Kamloops Real Estate Blog

Pace of housing starts slows in October, says Canada Mortgage and Housing Corp., CTV News

November 10, 2014 Kirsten Mason National Real Estate News

Pace of housing starts slows in October, says Canada Mortgage and Housing Corp. This article appeared on CTV.ca on November 10th, 2014 and was written by The Canadian Press.

OTTAWA — The pace of new home starts in Canada slowed in October due to less construction of multiple-unit homes including condominiums, Canada Mortgage and Housing Corp. says.

The agency estimated Monday the standalone monthly seasonally adjusted annual rate was 183,604 units in October, down from 197,355 the previous month.

Economists had expected a rate of 200,000, according to Thomson Reuters.

The decrease in October brought the six-month moving average down to 195,707 homes as of October, compared with 197,763 in September.

“The decrease in the trend reflects a decline, in October, of starts of multi-unit dwellings, including condominiums,” CMHC chief economist Bob Dugan said in a statement.

“Given the elevated level of condominium units under construction, our expectation is that condominium starts will continue to trend lower over the coming months.”

CMHC says the pace of urban housing starts in October decreased across the country, with declines led by British Columbia and followed by Quebec, Atlantic Canada, the Prairies and Ontario.

The overall drop in the pace of new home construction came as the rate of urban starts slowed to 164,683 in October, down from 177,053 in September.

The drop was due to a slower pace of multiple-unit urban starts which fell to 98,673 compared with 114,539 in September. The rate of single-detached urban starts segment increased to 66,010 from 62,514.

Rural starts recorded a seasonally adjusted annual rate of 18,921 in October.

TD Bank economist Brian DePratto noted that while the October results fell short of expectations, the trend over the last six months has still outperformed the bank’s expectations and has remained well above the 180,000 level needed to keep up with underlying population growth.

“In addition, the decline was led entirely by multiple-unit starts, which can be quite volatile,” DePratto wrote in a note to clients.

“With multi-unit construction growing as a share of overall new homebuilding (it now accounts for 60% of construction), monthly swings have become more volatile, and so longer-term trends provide a more appropriate gauge of the health of Canada’s construction industry.”

Property Sales in Canada Set to Rise by Almost 4% This Year

November 10, 2014 Kirsten Mason National Real Estate News

Property Sales in Canada Set to Rise by Almost 4% This Year. This article appeared on Propertywire.com on November 10th, 2014.

Residential property sales in Canada are forecast to increase by 3.8% this year compared to 2013, according to revised figures from the Canadian Real Estate Association (CREA).

The data reflects stronger than expected sales in recent months. Even so, sales activity is expected to peak in the third quarter as the impact of a deferred spring dissipates and continuing home price increases erode housing affordability.

This would place activity in 2014 slightly above but still broadly in line with its 10 year average. Despite periods of monthly volatility since the recession of 2008/2009, annual activity has remained stable within a fairly narrow range around its 10 year average. This stability contrasts sharply to the rapid growth in sales in the early 2000s prior to the recession.

British Columbia is forecast to post the largest year on year increase in activity at 11.9% followed closely by Alberta at 7.7%. Demand in both of these provinces is currently running at multi year highs.

Activity in Saskatchewan, Manitoba, Ontario, Quebec and New Brunswick is expected to come in roughly in line with 2013 levels, with sales increases ranging between 1% and 2% in the first three provinces and edging lower by about 1% lower sales in the latter two provinces. Sales in Nova Scotia and in Newfoundland and Labrador are projected to be down this year by 3.9% and 5.2% respectively.

Mortgage interest rates are expected to edge higher as Canadian exports, business investment, job growth, and incomes improve. These opposing factors should benefit housing markets where demand has been softer but prices have remained more affordable.

Sales in relatively less affordable housing markets are likely to be more sensitive to higher fixed mortgage rates, the CREA report also says.

National activity is now forecast to reach 473,100 units in 2015, representing a decline of four tenths of 1%. Sales activity is forecast to grow fastest in Nova Scotia at 3.3%, followed by Quebec with growth of 1.3% and New Brunswick at 1.3%. Alberta is the only other province forecast to post higher sales next year with growth of 1%.

In other provinces, activity is forecast to decline in the range of between 1% and 2%. In British Columbia and Ontario, this trend reflects eroding affordability for single family homes, the report says.

The national average price has evolved largely as expected since the spring, resulting in little change to CREA’s previous forecast so it is projected to rise by 5.9% to $405,000 in 2014, with similar price gains in British Columbia, Alberta, and Ontario. Increases of just below 3% are forecast for Saskatchewan, Manitoba and Prince Edward Island. Newfoundland and Labrador is forecast to see average home price rise by about 1% this year, while Quebec is forecast to see an increase half that size.

Prices are forecast to be flat in New Brunswick and recede by almost 2% in Nova Scotia. The national average price is forecast to edge up a further 0.7% in 2015 to $407,900. Alberta and Manitoba are forecast to post average price gains of almost 2% in 2015, followed closely by Ontario at 1.3%. Average prices in other provinces are forecast to remain stable, edging up by less than 1%.

Looking at the year so far, the CREA report says that the deferral of sales and listings during an extraordinarily bleak winter delayed the start to the spring home buying season. This deferral boosted activity in May and June as properties were snapped up after finally hitting the market, particularly in markets with a shortage of listings.

Although this boost was and still is expected to be transitory, sales have yet to show signs of cooling as activity strengthened slightly further over the summer. The increase reflects continuing strength in home sales among large urban markets that initially drove the spring rebound together with gains in markets where activity had previously struggled to gain traction. Lowered mortgage interest rates supported this trend.

Tips On Staging Your Kamloops Home To Get It Ready For Sale

November 1, 2014 Kirsten Mason Information For Sellers, Real Estate Information

Tips On Staging Your Kamloops Home To Get It Ready For Sale. It can be a very daunting task to start the process of staging your home to prepare to put it up for sale. In our experience, there are a number of simple and inexpensive things you can do to help make your home more appealing than other homes for sale in your area of Kamloops. We have compiled a list of simple things you can do to help make the sale process easier and get the most money for your home. Contact us anytime if you have questions or you would like a free, no obligation home evaluation.

1. Start with a open mind and new perspective

Often times home owners become very emotionally attached to a home and the decor. It is important to detach from the property and try to see your home through buyers’ eyes. Think minimalist and the ‘hotel room’ look. This will help make your home shine.

2. De-clutter!!!

I can’t emphasize this one enough. It is important to go through all common areas of your home first as these areas are the first rooms buyers see. You want your home and have the feeling of space. Here are simple decluttering ideas for your home:

Make the entry way as spacious as possible. Large furniture and decor can get in the way of buyers entering your home.
Remove all items off of your counters in the kitchen and bathrooms.
Remove all magnets and cluttery bulletin boards from common space.
Remove all heavy drapery or window headers exposing the windows which will allow for more natural light to fill your home.
Remove all items that are not needed from closets and storage space. Get storage containers to pack items away that are not needed for the time you are listed for sale. If you can afford a storage locker remove all items from your home that are not needed.
Eliminate excessive knick knacks and personal items from the home. Plain homes show best!

3. Freshen up & brighten up

Paint colours are a huge component of the way a home presents. Choose a neutral colour palette. Presently neutral, spa-like colours are very popular. They give buyers an inviting feeling when walking into a home. Light paint colours also make a home appear more bright and feel more fresh. You want Buyers to see themselves living in your home. Fresh neutral colours will help them with this vision.

4. Curb appeal

During some seasons of the year it is hard to have beautiful curb appeal in Kamloops due to the weather. Here are a couple ideas for each time of the year:

All Year: Freshly paint your outside doors especially the front door. Put up a new mailbox if you have a tired looking one and new modern house numbers are easy ways to create a fresh look. This is also a way to keep the cost down.
Summer: Trim shrubs and bushes, tidy up all the flower beds, keep the lawn cut and plant some fresh flowers to give the home some colour. If you don’t have a garden placing planters outside the main entry way and on a patio makes the home feel more pleasant.
Fall: Clean up the leaves and dead plants in the garden. Put out fall flowers and plants that add colour to your home. There are always beautiful planters available in the fall that liven up a front entry way or porch.
Winter: Don’t go crazy with the decorations! Tasteful holiday decor is acceptable but don’t put up so much that it draws a crowd. Don’t leave your decor up until the end of January. Clean up your Holiday decorations as soon as possible. Keep the pathways clear and well maintained.
Spring: Clean up the gardens after the winter melt. Plant some spring flowers and plants that will bring some colour to your garden. Check over the outside of your home and touch up any areas that are looking worn from over the winter (ie trim paint, outside doors).

5. Make sure your home is in top condition

Easy updates that are inexpensive will help with the sale of your home.

Replace faucets that drip or are outdated.
Take out old bathroom mirrors that date a bathroom and replace with a nice modern framed mirror.
Replace hardware on cabinets (ie dated gold pulls to brushed nickle is a good choice)
Replace worn or damaged counter tops.
Replace or professionally clean worn flooring. Carpet cleaning goes a long way.
Replace burnt out light bulbs and change out dated or broken light fixtures.
Replace torn screens.
Touch up knicks and damaged walls.
Place fresh towels in the bathroom and eliminate any used or old looking towels.
Replace furnace filter regularly and before putting your home up for sale.

6. Make the master bedroom gender neutral.

A clean, tidy master bedroom is important. It is also important to pick colours that are neutral and not geared to only one gender. Stage the master bedroom with nice throw pillows and ensure that the linens are made up nicely on the bed. Remove any extra furniture to give the illusion of a large room with lots of space. Many people have multiple dressers in a bedroom, eliminate at least one.

7. Clean, Clean, Clean and Clean!

Homes that are clean make buyers feel like the property has been well cared for and in turn well maintained. Make sure you clean the following:

Nooks and crannies of the kitchen where crumbs collect.
Tops of baseboards often get very dusty.
Window coverings, especially horizontal blinds tend to collect dust and dirt.
Scrub that bathroom!
Clean windows and screens.
Wipe down walls, doors, door frames and light switches.
Vacuum the carpets…twice

8. Beware of scale

Large furniture is popular and can be very comfortable however it takes up a lot of space. Remove furniture that is large and re-arrange the furniture to fit in a way that makes the home feel more spacious.

9. A great smell makes your home more memorable

If you have time before a showing bake some cookies or something that will spread a tasty smell throughout your home. Leave a couple samples out for the buyers coming through your home. It will make it more memorable.

10. Invest some money

If you can afford to do so updates to flooring can go a long way. Old carpeting can turn a buyer off. Changing the flooring out to something more modern will give you a very good return on investment. If flooring is looking old and worn it will make buyers feel like the home is old and worn even if the home is in great condition. Buyers have trouble seeing past simple things like flooring.

Kitchens and bathrooms are one of the best investments you can make in your home. If you are trying to decide where to invest your money you will get the best return from kitchens and bathrooms.

If you are thinking about getting your home ready for sale and don’t know where to start give us a call. We would be happy to come to your home and get you moving in the right direction. Contact Us!

Canada Mortgage and Housing Corp. Expects Steady Housing Market in 2015

November 1, 2014 Kirsten Mason National Real Estate News

Canada Mortgage and Housing Corp. Expects Steady Housing Market in 2015. This article was written by the Canadian Press on October 30th, 2014.

OTTAWA – The Canada Mortgage and Housing Corp. says it expects housing starts in 2015 to be about the same as they were this year, and in line with economic and demographic trends.

The national housing agency says “some moderation is expected” in 2016.

The CMHC says that on an annual basis, it expects housing starts to range between 186,300 and 191,700 units in 2014, with a point forecast of 189,000 units.

Next year, the agency says it expects housing starts to range between 172,800 and 204,000 units, with a point forecast of 189,500 units.

In 2016, the CMHC says it expects housing starts to range between 168,000 and 205,800 units, with a point forecast of 187,100 units.

The agency says it expects Multiple Listings Service sales to range between 467,400 and 482,000 units in 2014, with a point forecast of 476,100 units.

Next year, it says it expects MLS sales to range between 457,300 and 507,300 units, with a point forecast to 482,500 units.

The CMHC says the average MLS price in 2014 is expected to be between $401,600 and $405,400, with a point forecast of $404,800.

Next year, the agency says it expects the average MLS price to be between $403,600 and $417,800, with a point forecast of $410,600, while in 2016 the average MLS price is forecast to be between $407,300 and $424,500, with a point forecast of $417,300.

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