Featured Property: 41-1900 Hugh Allan Drive, Pineview Valley, Kamloops, B.C. $329,900

41-1900 Hugh Allan Drive Northgate Kamloops Pineview Real Estate41-1900 Hugh Allan Kitchen Northgate Pineview Kamloops Real EstateImmaculate two story end unit with lots of upgrades and fully finished basement. Three bedrooms and four bathrooms that has a large laundry room on the second level with the bedrooms. Extras include tile backsplash in kitchen, custom closet organizers in all closets, tile around bath tubs, custom window coverings, kitchen appliances 1 month old, fully finished basement with large rec room, 4 piece bathroom and daylight walkout basement with lots of natural light. This home is like new, 1 car garage with extra parking outside the unit. Low strata fees and home warranty in effect. March 30 or later possession and washer/dryer do not stay. You won’t find a nicer unit in this complex. Within steps of transportation, walking trails and minutes to shopping.

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Featured Property: 1580 Monte Creek Road, Monte Creek, Kamloops, B.C. $548,500

1580 Monte Creek Road Monte Lake Kamloops PropertyMust see! Mountain & creek views, animal lovers dream. Prime location 20 minutes from Kamloops city centre. Many features of the property include detached 30×24 shop, a barn and many outbuildings on just under 5 acres. The home has over 3,400 square feet of living space with a huge hobby room open for your ideas. There are four bedrooms and three bathrooms, main floor laundry, tons of storage and two large rec rooms.  There is lots of parking for RV’s and toys.

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Featured Property: 701 Wittner Road, Deloro, Kamloops, B.C. Riverfront Acreage $579,900

701 Wittner Rd Kamloops Riverfront Property For Sale701 Wittner Rd View Riverfront Real Estate KamloopsSpacious riverfront heritage home sitting on 3.9 acres. 900+ feet of south Thompson riverfront on the deep canal of the river.

There is over 3,200 square feet with 3 bedrooms, 3 bathrooms, a large living room and dining room on the main floor and a rec room on the second level that could be converted to two other bedrooms. There is also a large finished attic space great for a kids play room. There is enough room on the main floor to put in a den/office/bedroom.

Updates include granite island in kitchen, hardwood floors on main and roof approx 12 years.The kitchen has heated tiles and is very large – great for the chef in the family. There is a small family room off of the kitchen, spacious nook overlooking the river and laundry room.

This home comes with all appliances, the dock and hot tub. 2 car garage. Endless views of the mountains and river. Rivershore golf course is within minutes, fish right off of your dock or boat to the Shuswap Lake in the warmer months.

This property would be ideal for a hobby farm, horses, dog kennel or B & B so bring your ideas. A detached shop or carriage house could be built easily on this flat property. Call for more details.

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Mortgage Rates Dropping Due to Cheap Bonds BMO, TD Lower Some Fixed Rate Offerings to 2.99%

This article appeared on CBC.ca on January 13th, 2012 and was written by Pete Evans.

A strong international demand for bonds from Canada’s biggest banks is trickling through the system and pushing mortgage rates to record lows at the consumer level.

The Bank of Montreal moved its five-year fixed mortgage rate to 2.99 per cent late Thursday — the lowest posted rate from a major bank in Canadian history.

BMO announced the rate cut late on Thursday and TD followed suit by lowering their four-year fixed rate to 2.99 per cent on Friday afternoon.

BMO’s offer, which ends Jan. 25, states that lump sum payments are limited to 10 per cent of the principal each year. The mortgage is also based on a 25-year amortization period. TD’s offer is open until Feb. 29, 2012. It’s also for a four-year term, much less common than the standard five-year.

Other banks are expected to follow suit. On Wednesday, Toronto-Dominion Bank reduced its posted six-year rate 132 basis points to 3.79 per cent and lowered the posted seven-year fixed rate 91 basis points to 3.99 per cent.
Access to capital

Borrowers can often negotiate a better rate from a bank based on their credit history, but the posted rate at a bank is seen as the benchmark for its mortgage offerings. The five-year rate is by far the most common term for a first-time homebuyer.

Lower mortgage rates are the results of a broader trend in which international bond investors are gobbling up Canadian offerings at record levels because they’re generally perceived as being safer than bonds from other countries.

“It’s not surprising given that mortgage rate declines have actually been lagging behind falling bond yields,” Queens University real estate expert John Andrew said. “[It’s] driven by global economic uncertainty.”

Earlier this month, BMO was able to sell $1.5 billion worth of five-year bonds at a rate of 2.544 per cent. Contrast that with the government of Italy, for example, which sold an offering of bonds with a 4.83 per cent yield on Friday.

Essentially, the bond market considers BMO a better bet than Italy. A lower yield is a sign investors have more confidence in that lender’s ability to live up to the terms of the loan.

“Right now Canada is a function of what’s happening in the global environment,” Mark Kerzner of The Mortgage Group said. “And mortgage consumers are able to benefit from the noise in the rest of the world.”

As Europe’s debt crisis unfolds, investors are fleeing for safety. Canada is seen as a beacon in the financial world, so bond offerings from Canada’s biggest lenders are in strong demand. Cheaper borrowing for the banks has in turn allowed them to seek new customers by cutting their consumer rates.

“There’s a risk premium,” said Nick Mitskopoulos, president of mortgage broker Verico Mortgage For Less in Toronto. “The three-to-five year money is cheaper [but] their short term costs have gone up.”

“Their cost of capital is going up for the short term, but not for the long term.”

Mitskopoulos said other lenders will be hard-pressed to match BMO’s rate, although most will likely lower their rates a bit to compete. At that level, he suggests, BMO might be at a break-even level and is hoping to make gains from new customers through lines of credit.

Fixed-rate mortgages are closely tied to what’s happening in the bond market, as that’s how the banks finance their lending. Variable rate mortgages are more closely linked to the Bank of Canada’s rate.

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