New Listing: 303-555 Dalgleish Dr, South Kamloops, BC $369,900

303-555 Dalgleish Dr, South Kamloops, Homes for Sale

New Listing: 303-555 Dalgleish Dr, South Kamloops, BC $369,900. Great investment property or starter home in Central City Terrace.

This 2 bed, 1 bath condo on the 3rd floor offers a panoramic view of the city that can’t be beat. This bright owner-occupied unit is in great condition and features an open concept living and dining area which flows nicely into the kitchen. Two impressively large bedrooms, a 4 piece bathroom, and storage room complete the unit.

Take in the view of Kamloops from the beautiful deck and watch the day go by. One covered parking stall included plus the ability to rent another spot (subject to availability), with lots of additional street parking nearby. Quick walk to TRU and shopping in Sahali.

Building features games room, fitness room with sauna, and laundry facilities. Low strata fee with hot water included. Wall A/C unit. Rentals allowed with quick possession possible.

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BCREA Housing Market Update for June 2022

BCREA released it’s latest Housing Market Update for June 2022. Chief Economist Brendon Ogmundson discusses the May 2022 statistics.

Mortgage rates have rapidly increased and have reached their highest level since 2009. Due to the changing interest rates home sales in BC are returning to a more average activity level. BC home sales in May were 8,214 units which is down 35.1% from May 2021 and 12% from April which is seasonally adjusted. There are 4.4% more active listings in the province than this time last year. This is the first year over year increase in active listings since 2019. As sale activity slows, the inventory of active listings will normalize. Markets will likely reach a healthy level of listings in 8-12 months in most markets. The sales to active listings ratio was 30% in May which has driven the markets closer to a more balanced market.

The MLS average price for BC was up 9.3% year over year in May. Fewer expensive homes are selling this year compared to last year due to many economic factors. Because of this the average price of homes has come down as a result of the changing composition of home sales.

Kamloops specifically saw 286 units sales which was a 28.5% decline year over year. The average price was up 18.7% to $641,232. The year over year change was very similar to what was seen in the Okanagan for unit sales however Kamloops saw a larger year over year change in price. Active listings in the city are up 26.2% to 849. This equates to 3 months worth of supply.

It is a challenge to compare the sales to the past year or two as the real estate markets in BC and all over Canada saw huge growth. Low interest rates and Covid related policies have fueled the market. Buyers found that they had more money during these times as it was much more difficult to travel and spend substantial amounts of money. It appears our market volumes are returning to pre-pandemic levels where the market was more balanced and not frantic like we have seen over the past year or so.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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New Listing: 1637 Coldwater Dr, Juniper Ridge, Kamloops, BC $824,900

1637 Coldwater Dr, Juniper Ridge, Kamloops Homes for Sale

New Listing: 1637 Coldwater Dr, Juniper Ridge, Kamloops, BC $824,900. Great basement entry home with RV parking located in sought after neighbourhood in Juniper Ridge.

The main level of this home has an open living and dining room space with hardwood flooring throughout. The kitchen is tiled and overlooks the back yard with access to the back deck off the nook area.  There are three bedrooms on the main with one being the primary bedroom with a walk in closet and a 3 piece ensuite. There is also a 4 piece main bathroom with a skylight and closet/pantry space on the upper floor. Off of the main entry there is a bedroom or office space.

The basement has a large rec room, 2 large storage rooms (one could be a great guest room or den), 3 piece bathroom and laundry room space.

The backyard is private and nicely landscaped with lots of flat yard for kids to run, a hot tub, in ground irrigation system and a shed. There is a 21’4×20’1 two car garage and there is lots of additional parking available at this property. Located in the Juniper Elementary school catchment, transportation and right nearby the Juniper market.

Basement and bathroom flooring updated in 2020, roof done in 2015 and a built in vacuum.

To view more photos of this home click here.

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BCREA: Mortgage Rate Forecast June 2022

BCREA has released it’s latest mortgage rate forecast. To summarize their report:

  • In the last report BCREA forecasted that the 5 year fixed mortgage rates would reach 4% later in 2022. Instead they are at 4.69% to battle inflation.
  • Bond markets expect very aggressive Bank of Canada.
  • Expecting the 5 year fixed mortgage rate to reach 5% which is the first time since 2009.
  • Current Buyers currently qualified at a rate of 6.49% with it likely going up to a 7% qualification soon. This has not been seen in the Canadian market since the early 2000’s.
  • Bank of Canada’s main focus is to lower inflation at this time.

Economic Outlook

  • Growth in the first quarter of 2022 was 3.1%.
  • Likely will see a slow down in growth due to inflation.
  • Growing concern that 2023 will see a recession but indicators suggest the economy is not currently in a recession.

Bank of Canada Outlook

  • The ultimate end for interest rate increases will depend on the trajectory of inflation over the next few months.
  • Some see signs of inflation peaking while consumer and commodity prices continue to rise.

Full Report is included below or download the PDF here.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

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