Kamloops Real Estate News

Kamloops Real Estate News Stories And Articles

Venture Kamloops recently released this video about Kamloops and all it has to offer those who call Kamloops home. This short four minute video is a great snapshot of our city.

About Venture Kamloops:

As the economic development arm of the City, Venture Kamloops’ focus is just that, economic development. The team works to provide the most up-to-date information to those interested in starting their business in Kamloops or expanding operations into the city.

Venture Kamloops’ mission is to create economic growth to establish the city as the premiere location for business development. This is done by featuring the city’s resources and offering comprehensive information plus a full spectrum of support services to investors and entrepreneurs.

For more information about Venture Kamloops click here. You can also access their 2013 annual report through this link.

 

This article appeared in the Kamloops Daily News on August 15th, 2013.

New Construction Kamloops BC Real EstateKamloops is like the tortoise in the fabled race against the hare.

Slow but steady, the city has been growing with a relatively stable economy and moderate increases in population, unlike some communities that have experienced the rushing boom and then sluggish bust of others.

Canada Mortgage and Housing Corp. market analyst Paul Fabri said Thursday housing starts for the first half of 2013 in Kamloops have been close to those of the previous year.

In 2012, 317 homes were started between January and the end of July, while this year, that number is at 330.

“Kamloops overall has fared better in terms of new construction than some communities with resort housing or second homes,” such as parts of the Okanagan, he said.

Kamloops has also had stronger employment growth than some other centres, Fabri added.

He suggested single-family home construction hasn’t been as strong as multi-family because the market is competitive these days. He described the Kamloops economy as relatively stable, which has kept housing construction on an even keel.

“Overall, housing starts will reach my forecast for this year, which was 500 housing starts. That’s just slightly more than last year,” he said.

For 2014, Fabri predicts housing starts in Kamloops will reach 525 units.

On the other hand, Kelowna’s housing starts have dipped in the last few years, after taking a big drop during the 2008/2009 recession years. That’s because of a reduced demand for resort housing during that period, Fabri said.

“Kelowna hasn’t seen as robust employment growth as Kamloops has. That factor has helped maintain stable housing activity,” he said.

“On the resale side, prices have been pretty stable in Kamloops for the last year or two,” he said.

For the second month in a row, the value of building permits issued in Kamloops has exceeded 2012 monthly totals.

The city doled out $6.6-million worth of permits in February, compared to $4.2 million in the same period in 2012.

But, bucking the trend of late, February’s  surge wasn’t driven by commercial construction.

Commercial projects accounted for only $814,091 of the month’s totals, while residential-permit values totaled $5.7 million.

In 2012, residential construction accounted for only $1.3 million of permit value.

Multi-family projects accounted for the greatest amount of permit value, at $3.1 million.

Development and engineering director Marvin Kwiatkowski said that’s a trend that will likely continue.

“It’ll be higher than last year and you see that already,” he said.

A number of larger projects have yet to come through and the city is predicting it will add about 220 multi-family dwelling units by year’s end.

After a run of big-ticket commercial projects in previous months, Kwiatkowski said there aren’t many more major builds on the horizon.

On the institutional side, however, the city is expecting a $30-million bump from permits for the Royal Inland Hospital’s new clinical- services and parking building some time this year.

So far, the city has handed out $23.4 million in permits for 2013, compared to $18.8 million at this time last year.

By Andrea Klassen – Kamloops This Week

Link

The British Columbia Real Estate Association has released it’s British Columbia Housing Forecast Update for 2013 & 2014.

BC MLS Residential Sales Forecast 2013 2014

 

 

 

 

 

 

 

 

 

Some important points from the report below:

  1. B.C. residential housing sales are forecast to rise 5.6% in 2013.
  2. B.C. residential housing sales are expected to trend higher. 6.1% in 2014 is forecast.
  3. Issues with the global economy make growth difficult in British Columbia presently.
  4. A stronger global economy is expected in 2013.
  5. The average B.C. MLS home price is expected to drop 1% this year to $510,400 and increase in 2014 by 0.6%.
  6. B.C. housing starts will increase 1.5% in 2014.

Kamloops Real Estate Housing Forecast:

  1. Kamloops and surrounding communities real estate sales will increase 3% in 2013 and 4.6% in 2014.
  2. The Kamloops average MLS price will increase to $315,000 an increase of .07% in 2013 and to $319,000 an increase of 1.3% in 2014.

Kamloops & BC Real Estate Housing Forecast 2013 2014

 

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