BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the August 2023 statistics.
BCREA has released the latest housing market update for September of 2023. Home sales declined in August however they are up 16% year over year. active listings are at their highest level since November 2020. Even though listings are up they still need to rise about 60% to reach a more balanced market level. With the slowing sales and increased listings the market has entered a more balanced market territory. The average price is up 5% year over year but it is down 13% from it’s peak of February 2022.
For Kamloops there were 225 unit sales in August 2023 which is an increase of 21.6% year over year. The average price was $615,187 which is a 5.6% increase. Kamloops saw 1,150 active listings which equates to 5.1 months worth of supply and a 5.7% change year over year. This is an increase since the last update with homes sitting longer on the market and more competition in the market in Kamloops.
For the complete news release, including detailed statistics, click here.
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