There has been an increase in mortgage rates over the last 2 weeks. The 5 year rate is up .25 percent and climbing! On the average priced house in Kamloops (310,000) this rate increase translates to an extra $40-50 per month. There is talk that the bank of Canada will be raising Prime by .25 as well. If you are looking to refinance or get pre-approved to purchase a home NOW is the time to do it, as rates are expected to go up even more over the coming months. Getting pre-approval for a mortgage locks in your rate for 120 days so if you are thinking about buying soon go talk to your mortgage consultant or bank!
The housing market in the Kamloops area continues its normalization trend. The average house price for January 2011 was $309,246. A 2 percent decrease over January 2010 when the average house price was $314,023. Dollar volume for January also dropped about 7 million dollars which is about a 20% decrease from January of last year. Unit sales also dropped 18.4%. It is still a buyer’s market in Kamloops.
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