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Kamloops a great place to live and move to.

Sunday, February 28th, 2016

Kamloops Named 7th Top Growing City in Canada by U-Haul

Kamloops Named 7th Top Growing City in Canada by U-Haul

Canada’s Tournament Capital is also one of the top growing cities in the country, according to U-Haul.

The moving and storage company has been ranking Canada’s top growing cities, revealing them daily until March 4th.

Kamloops comes in at number seven on the list.

Why move here:

Sunniest City in Canada

Affordable cost of living

Lots of outdoor activities

Excellent transportation and highways in all directions

“Kamloops is a very beautiful, affordable place to live,” said Horace Martin, U-Haul Company of British Columbia President. “It has Riverside Park, a world-class ski resort, and the right mix of big city/small town feel. It’s billed as the Tournament Capital of Canada. There’s no shortage of activities in one of the sunniest cities of Canada.”

For this particular list, growth is determined by the number of incoming one-way U-Haul truck rentals versus outdoing rentals.

According to U-Haul, 53.2 per cent of truck rentals were coming into Kamloops rather than leaving.

Variable or Fixed rate Mortgage

Friday, November 27th, 2015


Courtesy of  4Front Mortgages!

Rates Are Rising
After the Liberal majority win, the government of Canada bond yields started climbing, most likely due to the fact the Liberals have larger spending plans.

Variable Rates
Variable rates have gone up.  What this means is the discount that lenders give off of the Prime Rate has decreased.  A few months ago you could negotiate discounts around .60% – .80% below Prime.  Now discounts are around .30% – 40%. This takes the average variable rate you can get to the 2.35% level.  Previously at 2.00% a variable was an easy sell.  Now, with 5 year fixed rates at around 2.70% the choice isn’t as obvious.

Prime – 2.70%
The Prime Rate, currently at 2.70% may go up earlier than we all thought. With spending promises to keep, combined with a strong US economy it looks as though the long-awaited rate hike could take place in mid-2016. The first rate hike will likely be .25%, which would bring a variable rate to 2.60% (assuming you can still obtain .40% off of Prime), narrowing the gap between fixed rates to a lowly 0.10%, making fixed very appealing now. If you do choose a fixed rate, it is possible that you will qualify for more.  Lenders are required to ensure you can afford your mortgage if rates go up and if you’re in a 5 year fixed term that is all the assurance a lender needs.

Additional Considerations for Fixed Rates

Penalties – Penalties from some lenders (mainly banks) can make getting out of a fixed term very punitive.  Therefore, if you’re considering a 5 year fixed term but not too sure if you’ll be in the home for the full term consider going with a lender who offers a fair penalty calculation.

3 Years – The average time a first time homebuyer keeps in their property is 36 months. Going with a 5 year term may not be the best option if you’re unsure of how long you’ll need that mortgage for. Yes, you can always move mortgages from one property to another, however it can add some complexity to your application

Historical Considerations – Variable rates have been proven to be cheaper in “the long run”. Yes, math doesn’t generally lie, but what’s good in the long run may not necessarily be good for the next 5 years.

House Sales Expected to Increase in Kamloops

Tuesday, October 27th, 2015

House Sales Expected to Increase in Kamloops

House Sales Expected to Increase in Kamloops

The housing market in Kamloops is expected to remain stable over the next two years, according to a forecast by the Canada Mortgage and Housing Corporation.

Housing sales for Kamloops are expected to be up to 1,750 in 2015, and will increase to 1,780 in 2016 and 1,800 in 2017.

The average price of a home in the Tournament Capital is not expected to greatly increase. The price is expected to be $404,000 in 2015, increasing to $420,000 in 2017.

The vacancy rate of homes in Kamloops is expected to remain steady as well. It is forecasted to be a 3.7 vacancy rate in 2015, down from 3.9 in 2014, and is expected to return to 3.9 in 2016. The vacancy rate in Kamloops is, and is forecast to continue to be, above the national average.

Housing starts are anticipated to slightly decrease going from 518 new homes under construction in 2014 down to 470 in 2017. The new construction to date in 2015 is 9.2 per cent less than it was at this date in 2014 in Kamloops.

Pre-approvals, more important and less concrete than ever

Wednesday, June 3rd, 2015
 Courtesy of Starr Webb Dominion Lending

Going through the pre-approval process is more important than ever to both you and your Realtor, but the actual term ‘pre-approval’ is potentially misleading.

You may be pre-approved for a certain mortgage amount, however there are still a number of variables that can enter the picture once an offer is accepted. That’s why it is imperative that one always include a clause in the offer along the lines of ‘subject to receiving and approving financing’. (There are variations to be discussed around the specific wording.)

Often clients are reluctant to write the initial offer on a property without feeling like they are 100% pre-approved.

An understandable desire. The risk, though, is that some may falsely believe that they have a guarantee of financing. They don’t.

A lender must review all related documents – not just those of the clients, but also those from the appraiser and the Realtor – as the property itself must meet certain standards and guidelines.

The pre-approval process should be considered a pre-screening – a first step only.

It does involve review and analysis of the client’s current credit report; it should also include a list for the client of all documents that will be required in the event that an offer is written and accepted. Clients should also come away from this initial process with a clear understanding of the maximum mortgage amount they qualify for, along with the various related costs involved in their specific real estate transaction. Equally important: with the completed application your broker is able to lock in rates for up to 120 days.

Why won’t a lender fully review and underwrite a pre-approval?

  • Lenders do not have the staff resources to review ‘maybe’ applications – they have a hard enough time keeping up with ‘live’ transactions.
  • The job you have today may well not be the job you have by the time you write your offer.
  • If more than four weeks pass, all of the documents are out of date – by lender standards – and a fresh batch needs to be ordered and reviewed.
  • The conversion rate of pre-approvals to ‘live transactions’ is less than 10%.

It is this last point that makes it so difficult to get an underwriter to completely review a pre-approval application as a special exception.

The bottom line is that a client’s best bet for confidence is the educated and experienced opinion of the front-line individual with whom they are directly speaking – and that’s their Mortgage Broker. This individual will not be the same person who underwrites and formally approves the live transaction when the time comes.

This disconnect between intake of application and actual underwriting of a live file makes having a ‘subject to receiving and approving financing’ clause in the purchase sale agreement so very important.

Perhaps the most significant factor in undermining the solidity of a client’s preapproval is the relentless pace of change of lending guidelines and policies – changes implemented not only by the Federal Government but also by the lenders themselves. It is very easy to have a pre-approval for a certain mortgage amount rendered meaningless just a few days later through changes to internal underwriting guidelines. Often these changes arrive with no warning and existing pre-approvals are not grandfathered.

It is absolutely worthwhile going through the pre-approval process before writing offers, and in particular before listing your current property for sale or accepting offers. This will give you a good idea of your maximum mortgage amount as well as securing a rate for you. It is a worthwhile endeavour.

Just be aware that aside from the key advantage of catching small issues early and securing rates, a pre-approval is not a 100% guarantee of financing.

But the good thing is, I can help you with this process!

Weekly Mortgage rates for May 18th 2015

Wednesday, May 20th, 2015

Courtesy of Starr Webb DLC Weekly Rate Minder

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.89% 2.29%
2 YEARS 2.84% 2.19%
3 YEARS 3.39% 2.34%
4 YEARS 3.89% 2.54%
5 YEARS 4.64% 2.54%
7 YEARS 5.30% 3.39%
10 YEARS 6.10% 3.84%
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%

Kamloops Real Estate Linda Klein CMHC hikes premiums June 1st

Saturday, April 4th, 2015

Courtesy of Starr Webb – Dominion Lending

CMHC Hikes Premiums Again

If you plan to buy a home with less than 10% down and get CMHC insurance, get ready to pay another $450 per $100,000 of mortgage.

That’s what CMHC’s just-announced premium hike amounts to. Click here for details

It’s the second time in about a year that CMHC has raised its fees on homeowners. The new premiums are a 14-15% increase over today, or 31% if you compare them to CMHC’s fees last year.

CMHC’s move targets only those putting down less than 10%, which amounts to 56.8% of CMHC-insured borrowers, as of CMHC’s latest reported quarter. The company says the decision is not because of an increase in borrower risk.

“For the average Canadian homebuyer who has less than a 10% down payment, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment,” the agency said in its release today.

“CMHC completed a detailed review of its mortgage loan insurance premiums and examined the performance of the various sub-segments of its portfolio,” said SVP of Insurance Steven Mennill. “The premium increase for homebuyers with less than a 10% down payment reflects CMHC’s target capital requirements which were increased in mid-2014 (to 220% of the minimum OSFI requirements).”

We’ll probably know by next week if Genworth and Canada Guarantee follow CMHC’s lead. They did last time and there’s a fair chance they will again. A Genworth spokesperson said, “We are reviewing [CMHC’s announcement] and expect to release our official announcement early next week.”

Some quick notes for homebuyers:

  • If your loan-to-value is over 90% and your lender submits your complete application to CMHC before June 1, 2015, you’ll pay the old (cheaper) CMHC fees. It doesn’t matter when your mortgage closes.
  • Submitting a pre-approval as opposed to a complete application will not hold the old insurance premiums.
  • If you borrow your down payment, the fee is another 5 basis points (0.05%) higher, or 3.85% of the mortgage amount.
  • If you live in Manitoba, Ontario and Quebec, you also have to pay provincial sales tax on your default insurance. That sales tax cannot be rolled into the mortgage.

Kamloops real estate Linda Klein Mortgage rates for week of March 30th 2015

Wednesday, April 1st, 2015

DLC Weekly Rate Minder courtesy of Dominion Lending Center

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.24%
3 YEARS 3.44% 2.49%
4 YEARS 3.94% 2.59%
5 YEARS 4.79% 2.59%
7 YEARS 6.04% 3.39%
10 YEARS 6.50% 3.84%
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. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

*O.A.C., E.& O.E.


  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,200 Mortgage Professionals from more than 350 locations across the country!
  • Our Mortgage Professionals are Experts in their field and many are ranked among the best nationally.
  • We work for you, not the lenders, so your best interests will always be our number one priority.
  • We have more than 100 mortgage programs, making it easy to choose the best fit for your unique situation.
  • We close loans in all 10 provinces and 3 territories.
  • We can process your mortgage in as few as 7 days.
  • We are the preferred mortgage lender for several of Canada’s top companies.
  • Dominion Lending Centres’ Mortgage Professionals are available anytime, anywhere, evenings and weekends – and we’ll even come to you!

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%

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.





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.

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.