Why Invest in Kamloops Real Estate?

Why Invest in Kamloops Real Estate?

I have lived in Kamloops almost all of my life and I have never seen so much buying demand, so little inventory, and skyrocketing rental rates. I've read countless reports of the hundreds of renters staying in hotels waiting for a home or suite to come on the rental market. My clients who are purchasing investment properties tell me experiences of advertising suites and having people offer to pay them just to view the suite and have a chance at getting it. I'm hoping the madness stops as it simply isn't sustainable nor is it fair to those who cannot afford a down payment in an ever rising housing market, yet it's the perfect storm for investors.

The other attraction for those able to buy a rental home, is that…

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Now is the time to sell your Kamloops Real Estate

The housing market, like most markets, is cyclical.

These cycles can be greatly influenced by a number of factors, including interest rates, economic conditions and consumer confidence, which can create a shortage or surplus in housing.

A seller’s market happens when there’s a shortage in housing or more potential buyers than homes. A buyer’s market, on the other hand, occurs when there is a surplus in housing or more homes for sale than buyers. A balanced market happens when there is the same number of homes for sale as there are buyers.

STOP PRESS: January 2021 - It's a sellers market RIGHT NOW

Seller’s market at-a-glance

• More buyers than homes for sale
• Prices tend to be higher because of increased demand
• Homes sell quickly
• …

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BC real Estate Facts and Forecast for 2021

What will Kamloops Real Estate do in 2021? Is it time to sell or buy your Kamloops real estate?

Read what the BC Real Estate Association thinks and the stats for 2020

Fourth Quarter – November 2020

The COVID-19 pandemic and associated recession have impacted housing markets in unexpected and unpredictable ways. Despite what may be the worst recession in BC history, the housing market had a record fall season and prices are rapidly rising as pent-up demand floods into an under-supplied market.
As that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales.

The average Canadian…

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B.C. real estate market post-pandemic recovery.

The B.C. Real Estate Association's latest housing forecast was released Tuesday and shows that while sales in 2020 did fall to "historic lows" in April, they have since rebounded to pre-pandemic levels and even puts the year on track to outdo 2019 sales.

Among the industries still grappling with the impacts of COVID-19 this year, the B.C. housing market is not one of them.

The Canadian real estate market dipped in April this year, amid the lockdowns and economic impacts brought about by COVID-19. Although the pandemic stopped what was predicted to be a strong spring 2020 market, transactions started to pick up around May and June.

The B.C. Real Estate Association’s latest housing forecast was released Tuesday and shows that while sales in 2020…

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B.C. real estate: home prices forecast to rise

B.C. real estate: home prices forecast to rise 7.7 percent by end of 2020, and 3.7 percent in 2021

B.C. realtors expect not only to sell more homes this year and the next compared to 2019.

They also anticipate prices to rise in 2020 and 2021. The B.C. Real Estate Association predicts 2020 to finish with a 7.7 percent increase in average price over 2019. The BCREA also forecasts a further increase of 3.7 percent in 2021.

In Greater Vancouver, the association anticipates the average price to jump 5.9 percent over 2019. For 2021, the average price in the region is predicted to rise 2.4 percent. In the Fraser Valley, the BCREA expects the average price to grow 6.7 percent in 2020, and 2.6 percent in 2021.

It can be recalled that the Canada…

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Real Estate and Radon in BC - What it means to you as a buyer or a seller

Radon Precautions for Buyers and Sellers

It is important for home buyers and sellers to understand the risks associated with radon levels in homes, and to have enough information about radon to make an informed decision when buying or selling real estate.

So what is Radon?

Radon is measured in becquerels per cubic metre (Bq/m3).

Radon is a naturally occurring, radioactive, odourless, and colourless gas that is generated through the decay of uranium and other elements in soil minerals. In fact, radon is present at different concentrations (depending on the makeup of bedrock or sediment) throughout Canada. As radon seeps up through the ground, it can find its way into your home through cracks in your property foundation and walls. If radon…

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COVID-19 and Real Estate Market Trends

The global pandemic may have brought the Canadian real estate sector to a near standstill this spring, but over the longer term it appears to have stoked homebuying intentions.

It almost goes without saying that COVID-19 has had a far-reaching impact on the Canadian economy and healthcare system in the first half of 2020. As expected, the spring housing market was much cooler than 2019, with the Canadian Real Estate Association (CREA) confirming that May 2020 recorded the lowest volume of sales in May since 1996. Despite the significant drop in sales volume due to the pandemic, though, national home prices remained relatively stable. 

After a quiet April, market activity began to pick up in local housing markets across the country in May: more…

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Stress Test Rate to Fall to 4.79%

The stress test rate is about to fall for the second time in three months following cuts by Canada’s Big Six banks to their 5-year fixed posted rates.

Ever since 2016, all insured mortgages must qualify at a minimum rate or, in other words, pass a 'stress test'. The key difference between an insured mortgage and an uninsured mortgage is the initial amount you're able to put down on the purchase of a If you find yourself able to put down more than 20% of the purchase price immediately, you can carry on without seeking mortgage insurance . If, however, your down payment comes in at under 20% of the total purchase price, the government mandates that the balance of the mortgage must be backed by government-supported insurance.

Mortgage experts say the…

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Thing to Consider When You're Buying an Acreage in Kamloops

Are you considering buying an acreage?

I will be the first to tell you that the rural lifestyle has its rewards—including big, beautiful skies and the tranquility that comes with being surrounded by nature. Unfortunately, buying a property that doesn't suit your needs could make day-to-day life less than idyllic. That’s why it pays to know what to look for when buying an acreage. Here are a few of the things you should consider during your search.

1) Finance

HOW MANY ACRES ARE YOU PURCHASING?
For conventional mortgages,  mortgage lenders will finance a certain number of acres, a house & a garage. The number of acres that they will consider can vary based on the property location and the norm for that area. The minimum down payment can also vary…

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BC Assessments 2020 Vs. What Your Home is Truly Worth

The dollar figure on your provincial property assessment notice should not be taken as your home’s market value

In early January, homeowners across British Columbia received their 2020 assessed property values, released by BC Assessment. For the most part, the province remains relatively stable. However, there are significant changes to note, including a dramatic decrease in values in the lower mainland by as much as 15 per cent and increases of 41 per cent in smaller areas such as Kitimat. Regardless of the situation, it can be a confusing landscape to navigate as a homeowner, seller, or buyer. Here is a look at some of the need-to-know points that demystify the real versus the perceived impact of the newly released property assessments.

But hold…

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