BCREA Housing Market Update for October 2020

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the September 2020 statistics. In this housing market update it was a record setting September for BC housing, rising 63% year over year. Sales were up 16% for August and inventory remains low. The market in BC overall remains in the Sellers market territory. The Provincial average home price reached a record of $803,210.

Kamloops saw an increase in the number of unit sales year over year which was up 38.3% from the same time last year. We also saw price growth, bringing the average price of a home to $493,597 which is a 30% increase. Again this month the number of active listing remained low and below the average with 1,040 homes for sale, -17.6% less than this time last year. This leaves the Kamloops market with 3.1 months of supply.

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