Featured Property Of The Week: 419 Opal Drive, Logan Lake, B.C.

Logan Lake is a small community 60 km outside of Kamloops and 47 km from Merritt just off of the Coquihalla Highway. Logan Lake sits at an elevation of 1067m (3500 ft.) In the summer enjoy warm days and cool nights. There are a lot of outdoors activities to enjoy in the warmer months such as hiking, golfing and dirt biking. During the winter months expect a fair amount of snow (average 4 feet) and a lot of sunshine; excellent for cross-country skiing and snowmobiling. Traditionally a company town, Logan Lake has developed into a dynamic, growing community.The current population of Logan Lake is estimated around 2300.

419 Opal Drive is located within one block of the city centre. The recreation centre, schools and shopping are right at it’s doorstep. This four bedroom home has three bedrooms on the main floor. It has a very open floor plan, newer kitchen and updated bathroom with a deep soaker tub. There is over 1,000 square feet of living space on the main floor. The basement has one large bedroom and a den. There is also a three piece bathroom, laundry room and ample storage. The extra long single car garage has room for a shop or storage.

This Logan Lake home is a great family home, with a lot of yard space for the kids to play and a large deck for summer barbecues. This home is listed at $229,900. To view the slide show click HERE.

Front Of Logan Lake HomeLogan Lake Home Living RoomLogan Lake Home KitchenLogan Lake Home DiningLogan Lake Home: Back Yard

East Barriere Lake Real Estate Information

For up to date Barriere, Kamloops and surrounding area homes for sale click here.

East Barriere Lake West End BayEast Barriere Lake is located less than an hour north east of Kamloops. This lake is one of the last undeveloped lakes in the interior of British Columbia. East Barriere Lake is clean, full of fish and uncrowded. It is a beautiful lake that boasts a variety of activities year round. It’s shallow bay and warm waters make water skiing, wakeboarding, tubing, kayaking, swimming, canoeing and fishing very popular activities in the warmer months. The shores are sandy, surrounded by beautiful scenery to hike for hours makes this lake an undiscovered gem. For those who love to fish, East Barriere has plenty of rainbow trout. There are 100’s of kilometers of logging roads and off road trails for dirt biking and ATV’s in the spring, summer and fall. There are many winter activities to enjoy such as snowmobiling, cross country skiing, snowshoeing, ice skating on the lake and sledding.

East Barriere’s elevation is only 2,100 feet above sea level. The Max. depth of the lake is 302 feet with a mean depth of 156 feet. East Barriere Lake is approximately 10 Km long. The average summer water temperatures are between 75 – 82 degrees Fahrenheit.

Shuswap Highlands is a residential/recreational area on East Barriere lake where the lots are freehold parcels all belonging to a strata. Water and sewer system included in the strata. Telephone, internet & hydro are available to this area bringing the convenience of city life to the outdoors.  There are a variety of homes located both on the lake shore and set back from the water. There are a lot of log homes custom cabins in this area. There is a shared sandy beach at the foot of the lake, as well as a boat launch, grassy recreational area and boat moorage. The access road to the development is plowed in the winter making it easier for property owners to access their homes.

The Sands is a leasehold area of East Barriere Lake. The Sands is directly beside Shuswap highlands (to the east) and covers a large part of the southern shoreline of the lake. There are many private beaches and beautiful log homes along this stretch.

Currently there are a number of properties for sale on East Barriere lake. There is a prime building lot that is located in the Shuswap Highlands. It sits at the foot of the popular South East bay of the lake and has beautiful views up the stretch of the lake. There is direct access to the shared beach and the boat moorage is seconds away. This lot is the only lot available in Shuswap Highlands. Properties with newer cabins on them in this development go anywhere from $450,000 +.

There are also eight waterfront building lots, and 19 water view sites. These properties are priced from $125,000 to $250,000. Roads, water and sewer are in for these properties. These properties are located on the north side of the lake.

To get more information about these properties on East Barriere lake or any other lake front properties click here.

East Barriere Lake

East Barriere Lake

Wakeboarding on East Barriere Lake

Wakeboarding on East Barriere Lake

East Barriere Looking East

East Barriere Lake looking East

Shuswap Highlands @ East Barriere Lake

Moorage at Shuswap Highlands @ East Barriere Lake

East Barriere Lake Wilderness

Surrounding Wilderness at East Barriere Lake

East Barriere Lake Looking East

View of the frozen lake in January looking North East

East Barriere Lake in January

Looking towards the West bay of East Barriere Lake (The Sands & Shuswap Highlands)

Canadian Foreclosure Info Takes Some Digging

Kamloops and area home listings including judicial sales and foreclosed properties click here.

FORECLOSURE SIGNI found this article below that details foreclosures in B.C. We really have seen very little foreclosure action in the Kamloops housing market. It has been announced recently that B.C. is not immune to this recession and job losses, the drop in property values and the amount of debt carried by individuals is increasing. This extra pressure on individuals and  families will definitely cause those who are highly leveraged to sell either on their own to prevent a foreclosure (where the lender will force the sale) or the lender will foreclose on the property. It is expected that we will see more foreclosures in Kamloops in the months to come, but nothing like we have seen in the U.S. due to many factors that are different with our lending system here in Canada.  Read more below…

Media reports from the United States routinely list a litany of horrors about the number of foreclosures. According to an August 4 New York Times report, 8.41 percent of subprime-mortgage loans from 2005 were in arrears by 90 days or more or in foreclosure in the month of June. Of subprime-mortgage loans from 2007, 16.6 percent were delinquent, according to the report.

This is creating huge problems for U.S. real-estate lenders, who have to put properties in foreclosure and then find a buyer in a market that is already glutted with distress sales.

Fortunately, in B.C. there haven’t been nearly as many foreclosures, which are legal processes in court to extinguish all rights, title, and interest in an owner’s property so that it can be sold to pay a lien against it.

According to the Canadian Bankers Association, just 0.15 percent of B.C. residential mortgages were in arrears in April, the latest month for which figures are available. This is quite low when compared with other months dating back to 1990. The percentage of mortgages in arrears peaked in May 1999 at 0.66 percent—more than four times the most recent figure.

Vancouver real-estate educator and foreclosure researcher Kap Hiroti told the Georgia Straight in a phone interview that he expects the number of B.C. foreclosures to increase—but only because the numbers are so low. He noted that some high-risk borrowers who’ve previously relied on alternative-financing companies are finding themselves in trouble because those lenders have abandoned the market.

“What that means is that you’ve got people who’ve got a mortgage one or two years ago,” Hiroti said. “They’re coming up for renewal, and that company cannot renew because they pulled out of the market. Usually, they’re very highly leveraged loans.”

Those cases, however, are the exception to the current market norm here. Hiroti pointed out another difference between the U.S. and Canada when it comes to foreclosures: south of the border, information is readily available. In Canada, it’s much more difficult to find data on properties that are about to enter foreclosure proceedings.

ForeclosureList.ca, a Web site owned by Hiroti, does the legwork in digging up information on foreclosures. He explained that a foreclosure typically begins when a lender issues a demand letter to a property owner seeking repayment of a debt. If the borrower doesn’t respond appropriately, the next step is for the lender to file a legal document called a petition in B.C. Supreme Court.

The petition lays out the particulars, and normally asks for a court order quashing the owner’s rights, title, and interest in a property. At this point, the owner has a chance to file a response, which sets the legal wheels in motion. Prior to any judicial rulings, the owner still has control over the property and can usually sell it without obtaining permission from the lender.

Hiroti said his company compiles information from these petitions and distributes it for $99 per month to subscribers, most of whom are real-estate investors. He estimated that there are approximately 20 foreclosure petitions filed in B.C. Supreme Court each week. Doing this research isn’t cheap. In B.C., it costs $8 to research a court file and $1 per page to photocopy documents.

Ordinarily, a judge or a master of the B.C. Supreme Court will issue a decree nisi, which may require owners to pay down the debt within six months. Hiroti said the next step is for a judge or a master to issue an order for the conduct of sale. “That’s where they actually bring a realtor onboard,” he commented.

The agent has to list the property for market value on the Multiple Listing Service. Once an offer is made, the court must approve the sale. It can be a time-consuming process, which is why Hiroti thinks it’s useful for investors to find out about foreclosures much earlier in the process.

So can a buyer get a better deal by approaching a property owner who has just received a petition? “It’s a good question,” Hiroti responded. “There is the potential.”

An RRSP Can Help A First Time Home Buyer

HomeA federal program is in place to assist first time home buyers with the purchase of a home. Under the federal government’s Home Buyer’s Plan, you can use up to $20,000 in RRSP savings ($40,000 for a couple) to finance a down payment on a first home. You are then required to repay your RRSP over 15 years.

You have to ensure that the RRSP funds have been deposited for at least 90 days. You will also have to sign an agreement to buy a new or resale home. Buyers have to qualify the  home purchase.

Depending upon your situation, it might be to your advantage to access savings through the Home Buyers’ Plan. For example, if you had already saved $20,000 for a down payment – and assuming you still had enough “contribution room” in your RRSP for a contribution of that amount you could move your savings into a registered investment at least 90 days before your closing date. Then you could withdraw the money through the Home Buyers’ Plan.

Your $20,000 RRSP would then count as a deduction for the year. You could also use any tax refund you receive to repay RRSP or other home buying expenses.

Many home buyers looking to purchase a home in Kamloops are trying to find ways to ensure they have an adequate down payment. First time home buyers can definitely put this technique to use. Ensure, prior to making any major financial decisions, to check with your financial advisor, lawyer or tax specialist. These professionals can determine whether this strategy is practical for your financial situation.

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