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Kamloops Real Estate Market Strong, House median price up

Monday, June 6th, 2016

The city’s real-estate market shows no signs of slowing, with recent numbers indicating residential sales jumped by a third compared to the same month last year.

Statistics from the Kamloops & District Real Estate Association show sales in May were up 36 per cent over last year.

This comes at the same time as supply continues to shrink. The number of listings compared to 2015 is down 15 per cent.

Cyndi Crossley, vice-president of the real-estate board, said the market is being driven by out-of-town buyers.

“In Kamloops, we are seeing buyers coming from the Lower Mainland, and understandably so, due to the sale prices and our affordable housing,” she said.

The B.C. Real Estate Association cites positive employment growth for the trends.

“They say we could see the stats continue as they are for approximately the next eight to 12 months,” Crossley said.

The median price for a single-family home in Kamloops is $405,000. That is influenced in part by 20 homes selling for more than $600,000 in May.

B.C. and Kamloops real estate has limited inventory and lots of demand

Friday, June 3rd, 2016

New data this week confirms that residential real estate continues to boom in British Columbia.

The BC Real Estate Association’s second quarter housing forecast calls for a record 115,200 units to be sold in 2016 through the MLS, that’s up 12.3 per cent year-over-year to break the previous record set in 2005 (105,600).

Prices are set to surge again, up 20.4 per cent to an average MLS price of $766,600. The outlook for 2017 is for a more modest 3.4 per cent increase.

“Record housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher,” commented Cameron Muir, BCREA Chief Economist.

Inventory will be helped by increased construction with BCREA predicting a 20 per cent rise in new housing starts this year.

Kamloops REAL ESTATE Market very Active

Wednesday, May 4th, 2016

The city’s real-estate market continues on a roll as booming sales and declining inventories threaten to push prices higher.

The Kamloops & District Real Estate Association reported yesterday that 320 homes changed hands in the greater region, up 40 per cent from April 2015.

The number of units sold year-to-date is up by about 28 per cent.

The number of residential units on the market increased slightly from the month before. At about 1,800 units, however, it is 14 per cent lower than the same month last year.

The combination of rising sales and declining supply typically sees upward pressure on prices.

The median price of a single-family home in the city of Kamloops sold in April was $385,000.

If your buying or selling, I’m here to help

Thrifty secrets for home sellers

Wednesday, February 3rd, 2016

Thrifty secrets for home sellers

linda,When preparing your home for market, tackle improvements that will help you obtain the best price and sell within the shortest amount of time. These inexpensive projects can go a long way:

  1. Clean and clear. Declutter top to bottom and store the excess offsite. Clean thoroughly, clear cupboards and countertops and keep décor items to a tasteful few.
  2. Tear up dingy broadloom. Replace it with a choice of cost-effective, neutral flooring options. Or if you like what you see underneath, have it professionally refinished.
  3. Paint it. Opt for neutral colours, in matte or eggshell finishes to camouflage flaws. Finish trim in satin, semi- or high-gloss.

Put my expertise to work for you! Ask me about preparing your home for optimal resale value.

Linda Klein
250 374 1461 (Office)

Royal LePage Westwin Realty- Kamloops

All offices are independently owned and operated, except those marked as indicated at Not intended to solicit currently listed properties or buyers under contract. The above information is from sources believed reliable, however, no responsibility is assumed for the accuracy of this information.
This email was sent by Linda Klein of Royal LePage Westwin Realty- Kamloops
800 SEYMOUR Kamloops, BC, V2C2H5
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Linda Klein, Kamloops real estate. How to Finance your Renovation

Wednesday, June 3rd, 2015
Courtesy of Mark Bertoli, Abbott Wealth
Home improvement is always in fashion. But the big question for many homeowners isn’t what to do, it’s how to pay for it. There are many ways to secure the financing you need, and each has advantages in certain situations.

Home equity line of credit
A line of credit gives you access to a predetermined amount of credit on demand. Generally, you can borrow up to 75% of the appraised value of your home — up to 90%, if the line of credit is insured. You take what you need, when you need it, and pay interest only on the outstanding amount.

A line of credit secured against the value of your house will typically be issued at a lower rate than an unsecured loan or personal line of credit. Accessing the home equity line of credit is easy and convenient. You may have the option of writing cheques or using a credit card or bank card.

Repayment is also flexible. You can pay some or all of the outstanding balance at any time without penalty, or make interest-only payments.

Increase your existing mortgage
Increasing the amount of your mortgage may be the right renovation-financing option for you if your mortgage is coming due, if you are selling one house to buy another, or if you are taking out your first mortgage.

It may also be a smart move if you’re locked in to a long-term mortgage at a significantly higher rate than is currently available. In this case, any penalty you may incur could be offset by the savings in interest over the long term.

While this option lacks the flexibility of a line of credit, the advantage for many is knowing that the borrowed funds are structured to be paid back in a set amount of time. And interest rates can be fixed, if you choose — unlike a line of credit, which floats against prime.

A second mortgage
A second mortgage is just that — a mortgage that is in addition to your first mortgage. Like a first mortgage, a second mortgage is a loan with a specified rate of interest and repayment schedule.

A second mortgage can be a good choice for homeowners who are locked in to a longer-term mortgage, but wouldn’t benefit from breaking their first mortgage. Lending rates for a second mortgage may be higher than a first mortgage.

Like increasing your mortgage, this option trades repayment flexibility for the peace of mind of knowing the debt will be paid down if you stick to the repayment schedule. Every situation is unique. But we can help you determine your best option.

Linda Klein Kamloops Real Estate, Property assessments as a measure of value

Thursday, February 5th, 2015

When homeowners receive provincial Property Assessment notices, some will smile and have a bit more spring in their step, feeling the assessed value is accurate or perhaps even overly positive. Others will wilt and lament a modest gain or even a decrease in the assessed value over the previous year or period. Reactions will of course vary factoring in the potential increase in property taxes that tends to come along with stronger assessments.  The reality, setting aside taxation concerns, is that neither parties’ emotions should be tied to the ‘value’ printed on these notices. 

A provincial property assessment is an approximate value based on the (broadly) estimated market value as of the previous years. There is a lag time between the estimation of valuation and delivery of the envelope. It also fails to involve a formal site visit or viewing of the inside of the home to consider either significant upgrades or significant deterioration.

To put this in perspective, few lenders will work with a detailed official appraisal report that is even 90 days old.  Most prefer a report completed with 30 days, as markets can move significantly month over month.

For these reasons, among others, a provincial property assessment should not be relied upon as a totally concrete indicator of value for the purposes of either purchase, sale, or financing.

Always enlist a licensed professional, or perhaps even two or three, in order to get a timely and detailed appraisal of current market value. This will provide a much more accurate reflection of current market values reflecting recent comparable sales, value for zoning, renovations and/or other unique features to the property.  An appraiser is an educated, licensed, and heavily regulated third party offering an unbiased valuation of the property in question.

Think of your provincial property assessment as something akin to a weather forecast spanning far larger and more diverse areas than the unique ecosystem that is your neighborhood, street, and specific property.

The forecast may call for rain in your city, yet you might have a ray of sunshine radiating upon your street specifically.





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.

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%

And the snow keeps falling

Tuesday, January 6th, 2015

CFJC TV – Kamloops’ Very Own

Massive Storm Hits The BC Interior
Monday, January 5th, 2015 | 12:33pm PST

Much of Kamloops has shut down today because of the unprecedented snowfall over the past 24 to 36 hours. Environment Canada says the record one-day snowfall in Kamloops is 34 centimetres – on a January day 53 years ago. As of mid-morning – Kamloops Airport had already measured 31 centimetres – and it hasn’t let up since then. Flights have been cancelled and delayed – and classes are off at all Kamloops schools. Superintendent Karl deBruijn says School District 73 will soon make a determination whether classes will be a go for tomorrow. On the roads – there is snow everywhere – but as of this hour – the only closure is on the the Coquihalla Highway near Hope – due to a tree down over the travel lanes. Many people who stayed home from work today will have spent much of the day shovelling out. City of Kamloops Public Works and Utilities Director Jen Fretz says the city prefers people throw all of that white stuff onto their own properties. Fretz says plowing crews are working as hard as they can – but it may be a matter of days before they can get to the smaller side streets. Environment Canada forecaster Lisa Coldwells says after the snow starts falling tonight – there is another weather phenomenon to worry about. Coldwells says the temperatures will warm up overnight and that snow may turn to freezing rain

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.