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Housing and Taxation

 

The Kamloops real estate market is affordable. Housing costs are roughly one-third less than a comparable home in Greater Vancouver. The Canada Mortgage and Housing Corporation (CMHC) reports the average price for a single detached home in Kamloops in the summer of 2009 is approximately $325,000. More and more home-buyers are taking a look at Kamloops as the best place to raise a family, live and work. 

 

Housing Starts and Prices

The local real estate market is brisk. The majority of home purchasers are from Kamloops with others originating from the Vancouver Lower Mainland, Fraser Valley, Northern BC and outside of BC. The average price for a single detached home in Kamloops is up to one-third less than a home in Vancouver Lower Mainlaind and up to $100,000 less than Kelowna.

Major Commercial Projects 2008

  •  950 McMaster Way (Emco Warehouse)
  • 1180 Columbia St. W. (Summit Shopping Centre)
  • 474 Columbia St. (Office Building/Medical)
  • 950 Notre Dame Dr. (Hyundai Dealership)
  • 1211 Summit Dr. (Office and Retail)
  • 3035 Airport Rd. (Airport Phase 1 Expansion)
  • 675 Tranquille Rd. (Holiday Inn Hotel & Suites)
  • 441 Columbia St. (Ministry of Forest and Range Offices)
  • 660 Columbia St. W. (Best Western)
  • 8205 Dallas Dr. (NRI Distribution Warehouse)

Major Multi-Family Projects 2008

1220 Hugh Allen Dr.  72 Units 
30 Hudson Bay Trail  54 Units 
460 5th Ave.  30 Units 
789 McGill Rd.  26 Units 
1900 Hugh Allen Dr.  26 Units 
1405 Springhill Dr.  23 Units 
15 Hudson Bay Trail  20 Units 
1741 Tranquille Rd.  19 Units 

Existing Residential Dwellings by Area - Kamloops

Dallas,
Barnhartvale 		 1,970 
Valleyview,
Juniper/RoseHill 		 2,475 
Sahali  5,000 
Aberdeen,
Dufferin 		 3,685 
South Shore  2,325 
North Shore  2,920 
Brocklehurst  4,695 
West End  1,145 
Batchelor  1,775 
Westsyde  2,925 
Rayleigh,
Heffley 		 915 
City Total  32,665 

Source: Kamloops 2008 Statistical Data Report

 

Residential Unit Construction Activity - Kamloops

2004  2005  2006  2007  2008 
390
589
680
763
578
Source: BC Stats - British Columbia Housing Starts for Urban Areas and Communities

New Residential Dwellings by Area - Kamloops

Area 2004 2005 2006 2007 2008
Mt. Dufferin 63 36 59 31 2
Aberdeen 91 176 201 141 180
Sahali 5 29 17 51 50
South Shore 106 319* 15 46 114
Valleyview 11 2 14 26 19
Rose Hill 3 1 8 1 7
Juniper Ridge 39 41 25 39 32
Dallas/Barnhartvale 24 96 103 51 12
Heffley Creek 1 0 1 1 3
Rayleigh 6 2 3 1 0
Westsyde 29 45 115 46 23
North Shore 78 3 5 49 1
Brocklehurst 9 42 73 50 66
Batchelor Heights 71 72 141 79 65
TOTAL 536 864 780 612 574
*2005 numbers include TRU Residence.
Source: City of Kamloops Development Services 2008 Annual Report

Development Activity - Kamloops

Major Activity 2004 2005 2006 2007 2008
Building Permits 1,487 1,884 2,255 2,080 1,850
Construction Value (millions) $107.4 $207.5 $206.8 $185.0 $208.6
Residential
Single Family Dwelling 246 312 348 332 200
Mobile Home 12 32 60 18 10
Two Family 7 11 17 12 35
Multi-Family (Apartment) 269 500 355 250 329
Total New Residential Units 534 855 780 612 574
Commercial/Industrial/Institutional 176 203 199 167 176
Construction Value (millions) $36.1 $70.8 $72.7 $48.0 $67.4
Subdivision Applications 81 71 78 75 75
Subdivision Lots Created 257 409 293 328 364
Strata Lots Created 74 146 395 190 224
Rezoning Applications 50 33 43 34 47
Development Variance Applications 30 34 31 36 38
Development Permits 24 27 37 50 48
Preliminary Proposals 13 16 12 21 6
Intergovernmental Referrals 2 1 5 3 6
Agricultural Land Commission 4 3 4 3 3
New Businesses 579 671 675 714 779
Source: City of Kamloops - Development Services, 2008 Annual Report

Multiple Listing Service Activity Report for 2007

Cumulative YTD 2007
Total Resident Other
Value of Units Sold ($ 000) 959,513,509 841,906,868 17,606,641
Number of Units Sold 3,591 3,082 509
Number of New Listings 5,255 4,140 1,115
Source: Kamloops & District Real Estate Association - Analysis of MLS Sales Activity Report October 2008

Projected Comparative Housing Prices 2009 

Location Single Detached
Kamloops $325,000
Nanaimo $295,000
Prince George $227,000
Abbotsford $315,000
Kelowna $365,000
Vancouver $516,000
Victoria $425,000
CMHC & Multiple Listing Service 2009

Vacancy Rates and Rents

CMHC figures show that the housing prices in Kamloops have been increasing steadily over the past few years.  This is largely due to a strong local and provincial economy.

Vacancy Rates - Kamloops 2008

2002  2003  2004  2005  2006  2007 

4.3 

4.2 

2.7 

1.7 

0.9 

0.5 
Source: City of Kamloops Statistical Report - 2008

Average Apartment Rents by Bedroom Type - Kamloops

Bachelor  1 Bedroom  2 Bedroom  3 Bedroom+
 2005  2007  2005  2007  2005  2007  2005  2007
$461 $535 $525 $618 $634 $732 $634 $732
Source: City of Kamloops Statistical Report - 2008

Taxation

Assessment and Taxation

  2005
Assessed Valuations
Land 2,333,726
Improvements 4,144,085
Less: Statutory Exemptions 820,354
Taxable Value 5,657,457
Source: City of Kamloops - Revenue Department

 

City of Kamloops Schedule of 2009 Tax Rates  

 Class and Tax Rates
Levy  Residential  Utilities  Supportive Housing  Major Industry  Light Industry  Business/Other  Rec/Non-Profit  Farm 
General - City  4.99  41.23  4.99  67.08  25.73  16.49  10.00  12.01 
School 2.5083  14.5  0.1  7.0  7.0  7.0  3.7  6.9
Regional District 0.3804  1.3314  0.3804  1.2934  1.2934  0.9320  0.3804  0.3804 
Hospital District  0.2186  0.7651  0.2186  0.7432  0.7432  0.5356  0.2186  0.2186 
BC Assessment  0.0641  0.4951  0.0641  0.4951  0.2026  0.2026  0.0641  0.0641 
Total Tax Rate per $1,000 Assessed Value  8.1614  58.3216  5.7531  76.6117  34.9692  25.1602  14.3631  19.5731 
Source: City of Kamloops - 2009