Multi-Unit Family Residences – Apartment complexes in Kamloops BC

Kamloops has always had a great rental market when compared with other BC interior cities like Kelowna and Vernon. Kamloops is known more of working class town where as Kelown and Vernon have had more interest seniors downsizing from large cities like Vancouver and Victoria.  As a result home prices tend to be a little more expensive in Kelowna and Vernon.

One of the reasons Kamloops has had such a great rental markets over the years has been a lack of multi-family residential units – apartment complexes.  The majority of apartment complexes that are out there are old (40 years) and have been well used. Look for this trend to change a bit as demand continues to grow for rental properties in Kamloops.

On top of this large corporations have snapped up a majority of the apartment complexes in Kamloops, with the Kelson Group leading the way.  This all translates into a Seller’s market for multi-unit residential rental units (6 or more units) as well some rent stability for current landlords.

How to Maximize your Down Payment for your First Home

• Make a $19.2k RRSP contribution just three months in advance of buying a home…
• …assuming a 30% tax rate, deposit $6k tax refund back into RRSP…
• …then withdraw $25k maximum under HomeBuyers’ Plan following increased limit in
2008…
• …to be repaid to the RRSP in equal installments over 15 years with no interest penalty and the payments are not counted in mortgage serviceability calculations…
• …at, say, a 4% rate of interest, this equals $8k in interest savings over 15yrs…
• …which means the initial $19.2k RRSP deposit has been parlayed into an effective down payment of about $33k, or an extra 70%+
• No restrictions on the source of the original RRSP deposit (can borrow for it, ‘gift’, etc).
• ie: the zero-down mortgage can still theoretically exist but most don’t structure it like this.
• If a couple, and both are first time home buyers, double all of the math above (ie: turn $38k from liberally allowed sources into a $65k down payment)
No warranties, please consult your accountant regarding current legislation. Only applicable for first time buyers.

 

Kamloops Sahali Condo – Highlighting Summit Place

If you are considering buying a condo in the Kamloops area for an investment or your primary residence you are not alone.  Because of the relative low maintenance and healthy demand for rentals condos make a lot of sense.

Summit Place is located at 1810 summit drive and offers some great features that are hard to find in other comparable properties.  This is an older complex but a well maintained one. Summit Place has one of the largest common properties available in sought after area of Sahali. Because of all this space developers have present offers to purchase land from this complex.  Aside from this obvious positive, the units themselves all have great views and above average storage space.  To the point where all of the units have room for in unit laundry.  There is a great hiking park close by that allows you access the downtown core.  It is not surprising that investors looking to invest in multiple rental units have bought up properties in this complex.

Summit Place Kamloops BC, 1810 summit drive

Kamloops BC Condos for Sale

If you are considering buying or selling a condo in Kamloops contact me today!  Make an informed decision and get the results you want.  I am a Kamloops real estate agent, or Kamloops Realtor and would like to learn about your real estate needs.