This article appeared in the infonews.ca on June 3rd, 2016 and was written by Brendan Kergin.
KAMLOOPS – Real estate sales continued a hot streak through May in Kamloops, while residential building permits also outpaced last year.
Total sales were up 40 per cent compared to last year, according to statistics collected by the Kamloops and District Real Estate Association, including a 36 per cent increase in residential sales.
The median price for a home in Kamloops was also up, around $405,000, compared to April’s $385,000.
Kamloops isn’t alone with a hot real estate market. In a release, the B.C. Real Estate Association forecasts a record-breaking year for residential sales in the province, partly because demand for housing is outpacing supply as people move into B.C. from other provinces. In Kamloops, residential inventory is down, according to the local association.
Residential building permits were up, though, compared to last May, putting the total number of 2016 just ahead of 2015 in that category.
However, other building permit categories still lag behind 2015 numbers.
The monetary value of commercial permits in May 2016 — $124,000 — was just six per cent of May 2015’s $2 million, with only three permits issued last month compared to 12 the previous May.
In total, building permits in 2016 were worth $43.5 million — more than $33 million behind last year, which hit $77 million in the first five months.