BCREA Housing Market Update for June 2023

The BC Real Estate Association has released it’s latest housing market update for June of 2023 which discusses May 2023’s statistics. Home sales were strong across BC For May with a number of regions surging 20% month over month. This puts the sales back on pace with the historical averages. We saw a year of activity that was below average. Home sales increased about 10% from last year. The province saw a slight increase nithe number of active listings, up 1.4% compared to this time last year. This is not seen as much of a change. The higher volume of sales left the inventory of listings at approximately 25% below pre-pandemic levels. The average price ofr a BC home was above the $1 million price point for the first time since April of 2022. Some of the increase is due to the increased demand for more pricier homes.

Kamloops for the month of May saw 294 sales which was a 3.5% year over year change. The average price sat at $601,152 which is down 6.4%. This likely is due to fewer high end homes selling as they seem to be sitting on the market much longer. There were 979 active listings in Kamloops which is a 15.3% year over year change. This equates to 3.3 months worth of supply which is fairly low. Due to this a number of properties have experienced multiple offers when they are sharply priced.

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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