Great duplex zoned lot on Burfield Drive in Sun Peaks. Easy access to the golf course, ski runs and all sun peaks amenities. Stunning mountain views with ski in features. Property backs on to McGillivray creek. There is no building time-line that exists on this street, so build your perfect resort home when you are ready. Sun Peaks is a four season resort with numerous activities for the whole family to enjoy every season of the year. The village features restaurants, shops and galleries. Don’t miss out on this great property.
To view all homes for sale in Kamloops click here.
This article was written by Jeremy Deutsch of Kamloops This Week and appeared in the November 30th, 2010 edition.
It may be an eyesore now, but all eyes will be on next week’s court proceeding for the Mission Hill development.
The court-appointed monitor looking after seven developments for the New Future Building Group, including Mission Hill in Kamloops, off the Summit Connector, will be in front of a judge in Vancouver on Monday, Dec. 6, submitting a report on the projects.
At that time, the judge could decide, based on a report provided by court-ordered monitor the Bowra Group, that New Future proceed and complete construction, or that the projects be sold in their current state. Other projects are in Kelowna, the Shuswap, Nelson and Squamish.
In October, New Future filed for protection from its creditors under the Companies’ Creditors Arrangements Act. The group of companies, which is headed by Kamloops developer Mike Rink, owes a reported $80 million on projects including Mission Hill.
Mario Mainella, vice-president of the Bowra Group, told Kamloops This Week it is unlikely the courts will order the Mission Hill development be sold because the best chance creditors have to get their money back is via completion. Mainella said whether the project will be completed through receivership is to be determined and will be based on the findings in Bowra’s report.
“This project sitting there idle does nobody any good,” Mainella said. “It’s at a point where it needs to be compete.”
He said if New Future is to remain involved in any of the projects, it will likely be under some conditions.
The Bowra Group, which provides financial-advisory services, is now looking after all the money for the projects on behalf of the courts until a final determination is made. In the meantime, the company plans on putting up funds to preserve and protect the projects during winter.
Mainella also met with city officials last week to determine what outstanding issues remain with Mission Hill. The city gave New Future until November 30 to meet a set of conditions in order to receive a new one-year building permit. David Trawin, Kamloops’ director of development and engineering, said the city is still owed money for lighting improvements, securities and permit fees for the one-year extension. He noted the total amounts to less than $500,000.
Trawin suggested the city is willing to give the Bowra Group extra time it needs to submit an application for a building-permit extension, provided the correspondence does not come from Rink. “Our goal from a city perspective is to do what’s best in order to get the project moving forward and finished,” Trawin said. After meeting with the Bowra Group, he said the city feels positive the project will commence in the new year.
Work on Mission Hill came to a halt several months ago after New Future ran into financing problems at the beginning of the summer. The first phase was scheduled to be complete by July, but Rink told KTW bank lenders decided to suspend funding until they reviewed the project.
In the meantime, a handful of prospective owners who bought into the project came forward, demanding — and, eventually receiving — their deposits back.
This Saturday, December 4th, 2010 open houses will be held in Aberdeen, Brocklehurst and Sahali.
Saturday, December 4th, 2010: 11:30-1:00: 2090 Van Horne Drive, Aberdeen, $379,900
Private & spacious 3 level split home in Aberdeen. There are 5 bedrooms & 3 bathrooms, including 1 ensuite. Recent updates include outside vinyl “chic” paint with a 20 year warranty, tile flooring & 95% efficiency furnace. more
Solid Sahali home in nice & quiet family area. Huge fenced yard & lots of parking. Numerous updates include roof, paint, flooring, bathroom, kitchen, newer appliances & more. Large sundeck more
Saturday, December 4th, 2010: 1:30-3:00: 2620 Briarwood Avenue, Brocklehurst, $427,900
Beautiful custom four level split home in West Briar Estates. There are 4 lg bedrooms & 3 full baths. The main great room area has high 16 ft vaulted ceilings & lots of windows. There is beautiful mountain views. more
To view all homes for sale in Kamloops click here.
Dropping mortgage rates and softer house prices pushed housing affordability higher in the third quarter, the Royal Bank of Canada said in its quarterly housing report Monday.
The bank’s affordability index measures how much pre-tax income is required to cover all the costs associated with owning a home. Broadly, the index monitors the costs of condos, detached bungalows and two-storey homes. It was the first time that home affordability has improved in four quarters.
The quarterly report said the index dropped at the national level by between 1.4 and 2.5 percentage points from the second quarter (meaning affordability improved) depending on the type of property. Such a range is still above the long-term average. Bungalow costs fell by 2.4 percentage points between the second and third quarters, to 40.4 per cent of pretax income. That’s still 0.3 percentage points above the third quarter of 2009, when Canada was just beginning to come out of a major recession, and above the 15-year average of 39 per cent.
The situation was similar with standard two-storey homes, which gobbled up 46.3 per cent of pre-tax income — 2.5 percentage points less than in the second quarter of 2010 but up 0.3 percentage point from the third quarter of 2009. The average measure for two-storey homes, since RBC began compiling the numbers in 1985, has been 43.3 per cent.
Modest retreat
National home prices have retreated modestly in recent months, as market conditions cooled considerably during the spring and summer from their earlier boil, the report found. “While this represented a decline from the second quarter, home prices were still 5.8 per cent to 6.8 per cent higher year-over-year.”
Condos remained the most affordable type of housing track, requiring 27.8 per cent of pre-tax income to cover mortgages, taxes and utilities and one percentage point above the long-term average of 26.8 per cent. However, the improvement from the second quarter of 2010 was only 1.4 per cent and remained 0.1 percentage point above the third quarter of 2009.
RBC says all provinces had improvements in housing affordability during the third quarter, especially British Columbia. However, the cost of home ownership in British Columbia remained high by historical standards — following increases that began in the first quarter of 2009. A detached bungalow in British Columbia consumed 59 per cent of pre-tax income, while two-storey homes ate up 67.5 per cent of income and condos required 32.9 per cent of pre-tax income — all above the national average.
Alberta and Manitoba are the only two provinces where the RBC Measures stand below their long-term average in all housing categories, an indication, the bank says, that there is little stress in these markets.
Great duplex zoned lot on Burfield Drive in Sun Peaks. Easy access to the golf course, ski runs and all sun peaks amenities. Stunning mountain views with ski in features. Property backs on to McGillivray creek. There is no building time-line that exists on this street, so build your perfect resort home when you are ready. Sun Peaks is a four season resort with numerous activities for the whole family to enjoy every season of the year. The village features restaurants, shops and galleries. Don’t miss out on this great property.
It may be an eyesore now, but all eyes will be on next week’s court proceeding for the Mission Hill development.
Saturday, December 4th, 2010: 11:30-1:00: 2090 Van Horne Drive, Aberdeen, $379,900
Saturday, December 4th, 2010: 1:00-3:00: 490 Garibaldi Drive, Upper Sahali, $319,900
Saturday, December 4th, 2010: 1:30-3:00: 2620 Briarwood Avenue, Brocklehurst, $427,900
Dropping mortgage rates and softer house prices pushed housing affordability higher in the third quarter, the Royal Bank of Canada said in its quarterly housing report Monday.