Category: Kamloops Real Estate Statistics

The current BCREA Housing Market update was recently released. BC Real Estate Association Chief Economist Brendon Ogmundson discusses the November 2020 statistics.

Sales reached highs again setting another record for the month of November. Sales up 42.1% over 2019. Listings remain low and new listings are quickly being absorbed. Strong sales continue to push the market solidly into the sellers market zone. This market condition has created an increase of 9.3% year over year with an average MLS Residential price of $816,000.

In Kamloops there were 262 unit sales for the month of November which is a 30.3% year over year change. The average price of a home rose 11.2% to $486,276. There were 1002 active listings in the month of November which is a 0.6% year over year change. This equates to 3.8 months of inventory.

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Vancouver, BC – November 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS® residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 billion, a 61.8 per cent increase over 2019.

“The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.”

“A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,” added Ogmundson. Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14 per cent lower in October 2020 compared to 2019.

Year-to-date, BC residential sales dollar volume was up 29.7 per cent to $58.7 billion, compared with the same period in 2019. Residential unit sales were up 16.3 per cent to 76,140 units, while the average MLS® residential price was up 11.5 per cent to $771,085.