About Linda Klein

Kamloops only Median Residential Price: (does not include condominiums or mobiles)  $405,000

Kamloops and District Median Residential Price: (includes all areas, not just Kamloops, does not include condominiums or mobiles) $375,000

April was another record-breaking month for home sales in British Columbia. There were 12,969 sales through the MLS of BCREA last month, beating March’s 12,560; and up 30.3 per cent from April 2015.

“Housing demand is exceptionally strong across the southern regions of the province,” said Cameron Muir, BCREA Chief Economist. “Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions.”

The average MLS price was up 17.2 per cent year-over-year to $743,640 and the total value of all home sales surged 52.7 per cent to $9.64 billion.

Comparing March 2016 to February 2016

Comparative Statistics for Kamloops (Residential Only)

*The above information is from sources deemed reliable but it should not be relied upon without independent verification.

DLC Weekly Rate Minder courtesy of Dominion Lending Center

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.

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DLC Weekly Rate Minder courtesy of Starr Webb

RBC cuts mortgage rate, price war coming?
It was always going to happen, but while last week the big lenders were reluctant to pass on the Bank of Canada’s interest rate cut to borrowers, this week there’s talk of a price war. Royal Bank of Canada is the first of the big banks to cut mortgage rates, dropping its five-year fixed rate deal to 2.84 per cent and also cutting its other fixed products. Flexible rates are unchanged though along with other lending from the bank. Of course, these rates are the bank’s published deals and brokers frequently secure better ones, but a ‘battle of the rates’ creating headlines can only help the perception that now is a great time to buy. How low those rates go is anybody’s guess, but there are already predictions of sub-two per cent mortgages.

“GENERAL INFORMATION”

What started years ago as a replacement for a survey certificate has now become standard on real estate purchase or refinance transactions. If you are buying or refinancing your home, expect title insurance to be a requirement of your lender.

What is Title Insurance?

In its simplest form, title insurance protects the lender and homeowner against a number of risks related to the property’s title or ownership.

What does Title Insurance cover?

From the point of view of most lenders, the main coverage is fraud, which can occur in a variety of ways.

With identity theft on the rise, it is not difficult for a fraudster to obtain legitimate identification claiming to be the true owner. The fraudster then deals with realtors and lawyers as if they were the owner, and proceeds to sell the property. Alternatively, the fraudster may work with a lender or mortgage broker, again with identification, to place a new mortgage on the property. In either situation, the true owner is unaware of the fraud and the fraudster absconds with the sale or mortgage funds.

Other typical examples include spousal impersonation and lawyer fraud.

In most cases the Assurance Fund of the Land Title Office may reimburse the true owner, but this may take several months and thousands of dollars in legal fees. Title Insurance is usually quicker and less expensive.

In addition to protecting against title fraud, title Insurance can cover:

a. violations of municipal by-laws;
b. encroachments onto an adjoining property;
c. property tax arrears;
d. existing work orders;
e. lack of legal access to the property;
f. unpaid strata assessments;
g. zoning and setback non compliance;
h. forced removal by a governmental authority of a structure built without a required building permit;
i. legal status of any septic system;
j. gap coverage.

How much does Title Insurance Cost?

For properties with a purchase price under $1,000,000.00, the cost of title insurance is generally $225.00, with $175.00 to the Lender Policy, and $50.00 to the Owner Policy. For every additional $1,000.00 over a purchase price of $1,000,000 the price increases by $0.90.

Unlike life or house insurance, purchasing title insurance is a one time cost, with no annual premium.

Courtesy of Spagnuola Group

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DLC Weekly Rate Minder Courtesy of Dominion Lending