BCREA Housing Market Update, December 2018

BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the November 2018 statistics.

Home sales across the province were down in November in comparison to the same time last year. December sales are expected to show the same pattern. Saying that, 2017 was a year where the number of active listings were at a historical low. This is one of the reasons for such an active market.

In Kamloops we have seen a similar pattern but not as pronounced as what is being experienced in the Lower Mainland areas. For November 2018, Kamloops was down 5% for the number of sales year over year and 11.4% in terms of dollar value. We are seeing more listings coming on the market in the Kamloops area, although we are still relatively low in inventory. There has been an increase in the number of listings by 4.8% giving our market 4.6 months worth of supply.

While the market appears to be calming down, the statistics show that Kamloops is experiencing much less dramatic market adjustments in comparison to other areas.