Kamloops Real Estate Blog

Investing in Kamloops Real Estate: Changes to the BC Strata Property Act

December 14, 2022 Kirsten Mason B.C. Real Estate News, Information For Buyers, Kamloops Real Estate

Buyers are investing in Kamloops residential properties as rentals. This has been going on for many years. The BC Government recently changed the rules for strata properties in BC. They removed the age and rental restrictions from the bylaws by changing the Strata Property Act.

In Kamloops we have a number of very desirable strata developments that investors often want to consider as a purchase. These properties have always been off limits to those buyers due to the rental restrictions in place. With the recent changes to the Strata Property Act this allows investors to consider nearly all strata developments in the Kamloops area. There are a lot of great properties that would make great investments and homes for tenants. We have a very low inventory of rentals in many areas of Kamloops so hopefully this will open up more options for those renters looking for a place to call home.

Below is a list of several strata developments in Kamloops that previously had a rental restriction and are seen as a great place to invest due to their price point. Keep in mind that this does not apply to those properties that are age restricted to 55+ and this also doesn’t open properties up to short term rentals such as Air BnB or VRBO.

South Shore Strata Development Properties with Previous Rental Restrictions

Aberdeen

411 Aberdeen Drive: Forest Hills. This complex consists of split-level walk up designed homes which back on to a green belt and two storey style homes. They range in size from just over 1,300 square feet to around 2,100 square feet. The complex was built in 2006/2007.

1970 Braeview Drive: Braeview Place. This complex was built between 2005-2008. They are nicely oriented walk-up style homes with single or double garages. These homes makes great rentals as they are very efficient living with no yard maintenance at all. Located minutes to Aberdeen Mall and transportation.

1990 Pacific Way: Pacific Ridge. This strata development sits alongside Pacific Way just minutes from the main Aberdeen/Dufferin shopping district. The units range in size from around 1,000 square feet to over 2,000. The strata is divided into two sections, the older section built in the mid 1990’s and the newer section built around 2008.

1155 Hugh Allan Drive: Glendevon. Built in the 1980’s these townhomes have nice architectural features in their layouts. They all have a carport for covered parking and are centrally located to transportation and shopping.

1160 & 1170 Hugh Allan: Highland Vistas. This condo development has nice units that are often two bedrooms and one bathroom. They are not huge units making them great for rental properties due to the size. They are located close to transportation making it easy for students or seniors to get around.

1120 Hugh Allan: Highland Ridge. The majority of the units in this condo development have sweeping views of the city of Kamloops and the North and South Thompson Rivers. These units range in size from one bedroom units to larger two bedroom, two bathroom condos.

To view all homes for sale in Aberdeen click here.

Sahali

1570 Freshfield Drive: Summit Gardens. Located across the street from 1605 Summit Drive this strata development was built in the mid 1970’s however the units are larger than the Summit Drive units. The development has had a number of upgrades to the outside and a lot of owners have updated the inside of units.

1750 McKinley Court: McKinley Gardens. This strata townhouse development, built in the early 1990’s is nearly identical to the one located at 1775 McKinley Court. The units are a nice size, often over 1,500 square feet and all include a single car garage. There is a two-storey layout and level entry rancher layout in this development.

481 Monarch Court: Monarch Villas. Built in the late 1990’s Monarch Villas are nestled close to an elementary school, trails, and transportation. They are similar in size to the McKinley units but are just a bit newer.

1469 Springhill Drive: Springhill Gardens. These units were built in the early 1970’s and are very close to the Springhill/Summit intersection allowing for easy access to transportation and shopping. These townhomes all include covered parking and a bonus inground pool for those summer months.

1810 Springhill Drive: Gleneagles Manor. These units built in the early 1980’s have had a number of upgrades over the past few years (2020’s). Most units are the walk-up style however there are a few two-storey styled units. They are steps from the public bus stop and not far from city amenities.

1605 Summit Drive: Riverview Village. This strata development was built in the mid 1970’s. The units tend to be a bit smaller than those on Springhill, McKinley and Freshfield however they are often 2-3 bedrooms and are even 4-bedrooms in some cases. Located steps from the public bus stop and walking distance to TRU and shopping.

To view all homes for sale in Sahali click here.

South Kamloops, Downtown Kamloops

629 Lansdowne Street: Riviera Gardens. Located across the street from Lansdowne Village and the public bus loop this condo development is in a great location for those that want quick access to downtown amenities. The units range in size from a one to two bedroom unit. They all have secure parking.

436 Lorne Street: The Courtyard. 490 Lorne Street: Plaza Suites at the Station. 510 Lorne Street: Station Plaza. These condo buildings are all very similar. Located close to downtown amenities they all feature nice sized units ranging from one bedroom to larger two bedroom, two bathroom units. They often make a great home for those who are a bit older and want to be close to the hospital and downtown amenities.

900/950/970 Lorne Street: Park Place. This sought-after strata condo and townhouse development is one of the few in Kamloops with a number of amenities such as an indoor pool and hot tub, fitness room, meeting room/party room, sauna, dock on the river, workshop and more. The gardens are often very beautiful at Park Place and each unit has at least one underground parking stall.

683 Victoria Street: Monarch Place. This condo development is located close to downtown amenities with the majority of downtown shopping and transportation within a block or two of the development. The units have secure parking, and they are all above commercial space making them secure.

To view all homes for sale in South Kamloops Downtown click here.

Valleyview

1980 Glenwood: Glenwood Gardens. Located across the street from the newly renovated and built Valleyview Secondary School and minutes to the local elementary school. This development is great for families. It includes covered carport parking and an outdoor pool.

To view all homes for sale in Valleyview click here.

North Shore/North Side of Kamloops

Brocklehurst (Brock)

1697 Greenfield Ave: Glenwood Townhouses. These homes are located in a quiet Brock neighborhood and feature a smaller footprint with fenced yards and carports. Each unit is just over 1,000 square feet and are two and three bedrooms.

800 Southill Drive: Southill Gardens. The units in this development range from two bedrooms to four bedrooms. Each unit has 3 levels of living space. They all have small yards and a single carport. They are located steps to transportation and the Brock Shopping Center.

800 Valhalla Drive: Valhalla Place. These townhome units are known for their nice sized square footage and fenced yards. They offer good space for those who reside in them. Located steps to transportation and an elementary school. They are also walking distance to the North Shore shopping district.

To view all homes for sale in Brock click here.

North Kamloops (North Shore)

249 Kitchener Cres: Shoreline Place. This strata development is located beside the Rivers Trail and beach volleyball courts. There is easy access to the river year-round, steps to transportation and minutes to downtown Kamloops. This strata complex also includes an outdoor inground pool.

To view all homes for sale in North Kamloops North Shore click here.

There are a number of other properties throughout Kamloops that are suitable for an investor or buyer. A lot of these properties did not have rental restriction in place before the BC Strata Property Act amendment.

There are a lot of investors and buyers looking to purchase in around Thompson Rivers University (TRU). There are some great options in that area that range in age, size and location.

If you would like more information about all of the properties for sale contact us.

To search for Kamloops properties for sale click here.

BCREA: Housing Market Activity Remains Slow in November

December 13, 2022 Kirsten Mason B.C. Real Estate News, Kamloops Real Estate Statistics

Vancouver, BC – December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year.

“A lot has changed in 2022,” said Brendon Ogmundson, Chief Economist. “This time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels. Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”

Year-to-date, BC residential sales dollar volume was down 28.7 per cent from the same period in 2021 to $77.4 billion. Residential unit sales were down 34.4 per cent to 77,376 units, while the average MLS® residential price was up 8.6 per cent to $1 million.

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

Investing in Kamloops Rental Properties

December 7, 2022 Kirsten Mason Kamloops Real Estate News, Real Estate Information

Kamloops is a great place to invest in real estate. Low vacancy rates and lower home prices than other markets like Kelowna, Victoria, and the Greater Vancouver area make Kamloops an attractive choice for investors looking to purchase a rental property.

The Canada Mortgage Housing Corporation’s 2021 rental market survey put the vacancy rate in Kamloops at 0.9. With a steadily growing city and university the rental market will likely remain strong in Kamloops.

But what kind of rental properties exist for investors? Let’s break it down.

Homes with Legal Suites

Homes with legal secondary suites are relatively few and far between compared to those with non-conforming suites in the City of Kamloops but more and more are being built this way. A legal suite means that it was constructed inline with BC Building Code requirements under a building permit and has been inspected and received an occupancy permit. The greatest concentrations of homes with legal suites are in newer homes in the Juniper West, Aberdeen, and Sun Rivers neighbourhoods. There are also others sprinkled throughout the city. The City of Kamloops maintains a registry of legal suites which can be viewed online.

Homes with Non-Conforming Suites

Non-confirming (or in-law) suites are by far the most common type of secondary suite in Kamloops. Most of the homes listed for sale as having a suite are not legal suites but are instead non-conforming. They are commonly referred to as a ‘basement’ or ‘in-law’ suite. This means they were not constructed under permit and may not even be in a neighbourhood which is zoned for secondary suites. Even if a suite is built in an area where the zoning permits secondary suites it does mean that the suite is legal. Many investors purchase homes with non-conforming secondary suites as rental properties. This does come with increased risk as compared to those homes with legal suites. As not constructed under permit, the City of Kamloops could enforce compliance or removal of the secondary suite if a complaint was received regarding the unauthorized accommodation.

Full Duplex

Full duplexes can be found throughout the city with the majority of those being in the North Kamloops, Westsyde, and Brocklehurst areas. These are excellent investments which feature two independent side by side units. These units are popular with renters as noise transfer can be less than usually occurs between upper and lower floors in many non-conforming suites. A full duplex can also feature separate side by side yards meaning a possible higher rental income due to the outdoor space available to a tenant.

Three-plex and Fourplex

A three-plex and fourplex is a building that features three and four separate residential suites. These are most often found in the areas of Downtown (South Kamloops), Westsyde, North Kamloops, and Brocklehurst. A legal three or fourplex is a rare find in Kamloops. More often they are non-conforming meaning they are a duplex which has been converted to add a secondary suite on one or each side of the building creating three or four separate residential suites.

What about Short-Term Rentals in Kamloops?

Short term rentals are largely unregulated in the City of Kamloops. With lower tourism numbers and lower numbers of short-term rental units than other jurisdictions in BC, short term rentals haven’t been a problem in the city. Because of this, the city of Kamloops has not created tighter regulations. Many strata complexes within Kamloops adopted bans on short term rentals within their own bylaws. In other strata developments short-term rentals haven’t been addressed simply because they have yet to be a problem. However future bylaw changes could be put in place to restrict short-term rentals if approved by the strata. If you are looking to invest in a property with the intention of renting it on a short term basis, a freehold single family home is your safest bet.

Outside of the City of Kamloops in the Thompson Nicola Regional District short term rentals are highly controlled and require a temporary use permit.

Sun Peaks also tightly controls short term rentals and has its own set of rules. Here short term rentals are only allowed if the property is zoned for tourist accommodation (R1-A or RS-1A) or if the owners have a temporary use permit. Owners must also have a business license from the Sun Peaks Resort Municipality. Recent changes to the rules around short term rentals are detailed by Sun Peaks Independent News here.

New Government Legislation Removes Rental Restrictions

The BC Government recently announced that all strata rental restrictions other than short term rental restrictions have been removed. This means that buildings which previously banned or limited the number of units which could be rented will now allow rentals. In Kamloops this opens even more possibilities for investors to purchase potential rental properties. Of note, numerous strata complexes near Thompson Rivers University which previously banned or limited rentals will now allow rentals creating new opportunities for investment near the university.

So, if you are thinking of investing in a rental property there is no time like the present and our city is a great place to do so. Contact Us to find out more about buying a rental property in beautiful Kamloops, BC.

Kamloops single family home search click here.

To find Kamloops townhomes for sale click here.

Search for Kamloops condos for sale click here.

Kamloops District Real Estate Associations Statistics For November 2022

December 6, 2022 Kirsten Mason Kamloops Real Estate Statistics

The Association of Interior Realtors has released the latest Statistics for November 2022. Click on the image below to enlarge or PDF documents included in the links below.