Call 250-682-0158 Login or Sign Up

Posts Tagged ‘house’

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.

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

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.

Housing market off to solid fall season

Wednesday, October 15th, 2014

by Jamie Henry15 Oct 2014

Canada’s housing market – including condo sales – is off to a solid start this fall, with new data pointing to a near 11 per cent rise in sales for September compared to a year ago.

Nationally, sales for all property types rose 10.6 per cent to 42,151 units, led by significant gains in British Columbia, Saskatchewan, New Brunswick and Prince Edward Island. New listings rose eight per cent, thanks to growth in the Maritime provinces, while the average price increased almost six per cent, to $408,795.

Calgary realized the greatest rise in sales, up 31.2 per cent to 488 units sold in September, while the average price rose 8.8 per cent to $318,913. In Toronto, sales rose 20.2 per cent to 1,976 units with average price hiking 7.1 per cent to $366,588.

That increase in activity is being felt on the ground.

“A lot of people start looking for homes, or take up their search again, so I’m not surprised that sales are up,” says David Fleming, an agent with Bosley Real Estate in Toronto. “[September] is one of the busiest months of the real estate calendar.”

In terms of prices, Vancouver experienced the greatest rise, up 11.3 per cent to $476,498. During the month of September, 1,191 condos were sold in the West Coast city.

September’s performance is largely in line with industry expectations.

In August, CREA’s chief economist Gregory Klump accurately predicted no slowdown to Toronto’s housing market. “That’s because there’s a shortage and there will be a shortage because the city is trying to densify,” he said.

Red Bridge in Kamloops closed for a month

Saturday, September 13th, 2014

Kamloops drivers who travel the Red Bridge are going to have to make alternate arrangements for the next month.

The bridge will be closed to all vehicle traffic starting Monday September 15 while the Ministry of Transportation conducts repairs.

The bridge will remain open to pedestrians and bicycles, but there will be some intermittent delays.

Drivers will still be able to get over the South Thompson River by re-directing to the Overlander Bridge or Highway 5.

The Ministry estimates the closure will last until the middle of October.

Supermoon Sunday night September 7th

Saturday, September 6th, 2014

THOMPSON-OKANAGAN – Attention all sky-watchers, the last supermoon of 2014 will cruise across the night sky on Sunday.

The moon will be 358,398 kilometers from earth making it about 15 per cent brighter and roughly 7 per cent larger, according to National Geographic. Since the distance to earth is 50,000 kilometres closer than other full moons, it’s get the supermoon monicker.

A supermoon happens during the monthly full moon or perigee when it’s egg shaped orbit takes the moon to its closest point to the earth.

“While this is nothing special from a science perspective, it is no doubt very poetical and very romantic,” Adler Planetarium astronomer Geza Gyuk tells National Geographic.

Getting a good view of the supermoon depends on the weather where you are Sunday night since the orb will be visible all night. The Environment Canada forecast for the Thompson and Okanagan regions is calling for partly cloudy skies Sunday evening so weather shouldn’t be an issue.

For the best photos and viewing, it’s recommended you get outside just after sunset when the sky is getting dark. Apparently that’s when the super moon will be at it’s most dramatic.

There were two other supermoons this summer, with the one on Aug. 10 being the brightest and the closest.

Controling allergens in the home/courtesy of Pillar to Post

Tuesday, September 2nd, 2014

Pillar To Post Home Inspectors
Controlling Allergens in the Home
Household allergens can cause a variety of symptoms in many people, including sneezing, watery eyes, coughing, and shortness of breath. Allergens may also be a contributing cause of asthma, especially in children. However, it is possible to minimize the effects of such allergens by taking steps to control their presence and dispersal in the home.

The most common household allergens include dust mites, mold, mildew, pollen, and pet dander (dried flakes of skin shed by pets, particularly cats and dogs). Effective control relies on a combination of measures that, when used properly, will reduce the levels of allergens.
  • Increase ventilation to the home. Opening windows whenever possible promotes good air exchange and will reduce the concentration of airborne allergens, especially pet dander.
  • Wash bedding and stuffed toys once a week in hot water to control dust mites and cat allergens in particular.
  • Keep pets clean and well groomed to control dander.
  • Use mite-resistant mattress covers and pillow covers and wash them frequently.
  • Dust and vacuum regularly, and use microfiltration or HEPA filter vacuum bags. The jury is still out on whether bagless vacuum cleaners are more effective in removing allergens than those that require bags; some studies indicate that many bagless vacuums are not sealed tightly enough and can actually exacerbate the problem. Wearing a dust mask while dusting and vacuuming is also a good idea.
  • Consider removing wall-to-wall carpeting and use easy-to-clean area rugs instead, particularly in bedrooms.
  • Make sure bathrooms, especially those with showers, are well ventilated. Open the window and use exhaust fans that vent to the outdoors to prevent a buildup of moisture, which can encourage growth of mold and mildew. It’s a good idea to keep the fan running and the door open for at least ten minutes after showering.
  • If possible, reduce indoor humidity to 50% or less by using room dehumidifiers or the dehumidifier feature available with many central air conditioning systems.
  • Clean or replace furnace and central air conditioner filters on a regular basis. Make sure that air conditioner drain pans are clean and allow the water to drain properly.

For more information on allergens in the home, please contact your local Pillar To Post office.

  • The Pillar To Post Inspection Report is generated on site at the completion of the inspection, so your client won’t have to wait for the results.
  • All Pillar To Post inspectors carry E&O insurance to protect you, the referring agent.
  • Three different Home Inspection Packages to choose from that allow your client to select the range of services they prefer – click here to learn more.
  • As North America’s leading home inspection company, Pillar To Post is committed to providing the highest quality service to real estate professionals and their clients.
For more information about home inspection or to schedule a home inspection, click here to find 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

 Pillar To Post Home Inspectors





Forward this email

This email was sent to by |
Pillar To Post | 869 Ida Lane | Kamloops | British Columbia | V2B 6V2 | Canada

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.


Three Canadian cities are ranked in the top 10 most livable

Wednesday, August 20th, 2014

Three Canadian cities are ranked in the top 10 of The Economist’s annual ranking of the world’s “most livable” cities.

  • Vancouver, Toronto and Calgary are ranked third, fourth and fifth (tied with Adelaide, Australia), respectively, on the distinguished magazine’s annual ranking of 140 cities.

The magazine says its ranking “assesses which locations around the world provide the best or the worst living conditions” based on five categories: stability, health care, culture and environment, education, and infrastructure.

Melbourne, Australia, was deemed the most livable city, followed by Vienna. Vancouver and Toronto are a close third and fourth, respectively, while Calgary is tied for fifth with Adelaide.

The top 10 cities are as follows:

  • Melbourne.
  • Vienna.
  • Vancouver.
  • Toronto.
  • Calgary (tied).
  • Adelaide​ (tied).
  • Sydney​.
  • Helsinki.
  • Perth, Australia.
  • Auckland.

In general, the ranking shows a broad trend that mid-sized cities in wealthy countries with low population densities score well. Seven of the top 10 cities on the list are in Australia or Canada, for example.

“This can foster a range of recreational activities without leading to high crime levels or overburdened infrastructure,” the report says.

Vancouver scored so well in part because of its good score on crime issues.

“Vancouver saw a record low number of murders in 2013, after a decade-long decline that pushed homicide rates down to 1.5 per 100,000 of population in 2012.,” the report notes.

Not surprisingly, cities currently experiencing violent uprisings were clustered at the bottom. Kyiv was ranked 124th, Tripoli was in 132nd place, and Damascas was in last place.


After a lacklustre start to the year, Kamloops Real Estate sales are on the upswing. Find out which area is the most popular here

Thursday, August 14th, 2014

After a lacklustre start to the year, Kamloops Real Estate sales are on the upswing. Find out which area is the most popular here:


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.