Home Sales Rise Outside Lower Mainland, BCREA

Vancouver, BC – February 15, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC dipped 7.6 per cent to $2.1 billion in January compared to the same month last year. A total of 3,976 homes traded hands on the MLS® over the same period, down 3.9 per cent. The average MLS® residential price was 3.8 per cent lower at $527,219 compared to January 2011.

MLS Residential Sales BC January February 2012

Click to enlarge

“Increased market activity outside the Lower Mainland in January was offset by fewer sales in Vancouver and the Fraser Valley,” said Cameron Muir, BCREA Chief Economist. MLS® Residential sales rose 7 per cent to 1,620 units outside the Lower Mainland, while declining 10 per cent to 2,356 units in Vancouver and the Fraser Valley.

“While provincial sales activity was down in January from year ago levels, consumer demand has posted modest improvement since last fall, driven by low mortgage interest rates and gradually improving economic conditions,” added Muir.

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Kamloops Home Inspections: How to Know if Your Septic System Is Failing

Parker Bennett Home Inspector KamloopsMany homes in Kamloops are serviced by septic systems. It is sometimes hard to know if your septic system is functioning properly. These are some of the basic symptoms, which will give you the heads up that you have a serious septic issue:

• Sewage backup in your drains or toilets (usually in the lower levels of your home ). This is often a black liquid with a disagreeable odor.

• Slow flushing of your toilets. Many of the drains in your house will drain much slower than usual, despite the use of plungers

• Surface flow of wastewater. Sometimes you will notice liquid seeping along the surface of the ground near your septic system. It may have a smelly odor.

• The presence of coliform bacteria in your drinking water well. This indicates that liquid from the system may be flowing into the well through the ground or over the surface. Water testing can help to identify this issue, however depending on your well type this can be a giveaway.

• A consistent unpleasant odor around your home. Often, a failing septic system causes a buildup of disagreeable odors around the house and you may notice the smell periodically when your outside, doing yard work.

Parker Bennett, Rest Assured Home Inspections
P. 250-372-7375 E. [email protected]

Canadian Banks Rethink Record Low Mortgage Rates

This article appeared on Reuters and was written by Cameron French on February 9, 2012.

Canada’s big banks, which entered a mini-price war on mortgages last month, are now raising their rates ahead of schedule, due to higher costs that make the cheap mortgages more expensive to fund.

Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO), which had offered a record-low rate of 2.99 percent on a four-year mortgage, said on Wednesday they were cancelling the offer, well ahead of the original expiry date of February 29th.

TD’s lowest rate on a four-year mortgage is now 3.39 percent, it said.

Bank of Nova Scotia (BNS.TO) followed suit on Thursday, while a Canadian Imperial Bank of Commerce (CM.TO) spokesman said the bank would likely adjust rates on Friday.

The moves underscore how nervous the banks have become about narrow margins in their consumer lending portfolios. Bond yields have begun to inch higher from historically low levels in December. Banks typically issue bonds to fund their mortgage lending.

“Our long term funding costs have gone up considerably due to global economic concerns, and while we have held off in passing on these rate changes to our clients, it is now necessary for us to increase this mortgage rate,” said RBC spokesman Matt Gierasimczuk.

Analysts say the banks will struggle to increase earnings this year due to low rates, which narrow the margins on loans.

While they can partially compensate for that by raising lending volumes, the Bank of Canada and the federal Finance Department have been warning Canadians to lower their already-high debt levels.

Bank of Montreal (BMO.TO) kicked off the price war when it announced a two-week offer of a record-low 2.99 percent 5-year mortgage in mid-January.

The move to cut rates drew criticism as it came just days after bank CEOs had warned of the possibility of a housing bubble in certain regions across the country.

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Kamloops Meets City’s Growth Expectations in 2011 Census, Kamloops Daily News

This article appeared in the Kamloops Daily News on February 8th, 2012 and was written by Michelle Young.

Kamloops beat the national average in terms of population growth between 2006 and 2011, but it lagged slightly behind B.C.’s average.

Statistics Canada released initial figures from its 2011 census Wednesday that showed Kamloops has 85,678 residents. That’s up 6.6 per cent from 2006. B.C. as a whole saw its numbers rise seven per cent between 2006 and 2011.

Venture Kamloops executive director Dan Sulz said the city’s growth during tough economic times bodes well. “To me, that’s good news as opposed to what you hear in the world economy with people shutting down business and moving out of town,” he said. “We’ve not only sustained, but we’ve grown over that period.”

That’s attractive to business owners looking for places to set up or branch out, because it indicates a growing base for workers and customers, he said.

Mayor Peter Milobar said the census growth rate matches what City staff predicted using building permits and household averages. They estimated a 1.25 per cent increase per year. “We’re almost bang on,” he said.

Those figures are used when the City seeks funding or grants from the provincial and federal governments, he said. It also helps when the City looks at shopping areas, road networks and other infrastructure. “We have to be mindful of planning ahead on projects. We have to be ready to move if need be, for infrastructure grants,” he said.

City administrator Randy Diehl said a slightly higher growth rate would be nice, but the 6.6 per cent in five years is manageable. “When you have zero or no growth, your economy tends to be in big trouble. It’s not sustainable, people have a hard time making a living,” he said. “When you get higher than 2.5 to three per cent, it’s difficult for local government to keep up with the pace of change and demand on service from pipes and pavement to softer services like parks and recreation.”

While City council has been raising the idea of building a new performing arts centre in Kamloops, that’s driven more by the arts community than the population numbers, Diehl said. “It’s about the community that makes use of those facilities that wants more,” he said.

City community development supervisor Randy Lambright said the census figures match what was forecast in KamPlan as far back as 1997.

The stats also showed the number of homes in Kamloops was at 36,900 in 2011, compared with 34,100 in 2006 — a jump of about 8.1 per cent or 558 homes per year, he said.

That, too, was in keeping with the City’s predictions. “We’ve always said if we grow at 500 plus dwellings a year, that’s very manageable,” he said.

It’s a pace that lets the City keep up with infrastructure demands and doesn’t dump a huge tax burden on residents, Lambright said.

Knowing the City’s predictors are so close to reality helps keep on top of cost estimates so there aren’t massive fluctuations in utility or tax rates, he said. It also helps manage the available land supply, preventing sprawl and containing the growth, he said.

Statistics Canada will be releasing more information in the coming months, which Sulz is eagerly anticipating. “I’m really looking forward to finding out some of the details. I’m interested to see what age demographics are moving to each community.” Some of the age demographics are being released in late May, while Statistics Canada will be putting out information about households, families, homes and language in September.

How do we compare?

Statistics Canada released information Wednesday from the 2011 census that shows population increases for the following cities in B.C. that are comparable to Kamloops:
* Kamloops, 85,678 in 2011, 80,376 in 2006, up 6.6 per cent
* Nanaimo, 83,810 in 2011, 78,692 in 2006, up 6.5 per cent
* Kelowna, 117,312 in 2011, 107,035 in 2006; up 9.6 per cent
* Prince George, 71,974 in 2011, 70,981 in 2006, up 1.4 per cent
* Chilliwack, 77,936 in 2011, 69,217 in 2006, up 12.6 per cent.

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