About Linda Klein

Housing starts across Canada remained flat year over year in November, although seasonally-adjusted numbers point to growing momentum in British Columbia and Quebec as developers ramp up to meet immigration demands.

“The trend essentially held steady for a third consecutive month in November,” said Bob Dugan, CMHC’s chief economist, in releasing November numbers Monday. “This is in line with our expectations for 2014, of a stable national picture with new home building concentrated in multiple starts, particularly in Quebec, British Columbia and Ontario.”

Seasonally adjusted starts in November climbed 6.5 per cent month-over-month to 195,620 units. More than half of those starts were multi-unit properties in urban centres, led largely by Ontario and Quebec, though British Columbia posted the largest gains – 26.7 per cent – from October.

t’s important to note, say analysts, that starts were flat from the year-ago period.

While reports suggested overbuilding would become a problem for Canada’s major urban centres, CMHC said more housing is needed to fill the demand created by healthy immigration.

“Ask any real estate developer in any of Canada’s major cities about the risk of overbuilding, and the first line of defense would be immigration and its critical role in supporting demand,” said Benjamin Tal, CIBC’s deputy chief economist. “It turns out that, at least for now, this claim is more valid than widely believed.”

New immigrants account for 70 per cent of the increase in Canada’s population. Half of these new immigrants are aged between 25 and 44, representing the country’s economic engine, according to CMHC’s 2014 Canadian Housing Observer.

Comparative Statistics for Kamloops (Residential Only)

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

Selling your current home and moving into a new one can be stressful enough, let alone worrying about your current mortgage and whether you’re able to carry it over to your new home.

Porting enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. And, better yet, the ability to port also saves you money by avoiding early discharge penalties.

It’s important to note, however, that not all mortgages are portable. When it comes to fixed-rate mortgage products, you usually have a portability option. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate.

With variable-rate mortgages, on the other hand, porting is usually not available. As such, upon breaking your existing mortgage, a three-month interest penalty will be charged. This charge may or may not be reimbursed with your new mortgage.

Porting conditions
While porting typically ensures no penalty will be charged when you sell your existing property and buy a new one, some conditions that may apply include:

• Some lenders allow you to port your mortgage, but your sale and purchase have to happen on the same day. Other lenders offer a week to do this, some a month, and others up to three months.
• Some lenders don’t allow a changed term or force you into a longer term as part of agreeing to port your mortgage.
• Some lenders will, in fact, reimburse your entire penalty whether you’re a fixed or variable borrower if you simply get a new mortgage with the same lender – replacing the one being discharged. Additionally, some lenders will even allow you to move into a brand new term of your choice and start fresh.
• There are instances where it’s better to pay a penalty at the time of selling and get into a new term at a brand new rate that could save back your penalty over the course of the new term.

Courtesy of :Starr L. Webb AMP
Franchise Owner / Mortgage Expert

Phone: 250-574-0115

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!

In the summer months, municipal water use doubles. This is the season when Canadians are outdoors watering lawns and gardens, filling swimming pools and washing cars. Summer peak demand places stress on municipal water systems and increases costs for taxpayers and water users. As water supplies diminish during periods of low rainfall, some municipalities must declare restrictions on lawn and garden watering. By applying some handy tips, your lawn and garden can cope with drought conditions and you can minimize water wastage.

General tips
Much of the summer peak demand is attributed to lawn and garden watering. Often, water is applied inefficiently, resulting in significant waste due to over watering, evaporation or run-off.

Here are some general watering tips to help avoid wasting water:

• Before watering, always take into account the amount of water Mother Nature has supplied to your lawn or garden in the preceding week. Leave a measuring container in the yard to help monitor the amount of rainfall (empty it once per week). Also bear in mind any watering restrictions that may apply in your municipality.
• Water in the early morning, before 9AM, to reduce evaporation and scorching of leaves from the sun. Water on calm days to prevent wind drift and evaporation.
• Set up your sprinkler or hose to avoid watering hard surfaces such as driveways and patios. If you’re not careful, it’s water and money down the drain.

Water slowly to avoid run-off and ensure the soil absorbs the water.

• Regularly check your hose or irrigation equipment for leaks or blockages.
• Collect rainwater from your roof in a rain barrel or other large container and keep it covered with an insect screen. Direct the down spout of your eavestroughs into the rain barrel.
• Choose an efficient irrigation system. A soaker hose placed at the base of plants on the ground applies water to the soil where it’s needed – rather than to the leaves – and reduces evaporation. Drip or trickle irrigation systems are highly efficient because they deliver water slowly and directly to the roots under the soil surface. This promotes deeper roots, which improve a plant’s drought resiliency. If you use a sprinkler, choose one with a timer and that sprays close to the ground.

Other outdoor activities
Lawn and garden watering is not the only outdoor activity contributing to summer peak demand. You can lower your water bill and relieve the burden on municipal water supplies by doing the following:

• Use a broom instead of water to remove debris from paved surfaces such as driveways.
• Use a bucket and sponge to wash and rinse your car, instead of a hose.
• Cover swimming pools when they’re not in use to reduce evaporation.

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!

Music in the Park: Riverside Park – August Schedule

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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