Kamloops Housing Market Deemed Stable by Real Estate Association

Posted by Vince Cavaliere on Wednesday, March 6th, 2019 at 11:40am

The president of the Kamloops and District Real Estate Association does not expect the city’s housing market to cool like those in other parts of B.C.

Doren Quinton told KTW February’s local real estate numbers were encouraging. “Last month was pretty stable,” he said. “It was kind of what we were expecting.”

Kamloops recorded 180 sales in February, down 8.2 per cent from 196 12 months earlier. Year-to-date sales are almost identical to 2018. New listings are down significantly, though — 248 last month compared to 348 in February 2018.

“Overall inventory is up 2.5 per cent, but we see that number decreasing because of the lack of new listings,” Quinton said.

The average home sale price in February was $422,573, compared to $376,217 the same month in 2018 — an increase of more than 10 per cent and exceeding economic forecasts for the area, Quinton said. Brocklehurst was the busiest in terms of real estate transactions last month, with 24 sales, followed by Sahali with 19 and Aberdeen with 17. Six homes sold for $1 million or more in February — a number Quinton said is high.

“That’s more higher priced homes than we normally see sold in a month,” he said. Quinton said Kamloops is sitting in a good position. “We’re below where we’ve been the last couple of years, but we’re still trending well above the 10-year average,” he said, noting the city is moving into record price territory.

According to Quinton, Kamloops will likely avoid a dip like those seen in other parts of B.C. “We’re seeing a big influx of people coming from the Lower Mainland,” he said. “That’s certainly keeping the market active in Kamloops.”

SOURCE:
Tim Petruk
Kamloops This Week
March 5, 2019 12:29 PM

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