Category: Kamloops Real Estate News

This article appeared in the Kamloops This Week on April 15th, 2015 and was written by Andrea Klassen.

Residential developers in downtown Kamloops will soon get a break on their taxes even if they don’t include rental units in their projects.

Kamloops city council has agreed to expand its downtown tax exemptions to include a 10-year, 100 per cent break on municipal taxes for projects that include new residential units.

A staff estimate puts the tax savings at $349,969 over the term for a new building with 15 units, and $745,848 for a development with 53 units.

Previously, the city had offered a tax break for residential projects in which at least 50 per cent of the units built are for rent, but planning and development manager Randy Lambright said no one has taken the city up on the offer since that incentive was created.

The city also gives tax breaks on both the North Shore and downtown for redeveloping brownfield sites, including former gas stations.

Several councillors wanted to see the downtown exemptions broadened further, to allow for other projects, such as converting unused office space into residential units.

Coun. Marg Spina is a fan of that idea, which she said could add more affordable housing to the downtown.

“My caution would be that I want to see the affordability factor there so we’re not just making tax exemptions for high-end residential buildings,” she said.

Coun. Tina Lange sees the move away from rentals as positive for developing the city’s core, arguing homeowners are more likely to stay in the area and become part of the downtown community.

“In order to build downtown, which is the most expensive per-square-foot land in the city, affordable housing isn’t going to be an option,” she said.

“If we want developers to build something they can sell, affordable housing isn’t going to cut it.”

Coun. Arjun Singh floated a proposal to allow tax breaks for second-floor conversions, using another portion of the downtown tax bylaw which gives a break on improvements worth $100,000 or 30 per cent of a property’s assessed value if they also include improvements to the building’s appearance.

Singh suggested the city could waive appearance requirements in cases when residential conversion is taking place, but wasn’t able to convince a majority of council to take up his idea.

“Frankly, I’m not looking to convert office space into apartments in downtown Kamloops,” Mayor Peter Milobar said.

“I think we have that office space and we need to fill it up because that provides employment for people to want to live in downtown Kamloops.”

Only Coun. Donovan Cavers opposed the new tax-break structure, saying the new exemptions are too broad and don’t allow council to pinpoint specific kinds of development it wants to encourage downtown.

This article appeared on the Kamloops BC Now on February 11, 2015 by Todd Hauptman.

Residential construction is booming in the City of Kamloops in 2015 as 28 new residential unit permits were approved in January.

While January 2014 had only five residential units approved, January 2015 saw six new single family unit, two additions to properties and 20 multi-famly units approved by the City.

These residential permit values presently stand at $7.4 million in January 2015 while January 2014 they were $1.05 million. Meanwhile the commercial unit permit values year to date presently is $889, 752.

Landlords and new property owners from throughout the city are gathering on Wednesday to learn about ways to protect their investment as well as allow more low income residents get housing. The HomeFree Collection is an initiative through the City of Kamloops to help end homelessness in Kamloops.

Here is how residential permit numbers compare year to year in the first month of the year:

2015: 46 permits valued at $7.48 million
2014: 6 permits valued at $1.06 million
2013: 23 permits valued at $2.37 million
2012: 25 permits valued at $3 million
2011: 24 permits valued at $3.28 million
2010: 33 permits valued at $4.88 million
2009: 14 permits valued at $2.04 million
2008: 61 permits valued at $10.81 million

January numbers give local realtors and property owners opportunism about the market in the year ahead.

Link to article.

This article appeared on Infotel.ca on October 24th, 2014 and was written by Jennifer Stahn.

KAMLOOPS – Requests to build more than 90 housing units were before council this week as developers look to move forward on projects around the city.

Projects for the industrial area of McGill Road, on Tranquille Road in Brocklehurst, downtown Battle Street and Qu’Appelle Boulevard in Juniper Ridge were all up for discussion Tuesday.

Council agreed to send the McGill Road project, which includes 14 residential apartment units situated in a commercial and industrial complex across from the new Telus Data Centre, and a 20-unit duplex development on Tranquille Road close to the airport to public hearing.

“This is our first development of this nature in our city,” Development Director Marvin Kwiatkowski says of the McGill complex, adding it would be different than the caretaker units that already exist in some industrial areas.

An 18-unit rental complex for 801 Battle St. got another look following an appeal by the developers earlier this month. Council agreed at the time to send it back to a public hearing, set for November, and Tuesday council got a preview of the new plans.

A 40-unit complex set for Juniper Ridge was also before council as the developers looked for a development permit, a necessary step before the project can move forward.

At the end of August the number of multi-family building permits so far this year were significantly below 2013 with only 125. In 2013 a total of 312 multi-family units were issued building permits.

Venture Kamloops recently released this video about Kamloops and all it has to offer those who call Kamloops home. This short four minute video is a great snapshot of our city.

About Venture Kamloops:

As the economic development arm of the City, Venture Kamloops’ focus is just that, economic development. The team works to provide the most up-to-date information to those interested in starting their business in Kamloops or expanding operations into the city.

Venture Kamloops’ mission is to create economic growth to establish the city as the premiere location for business development. This is done by featuring the city’s resources and offering comprehensive information plus a full spectrum of support services to investors and entrepreneurs.

For more information about Venture Kamloops click here. You can also access their 2013 annual report through this link.