Whether it’s less expensive to build or buy a home varies by market, so it’s essential to know all of the costs involved (detailed below) and get local estimates before deciding which route to take. For example, buying a house involves not only the price of the home (or the down payment if you’re taking out a mortgage), but also the closing costs, insurance, property taxes and homeowner’s association fees, if any. In addition, there’s the cost of repairing/replacing older systems and appliances, as well as renovating the home if it’s not a new construction. Likewise, building a home includes a variety of costs, as well. Specifically, there’s the price of the plot of land; hiring architects and engineers; building permit, inspection and impact fees; excavation and foundation costs. Plus, there’s the actual cost of construction (including labor, materials, finishes, appliances and utility hook-ups). Then, in the case of a land and/or construction loan, there are the associated closing costs, plus insurance, property taxes and the cost of landscaping. Moreover, you’ll also likely have to rent during the build, so you’ll have to factor in temporary housing costs, too.
Which province is the most affordable in terms of real estate?
If you’re looking for low-priced housing, some of the most budget-friendly homes for sale can usually be found in Saskatchewan, New Brunswick and Newfoundland and Labrador.
How many cheap properties for sale are available in Kamloops, BC?
On Point2, you’ll find 297 affordable houses for sale in Kamloops, BC, with prices starting at $167,000.
How do I search for cheap homes for sale in Kamloops, BC?
Browse cheap houses for sale in Kamloops, BC and check out property descriptions, photos and virtual tours. You can also narrow your search by filtering based on price drops, which can be especially useful when looking for cost-effective properties. Moreover, be sure to use the map view if you’re searching for cheap houses for sale near you.
A vibrant community in the southern interior area of British Columbia, Kamloops has a population of around 90,280 people and is known for its great recreational activities, an abundance of sunshine, and pleasant quality of life. Set in the Thomson Valley on the Thomson River, Kamloops has a mix of mountain and low-lying terrain and covers an area of 299.23 sq.km. The city has a lovely climate – in fact, one of the nicest in BC – as it receives over 2,000 hours of yearly sunshine with warm, dry summers and cold, snowy winters.
Kamloops’ economy relies on a number of industries, namely mining, agriculture, retail, and forestry. Green energy and technology are also emerging industries, and the city is a transport hub with direct routes to Vancouver, Edmonton and Calgary, as well as Banff and Jasper. As well as being a gateway to a number of destinations, Kamloops has a lot to offer as a city and provides a desirable quality of living for its residents. Just 45minutes from the city is the well-known Sun Peaks, Canada’s second-largest ski resort, which offers an abundance of summer and winter recreation. Golfing, skiing and snowboarding, mountain biking, hiking, and other activities can all be enjoyed here.
The city embraces its First Nations culture and heritage, and roughly 9.1% of its population are those of Aboriginal ancestry. The remainder of the population is made up of visible minorities (6.8%) and whites (84.1%). Kamloops is a lovely place to live and it’s one of the province’s fastest growing cities due to its affordability aspect and pleasant lifestyle.
With affordable housing, sales growth and stability, Kamloops is currently enjoying a very active and healthy real estate market. Prices are up in the city, as are sales levels, a situation which is driven by people being attracted to Kamloops on account of its great house prices and value for money. A lot of people are cashing in on their properties in other areas of the province, and upgrading to a larger property in Kamloops and a more affordable lifestyle.
The benchmark price for a single-family detached home in Kamloops is $385,000, a benchmark which has increased by 5.1% in the last year. Despite its growth, this is still extremely affordable and more people are seeing the potential in the city’s market. Due to high demand, inventory levels are currently lower than normal and the market is favouring sellers. This contrasts with other major cities in the province, as many have been hit quite badly by the Foreign Buyer Tax which was implemented in 2016. This indicates that much of Kamloops’ market consists of move-up buyers and first-time homeowners, and those moving in from other cities in BC and Alberta. Sun Peaks resort is also a huge motivator for people moving into the city, especially those desiring an outdoorsy lifestyle.
Kamloops has a number of great neighbourhoods, and at different elevation levels. Juniper Heights sits slightly higher than other areas and offers beautiful views of the valley, and features a combination of new and older homes. Brocklehurst and Aberdeen are also very popular for families, with great schools and access to recreational activities. Sahali is attractive for small families and first-time buyers, and has a range of new and older homes, townhouses, and condos.
Kamloops as a whole has an incredibly well-priced housing market, despite the growth in the last couple of years. The city poses an cheap alternative to other major cities in the province, but it offers a similar lifestyle to places like Vancouver in terms of recreational activities and climate.
It’s a great place for young-families and first-time buyers to purchase a home, and with a strong economy and predicted growth, it’s a desirable place in which to buy. The median price for a 2-bed condo is around $256,950, which is very cheap compared to other areas of the province.