Median Residential House Price $437,900 up 2% from April 2017
Residential units May 2017 sold up 14% from April 2017
Average Days on the Market May 2017 33 days down 29% from April 2017
Most active areas in Kamloops were Aberdeen, Sahali and Brocklehurst
Most active price range
$320,000 – $359,900 46 sales
$360,000 – $399,900 34 sales
$400,000 – $439,900 35 sales
$600,000 plus 43 sales
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
New data this week confirms that residential real estate continues to boom in British Columbia.
The BC Real Estate Association’s second quarter housing forecast calls for a record 115,200 units to be sold in 2016 through the MLS, that’s up 12.3 per cent year-over-year to break the previous record set in 2005 (105,600).
Prices are set to surge again, up 20.4 per cent to an average MLS price of $766,600. The outlook for 2017 is for a more modest 3.4 per cent increase.
“Record housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher,” commented Cameron Muir, BCREA Chief Economist.
Inventory will be helped by increased construction with BCREA predicting a 20 per cent rise in new housing starts this year.
The city’s real-estate market continues on a roll as booming sales and declining inventories threaten to push prices higher.
The Kamloops & District Real Estate Association reported yesterday that 320 homes changed hands in the greater region, up 40 per cent from April 2015.
The number of units sold year-to-date is up by about 28 per cent.
The number of residential units on the market increased slightly from the month before. At about 1,800 units, however, it is 14 per cent lower than the same month last year.
The combination of rising sales and declining supply typically sees upward pressure on prices.
The median price of a single-family home in the city of Kamloops sold in April was $385,000.
If your buying or selling, I’m here to help
Kamloops Named 7th Top Growing City in Canada by U-Haul
Kamloops Named 7th Top Growing City in Canada by U-Haul
Canada’s Tournament Capital is also one of the top growing cities in the country, according to U-Haul.
The moving and storage company has been ranking Canada’s top growing cities, revealing them daily until March 4th.
Kamloops comes in at number seven on the list.
Why move here:
Sunniest City in Canada
Affordable cost of living
Lots of outdoor activities
Excellent transportation and highways in all directions
“Kamloops is a very beautiful, affordable place to live,” said Horace Martin, U-Haul Company of British Columbia President. “It has Riverside Park, a world-class ski resort, and the right mix of big city/small town feel. It’s billed as the Tournament Capital of Canada. There’s no shortage of activities in one of the sunniest cities of Canada.”
For this particular list, growth is determined by the number of incoming one-way U-Haul truck rentals versus outdoing rentals.
According to U-Haul, 53.2 per cent of truck rentals were coming into Kamloops rather than leaving.
Here is what you need to know:
Today, the government announced its intent to raise the minimum down payment requirements on homes valued over $500,000. Properties below $500,000 will not be affected. Requirements will remain at 5 % down payment for homes under 500,000.
Any amount over $500,000 will require a 10 % down payment. For example a $700,000 home will require a $45,000 down payment, 5 % on $500,000 and 10 % down on the remaining $200,000.
The announced changes will take effect on February 15, 2016.
The purchase closing date can be after Feb 16th 2016
The minimum down payment for homes $1 million and over remains unchanged at 20%
The government cites its desire to “contain risks in the housing market” as the
reason for its decision.
Sales of residential units in Kamloops were down in October, a slip in what has otherwise been a year of double-digit sales increases.
The number of homes sold last month, at 202, is down about five per cent from the same month in 2014.
Sales in the city are up by 15 per cent through the first 10 months of the year. The median price for a single-family home in Kamloops came in at $367,000.
Cyndi Crossley, president of Kamloops & District Real Estate Association, said one trend that will affect both buyers and sellers is a decline in inventory. Residential listings on MLS are nearly 10 per cent lower than a year ago.
She said other markets, including Chilliwack, are experiencing the same decline in listings — a factor that can lead to increasing prices and a so-called sellers’ market.
Another notable aspect for the month was sale of 10 units valued at more than $600,000.
“That’s not what the Kamloops market is typically made of,” she said. “That should be encouraging for those with higher-priced homes.”
The busiest slice of the market is in the $320,000 to $360,000 range.
DLC Weekly Rate Minder courtesy of Starr Webb
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| Courtesy of Mark Bertoli, Abbott Wealth |
| Home improvement is always in fashion. But the big question for many homeowners isn’t what to do, it’s how to pay for it. There are many ways to secure the financing you need, and each has advantages in certain situations.
Home equity line of credit A line of credit secured against the value of your house will typically be issued at a lower rate than an unsecured loan or personal line of credit. Accessing the home equity line of credit is easy and convenient. You may have the option of writing cheques or using a credit card or bank card. Repayment is also flexible. You can pay some or all of the outstanding balance at any time without penalty, or make interest-only payments. Increase your existing mortgage It may also be a smart move if you’re locked in to a long-term mortgage at a significantly higher rate than is currently available. In this case, any penalty you may incur could be offset by the savings in interest over the long term. While this option lacks the flexibility of a line of credit, the advantage for many is knowing that the borrowed funds are structured to be paid back in a set amount of time. And interest rates can be fixed, if you choose — unlike a line of credit, which floats against prime. A second mortgage A second mortgage can be a good choice for homeowners who are locked in to a longer-term mortgage, but wouldn’t benefit from breaking their first mortgage. Lending rates for a second mortgage may be higher than a first mortgage. Like increasing your mortgage, this option trades repayment flexibility for the peace of mind of knowing the debt will be paid down if you stick to the repayment schedule. Every situation is unique. But we can help you determine your best option. |
DLC Weekly Rate Minder courtesy of Starr Webb
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| The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kamloops Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. |
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