have more room to grow with little risk of a significant downturn,” Yu said.

One trend he expects to continue is the divergence in price growth between detached houses and multi-family units.

“While condo markets have been soft, with median home values flat since 2010, detached values have surged,” Yu said. “Single-family housing is increasingly a luxury good detached from income drivers.”

His Report predicts home prices in Metro Vancouver will continue to be underpinned by the scarcity of developable land, the growing population and international demand.

It says the collapse in the price of oil will be generally positive for real estate markets, because it leaves more discretionary money in consumers’ pockets.

But crude’s plunge is painful for Albertans and will restrain their demand for B.C. recreational property in the Interior and Vancouver Island.

The lower Canadian dollar, however, has made real estate here more affordable relative to the rising prices of U.S. homes, the report notes.

Central 1 expects no increase in interest rates until early 2016 but expects five-year rates will average 6.5 per cent in 2018.

“Record-low mortgage rates will not last indefinitely, but will remain low enough to underpin housing market demand this year and next.”

 

New Listing: 723 Hayward Place, Westsyde, Kamloops, BC $404,800

 

723 Hayward Place, Westsyde, Kamloops Home for Sale

Brand new Bergman home in popular area of Westsyde.

This home features lots of extras, the main entry way is spacious with tile flooring, office or bedroom off the main entry and a good sized laundry room with cabinetry. The main level has a nice great room open floor plan with 9 foot ceilings. From the top of the stairs the living room has a gas fireplace with cultured stone and a vaulted ceiling.

The kitchen and living room are open to one another, the kitchen has maple shaker cabinets with tile backsplash. There are lots of windows and LED pot lights in the living room, kitchen and hall. There is a large patio off of the kitchen which is south facing, great for catching some sunshine.

There are 3 bedrooms on the main floor, two good sized guest or kids rooms, a four piece guest bathroom and a large master suite with four piece ensuite and large walk in closet.

Other features are: acrylic stucco finishing, rough in central vacuum, rough in for central a/c, media panel, two car garage, windows are all IJ Windows, partially unfinished space great for an a fifth bedroom and rec room. There are rough ins for a 3rd bathroom and wet bar in the basement area with full glass door to the second ground level patio and yard. Beautiful home ready for occupancy late February / early March.

Click here to view pictures of this home

To view all homes for sale in Kamloops click here.

Open House: 2762 Beachmount Crescent, Westsyde, Sunday January 18, 2015 2:00-3:30pm

2762 Beachmount Cres, Kamloops Real Estate

Open House: 2762 Beachmount Crescent, Westsyde, Sunday January 18, 2015 2:00-3:30pm.

Brand new Westsyde home that features 3 nice sized bedrooms plus a den and 2 full bathrooms. The main floor has almost 1300 sq ft of space and the open great room design, large covered deck overlooking the park and laundry on the main floor – it is a perfect family home. The daylight walk out basement is partially finished and roughed in for a suite. The front yard is fully landscaped with inground sprinklers. The backyard is a good size and overlooks the park and trails. The home also has a double garage, extra RV parking and a covered deck on the lower level.

To view more photos of this home click here.

To view all homes for sale in Kamloops click here.

Open House: 1932 & 1944 Quails Roost Drive, Batchelor Heights, Sunday January 18, 2015 11:00-1:30pm

1944 Quails Roost Dr. Kamloops Real Estate

Open House: 1932 & 1944 Quails Roost Drive, Batchelor Heights, Sunday January 11, 2015 11:00-1:30pm.

Brand new basement entry home with lots of extras in a great area of Batchelor Heights. This home features a nice open great room floor plan with 3/4 hardwood flooring, throughout the main living space.

There are 3 bedrooms on the main floor with a 4 piece guest bathroom and 4 piece ensuite with custom tile shower. There is a nice sized deck off of the kitchen leading to the yard. The bottom level features a finished foyer, den off of the foyer and a large laundry room. The basement level has inlaw suite potential and is ready for your ideas. The oversized garage is 20 X 24 and has bonus toy storage space that is 13’6 X 10. There is also RV parking. Other extras this home has includes 9 foot ceilings, front yard landscaped, kitchen appliances (fridge, stove, dishwasher) and roughed in built in vacuum. Located on a cul-de-sac with only local traffic.

To view more photos of this home click here.

To view all homes for sale in Kamloops click here.

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