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.