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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%

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

Housing starts across Canada remain flat except growing momentum in B.C

Tuesday, December 16th, 2014

Housing starts across Canada remained flat year over year in November, although seasonally-adjusted numbers point to growing momentum in British Columbia and Quebec as developers ramp up to meet immigration demands.

“The trend essentially held steady for a third consecutive month in November,” said Bob Dugan, CMHC’s chief economist, in releasing November numbers Monday. “This is in line with our expectations for 2014, of a stable national picture with new home building concentrated in multiple starts, particularly in Quebec, British Columbia and Ontario.”

Seasonally adjusted starts in November climbed 6.5 per cent month-over-month to 195,620 units. More than half of those starts were multi-unit properties in urban centres, led largely by Ontario and Quebec, though British Columbia posted the largest gains – 26.7 per cent – from October.

t’s important to note, say analysts, that starts were flat from the year-ago period.

While reports suggested overbuilding would become a problem for Canada’s major urban centres, CMHC said more housing is needed to fill the demand created by healthy immigration.

“Ask any real estate developer in any of Canada’s major cities about the risk of overbuilding, and the first line of defense would be immigration and its critical role in supporting demand,” said Benjamin Tal, CIBC’s deputy chief economist. “It turns out that, at least for now, this claim is more valid than widely believed.”

New immigrants account for 70 per cent of the increase in Canada’s population. Half of these new immigrants are aged between 25 and 44, representing the country’s economic engine, according to CMHC’s 2014 Canadian Housing Observer.

Weekly Mortgage Rates for December 15th 2014

Tuesday, December 16th, 2014

DLC Weekly Rate Minder Courtesy of 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% 2.87%
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%


Comparing Kamloops House Sale Market Statistics November 2014 to November 2013

Wednesday, December 3rd, 2014



Comparative Statistics for Kamloops (Residential Only)


November 2014 November 2013  Difference
Number of New Listings       267    296    9.80% DOWN
Residential Units Sold       146    154    5.19% DOWN
Avg. Days on Market         77    78    1.28% DOWN
List to Sell Price Ratio     97.79%    96.81%    1.01% UP
Median Residential Price     $355,000    $353,000    0.57% UP
Total Monthly Sales $$     $42,443,621    $47,343,330    10.35% DOWN
Active Listings    1789    1745    2.52% UP




*The above information is from sources deemed reliable but it should not be relied upon without independent verification.

House sense, great ideas for lighting, optimizing space, decorating for winter

Tuesday, December 2nd, 2014

Autumn brings with it shorter days and colder nights which can add up to increased electric costs. Finding a way to save money, and, keep your home warm and well lit will no doubt be a priority with most homeowners. One way to save is to replace incandescent and CFL light bulbs with LED bulbs. LED bulbs are considered direct replacements for the 175-year-old incandescent bulb and the more modern, environmentally unfriendly, CFL bulb.

Here are a few reasons why LED bulbs are better.

1. Energy Efficiency. One 11.5-watt LED bulb emits as much light as a standard 60-watt incandescent bulb. That means five LED bulbs still use less electricity than a single incandescent lamp.

2. Replacement. Incandescent bulbs typically have a life of no more than 1,000 hours, while LED bulbs may have 40,000 hours of life.
That is 40 times more.

3. Instant Start. CFL bulbs have a warm-up period each time you turn them on. LED bulbs turn on at full brightness.

4. Dimmable. LED products are fully dimmable and are compatable with more than 100 different dimmer switches. CFL bulbs may be dimmable but still have a flicker tendency.

5. Disposal. It is safe to place LED bulbs in the garbage, after they burn out. CFL bulbs contain mercury and must be recycled through using the correct facilities.

6. Heat. LED bulbs emit very little heat. CFLs and incandescent bulbs waste 80 to 90 per cent of their energy in heat. LED bulbs typically waste no more than 50 percent of their energy on heat and are far cooler to the touch.

Although your home reflects your personal style, trends help trigger your creativity and provide the opportunity to shake things up a little. Here are a few hot home trends:

1. Shower Spa – Seek a serene, spa-like shower environment with a curb-less design for a spacious perfect and open shower experience.

2. Open It Up – Open plan kitchens are expanding even further with glass front cabinets and open shelving units to give the feel of even more space.

3. Smart Sensors – Using Environmentally – friendly Smart Thermostats save energy by automatically adjusting the temperature based on your daily routine.

4. Back to Nature – Add value and comfort by blending indoor and outdoor living space. All-weather furniture and outdoor fireplaces are top picks.

5. U-Sockets – The smallest upgrade can make the biggest difference! U-sockets are wall plugs with two built-in USB ports that can be used to power devices such as tablets and smartphones.

The average home is shrinking now that our urban centres are getting so dense. But this should not get in the way of enjoying your small home, condo or cottage. Here are some tricks to optimize all available space.

1. Use a light, neutral palette on the walls to give your home a larger feel. Amplify natural light in your space with lighter colors. Use a second color from the same palette to break up an open space into more distinct areas.

2. Play with brighter colors in the details to avoid a bland or clinical feel. Use colorful accent pillows or artwork to add some more punch.

3. Avoid clutter to help a room appear more spacious. Keep everything tucked away while it is not in use to make your space less congested.

4. Protect it from the sun. For carpet in a sunny area, close the drapes to prevent fading.

4. Make multi-functioning furniture choices. A headboard could double as a bookcase. Furniture that has built-in storage is a plus – one more space to tuck things away.

Christmas and Winter Holiday Activities in Kamloops

Wednesday, November 12th, 2014

2014 Holiday Activities in Kamloops, British Columbia

The cookies have been made, the wrapping is done,

It’s time to relax and have a little fun!

Join Tourism Kamloops, and the City too,

For a Holiday Celebration that includes you! 

There are tons of Christmas and Holiday activties happening all throughout the city this winter so get in the spirit and check some out! Courtesy of Tourism Kamloops

 Westsyde Annual Craft & Home Based Business Fair @ The Westyde Fellowship Church – November 15, 2014

Mark your calendar for the Annual HUGE Westsyde Craft & Home Based Business Fair. Sat Nov 15th, 10am – 3pm, 2833 Westsyde Rd (in The Westsyde Fellowship Church)*All tables already booked with fabulous vendors* Over 50 fantastic vendors, concession and more! Click here for more information.

 Christmas Shopping Extravaganza @ The Cottonwood Community Centre – November 18, 2014

November 18th 5PM-9:30PM Cottonwood Community Centre 452 – 730 Cottonwood Avenue Photos with Santa by donation to The  MS Society of Canada from 5:00PM-8:00PM. Complimentary Coffee and Tea. Support local and home-based businesses and get your Christmas Shopping Done! Click here for more information.

 Christmas in the Square @ St. Andrews on the Square – November 21 & 22, 2014

Friday 11-7 pm & Saturday 10 – 3 pm. The annual KHS Christmas at the Square boasts a wide range of quality artisan wares. Held over two days in November this Fine Arts and Craft Show is a must see in the beautifully decorated historic St. Andrews on the Square. Admission by donation to The Kamloops Heritage Society. Click here for more information.

 Homes for the Holidays – November 22 & 23, 2014

2014 is the 13th Aniversary for the Homes for Holidays in Kamloops. The tour features homes volunteered by local Kamloops residents and decorated by Kamloops’ signature designers. Designers work together with florists and retailers to inspire Christmas decor, contemporary flair and I-never-thought-of-that pieces. This year’s tour will once again feature many wonderful delights. Click here for more information.

 Lights in the Night – November 27, 2014

Lights in the Night is the one day of the year when merchants, businesses and service providers come together to throw a holiday party like you have never seen before. Everyone (you, your kids, co-workers, mother, dog, father, cousins, friends) is invited to head down to the core to take part in the fun and festive frolicking. Click here for more information.

 Santa Clause Parade – November 29, 2014

The city’s biggest outdoor winter celebration with lots of decorated floats, live music, caroling, and entertainment. Fun for the whole family!

Click here for more information.

 Christmas at the Courthouse – November 29 & 30, 2014

If you have never been inside this heritage building, this is the best time of the year to visit. The Old Courthouse will be filled with high quality crafts and decorated beautifully for Christmas. This event will take place 10am to 4pm both days. Click here for more information.

 Winter Tasting Room Hours @ Privato Vineyard & Winery – November 29 to December 21, 2014

Open daily from 10am to 4pm.

 Pick your Tree at Woodward Christmas Trees – November 29 to December 21, 2014

Open daily from 10am to 4pm, you can pick out your own Christmas Tree and sample and buy some local wine. On weekends Woodward Christmas Trees offers hay rides that take you to the trees. Enjoy the concession and a bon fire to follow.  This year they have opened their winery – Privato Vineyard and Winery.  While it is closed for the season, they are reopening it just for the Christmas season for their valued Christmas tree customers. They also have two locations within the city at the Safeway Stores where they bring freshly cut trees from the farm daily. Click here for more information.

 A Very Merry Slumber Party @ Rivercity Gymnastics – December 6, 2014

3 hours of Frosty Fun with Our Snow sisters and our Fairy sisters! We’ll make and decorate snow cookies, make a craft, play tons of games, and have fun! 5:30pm to 8:30pm. Click here for more information.

 Christmas Dinner and Dance @ The Desert Gardens – December 6, 2014

Have fun at the Kamloops Old Time Fiddler Christmas Dinner and Dance on December 6, 2014 cost is $40.00 Person, at the Desert Gardens, for more info contact Jackie 250-319-3680.

 17th Annual Choral Rhapsody of Christmas @ The Sagebrush Theatre – December 9, 2014

Free community concert Tuesday, December 9 at 7 pm at Sagebrush Theatre Local Choirs will be presenting a delightful selection of Christmas carols with sing-a-longs in between sets for audience participation. Will be accepting donations for the Kamloops Food Bank To reserve your seat contact Kamloops Box Office Live 250-374-5483

 Wildlights at the BC Wildlife Park – December 12, 2014 to January 4, 2015

Picture hundreds of thousands of twinkling little lights while bonfires crackle and people sip steaming cups of hot cocoa or apple cider. Wildlights is an annual celebration at the BC Wildlife Park where families and friends gather to enjoy the beauty of the outdoors and the many animal sculpture lights. Check out the miniature train too … this is a MUST event for the Christmas season. Visitors can dare enter the new and larger Giant Maze, take a trip around the park on the Wildlife Express miniature train, enjoy a wagon ride to the North Pole, get entertained by Uncle Chris the Clown who performs nightly, and much more!

Click here for more information.

 Christmas with the Kamloops Symphony Orchestra – December 13 & 14, 2014

Songs and carols with the KSO Chorus, a young violin soloist, and “Snowstorm” music from Russia.  A lovely programme for the holiday season. Click here for more information.

 CP Holiday Train – December 16, 2014

The Canadian Pacific Holiday Train hits the rails again on November 26 and will be visiting over 150 communities across their network. Each event features a boxcar stage, a lineup of great musical talent and a contribution to the local food bank. Everyone who attends is encouraged to donate food and money which stays in their community. The CP Holiday Train will arrive in Kamloops on December 16th at 4:45pm at the north side of Interior Savings on Lorne Street.  Make sure to arrive at least 15 minutes before the event start time to see the train pull in.

Click here for more information.

 Cirque du Soleil Presents: Dralion @ Interior Savings Centre – December 24 to 28, 2014

After 15 years performing around the world, Dralion will make its finale curtain call in January 2015. From December 24th, 2014 to December 28th, 2014, Kamloops will experience the magic of Cirque du Soleil’s signature production that has performed in more than 150 cities. Dralion will be presented at the Interior Savings Centre for seven performances only. Starting June 20th, Dralion tickets will be available to the general public for all performances and can be purchased online at, or by calling 1-855-985-5000, or in person at the Interior Savings Centre Box Office at 300 Lorne Street.

 Snow White – The Panto – December 24 to 31, 2014

The Laughing Stock Theatre Society presents the 4th annual Panto production. Fun for the whole family! The Panto will take place at the Sagebrush Theatre.

Click here for more information.

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.