Here are the Kamloops and District Real Estate Association’s latest statistics for May 2009. There are 313 fewer new listings this month over the same month last year. There were more home sales last year in comparison to this year. Many buyers have recently found that there are fewer choices in the Kamloops market in comparison to years past. Click on the image to enlarge.
Kamloops Real Estate Comparative Analysis By Property Type May 2009
Kamloops home owners have you considered the dangers of carbon monoxide? Carbon monoxide, an odorless, colorless gas, is a byproduct of combustion processes in furnaces, fireplaces, appliances, charcoal grills and vehicles that use fossil fuels. It can be dangerous.
A proper exhaust and venting system safely removes this by-product from the home. To keep heating systems and gas or wood burning appliances working well, have them checked annually. Installing carbon monoxide detectors near sleeping areas and in each bedroom can provide another level of safety.
According to Health Canada, the elderly and those with respiratory or heart conditions may react poorly to even low levels of CO poisoning. If you suspect a carbon monoxide problem, follow these tips from the Canadian Mortgage and Housing Corporation. If an obvious source of carbon monoxide is not present:
Evacuate all occupants.
If anyone has flu-like symptoms, call 911; if there are no health problems, call your gas utility, heating contractor or the fire department to have your house tested.
Have a qualified service technician inspect and repair any problems.
Do not re-occupy the house unless those who tested the house inform you that it is safe.
The best thing to do to prevent any potential health risks or death is install carbon monoxide detectors in your home. You can purchase them from many local businesses here in Kamloops.
If you have any questions about carbon monoxide or anything related to home inspections contact me directly or post your question here.
Todd Hrycenko, Global Property Inspections[email protected] 250-371-2787
It is essential that you are aware of the costs associated with a Kamloops home purchase. It is important to speak with a mortgage professional before shopping for a home; this will allow you to shop within a price range that is realistic for your situation. At the same time, make sure you are prepared financially for the standard costs associated with a purchase of real estate.
Some of these costs may include:
Deposit: Once you have an accepted offer on a place, there is generally a five to ten business day period to remove subjects (ie. Inspection, financing, etc.) Once those subjects have been satisfied, you are required to put down a deposit on the property. This amount varies, so make sure to ask your Realtor.
Property Purchase Tax: If you are a first time home buyer and you meet the qualifications, this does not apply to you. However, if you have ever owned property, anywhere in the world, this tax will be charged on your purchase completion date. You calculate the amount by taking 1% of the first $200,000 and then 2% of anything over that.
GST: When purchasing a brand new property, GST will be charged. Your realtor will advise you of this amount, and it does not apply to used homes.
Closing/Legal Fees: Be prepared for a legal bill of approximately $1000 for a standard purchase or sale. If you are buying and selling at the same time, budget approximately $2000 for this expense.
Property Tax Adjustment: This is calculated at the lawyers office. A person is always responsible for the property taxes due during the time lived in the home.
Appraisal: Depending on the lender and how much money you have down, an appraisal of the property may be required. A standard, residential appraisal will run between $250-$350, and is due at the time of appraisal. Different properties will have a higher cost, so ask your mortgage professional once you have decided on a property.
Insurance Premium (If Applicable): In Canada, if you are financing a property to more than 80% of the property value, the mortgage needs to be insured (This is called a “high ratio” mortgage). This is generally done through CMHC, Genworth Financial, or AIG. They charge an insurance premium that is added to your total mortgage. The percentage that you pay will vary depending on how much money you have down and how straight forward the approval is. If you have a 20% down payment or you are refinancing to no more than 80% of the property value, a fee is generally not charged. A typical fee ranges from 1.75% to 3.10% of the mortgage amount.
It is essential to get pre-approved before making a commitment to purchase a home in Kamloops. If you have any questions for me about mortgages don’t hesitate to post a comment here or contact me directly.
I recently returned from the Natural Resources Canada ecoEnergy Adviser training in Saskatoon. Being an ecoEnergy Adviser means that in addition to doing home and commercial property inspections in Kamloops and the interior I will also be performing the energy evaluations that help people to access all the government grants and incentives now available.
This program is really a wonderful opportunity for people to upgrade their real estate holdings with more energy efficient furnaces, air conditioners, heat pumps, tank less water heaters (hot water on demand), improved insulation, new windows, low flush toilets and a whole host of other EnergyStar products. The benefit is some of the costs will be offset by the provincial and federal governments. It’s win win – you help the environment, save yourself a bunch of money in heating and cooling costs, and the government helps you pay for it.
This program is available to both home owners and renters of single family homes, townhouses, and low rise multifamily homes. You don’t even have to live in the house to qualify for the grant, it’s open to landlords as well.
For more info on the program and the combined BC and Federal grants go to the LiveSmart BC website. Also, CMHC insured homes are eligible for a 10% mortgage insurance refund when they meet certain ecoEnergy targets. See the CMHC website for further information.
Don’t forget this money is over and above the federal home renovation tax credit that can earn you up to $1350 back on your tax return. With all these programs in place, there has never been a better time to renovate your home here in Kamloops. All these energy saving renovations are beneficial to both home owners wanting to stay in their home long-term and home owners selling their home. These upgrades will really help showcase your home and make it much more attractive to potential buyers in a very competitive real estate market.
Todd Hrycenko, Global Property InspectionsPhone: 250-371-2787 [email protected]
Kamloops home owners have you considered the dangers of carbon monoxide? Carbon monoxide, an odorless, colorless gas, is a byproduct of combustion processes in furnaces, fireplaces, appliances, charcoal grills and vehicles that use fossil fuels. It can be dangerous.
It is essential that you are aware of the costs associated with a Kamloops home purchase. It is important to speak with a mortgage professional before shopping for a home; this will allow you to shop within a price range that is realistic for your situation. At the same time, make sure you are prepared financially for the standard costs associated with a purchase of real estate.