Kamloops is rich with rental options, but there's no doubt that buying a home in this rapidly growing city is a very advantageous move. Between 2006 and 2011, Kamloops witnessed a growth rate of 6.6% and is expected to continue growing. This demand has led to the development of a wealth of beautiful new properties in the city, as well as increased variety in property types.
Spectacular, trendy condos and townhomes are being crafted throughout Kamloops, as are stunning new construction homes. Meanwhile, Kamloops' more established ranchers and bungalows are only appreciating, with the average sales price for the city leaping upward. You might be thinking, "If it's a seller's market, why should I buy?" Well — the term "seller's market" can be a little bit misleading. The phrase indicates that there is a higher volume of buyers than there are homes available on the market, so sellers are given an advantage in determining price. However, with this trend only set to continue throughout British Columbia, if you're considering buying a home here, now is the time to do it. Consider the data. Between 1993 and 2013, the average house price in Kamloops skyrocketed from just $138,500 to approximately $384,000. Overall, the past 3 decades have seen Canadian home prices increasing consistently and the markets show no sign of slowing down.
Professionals living in Kamloops who can afford to buy should undoubtedly do so. If you're a student attending Thompson Rivers University, you have several considerations to think about. Real estate around TRU is on the rise and with the introduction of the university's Law program and the increased awareness of its excellent MBA program, investment is bound to increase. If you're wondering whether buying property as a student is a good idea, that depends. If you're looking for a secure investment, there's no better option. You can rent out rooms or the entire property once you've graduated. You have the chance to establish excellent credit before leaving school and might even save enough for a down payment on a starter home post-university. Though there are no guarantees, it's a great way to plan to be in a good financial position once you've completed your program.
Still not sure? That's okay — that's why we're here! If you're considering investing in Kamloops but need more information to make the decision, chat one-on-one with one of our buying experts today. Simply give us a call at 250-374-1925 or send us an email!