New Listing: 159 Puett Ranch Road, Rayleigh, Kamloops, BC $416,900

159 Puett Ranch Road Rayleigh Kamloops Real Estate Rayleigh Pool home for sale Kamloops

You will be impressed when you step into this well cared for 3 bedroom, 3 bath Rayleigh home.

Located on a flat half acre lot with a two car detached shop, fully fenced yard with pristine landscaping and a beautiful 20′ x 40′ in-ground swimming pool. There is ample open parking for your RV, boat & toys. Recent updates in the home include a 500 square foot addition, sumptuous spa ensuite with a soothing soaker tub, separate double shower stall, tiled floor accented with a glass tile backsplash, hot water tank(2009), central a/c (2013), pool liner (2010), roof & insulation (2010) & some windows.

The main level features a nice mix of tiled & laminate flooring, two bedrooms, a bright & cozy living area with gas fireplace. The galley style kitchen has been outfitted with newer appliances & the dining area opens up to a peaceful covered deck. The downstairs features a generous sized family room, bedroom, three piece bath, bonus kitchen area & potential for an in-law suite if desired with a separate entrance.

Located only two blocks to the elementary school, one block to the city transit stop and 15 minutes to downtown. This home must be viewed to be fully appreciated!

To view all homes for sale in Kamloops click here.

Canadian Banks on Brink of Mortgage Price War, The Globe and Mail

This article appeared in the Globe and Mail on January 27th, 2015 and was written by Tamsin McMahon.

Canadian low mortgage ratesCanada’s major banks are heading into a renewed mortgage price war in the wake of the Bank of Canada’s surprise decision to cut interest rates.

Mortgage brokers reported that Royal Bank of Canada dropped its five-year fixed rate for qualified borrowers to 2.84 per cent over the weekend. While smaller, non-bank lenders have started offering even cheaper rates, RBC’s rate cut is likely a record for a major bank, said Drew Donaldson, executive vice-president of Safebridge Financial Group. The bank also slashed its posted 10-year fixed rate to 3.84 per cent, the lowest nationally advertised rate in the country, said Robert McLister, founder of Ratespy.com.

RBC spokesman Wojtek Dabrowski said the bank continues to “review the impact of the Bank of Canada’s rate decision,” and that the company’s “individual product lines continue to make pricing adjustments in the regular course of business to ensure we provide competitive rates in the marketplace.”

Bank of Nova Scotia and National Bank of Canada have also cut fixed rates on broker-originated mortgages by 10 to 20 basis points in recent days. Toronto-Dominion Bank said it was dropping its posted 5-year fixed rate on Tuesday to 3.09 per cent, down from 3.29 per cent.

Mortgage officials said RBC was among the last of the major banks to introduce new rate specials.

“National Bank already offers competitive rates over the mortgage rate spectrum as we moved early over the past weeks,” bank spokesman Claude Breton said.

A battle in the mortgage market seemed inevitable given that Government of Canada bond yields have plummeted in recent weeks, falling 57 basis points in the past month to historic lows. Brokers had predicted that falling bond yields were almost certain to drive down the fixed-rate mortgage pricing ahead of the competitive spring housing market even as banks have largely kept their prime rates, which govern variable-rate mortgages along with other types of loans, unchanged. All the major banks will soon be forced to follow the Bank of Canada and cut their prime rates 25 basis points to 2.75 per cent, Mr. Donaldson said. “We expect more cuts to come from all lenders,” he said.

Even ahead of the Bank of Canada’s unexpected rate cut last week, the country’s major banks already seemed poised for a new round of rate cuts this year. Earlier this month, Bank of Montreal chief executive officer Bill Downe told an industry conference the bank was expecting to “again have a fresh offer that is appealing to customers” in the spring. The bank drew the ire of former finance minister Jim Flaherty in 2013 after it dropped its five-year fixed mortgage rate to 2.99 per cent in what Mr. Flaherty called a “race to the bottom.”

The renewed price war is raising concerns that the central bank’s rate cut will add fuel to the country’s overheated housing market even as Canadians struggle under the burden of rising household debt. Canadian Imperial Bank of Commerce deputy chief economist Benjamin Tal warned last week that falling mortgage rates could lead to “a monstrous spring in the real estate market.”

Others argue that low rates may not be enough to kick start a housing market that had already begun to slow toward the end of this year as oil prices plunged. Even as they predicted that Canada’s central bank will cut interest rates a second time later this year, TD economists said Monday they expect Canada’s real estate market to fare poorly this year as cheap crude and sky-high house prices in major cities are making it difficult for new buyers to afford to jump into the market despite low mortgage rates. “The housing market is … projected to be a drag on growth, with changes in existing home sales and prices, as well as housing starts, forecast to tilt into negative territory,” the bank said.

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Kamloops Home For Sale: 1441 Dunbar Drive, Aberdeen, B.C. $529,900

1441 Dunbar Drive New Home Construction Aberdeen KamloopsKamloops Home For Sale: 1441 Dunbar Drive, Aberdeen, B.C. $529,900. Beautiful Aberdeen home with many custom finishes.

This home features 3 bedrooms on the main floor with a nice sized four piece guest bathroom and a gorgeous master bedroom five piece ensuite. The nice open great room floor plan is perfect for entertaining or enjoying family time. The Living room ceiling is high to take in the natural light and views.


The basement level features a nice sized bedroom, rec room, additional four piece bathroom and suite potential with separate entry. There is also a bedroom or den off the main entrance and large foyer, room for the whole family.

There is a laundry room in the basement area off of the rec room as well as a laundry room off of the main foyer with built in cabinets. This home also has a two car garage and will be fully landscaped with in ground sprinklers.

To view all homes for sale in Kamloops click here.

Why The Bank of Canada Rate Cut May Not Bring Down Mortgage Costs, The Globe and Mail

This article appeared on The Globe and Mail on Thursday, January 22nd, 2015 and was written by Robert McLister.

It could be a boon for mortgage shoppers or 2015’s greatest mortgage disappointment.

I’m talking about the Bank of Canada’s 0.25 per cent rate cut Wednesday. At first blush, it was an unexpected bonus for mortgage borrowers. Prime rate was expected to drop as it usually does, in this case from 3.00 per cent to 2.75 per cent. That would have saved variable-rate mortgage holders 0.25 per cent, or roughly $500 per year on a $200,000 mortgage.

But now, all in mortgage-land are waiting and wondering if Canada’s major banks will actually pass along that rate cut. The Globe and Mail’s Streetwise reported Wednesday that TD Canada Trust may not reduce its prime rate. (TD sent me a statement this morning confirming that it is not changing prime rate “at this time.”)

More than nine times out of 10, banks do drop their prime rate in lockstep with Bank of Canada overnight rate cuts. But banks have also been known to hold back a cut for themselves. The last time that happened was December 2008. The Bank of Canada slashed rates 0.75 per cent. Yet, the major banks lowered prime rate by only 0.50 per cent.

We’re in a different world this time around. The average home price is 44 per cent higher than 2008, debt levels are at a record, bank revenue is pressured by multi-year lows in mortgage growth, competition has shrunk net interest margins and Ottawa had burdened banks with heaps of regulatory, capital and securitization restrictions. That makes banks and the federal government quite reluctant to see a lower prime rate.

The housing policy factor cannot be underestimated, not with the Bank of Canada admitting that certain regions’ home values may be up to 30 per cent overvalued. I spoke with one capital markets executive Thursday. He said, “I wouldn’t be surprised if the Bank of Canada called all the major banks and said, ‘Don’t use this rate cut as fuel to get more debt in consumers’ hands by lowering rates.”

Fortunately, despite TD’s reluctance to change prime (so far), if one of the major lenders does lower its prime rate, they likely all will. But if they do, there’s a very real chance the banks may also reduce variable-rate mortgage discounts. Instead of prime minus 0.65 per cent, for example, they may increase variable rates to prime minus 0.50 per cent or higher, in order to offset their lost margin. Playing their hands this way would attract less public criticism than overtly keeping the Bank of Canada’s cut for themselves.

If the banks don’t in fact pass along the Bank of Canada’s rate cut, the Big Five bank CEO’s may want to take shelter in their underground Bay Street bunkers — for there will be nuclear fallout from that decision.

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