October 2014

Kamloops and District
Median Residential Price:
(includes all areas, not just Kamloops, does not include
condominiums or mobiles)
$346,000

Kamloops only
Median Residential Price:
(does not include condominiums or mobiles)
$360,000

Most Residential Sales By Price Category

$280,000 -$319,999    27 sales

$320,000 -$359,999    26 sales

$360,000 – $399,999   21 sales

$400,000 – $439,999   20 sales

$240,000 – $279,999  16 sales

With a total of 214 residential sales in October, up from 183 residential sales in September

September 2014

Kamloops Residential Sales by Sub-Area – Monthly – September 2014

1. Sahali                           21
2. Brocklehurst               20
3. South Kamloops         19
4. Aberdeen                     19
5. Westsyde                     16
6. North Kamloops         11
7. Sun Rivers                     6
8. Juniper Heights            5
9. Batchelor Heights        3

SOURCE: Kamloops and District Real Estate Association

Top 7 Areas

Brocklehurst          74 Sales

Sahali                      72 Sales

Aberdeen                65 Sales

South Kamloops   64 Sales

Westsyde                53 Sales

North Kamloops   40 Sales

Juniper                    26 Sales

Total Sales in Kamloops 3rd Quarter 565

Like many aspects of your life, obtaining financing on a new or existing home can be a lot less stressful and a whole lot more straight-forward if you’re prepared. But if you’re not prepared, there are many common mistakes you can make. Most of these mistakes are easily avoidable with some preparation and informed advice – feel free to call or email with any questions/concerns!

Below are the Top 5 Mortgage Mistakes people make when trying to secure financing for their home:

1. Failing to choose the best product for their situation
2. Automatically renewing their current mortgage with their existing lender
3. Signing documents without reading them
4. Taking it to the limit – running up credit
5. Not planning for your mortgage application

1. Failing to choose the best product for your situation
There are many different types of loans out there. There are fixed- and variable-rate products, hybrid and no-frills mortgages, lines of credit, term options, amortization choices, and more.

And although choice is great, it can be quite overwhelming without expert advice. While one person would benefit from a variable-rate product, their neighbour may be better suited to a fixed-rate product. The key is to always explain your current situation and future goals in detail so we can select a product that best meets both your current and longer-term needs.

2. Automatically renewing with your existing lender
Although you may feel an allegiance with the current financial institution that holds your loan, they may not be able to offer you the best choices. When refinancing or renewing, it’s important to always shop the market for your best available option, much like you did when

securing your first mortgage. This ensures you end up with the best mortgage rate and terms customized to your unique situation. In many cases your bank will offer you the posted rate in hopes that you’ll simply sign and return the commitment without shopping around. Make sure you do your due diligence when refinancing and renewing. After all, this is your home, your mortgage and your money!

3. Signing documents without reading them
Never sign documents without reading them. If you’re unsure about something, always ask for clarification. Remember that you’re the one entering into the agreement, so you need to understand and agree with that commitment.

4. Taking your credit to the limit
Make sure that your credit balances are in your favour when it comes to your mortgage application. Lenders are looking for an appropriate debt-to-income ratio. In other words, you need to have more income than you have debt. Avoid running up a balance on your credit cards and pay down existing debts as much as possible.

5. Failing to plan ahead
If you know that you’ll need to obtain, renew or refinance a mortgage, it’s essential to plan for it by ensuring your credit is in order. If it’s not, start preparing. Don’t make any purchases on your credit cards that you can’t pay off and if you carry a balance on your credit cards, start paying them down. Refrain from making any large purchases before securing your mortgage. If you’re planning to buy a car, wait until after you have secured financing, as your debt-to-income ratio will rise and you don’t want this to occur while trying to secure a mortgage.

Understanding how the mortgage process works and how lenders qualify your loan will help you avoid the above mistakes.

Already a fantastic annual event in many parts of Eastern Canada and the United States, Ribfest is coming to Kamloops!

This summer, Ribfest will take over Riverside Park from Friday, August 8th – August 10th (11am to 9pm all three days) in Kamloops’ for a full weekend of fantastic, free, family fun.

In conjunction with Hot Nite in the City, the highly successful Ribfest offers a rib cook-off between five champion barbeque teams; music and entertainment throughout the entire event; entertainment and activities for children and youth, as well as a Refreshment Center and a whole whack of great vendors.

Come and enjoy the fun!

The Kamloopa Powwow is one of the largest celebrations of First Nations’ culture and heritage in Western Canada! The Pow Wow is a spectacular expression of the Secwepemc people’s heritage and is a vibrant display of storytelling, song, and dance in traditional regalia.

The Kamloopa Powwow represents many years of stories and events from previous years packed into three exciting days at the Secwepemc Pow Wow Grounds located 2 minutes from the city centre, alongside the South Thompson River in Kamloops.

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This is your rare chance. Desirable home with stunning views in the prime lower Sahali location. Downtown, hospital, Riverside park, schools, TRU, shopping all a short walk away. This 2 owner home has been kept in immaculate shape. Main floor features birch hardwood, spacious renovated kitchen with nook, dining area with french doors to massive front deck, 3 bedrooms, master with bay window, 2nd bedroom with sliders to private back deck. Lower level features huge family room, bedroom and den, 3 piece bath with walk in shower, as well as a very spacious laundry off garage with sink as well as built in cabinets and work bench. Great spot for storage as well as work area. Backyard is your own private oasis amongst the many trees and perennials. This home should be on the top of your list. RV parking available. Roof, furnace, C/Air all less then 10 years old.