Prospective homeowners may get excited by the market or the prospect of home ownership and decide that now is the right time to look into buying a home...but sometimes they get the cart before the horse and start house shopping before the have been pre-approved for a mortgage. The pre-approval process is a way for buyers to get insight on potential obstacles and learn more about what mortgage lenders want from applicants. Preparing for a mortgage loan in advance will help avoid surprises and speed a buyer's final mortgage approval when the right house is found. You'll also be taken more seriously.

Knowing Where you Stand

Before running out to look at houses, prospective buyers need to know any potential hurdles they may need to overcome when it

Kamloops Real Estate Sales

The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association recorded a year-over-year increase in December 2017.

According to the Association’s statistics, home sales totaled 185 units in December 2017, up 28.5% from December 2016. This marked the best December sales figure on record, breaking the previous record for the month which had stood for 28 years.

On an annual basis, home sales totaled 3,345 units for 2017, this was up 5.2% compared to 2016. This was the second highest annual level on record after 2007.

“2017 as a whole came in fewer than 50 sales below the all-time annual record set a decade earlier, and with record level momentum heading into the New Year,” said

Buying a condo or a property in a strata?

The legal doctrine of caveat emptor (“let the buyer beware”) continues to apply to real estate transactions in BC today, and can have the effect of denying the buyer a remedy for defects and deficiencies discovered in the property after purchase. In general, the onus is on the buyer to determine the state and quality of the property being sold – rather than on the seller to point out any potential problems.

When purchasing into a strata building, an important part of the buyer’s due diligence process is reviewing and understanding the current bylaws of the strata corporation. A failure to review the bylaws can lead to nasty, unwanted surprises for new homeowners later down the road. 

Schedule “A” of the

What is "house poor"?

This phrase describes home buyers who've purchased property they can't easily afford—and are now paying the price, as it were.

“If you can’t spend your income the way you want to because so much of it is going to housing expenses, you’re house poor,” says Debra Neiman, a financial planner.

Translation: If you're eating rice and beans every night just so you can pay your mortgage, you probably qualify.

As a general rule of thumb, financial advisers tell people to pay no more than 30% of their pretax income on housing—so if you make $5,000 per month, you should spend no more than $1,500 on your mortgage, property tax, and other housing costs. By that benchmark, according to the State of the Nation's Housing 2017 Report from

Think of a subject in an offer as insurance.

Once you find a Kamloops home and make an offer, you hope everything will go smoothly; but in case it doesn’t, you have an opportunity to add subject clauses that allows you to back out of the contract without losing money if something untoward happens.

Most agreements already have a few key subject clauses in place to protect against the bigger things—such as a lower-than-anticipated home appraisal—but there are subjects that go beyond the norm. If you’re about to make an offer, consider all of your options.

Standard subjects

Some subject clauses are commonly used when making an offer. Some examples:

• Home inspection: This gives the buyer the right to order a professional home inspection and

KAMLOOPS - Property owners in the Thompson region can expect to get their property assessment notices in the mail within the next few days and you might find your home has appreciated in value — some significantly.

B.C. Assessment says in a news release that homeowners can expect a moderate increase, which will reflect the market value as of July 2017.

Compared to 2017, numbers for residential single detached homes in urban areas of the Thompson are up between zero and 15 per cent, while rural properties range from a decrease of five per cent to an increase of 25 per cent.

Residential strata units in urban areas vary between a five per cent decrease and 20 per cent increase compared to 2017 numbers, while properties in urban areas increased by

Online Learning Opportunities for Your Golden Years

Written by Karen Weeks for Kamloops Property For Sale.

Your senior years are a time not only for savoring your accomplishments but also for embracing new challenges. Thanks to technology, options for personal growth and learning are just a mouse click away.

 Opportunities abound.

The internet isn’t just for younger people, and thanks to the ever-expanding number of resources available your options for what you can discover are nearly unlimited. Your need to grow, connect and learn continues throughout life, and now you are free from the requirement of learning to satisfy a job or to earn grades. If you think you aren’t qualified or are intimidated by using the internet for learning, don’t be.

6 Reasons Why Your Home Expired Without An Offer

When a home listed for sale expires off of the market without so much as an offer there are a number of common reasons as to why that happened.  Some of the causes of having an unsold home are the responsibility of the real estate agent if there is one involved.  Other aspects of selling a home are done in coordination with the real estate agent but is the primary responsibility of the home seller (setting the listing price for example).  If a home seller still has in mind the goal of selling their home this list of six common reasons why a home does not sell will help home sellers get back on track and get their home sold.

1.  Pricing

Overpricing is one of the main reasons a house will not sell. 

Previously only those with less than 20% down were tested, but now all borrowers will be.

Canada's top banking regulator has published the final version of its new mortgage rules, which include a requirement to "stress test" borrowers with uninsured loans to ensure they could withstand higher interest rates.

The Office of the Superintendent of Financial Institutions (OSFI) released new guidelines for the mortgage industry on Tuesday. The regulator floated a similar version of these rules earlier this summer in draft form, but Tuesday's release makes them official as of Jan. 1. Among the major new rules is a requirement to stress test uninsured borrowers. Previously, only insured borrowers had to undergo such a test.

By law, borrowers with a down

Buying to rent: tips from a seasoned real estate investor

Buying to rent is a way to ride out the ups and downs of the real estate market and the economy, said Ann Kaplan, president and CEO of national consumer finance company iFinance Canada. (Kaplan also appeared on The Real Housewives of Toronto, a show run by Slice, one of the brands owned by Corus Entertainment, which also owns Global Television and Global News.) Kaplan, who gradually built a portfolio of  seven residential and commercial properties in Vancouver, Victoria and Toronto, has some advice for those buying investment properties as a means to enter the market:

Decide what price you want to pay and be prepared to walk away if you don’t get it. When you’re buying investment property,