Do the Math: Renters Losing Money in Kamloops
Buying a home makes more sense when cost of new condo is calculated
KAMLOOPS, BC – September 27, 2011, Renting is more expensive than owning in Kamloops following the launch of the latest phase of Talasa condos at Sun Rivers Golf Resort Community.
The third phase at Talasa features 88 suites priced from $117,400 to $269,900.
Using an average fixed 25-year amortization mortgage rate of 4.2 per cent, and assuming a 10 per cent down payment, buyers at Talasa would be paying $816 per month for a one-bedroom suite, priced at $169,000.
Renters, on the other hand are spending an average of $900 per month for a comparable home—without building any equity. (source: http://kamloops.kijiji.ca/ Average rental prices were determined using local classifieds and are subject to fluctuation.)
“When you do the math it's clear that now is the time to make the transition from renting to owning,” Darryl Caunt, president of the Mibroc Group and managing partner of Talasa, says. “From a financial perspective it makes much more sense to build equity in your home instead of building someone else’s wealth. From a lifestyle perspective it gives you the opportunity to step up to an incredible fully serviced golf resort community, for less money.”
It’s a similar story for those needing the space of a two-bedroom suite. The monthly mortgage payment would be a mere $1,280 for a Talasa condo priced at $265,000, compared to an average rental cost of $1,400 per month for a comparable rental.
Buyers at Talasa also have the upside potential of a development that is continuing to add amenities, which adds more value over time.
“I love Kamloops and want to build a life here so I'm not looking for a quick flip. I am looking to invest in a home for the long-term,” says Astrid, a home owner, “Talasa gives me a resort lifestyle and I feel secure building equity over time here at Sun Rivers.”
See Astrid's video case study on YouTube: -video-
Talasa is comprised of residential condominium buildings surrounding a mixed-use village centre that will include Residents’ Club, pool, fitness area and spa. The Village Centre will have shops, dining and an outdoor entertainment plaza.
Talasa's dramatic exterior finishing of ledge stone, HardiPanel and wood siding and contemporary, modern style suites have drawn buyers since the Mibroc Group launched the community in 2008.
The Sun Rivers Golf Resort Community and Talasa are situated on a high desert plateau overlooking the beautiful Thompson Valley, the Thompson River and Kamloops. Designed by renowned Canadian golf course architect, Graham Cooke, Sun Rivers is one of the few desert golf courses in Canada.
The course is set among natural sage against a backdrop of mountains, rolling hills and sweeping views of the Thompson Valley. The golf course is nestled around neighborhoods and the clubhouse is a few steps from Talasa and the village centre.
For more information: Talasa Media Kit (background, fact sheet, photos).
Media Contact:
Scott Henderson
dHz Media
+403.921.2001
scott.henderson@dhzmedia.ca
Links:
Travel British Columbia
Tourism Kamloops
BC Adventure.Com
BC Real Estate Association statistics
About Talasa at Sun Rivers
www.talasaliving.ca
Talasa is the village centre condominiums for the award-winning Sun Rivers Golf Resort Community, located in Kamloops, BC. It is comprised of residential condominiums surrounding a mixed-use village centre that will include shops, Residents' Club, with swimming pool, shops, dining and an outdoor entertainment plaza. Kamloops, B.C. is 355 km east of Vancouver on the Trans-Canada highway and located at the junction of four major highways near Kamloops Lake. It offers unrivalled recreational opportunities including golf, skiing, boating, hiking, fishing, water sports, mountain biking and is an easy drive from major centres like Vancouver, Calgary, Edmonton and Seattle.
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