BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the June 2020 statistics in the latest Housing Market Update.
Sales across provincial housing markets surged coming back to pre-covid numbers. This is likely due to pent up demand and low mortgage interest rates. This has pushed the market towards a bit of a sellers market across the province.
For Kamloops there was an 11.1% increase in the number of units sold for this same time last year. The average price was also up 7.4% to $456,701. We still have low listing inventory with 1,002 active listings on the market at the end of June 2020 which is a down 21% from last year. The result of the low inventory is that Kamloops has a swiftly moving market with only 3.4 months of supply. This is one of the lowest in the Interior and Northern regions.
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