The Kamloops and Area Real Estate Association has posted their statistics for May 2010. Residential sales are up and so are the number of listings over last year. The total number of sales for up to this point in 2010, is much higher than than this point last year. Click on the image to enlarge.
Kamloops Real Estate Comparative Analysis by Property Type May 2010
Here are the statistics for Kamloops and the surrounding areas for April 2010. The market is very busy and more listings are coming on the market daily. Buyers are very active purchasing homes. Click on the image to enlarge.
Kamloops Real Estate Comparative Analysis by Property Type April 2010
Here are the statistics for Kamloops and the surrounding areas for March 2010. I have also included the first quarter sales by subarea. Click on the image to enlarge.
Kamloops Real Estate Comparative Analysis by Property Type March 2010
Kamloops Real Estate MLS Activity March 2010
Kamloops Real Estate Sales by Subarea March 2010
Kamloops Real Estate Sales by Subarea First Quarter 2010
Will the new mortgage regulations affect Kamloops real estate? On February 16, 2010 the Government of Canada announced a series of regulatory changes to support the long-term stability of Canada’s housing market. The Government has now provided the following details in relation to these changes.
Effective April 19, 2010Qualifying Interest Rate Guidelines Will Change
Fixed Rate Mortgages of terms less than 5 years and all Variable Interest Rate Mortgages: applications will be adjudicated based on the greater of the 5 Year Bank of Canada Benchmark Rate**, or the actual customer rate (inclusive of any customer discretion).
Fixed Rate Mortgages of terms 5 years or greater: applications will be adjudicated based on the actual customer rate.
This change applies to both conventional and insured mortgages.
The three key changes associated with this announcement are:
Borrowers will need to be able to afford a five-year fixed rate mortgage, even if they choose a mortgage with a shorter duration.
Investors, who want to buy a home that they don’t plan to live in, will have to make a minimum down payment of 20%.
Canadian home owners will only be able to withdraw 90% of the value of their homes in a refinancing, down from 95%.
The good news is that buyers still can purchase a home with 5% down and can still go up to a 35 year amortization. The reason for the changes is the Government of Canada is wanting to make sure that if interest rates go up, purchasers will still be able to afford their mortgage payments. With regards to refinancing your home, the Government of Canada is trying to discourage people from borrowing against their home for a quick fix for their financial problems. They are trying to have home owners use their home as a savings tool and not just an easy way to keep consolidating their debt.
Please call me if you have any further questions on the changes or if you would like to go through a free no obligation mortgage information session. We can look at pre-qualifying you for a mortgage, rate hold guarantees, even refinancing or renewing an existing mortgage. I look forward to hearing from you!
Brenda Colman, Mortgage Consultant, Invis KamloopsP. 250-318-8118 E. [email protected]
**The Bank of Canada Benchmark Rate is defined as the Chartered Bank – Conventional Mortgage 5-year Mortgage rate, published by the Bank of Canada each Monday.
Will the new mortgage regulations affect Kamloops real estate? On February 16, 2010 the Government of Canada announced a series of regulatory changes to support the long-term stability of Canada’s housing market. The Government has now provided the following details in relation to these changes.