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Archive for January, 2015

Linda Klein Kamloops Real Estate Mortgage rates for week of Jan 26th 2015

Tuesday, January 27th, 2015

DLC Weekly Rate Minder courtesy of Starr Webb Dominion Lending

Our Best National Rates
• Explore Mortgage Scenarios with Helpful Calculators on
Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.59%
3 YEARS 3.44% 2.69%
4 YEARS 3.94% 2.79%
5 YEARS 4.79% 2.84%
7 YEARS 6.04% 3.79%
10 YEARS 6.50% 4.39%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%
Variable rate mortgages from as low as Prime minus 0.70%

RBC reduces mortgage rates

Tuesday, January 27th, 2015

RBC cuts mortgage rate, price war coming?
It was always going to happen, but while last week the big lenders were reluctant to pass on the Bank of Canada’s interest rate cut to borrowers, this week there’s talk of a price war. Royal Bank of Canada is the first of the big banks to cut mortgage rates, dropping its five-year fixed rate deal to 2.84 per cent and also cutting its other fixed products. Flexible rates are unchanged though along with other lending from the bank. Of course, these rates are the bank’s published deals and brokers frequently secure better ones, but a ‘battle of the rates’ creating headlines can only help the perception that now is a great time to buy. How low those rates go is anybody’s guess, but there are already predictions of sub-two per cent mortgages.

Buying a home in Kamloops – Title Insurance

Wednesday, January 21st, 2015


What started years ago as a replacement for a survey certificate has now become standard on real estate purchase or refinance transactions. If you are buying or refinancing your home, expect title insurance to be a requirement of your lender.

What is Title Insurance?

In its simplest form, title insurance protects the lender and homeowner against a number of risks related to the property’s title or ownership.

What does Title Insurance cover?

From the point of view of most lenders, the main coverage is fraud, which can occur in a variety of ways.

With identity theft on the rise, it is not difficult for a fraudster to obtain legitimate identification claiming to be the true owner. The fraudster then deals with realtors and lawyers as if they were the owner, and proceeds to sell the property. Alternatively, the fraudster may work with a lender or mortgage broker, again with identification, to place a new mortgage on the property. In either situation, the true owner is unaware of the fraud and the fraudster absconds with the sale or mortgage funds.

Other typical examples include spousal impersonation and lawyer fraud.

In most cases the Assurance Fund of the Land Title Office may reimburse the true owner, but this may take several months and thousands of dollars in legal fees. Title Insurance is usually quicker and less expensive.

In addition to protecting against title fraud, title Insurance can cover:

a. violations of municipal by-laws;
b. encroachments onto an adjoining property;
c. property tax arrears;
d. existing work orders;
e. lack of legal access to the property;
f. unpaid strata assessments;
g. zoning and setback non compliance;
h. forced removal by a governmental authority of a structure built without a required building permit;
i. legal status of any septic system;
j. gap coverage.

How much does Title Insurance Cost?

For properties with a purchase price under $1,000,000.00, the cost of title insurance is generally $225.00, with $175.00 to the Lender Policy, and $50.00 to the Owner Policy. For every additional $1,000.00 over a purchase price of $1,000,000 the price increases by $0.90.

Unlike life or house insurance, purchasing title insurance is a one time cost, with no annual premium.


Courtesy of Spagnuola Group

Copyright © 2015 by the Spagnuolo Group of Real Estate Law Firms.  All rights reserved.  You may reproduce materials available at this site for your own personal use and for non-commercial distribution.  All copies must include this copyright statement.

Tips for staging a bathroom

Sunday, January 18th, 2015

When staging a bathroom, it pays to think of some of the most used bathrooms in the world – those in hotels – and model your client’s water closet after that.

“People love to walk into the hotel bathroom and see everything is new and clean and the towels are perfect and everything is lined up,” Ella Zetser of The Last Detail Home Staging, tells REP. “It makes you feel like no one has used it before.”

That fresh tone is what agents should be going for, but how do you get there? Here are eight tips for expertly staging a bathroom.

1 – Remove clutter and clean
As with any room in the house, a good clean and a solid de-cluttering works wonders. Bathrooms, of course, should be spick-and-span and free from knick-knacks and other miscellaneous items.

“[Selling agents] need to remove all the clutter,” Zetser says. “There shouldn’t be anything in the bathroom other than white towels – which reminds [buyers] of a hotel. Make sure it’s clean. All the toiletries should be gone.”

2 – Play up the vanity
When potential buyers walk into a bathroom, the sink and vanity are usually the first things they see, and Zetser says that should be what agents embellish.

“The focal point, usually, is the sink, the vanity,” she says. “That’s where the buyer usually walks in and they’re looking for that. That’s where they’re going to.”

3 – Add flowers
Flowers are the easiest way to brighten up a space, and a bathroom is no different. They smell great, they can match any existing colour scheme or style, and they’re (relatively) cheap.

“Flowers make a new focal point,” Zetser says, “and it adds colour.”

4 – Light it up
There’s nothing worse than a great bathroom mirror with poor lighting. Check that the lights around the vanity are in good condition and that the light fixtures are not outdated.

“[Agents] should really look at the functionality and the condition of the bathroom,” Zetser says. “Check if the light fixture over the vanity is in good condition – does it have the right bulbs, does it look nice. Sometimes by changing the light fixture it makes the bathroom look like a whole different bathroom.”
5 – Art and Mirrors
Art isn’t just for living rooms and sleeping quarters. Bathrooms, too, can benefit from a painting or picture. And, as Zetser explains, strategically placed art can make the bathroom look larger.

“We also like to put art in the bathroom so it reflects in the mirror,” she says. “So when you walk in, the mirror has the sink right below it and the light above it. Then you have the art behind it, and you see the art in the mirror and it makes the bathroom look bigger.”

6 – The curtain versus door debate
You might not believe it, but Zetser suggests replacing sliding shower doors with – gasp! – a white shower curtain.

“A sliding door makes the bathroom look old, so I recommend getting a shower curtain,” she says. “They make the bathroom look tight. They close off the tub.”

7 – To bath mat or not to bath mat
Bath mats were once staples of the bathroom, but Zetser says they’re an option in the modern bath, depending heavily on the floor beneath it.

“If the floor is not updated, you might want to cover with a bath mat,” she says. “But if it’s a beautiful floor you do not want to cover it up.”

8 – Colour
Like the rest of the bathroom, the colour of the walls should mimic a hotel bathroom, exuding a feeling of calm.

“Most of the time, a good colour is light blue or beige or light grey,” Zetser says. “But sometimes painting it a dark colour makes it moody and more expensive-looking. But you should paint it to match the rest of the bathroom.”




Comparative Statistics for Kamloops December 2014 to November 2014

Wednesday, January 14th, 2015
     December                    2014     November              2014
Number of New Listings          195          267 26.97% DOWN
Residential Units Sold          123          146 15.75% DOWN
Avg. Days on Market           76           77 1.30% DOWN
List to Sell Price Ratio        96.50%        97.79% 1.32% DOWN
Median Residential Price     $344,000    $355,000 3.10% DOWN
Total Monthly Sales $$    $39,265,843    $42,443,621 7.49% DOWN
Active Listings      1569      1789 12.30% DOWN


Weekly Mortgage rates for week of January 12th 2015

Tuesday, January 13th, 2015

DLC Weekly Rate Minder courtesy of Dominion Lending Centres

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.59%
3 YEARS 3.44% 2.69%
4 YEARS 3.94% 2.79%
5 YEARS 4.79% 2.89%
7 YEARS 6.04% 3.79%
10 YEARS 6.50% 4.39%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%
Variable rate mortgages from as low as Prime minus 0.65%

About Royal LePage

Thursday, January 8th, 2015


Royal LePage is Canada’s oldest and largest Canadian owned real estate company. Founded in 1913 by Albert LePage when he was just 26 years old, Royal LePage is now Canada’s largest real estate company with more than 14,000 agents in more than 600 locations across the country. And we firmly believe that you can only become the oldest and largest company by being the best.

Over the years, we’ve learned a lot about real estate – and how to provide the best possible service for our clients. Since the mid-1990s, Royal LePage has more than tripled the size of its sales force and almost doubled its market share.

Throughout our successes, we remain dedicated to helping you through the real estate process. Our commitment to innovation and customer service is as strong as ever.

We offer all of our REALTORS® – from those serving tiny communities to those in major urban centres – strong support from our national pool of knowledge, skill and technical expertise. We regularly invest time, money and resources to develop and provide the knowledge and tools they need to best market your home, including:

  • Up-to-date information about local market conditions
  • Quarterly housing reports
  • Creative brochures and newspaper ads to showcase your home
  • Ongoing negotiation, marketing and technical training

The top factors that make your Credit Score lower

Wednesday, January 7th, 2015

At this time of year, especially if we were extra generous with our gift giving, it’s important to review the top factors that can lower our credit scores.  Please also see “Tips to Improve Your Credit Rating” on the left in this issue of the Mortgage Financing Journal.

  1. There are too many consumer finance company accounts on your credit report.  Having too much available credit can hurt your score. If you have several consumer accounts try to consolidate those balances and close the accounts.
  2. Your account balances are too high. As a rule of thumb keep your credit card balances below 35% of the available limit. High balances ongoing will negatively affect your credit score.
  3. There is not enough recent revolving account information on your credit report. Using your credit cards regularly is an important part of building healthy credit.
  4. There have been multiple lending institutions pulling credit reports on you.  This is part of the advantage of using a Mortgage Broker; we pull one credit report and then go to several lenders vs. having several lenders each pulling your credit bureau.

Mortgage rates for week of Jan 5th 2015

Tuesday, January 6th, 2015

DLC Weekly Rate Minder Courtesy of Dominion Lending

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.59%
3 YEARS 3.44% 2.69%
4 YEARS 3.94% 2.79%
5 YEARS 4.79% 2.89%
7 YEARS 6.04% 3.79%
10 YEARS 6.50% 4.39%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%
Variable rate mortgages from as low as Prime minus

Tuesday, January 6th, 2015

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Pillar To Post: The Home Of Home Inspection - New Years Resolutions for the Home
Many of us make optimistic resolutions for the New Year. Whether it’s deciding to take a class, stick to a budget, or to finally drop those 20 pounds, we’re full of ideas on how make ourselves and our lives better. Because your home is such an important part of your life, why not make some worthwhile resolutions for it as well? Here are some ideas to get you started.
One of the most important things you can do as a homeowner is to make sure routine maintenance is part of your plan. Catching problems early can often help you avoid larger issues down the road. What is now a minor plumbing or roof leak can cause major problems if not detected and fixed immediately. Check around your home for cracked or peeling paint, have chimneys and fireplaces inspected and cleaned, and make sure the driveway and walkways are not cracked or lifting.
If you’re like many homeowners, it’s probably been a while since you’ve reviewed your home insurance policy and reassessed the value of your home’s contents. An updated home inventory of your possessions can help you determine if you have the proper type and amount of insurance. Your insurance company may make forms available to help you organize and record your inventory, and there are several home inventory software programs available. You also can download a free program from Should you have an insurance claim for property loss or damage, your inventory can help make the process and accurate valuation easier.
There are simple things that every homeowner can do to improved energy efficiency and save on utility bills. Switching from conventional light bulbs to compact fluorescent versions wherever possible saves money and makes things easier for you, too. For example, you will need to replace bulbs in awkward places less often. Make sure windows and doors are caulked and in good repair; this will save energy in both winter and summer. If you’re planning to replace any appliances this year, shop for and compare efficient, energy-saving models.
Everyone knows the importance of having a plan in place should a fire occur in your home. But each year, tragedy strikes homes and families who didn’t think about it or who promised to make a plan “one of these days”. The basics include working and properly installed smoke detectors, fire extinguishers, and an escape plan for every room. Your local fire department is an excellent resource for directions on creating a plan designed to keep you and your loved ones safe. Give yourself some peace of mind by making this the year to put that plan in place.

For more information about home inspection and for additional resources, please contact your local Pillar To Post office.

Cliff Brauner

Certified and Registered Home Inspector

Member of CAPHI, NAHI and ASHI

Proudly Serving the Kamloops, Merritt, Chase, Cache Creek, Sorrento, Shuswap and Barrier areas.

We know our stuff!


Phone: 250-579-8309

Fax:      250-579-8378

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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.