Vancouver, BC – January 23, 2020. The British Columbia Real Estate Association (BCREA) released its 2020 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to increase 10.3 per cent to 85,290 units this year, after recording 77,349 residential sales in 2019. MLS® residential sales are forecast to increase 6.3 per cent to 90,700 units in 2021.
“The outlook for home sales in 2020 is considerably brighter than the past two years,” said Brendon Ogmundson, BCREA Chief Economist. “Momentum carried through from the end of 2019 to 2020 will put the housing market on more solid footing, aided by low interest rates and an improving economy.”
While demand is recovering, the supply of homes for sale has not managed to keep pace. New listings activity did not materially increase during the downturn in home sales, and total inventory did not accumulate to the same extent as in prior slowdowns. As a result, market conditions around the province are tightening and home prices will likely face upward pressure as demand continues to firm. In 2020, we expect the MLS® average price will rise 4.8 per cent to $734,000.
Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.
641 Shuswap Rd E, OverheadSienna Ridge is an adult oriented gated community that is located on the South Thompson River at the foot of Sun Rivers and minutes from Downtown Kamloops. This development is located at 641 Shuswap Road or also known as 641 Shuswap Road East. It is defined as part of the ‘South Thompson Valley’ region for real estate purposes however it feels like it is more a part of Sun Rivers or the South Kamloops region of Kamloops.
Contact us for more information or to set up a private viewing.
This gated community features detached rancher style homes with two bedrooms on the main level including the primary bedroom with full ensuite and walk in closet. There is an open great room floor plan with high ceilings and lots of windows for natural light. There are many gorgeous upgrades in each home with quartz counter tops throughout the main floor not only in the kitchen but also the bathrooms. Each home includes main floor laundry with a dedicated laundry room, not a laundry closet! Two car garage and a full sized driveway to park those oversized pick up trucks.
Off of the main living space of each home there is a large covered patio which either is level with the yard or is elevated for a walk out style home. The walk out homes include a second lower level patio that walks out to the yard.
This adult oriented gated community consists of 114 units. There are three floor plans to choose from ranging in size from 1,460 to 1,550 on the main level with similar unfinished basement square footage. Many of the homes in this development have finished basements. They do range in layout but often feature a large family room, bedroom, 4 piece bathroom and additional storage, office or theatre room. There are a few custom floor plans in this development including one home which includes an in ground pool. The development includes beautiful landscaping throughout with walkways that stretch throughout the development. There is on site RV storage (for a fee) as well as a community garden.
Other great features of this development include: fully gated, pet friendly with no pet restrictions (city rules apply), yard space that can be fenced, Home Owner Association fees (strata) of which includes water, sewer, garbage and recycling pick up, snow clearing and all lawn/yard maintenance. You also get the benefit of freedom at Sienna Ridge. Each owner is permitted to add extra landscape features to their own property, xeriscape, more trees, shrubs or flowers; no problem! Changes just need to be cleared with the HOA.
Click here to view the current listings in Sienna Ridge.
This development is perfect for the lock and go lifestyle, Sienna Ridge is fully gated for security and all the outside maintenance is taken care of.
Sienna Ridge is a leasehold property and it sits on Kamloops Indian Band Land. The lease in Sienna Ridge is a 99 year lease with the Crown (Government of Canada). This is a secured lease that does not run the risk of re-negotiations during the 99 year term. Each home owner pays an HOA (strata) fee monthly. There are two structures within the development for the sublease. Some owners have chosen to pay out the sublease which means the only monthly fee is the HOA fee. Some owners have opted to pay the sublease monthly as part of their monthly costs instead of one lump sum. The sublease can be paid out at any time, and the sublease lump sum does increase over time as does the monthly sublease fee.
Sienna Ridge is conveniently located minutes to Downtown Kamloops, Sun Rivers and Cheif Louis Crossing shopping district. Currently there are plans to make Shuswap Road more pedestrian friendly. There will be a walking path that connects Sienna Ridge to the shopping area and Sun Rivers. This will add to the comfort and it will really benefit the owners living in this community.
Vancouver, BC – January 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 77,331 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2019, a decline of 1.5 per cent from the 78,516 units sold in 2018. The annual average MLS® residential price in BC was $700,460, a decline of 1.6 per cent from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3 per cent decline from 2018.
“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.”
A total of 5,218 MLS® residential unit sales were recorded across the province in December, up 48.9 per cent from December 2018. The average MLS® residential price in BC was $755,165, an increase of 8.7 per cent from December 2018. Total sales dollar volume was $3.9 billion, a 61.8 per cent increase year-over-year.
Total active residential listings were down 10.6 per cent to 24,691 units in December. Total inventory of homes for sale have declined more than 10 per cent on a year-over-year basis for two straight months.
Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.
The Kamloops District Real Estate Association has released the latest Statistics For December 2019, 4th Quarter and 2019 Year End. Click on the image below to enlarge or PDF documents included in the links below.
