B.C. Real Estate Association’s Housing Forecast for 2009 to 2010

B.C. Real Estate News, Real Estate Information

The B.C. Real Estate Association released their Spring 2009 housing report recently. I have included the Kamloops specific information below from this report. Click here for the full report from BCREA.

Homes sales in Kamloops are beginning to rebound from the lows experience during the fall and winter months. While the weaker provincial economy will continue to impact housing demand, sales activity is expected to improve through the balance of the year. A sizable increase in affordability is beginning to increase first-time buyer activity in the marketplace. The combination of lower home prices and historically low mortgage interest rates has made homes more affordable than at any time in the last two years. At the beginning of April, the carrying cost on the average priced home was 24 per cent less than a year ago. An increase in first-time buyers lubricates the chain of ownership by allowing move-up buyers to more easily sell their current homes and complete their new purchase.

While home sales are expected to improve in the coming months, low sales levels in the first quarter will pull down the annual total. MLS® residential sales in Kamloops are forecast to decline a further 17 per cent to 1,860 units this year. A moderate improvement is expected in 2010, with MLS® residential sales expected to climb 8 per cent to 2,000 units.

Recent data suggests market conditions in Kamloops are improving. Active listings are trending lower with home sales edging higher. The large imbalance between supply and demand that was evident early in the year is beginning to wane. A continuation of this trend will likely cause home prices to stabilize in the next quarter. The average annual MLS® residential price is forecast to be 9 per cent lower this year. However, most of this decline has already occurred and more price stability is expected for the balance of the year.

Housing starts in the Kamloops CA will follow the provincewide pull-back this year. Housing starts are forecast to decline 45 per cent to 320 units in 2009 and then increase 14 per cent to 365 in 2010. Slowing growth in the housing stock will help stabilize home prices by reducing the total number of homes available for purchase in Kamloops.

BCREA website.

Kamloops and District Real Estate Association Statistics For May 2009

Kamloops Real Estate Statistics

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 Real Estate Comparative Analysis By Property Type May 2009

Kamloops Real Estate MLS Activity May 2009

Kamloops Real Estate MLS Activity May 2009

Kamloops Real Estate Sales By Subarea May 2009

Kamloops Real Estate Sales By Subarea May 2009

Kamloops Home Inspections: Carbon Monoxide Information and Detection

Home Inspection Information

Todd Hrycenko Home InspectorCarbon Monoxide DetectorKamloops 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

Buying a Kamloops Home? These Are The Costs To Expect When Purchasing A Home

Mortgage Information

Brenda Colman Invis Kamloops Mortgage SpecialistIt 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.

Brenda Colman, Mortgage Consultant, Invis Kamloops
P. 250-318-8118  E. [email protected] W. www.BrendaColman.ca
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