Kamloops Real Estate Insider Podcast Parker Bennett

Episode 125 Parker discusses the B.C.'s short-term rental legislation ( Which will Include Kamloops BC ) , Municipal upzoning regulations due to hit the mainstream June 30 2024 & The vacancy tax and how that may effect Kamloopians.

Last updated on May 9, 2024
Like many jurisdictions, B.C. is regulating short-term rentals to help return more short-term rental units into homes for people. Learn more about B.C.'s Short-Term Rental Accommodations Act and regulations on this page.
Overview of B.C.'s Short-Term Rental Accommodations Act

Returning short-term rental units to the long-term market
Strengthening local government tools to enforce short-term rental bylaws
Establishing Provincial oversight of short-term rentals
Short-term rentals versus tenancies

The purpose of the Act is to:
Return short-term rental units to the long-term housing market
Give local governments stronger tools to enforce short-term rental bylaws
Establish a new Provincial role in the regulation of short-term rentals
The Act applies to short-term rentals being offered to the public including:
Platforms where people reserve and pay for the accommodation, for example, Airbnb, VRBO, Expedia, and FlipKey
Offers on other web listing forums, for example, Facebook Marketplace, Kijiji, and Craigslist
Listings in classified ads in newspapers
The Act will not apply to:
Hotels, motels , Reserve lands
Nisga’a Lands or the Treaty Lands
A vehicle, such as an RV
A tent or other temporary shelter

B.C.'s short-term rental legislation
Last updated on May 9, 2024
Like many jurisdictions, B.C. is regulating short-term rentals to help return more short-term rental units into homes for people. Learn more about B.C.'s Short-Term Rental Accommodations Act and regulations on this page.

Increased fines and tickets
The maximum fine that regional districts can set for prosecutions of bylaw offences under the Offence Act has increased from $2,000 to $50,000.

On this episode, I discuss the stats of the Kamloops market for the month of April along with some ranting about CMHC and the media's perspective of the over night bank interest rate. Will the mortgage rate go down if the Bank of Canada announces a rate drop come June of this year?

When is the best time to sell in the Kamloops ?

On this episode we explore each month indepth to find out when all the sales happen in the Kamloops market. The most productive months happen between February and June when 61% of the years sales will take place. May and March are the most productive months individually, with 13.9% each, while April is a close runner up at 12.9% of the years sales happening.

Take a look at the link for the full overview of the Kamloops market breakdown for the month of April 2024

https://parkerbennettrealestate.ca/kamloops-realestate-report-april-2024/

Episode 123 The Everything You Need To Know About SunRivers Episode

Welcome to Kamloops Real Estate Insider Podcast with returning guest Lisa Moonie licensed broker, real estate agent, Sun Rivers resident.
As well we are joined by Lawyer and Partner of Stewart and Springford law LLP Welcome Chrystie Stewart. Also a Sun Rivers resident

Today, we're are going to dive into a very specific neighbourhood in Kamloops, we are going to look at leasehold ownership of the Sun Rivers development. The purpose of this episode is to discuss and answer questions, rumours and myth busting about the development ownership and to give a more in depth discussion about the development, so if you were thinking about purchasing at Sun Rivers to give you a source of qualified information

Sun Rivers
Sun Rivers is located in one of the most desirable physical locations in Kamloops. With such limited development on the South facing exposure of the Thompson river, sun rivers was appropriately named for its amazing amount of South facing exposure, proximately to downtown, it’s a resort style development featuring Big horn golf and country club.

Sun Rivers holds the 99 year head lease, plus 20 year development term, over the 460 acre parcel, the head landlord is ‘Her Majesty the Queen in right of Canada’ (the crown). The lease has been structured to most fully protect the investments of the homeowners, the investors, the lenders and Sun Rivers. The amended lease date will end on June 30, 2115; in effect, the earliest parts of the Sun Rivers Community have a total lease of up to 119 years.
Is purchasing land at Sunn Rivers secure ?
The land has been leased back to the Federal Government "The crown and your leased ownership is with the crown and not directly with TKIB.

How is Sun Rivers different ?
Each Development has a style and design characteristic
Lenders ?are they limited ?
Ownership - Utilities Corex ( Hydro and Natural gas water and sewer ) TKIB has a water treatment facility, but sewer services for wastewater treatment are contracted back to the city of Kamloops.
Property Taxes, home owners grant, Property transfer taxes is applicable, GST is applicable
Geo thermal heating .. ground source heat pump using water that circulates the ground to extract thermal energy or to discharge thermal energy in the cooling months. ( carbon taxes this is now going to more affordable )
Landscaping ( community fees, ) development fees,
Services ????
Bus, fire, schools, parks, hiking in the area ? access is limited , was an adult orientated development, but its moving away from that currently. One road in and out
( What is a quiet calmed community )
- Third party approval for purchasing and how that works
- Gap insurance, Trust completion - defining these terms
Don’t want to discount the fact that the wildlife is amazing … Ovis canadensis California big horn sheep, chukars
What happens as we get closer to 2115 ??????? how does that play out ?

Some 2024 stats on the development shows "It takes over double the amount of time for properties to sell at Sun Rivers", we explore why that is....

March Realestate report covering the most up to the minute stats on the Kamloops market from February 2024. We also delve into the definitions of benchmark price compared to average price of a home in Kamloops and compare it to some of the subdivisions sales in Kamloops for relevance .
The benchmark price in Kamloops today is $647,000 while the average price is $793,331.
The average days homes are sitting on the market has been reduced in the past two weeks from 71 days to 53 days indicating a swift uptick in the current stat of the market.

The spring market has arrived.......

Recent recruits to the Royal Lepage team in Kamloops, Jenna Brown and Ashley Nordick speak casually with Parker Bennett about their early experiences in the Real estate industry. Anyone considering a career as a realtor should consider a listen as there are a number of good considerations discussed in this episode of the Kamloops Realestate Insider Podcast.