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
1 537 538 539 540 541 561