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Linda Klein Kamloops Real Estate Mortgage rates for week of February 23rd 2015

Wednesday, February 25th, 2015

DLC Weekly Rate Minder courtesy of Starr Webb

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% 2.69%
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%

 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply.

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.

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.”




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

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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Pillar To Post | 869 Ida Lane | Kamloops | British Columbia | V2B 6V2 | Canada

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

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%


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.