Local Kamloops News

The province-wide slowdown in the BC housing market continued in January. Sales were down 33 per cent compared to the same month last year, while the average home price was down just under 8 per cent.

A large part of that is due to the stress tests on mortgages, according to BC Real Estate Association Chief Economist Cameron Muir.

“Pulled as much as 20 per cent of the purchasing power out of the many potential buyers and that doesn’t go on without seeing an impact,” he said. “Many markets now are showing signs of buyers market territory which means some downward pressure on prices, but many other markets are firmly in balance territory – prices rising around the rate of inflation plus or minus 2 per cent a year.”

Kamloops was a little better off

Between rising home costs, low inventory and the prevalence of all-cash offers, potential home buyers will readily tell you: It’s rough out there.

So if you’re lucky enough to find an affordable house you like, you may feel the pressure to make an offer right away.  Not so fast.

Before you put down that deposit, don’t forget to carefully inspect the home—even if it appears to be in good condition. “Looks can be deceiving,” says Leslie Piper, a consumer housing specialist for Realtor.com. Of course, there are some flaws you can ignore, like outdated appliances and misguided paint choices. But there are others that might be true deal breakers. And if you overlook the wrong ones, your new home can quickly become a money pit, says Ilyce Glink, a real

Once upon a time it was possible for buyers to identify a bank foreclosure from a mile off.

They were often run-down, stripped-to-the-bone and abandoned buildings which looked completely uninhabitable. However it’s a different ball game today, as many banks now choose to renovate their real estate owned (REO) properties before listing them on the market for end users to purchase. This prevents investors and contractors from making a lucrative profit through the bank’s loss.

Banks are cleverer these days, and they understand that the market has improved significantly in recent years, so they won’t come across as desperate anymore. Instead of trying to sell as quickly as possible, they look to minimize their losses. This ultimately creates both

Article Provided by Real Estate Council of British Columbia

Buying a home is the largest investment most of us ever become involved in.

Yet people sometimes take less time over it than they do when buying a new car. That’s because it’s unfamiliar territory to many of us. We don’t know what questions to ask. We may take things for granted, rely on others when we shouldn’t, and sometimes we later wish we had known more about the process involved.

The Real Estate Council of British Columbia feels it is important for you to understand the procedures normally involved in the purchase of a home, to recognize the significance of the documents you will encounter, and to understand the role of other people who may be involved in the transaction. Buying a

Kamloops is one of only four markets in the province where homes for sale align with local earnings, according to a study of 20 B.C. markets by real-estate search and data website Zoocasa.

The findings are based on a summary of October benchmark and average home prices as reported by local real estate boards, the income required to afford the homes and regional median incomes as reported by Statistics Canada.

Kamloops is one of only four markets in the province where homes for sale align with local earnings, according to a study of 20 B.C. markets by real-estate search and data website Zoocasa. 

The findings are based on a summary of October benchmark and average home prices as reported by local real estate boards, the income required to afford

Many homes in the Kamloops area built before 1957 were originally heated with furnace oil. When natural gas became available, the oil storage tanks, which were normally located underground in backyards, were filled with sand or capped.

However, as these unused buried oil tanks start to corrode and rust, the remaining oil can leak out and flow onto the rest of the owner's property, the neighbour's property, storm sumps and waterways, resulting in contamination of soil and water. Apart from the negative financial impact on the market value of the property, the owner can face substantial legal liability under various statutes and bylaws for such contamination.

The BC Fire Code and bylaws of twelve municipalities (including the City of Vancouver) all

Under new federal legislation, Canadians will be able to grow up to four marijuana plants in their private residence.

But a lack of protections and awareness could cost them thousands – or even their mortgage.

Sentiment on smoking and cultivating marijuana at home still largely negative, finds new Zoocasa survey.

With the new cannabis laws coming into force, would growing pot at home reduce your property’s value? What about smoking weed at home? Do you think a new cannabis store in the neighbourhood would help or hinder a home sale? A majority of Canadian homeowners (64 per cent) believe that a home where the owners smoked pot would see a decreased value, according to a survey released October 16 by real estate website Zoocasa.

And 57 per cent

New research forecasts which cities will outperform the rest of the province's markets, despite recent dramatic value increases

A new report released today shows Surrey, the second largest city in B.C. and the fastest growing, has the diversity and strength required to lead the province in real estate investment potential. The Top 10 Towns and Cities – British Columbia report helps home-buyers and sellers decide whether now is a good time to buy, or sell, a property.

The Real Estate Investment Network (REIN) is an independent research and analysis firm that has been producing reports on housing markets across Canada for 25 years and has earned its reputation as a dependable source in providing unbiased research and analysis.

Studying 36

BC Assessment notices arrive in the mail, giving some homeowners a big smile and a bit more spring in their step (increased property taxes aside), while others wilt and lament at a modest gain or decrease in assessed value. Do these numbers make you more interested in selling your home?

Wait a sec. Neither this assessment document, nor either parties’ emotions, are tied to a current true market value. In fact, provincial property assessments can be significantly too high or too low. Values are determined in July of the previous year, and properties are rarely visited in person by provincial appraisers.

For this reason, provincial property assessments should never be solely relied upon as any sort of relevant indicator of true market value for the

Guest article written by Karen Weeks from www.elderwellness.net

Aging in community is a popular way for seniors to focus on their health by staying active and social, but what exactly is it?

The definition can vary from person to person, but generally it simply means living at home or in a senior community that isn’t assisted by nurses or other caregivers. For many seniors, this is a big deal, as it means that they can continue to make decisions for themselves and live life on their own terms.

“As a matter of fact, a growing number of baby boomers are turning to shared living as an aging in place housing option. A 2014 AARP analysis of census data found approximately 132,000 households and 490,000 women over the age of 50 living with non-romantic