Buying a Kamloops Home? These Are The Costs To Expect When Purchasing A Home
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.
Brenda Colman, Mortgage Consultant, Invis Kamloops P. 250-318-8118 E. ac.sivninull@namlocadnerb W. www.BrendaColman.ca
Adams Lake: This beautiful lake is located 55 minutes north east of Kamloops or 30 minutes north of Chase. Adams lake is a very large sprawling lake where many visitors enjoy cycling, windsurfing, water skiing, wake boarding, swimming, canoeing and fishing. Many fish for kokanee and rainbow trout in this lake. There are a number of properties on this popular lake often found on Agate Bay Road, Rawson Road and Holding Road. There is a large provincial park on Adams lake with basic campground facilities. To view homes for sale on Adams Lake 
East and North Barriere Lakes: East and North Barriere Lakes are located 50 minutes north east of Kamloops and 15 minutes from Barriere city centre. North Barriere Lake is less developed than it’s neighbour East Barriere. There are a number of lots, residential and recreational properties for sale mainly on East Barriere lake.For more info about North Barriere Lake 
Little & Big Heffley Lakes: These lakes are very popular because of their close proximity to both Kamloops and Sun Peaks resort. There are recreational properties on both Big Heffley Lake and Little Heffley Lake. Little Heffley lake does not allow power boats for water skiing or wake boarding as it is quite small. Big Heffley Lake does allow power boats which makes it a very popular destination for the summer months. 
Knouff (Sullivan) Lake: This lake is 40 minutes north of Kamloops and 30 minutes from the Sun Peaks Resort. Knouff or Sullivan lake is a quiet area where many recreational activites are enjoyed year round. This lake is more of a fishing lake. Water sports such as tubing and waterskiing are not commonly done on this lake due to the size. There are a number of waterfront and semi-waterfront properties on this lake.
Lac Le Jeune: Lac Le Jenue is located 25 minutes west of Kamloops, 30 minutes east of Merritt and 15 minutes south of Logan Lake. This lake is located off of the Coquihalla Highway making it easily accessible during all seasons. Lac Le Jeune is 392 acres and is stocked with rainbow trout. There are two resorts on this lake, numerous seasonal homes and also year round residences. To view properties and homes for sale on Lac Le Jeune 
Nicola Lake: This lake is located in Merritt (10 km from city centre), and 45 minutes south east of Kamloops. Nicola Lake is a very large lake covering 15,351 acres. There are a lot of rainbow trout and kokanee for those who enjoy freshwater sports fishing. Windsurfing, canoeing, wake boarding, water skiing, fishing, hiking, horseback riding and mountain biking are a few of the popular activities enjoyed around this lake. There are a number of lots and homes that are located on the waterfront. To view available properties on this lake 
Paul Lake: Paul Lake is located 15 minutes east of Kamloops. Paul lake has numerous residents that are seasonal and year round. There are a number of townhouses (Deerwood on Paul Lake) and single family homes on the lake. Many of the single family homes and private properties on Paul Lake are leasehold properties which the Kamloops Indian Band leases out for 25 year terms. There are a few properties that are not located on leasehold land, but tend to be more expensive than the leasehold homes. There are a lot of activities to enjoy such as hiking, water skiing, wake boarding, fishing, swimming and paddling. For further information about Paul Lake 
Pinantan Lake: Pinantan Lake is 25 minutes north east of Kamloops and 5 minutes past Paul Lake. The lake itself is two parts, Big Pinantan and Little Pinantan. The lake is 68 hectares in size. Pinantan properties are freehold properties not lease land. Only electric powered boats are allowed on the lake. Fishing and swimming are permitted in Pinantan lake. There are also hiking trails and other outdoor activities in and around the area to enjoy year round. There are often many properties for sale in Pinantan, lots, log homes, small acreages and lakefront homes. 
The Shuswap Lakes: Shuswap Lake is a very large lake network with numerous arms reaching a number of cities in the Interior. Shuswap Lake is named after the Shuswap Indians an Interior Salish tribe. This lake is the largest lake in the area with hundreds of kilometers of shoreline with hidden coves and beaches. Little Shuswap extends off of the north western arm of the main arm of the Shuswap lake. The cities and communitites that surround the shoreline of this lake include Salmon Arm, Sicamous, Chase, Seymour Arm, Balmoral, St. Ives, Blind Bay, Carlin, Magna Bay, Scotch Creek, Eagle Bay, Notch Hill, Skimikin, Anglemont, Celista, Lee Creek, Sorrento, Sunnybrae, Canoe, Tappen, White Lake and Wild Rose Bay.
Stump Lake: This lake is a smaller lake situated between Kamloops and Merritt on the Old Merritt Highway #5 and is 780 hectares or 1,927 acres in size. There are rainbow trout, brook trout and kokanee in this lake. This lake is relatively quiet during the summer months. Stump Lake does have public access to the lake to launch a boat or have a summer picnic. Stump Lake has a number of homes around the shoreline and in the surrounding hills. Many of the properties here are very peaceful, set in the wilderness and have beautiful views of the lake valley. To view homes for sale