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Linda Klein Kamloops Real Estate Mortgage rates for week of February 9th 2015

Wednesday, February 11th, 2015

DLC Weekly Rate Minder courtesy of Starr Webb

• 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% 2.39%
3 YEARS 3.44% 2.54%
4 YEARS 3.94% 2.64%
5 YEARS 4.79% 2.74%
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 2.85%
Variable rate mortgages from as low as Prime minus 0.65%

Home Purchase Plus Improvements Program

Thursday, February 5th, 2015


Courtesy of: Lisa Alentejano




Are you or someone you know in the market to buy a new home?


Are you finding it hard to find exactly what you want, OR have you found the home you want but it is in need of some updating?


Let me introduce you to the Purchase Plus Improvements Program.  This allows the buyers to add renovation costs to the mortgage to a maximum of 10% of the purchase price or up to a max of $40,000.00 with as little as 5% downpayment. oac.


Does the home need a new kitchen (appliances are excluded)?

Are there some windows or a roof that needs replacing?

Do the bathrooms need updating?

How about fresh coat of paint and updated flooring?


These are just a few of  the things that can be added to improve both the look and value of the home you are purchasing.


Here is a quick video from Genworth Canada that also explains the program.

Mortgages with Renovations with less than 20% downpayment
Mortgages with Renovations

Kamloops homes, Linda Klein Realtor, Property Transfer Tax Information

Monday, February 2nd, 2015

Use our Property Transfer Tax Calculator.

The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value and 2% on the remaining fair market value. For example, if the fair market value of the property is $200,000.00, the tax payable would be $2,000.00 (1% of $200,000.00). If the fair market value of the property is $250,000.00, the tax payable would be $3,000.00 (1% on the first $200,000.00 = $2,000.00 and 2% on the remaining $50,000.00 = $1,000.00).


“Fair Market Value” is best described as the price that would be paid for a property on the open market (which is usually the actual purchase price paid for the property).

There are a number of exemptions available to avoid this tax, the most common being for “First Time Home Buyers”. To qualify as a First Time Home Buyer, the following criteria must be met:

  • Purchaser must never have owned an interest in a principal residence anywhere in the world at any time;
  • Purchaser must be a citizen of or a permanent resident of Canada;
  • Purchaser must have resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
  • To obtain full exemption, the purchase price must not exceed $475,000.00. A partial exemption is available for homes between $475,000.00 and $500,000.00 (see formula below);
  • Purchaser must move into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;
  • Pro rata exemption where property exceeds .5 hectares or a portion of the property is not residential (i.e. commercial lofts) – purchase price of entire property must not exceed the price limitations.

Other exemptions exist as well, such as a transfer of a principal residence between family members. For details on this and other exemptions, go to and pick the “Property Transfer Tax” button located on the right hand side on this screen.

Property Transfer Tax should not be confused with Property Tax. The Property Transfer Tax is a one time tax paid to the Provincial Government by purchasers of real estate. The Property Tax is the tax paid on an annual basis to the local City/Municipality.

Please remember that the Property Transfer Tax Act may frequently change along with the exemptions for payment of this Tax. While we try to keep our website up to date as much as possible, please do not rely upon the information without talking to one of our lawyers.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice regarding your own situation.


Copyright © 2008 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.

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

Weekly mortgage rates for November 24th 2014

Tuesday, November 25th, 2014

Prime Rate is 3.00% Variable rate mortgages from as low as Prime minus 0.65%

Courtesy of Starr Webb  Dominion Lending

Terms Bank Rates Our Rates
6 Month 4.00% 3.95%
1 YEAR 3.09% 2.69%
2 YEARS 3.04% 2.59%
3 YEARS 3.44% 2.69%
4 YEARS 3.94% 2.74%
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

Kamloops Real Estate Linda Klein Weekly mortgage rates November 10th 2014

Tuesday, November 11th, 2014
Terms Bank Rates Our Rates
6 Month 4.00% 3.95%
1 YEAR 3.09% 2.69%
2 YEARS 3.04% 2.59%
3 YEARS 3.44% 2.69%
4 YEARS 3.94% 2.74%
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%
Courtesy of Dominion Lending

The challenge of renovating a heritage castle in Moncton, N.B.,for less than an East Vancouver bungalow.

Thursday, October 23rd, 2014

Castle Manor

A Vancouver owner who wishes to remain nameless has taken up the challenge of renovating a heritage castle in Moncton, N.B., that went on the market earlier this year for less than an East Vancouver bungalow.

Jay Tse is a Moncton-based, semi-retired contractor with family ties in Vancouver. Much of his family is involved with real estate and construction.

“That’s what we talk about — construction and how much real estate is in Vancouver and in Moncton — and the topic of the castle came up because at that time, it was for sale,” said Tse, noting media reports about the peculiar property had caught the eye of a Vancouver relative.

In January, The Province wrote a story comparing the price of East Van bungalows to the 107-year-old Castle Manor in Moncton, N.B.

While many B.C. bungalows were priced north of $700,000, the Moncton castle — with 54 rooms and 12-foot ceilings spread over 19,000 square feet — came in at under $700,000.

“By Vancouver standards, it was very economical and that’s how we all started,” Tse said.

A Vancouver relative then became interested in buying the castle and asked Tse to look into the property on their behalf, and to consider taking on the renovations.

“I think they found it very interesting because of the history and the tradition of the castle in Moncton, and they asked me to think seriously about it,” Tse told The Province.

“I discouraged them because it’s not an easy project, as you know. It’s a heritage building and there were a lot of issues associated with a project this size and the extent of renovations.”

Following the sale, Tse said it took a few months to clear up legal paperwork and secure the right permits for the renovations.

The local community has also grown attached to the castle, which Tse said has challenged him to find the right balance between honouring the history of the castle, while also moving forward with renovations that will “make it last at least another 100 years.”

“That was the first huge stumbling block, but after that, it’s just a beautiful old building that needs a lot of tender loving care,” Tse said, adding the municipality has also been very supportive of the project and has offered extensive help.

For the Vancouver owner, who has asked to remain anonymous, Tse said the castle represented more of a challenge than an investment property.

“If they wanted to make money, there were other things they could do that are much easier,” Tse said, noting the new owner was adamant about buying the castle.

Still, the new owner has no plans to live in Castle Manor.

“I doubt they will move to Moncton — they love Vancouver too much,” Tse said.

Instead, the castle — which used to be a care home but has sat empty for several years — will be converted into a planned 14 high-end market condo units. Tse said the finished product could be ideal for mature professionals at a nearby hospital, professors and mature students at the local university, or retirees in the surrounding area who are looking to downsize but wish to remain in the neighbourhood.

There are no plans to change the stone facade of the castle, other than possibly adding a few windows, and the rest of the designs are still subject to the heritage board’s approval.

Tse and his crew — many of whom have worked with him for 25 years — begin their work on Tuesday, by conducting support-beam and sound- proofing tests. A completion date of Oct. 1, 2015 has been set.

“It’s a challenging but interesting project,” Tse said.


Kamloops Residential Sales by Sub-Area – Quarterly – July-September 2014

Sunday, October 19th, 2014

Top 7 Areas

Brocklehurst          74 Sales

Sahali                      72 Sales

Aberdeen                65 Sales

South Kamloops   64 Sales

Westsyde                53 Sales

North Kamloops   40 Sales

Juniper                    26 Sales

Total Sales in Kamloops 3rd Quarter 565

5 Common Mortgage Mistakes

Tuesday, September 2nd, 2014


Like many aspects of your life, obtaining financing on a new or existing home can be a lot less stressful and a whole lot more straight-forward if you’re prepared. But if you’re not prepared, there are many common mistakes you can make. Most of these mistakes are easily avoidable with some preparation and informed advice – feel free to call or email with any questions/concerns!

Below are the Top 5 Mortgage Mistakes people make when trying to secure financing for their home:

  1. Failing to choose the best product for their situation
  2. Automatically renewing their current mortgage with their existing lender
  3. Signing documents without reading them
  4. Taking it to the limit – running up credit
  5. Not planning for your mortgage application

1. Failing to choose the best product for your situation
There are many different types of loans out there. There are fixed- and variable-rate products, hybrid and no-frills mortgages, lines of credit, term options, amortization choices, and more.

And although choice is great, it can be quite overwhelming without expert advice. While one person would benefit from a variable-rate product, their neighbour may be better suited to a fixed-rate product. The key is to always explain your current situation and future goals in detail so we can select a product that best meets both your current and longer-term needs.

2. Automatically renewing with your existing lender
Although you may feel an allegiance with the current financial institution that holds your loan, they may not be able to offer you the best choices. When refinancing or renewing, it’s important to always shop the market for your best available option, much like you did when


securing your first mortgage. This ensures you end up with the best mortgage rate and terms customized to your unique situation. In many cases your bank will offer you the posted rate in hopes that you’ll simply sign and return the commitment without shopping around. Make sure you do your due diligence when refinancing and renewing. After all, this is your home, your mortgage and your money!

3. Signing documents without reading them
Never sign documents without reading them. If you’re unsure about something, always ask for clarification. Remember that you’re the one entering into the agreement, so you need to understand and agree with that commitment.

4. Taking your credit to the limit
Make sure that your credit balances are in your favour when it comes to your mortgage application. Lenders are looking for an appropriate debt-to-income ratio. In other words, you need to have more income than you have debt. Avoid running up a balance on your credit cards and pay down existing debts as much as possible.

5. Failing to plan ahead
If you know that you’ll need to obtain, renew or refinance a mortgage, it’s essential to plan for it by ensuring your credit is in order. If it’s not, start preparing. Don’t make any purchases on your credit cards that you can’t pay off and if you carry a balance on your credit cards, start paying them down. Refrain from making any large purchases before securing your mortgage. If you’re planning to buy a car, wait until after you have secured financing, as your debt-to-income ratio will rise and you don’t want this to occur while trying to secure a mortgage.

Understanding how the mortgage process works and how lenders qualify your loan will help you avoid the above mistakes.


Stanley Cup in Kamloops Aug 23rd

Thursday, August 21st, 2014

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.

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.