About Linda Klein

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

KAMLOOPS – If you want to get up close and personal with Lord Stanley’s Cup head to the Interior Savings Centre on Saturday.

Kamloops native and Los Angeles Kings Assistant Coach Davis Payne will be bringing the cup with him to the arena from 2-4 p.m. on Saturday, Aug. 23.

The Kings beat the New York Rangers in five games to win the championship, the second for the team in three years. Since June players and staff have been toting the cup around to more than 30 different home towns as well as many beaches and parties.

While the Kamloops event is actually free Payne is asking for those who want to get a picture with hockey’s most coveted prize to make a donation to the Royal Inland Hospital.

Kamloops is full of events just around the corner!  Don’t miss the long anticipated Salute to the Sockeye which is in a dominant year – expect to see millions of sockeye!

2014 is a dominant run, with millions of fish to be seen.  The Adams Run Salmon Society coordinate the celebration known as the “Salute to the Sockeye” during the dominant years – held Friday October 3rd, 2014 to Sunday October 26th 2014.  Usually the salmon return during the first 3 weeks of October with Thanksgiving being the peak weekend.

Fewer Canadians are paying down their mortgages

Pay down my mortgage, I’d rather take a vacation

A new CIBC poll finds there has been a significant decrease in the number of Canadians using the low interest rates to pay down their mortgages faster.  While over half of Canadians with mortgages (55 per cent) are taking one or more actions to pay their mortgages down sooner, a similar poll last year had the figure at 68 per cent. However, while the numbers increasing payment value or frequency has dropped, there is an increase in the numbers making a lump-sum repayment. The new report also says that Canadians are expecting to 58 years old before they are mortgage-free.  So, if we’re not paying down out home loans, where is any spare money going? The report has shown a large increase in spending on home renovations (up 30 per cent) and vacations (up 20 per cent). “A mortgage is the largest debt most Canadians will take on in their lifetime, and being mortgage-free is an important goal for many,” says Barry Gollom, Vice President, Secured Lending and Product Policy, CIBC.  “With current low interest rates, this may be an opportune time to make progress against your mortgage – even a few small changes can make a big difference in the length of time it takes to pay off your mortgage and the amount you pay in interest charges.”

After increasing 13 per cent to 2,370 units last year, MLS®residential sales in the Kamloops area are forecast to
remain relatively unchanged this year. Tepid economic and employment growth in 2013 is expected to limit
consumer demand over the first half of the year. In addition, poor weather conditions in the region also
impacted home sales over the first quarter, with total sales down 8 per cent compared to the previous year.
However, more robust growth in the global economy both this year and particularly in 2015 is expected to bolster
demand for BC exports and push up employment levels.In addition, after nearly two years of weak consumer
spending activity, retail sales now appear to be returning to a more typical growth pattern, a signal that rising
demand for big ticket items may be on the horizon. Next year, MLS® residential sales are forecast to increase
5.5 per cent to 2,480 units.Despite slower sales activity during the first quarter,
the inventory of homes for sale has steadily declined over the past year, and was down nearly 10 per cent during
the first quarter. Market conditions are now trending into balanced territory, where home prices typically exhibit
stability. The average MLS® residential price is forecast to edge up 0.5 per cent to $314,000 this year, and a further 1.1 per cent to $317,300 in 2015.New home construction in the Kamloops CA remained
relatively unchanged in 2013, with a total of 479 housing starts recorded. However, multiple starts climbed 31 per cent,while single-detached starts declined 23 per cent. A stronger provincial economy and improving consumer demand in the local housing market are forecast to push housing starts about 6 per cent higher in each of the next two years, with single detached starts gaining traction in the market.
MLS® Sales Avg Price Housing Starts
Total Detached Attached Apartment Total Detached Attached Apartment Total Single Multiple
2013 2,370 1,617 291 227 312,460 356,369 273,190 191,715 479 219 260
13% 9.9% 2.5% 28.2% -0.1% 1.1% -0.3% 0.5% -0.4% 22.6% 31.3%
2014 2,350 1,630 300 200 314,000 355,000 275,000 196,000 510 240 270
-0.8% 0.8% 3.1% -11.9% 0.5% -0.4% 0.7% 2.2% 6.5% 9.6% 3.8%
2015 2,480 1,700 325 225 317,300 359,000 278,100 197,500 540 260 280
5.5% 4.3% 8.3% 12.5% 1.1% 1.1% 1.1% 0.8% 5.9% 8.3% 3.7%
Kamloops CA Sources: CMHC, BCREA Forecast

May 2014

Analysis of Kamloops MLS Activity Report for the Month Ending May 2014

Kamloops and District
Median Residential Price:
(includes all areas, not just Kamloops, does not include
condominiums or mobiles)
$332,000

Kamloops only
Median Residential Price:
(does not include condominiums or mobiles)
$349,900

Most Residential Sales By Price Category

$280,000-$319,900   35 sales

$320,000-$359,900   47 sales

for a total of 254 residential sales in May
SOURCE: Kamloops and District Real Estate Association