This article appeared in the Infotel (Kamloops InfoNews.ca) on June 2nd, 2015 and was written by Dana Reynolds.
KAMLOOPS – With more houses being built and home-buyers spending more the Kamloops housing market is off to a very good start in 2015.
According to Canadian Mortgage and Housing Corporation single-unit housing starts in Kamloops ‘surged’ in the first three months of 2015. The report from the corporation shows every category of housing start grew during the first quarter, with the exception of rental apartments. The first quarter of 2015 saw just one rental unit built, compared to 88 in 2014.
The corporation notes there is a provincial trend towards multi-family dwellings and the trend is seen in Kamloops as well, where the number of starts on semi-detached homes tripled. Single-family homes almost doubled as well though, growing to 33 in the first quarter of 2015 from 19 during the same period in 2014.
The number of completions during the first quarter were up 76 per cent as well, with 92 more homes finished in quarter one of 2015 than in 2014.
The price of newly built homes during this time period averaged about $490,000, a more than $40,000 increase from the first quarter housing prices in 2014. Of the 69 single family homes sold in the first quarter of 2015, 68 per cent came in under $500,000. There have also been more people who have purchased houses in the $500,000 and up range so far this year, with 22 homes falling within that price range in the first quarter of 2015, compared to just 13 during the same time period last year.