BCREA Housing Market Update for July 2020
BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the June 2020 statistics in the latest Housing Market Update.
Sales across provincial housing markets surged coming back to pre-covid numbers. This is likely due to pent up demand and low mortgage interest rates. This has pushed the market towards a bit of a sellers market across the province.
For Kamloops there was an 11.1% increase in the number of units sold for this same time last year. The average price was also up 7.4% to $456,701. We still have low listing inventory with 1,002 active listings on the market at the end of June 2020 which is a down 21% from last year. The result of the low inventory is that Kamloops has a swiftly moving market with only 3.4 months of supply. This is one of the lowest in the Interior and Northern regions.
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