Kamloops District Real Estate Associations Statistics For March 2020 and Quarter One

The Kamloops District Real Estate Association has released the latest Statistics for March 2020 and Quarter One. Click on the image below to enlarge or PDF documents included in the links below.

MLS Activity - March 2020 Kamloops Real Estate Statistics

PDF: MLS Activity – March 2020

Comparative Analysis - March 2020 Kamloops Real Estate Statistics

PDF: Comparative Analysis – March 2020

Sales by Sub-Area - March 2020 Kamloops Real Estate Statistics

PDF: Sales by Sub-Area – March 2020 

Sales by Sub-Area - Quarter 1 2020 Kamloops Real Estate Statistics

PDF: Sales by Sub-Area – Quarter 1 2020

Sales by Sub-Area Out of Town - March 2020 Kamloops Real Estate Statistics

Sales by Sub-Area Out of Town - March 2020 Kamloops Real Estate Statistics

PDF: Sales by Sub-Area Out of Town – March 2020

Sales by Sub-Area Out of Town - Quarter 1 2020 Kamloops Real Estate Statistics

Sales by Sub-Area Out of Town - Quarter 1 2020 Kamloops Real Estate Statistics

PDF: Sales by Sub-Area Out of Town – Quarter 1 2020

For Previous Monthly, Quarterly & Annual Statistics click here.

To View our current listings click here.

BCREA Mortgage Rate Forecast for March 2020

BCREA just released it’s Mortgage Rate Forecast for March and the year of 2020. With the COVID-19 mortgage rates have dropped. The Bank of Canada recently cut the rate again however says it is at a point where it can’t go lower. It is looking like a Canadian recession is unavoidable however it all depends on how long the pandemic related regulations go on for. This is a large factor that prevents accurate predictions since we have not seen an event of this magnitude in decades.

The Canadian government has postponed changes to the mortgage stress test due to the current events. This will help those renewing or refinancing their mortgages which will free up monthly cash flow due to the lower payments.

Economic growth in Canada was slowed at the end of 2019 due to the rail blockades and now COVID-19. The economy is also dealing with plummeting oil prices, a sharp decline in retail sales, tourism and other consumer related businesses.

It is expected that if we have a strong recovery in the second half of 2020 the Bank of Canada will likely maintain it’s policy rate at 0.25% for the rest of the year.

BCREA Mortgage Rate forecast March 2020 Real Estate BC COVID-19 Coronavirus
BCREA Mortgage Rate forecast March 2020 Real Estate BC COVID-19 Coronavirus

Click here to download the full PDF version of this report.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

BCREA Market Intelligence Report for COVID-19

The latest BCREA Market Intelligence Report: Sketching Out the Potential Impact of COVID-19 on the BC Housing Market explores the potential impacts of COVID-19 on BC home sales and prices through 2020. Click here to read the full report.

Summary Findings:

  • While it’s unknown how the unfolding COVID-19 outbreak will impact the economy in the long-term, BC is facing a sudden stop in economic activity with little guidance to when things may return to normal.
  • Based on our scenario analysis, BC home sales and prices will likely face declines in the spring and early summer but should recover along with the wider economy in the second half of the year, contingent on the outbreak resolving.
  • The postponed change to the mortgage stress test rate, originally slated for April 6, 2020, will mute the impact of falling interest rates for the BC housing market.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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To search for Kamloops real estate and homes for sale click here.

BCREA Housing Market Update for March 2020

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson has released the latest housing market update for March 2020 where he discusses the February 2020 statistics.

Kamloops for the month of February had a 5% increase in the number of unit sales which equated to 189 units sold. The average price was $427,103 which is a 1.1% increase year over year. At month’s end, Kamloops had a 2% year over year change in the number of listings which equaled a 5 month supply of homes on the market.

I suspect we will see a drop in both the volume of sales and listings due to the Covid-19 outbreak. However it appears that it will be more of a shorter downturn (months) rather than a long term event (years). As buyers and sellers adjust to the new normal there will be some uncertainty in the market. BCREA suggests that the market should recover in the later part of the year.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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