Category: Kamloops Real Estate Statistics

How British Columbia can meet its housing supply targets and meaningfully improve housing affordability in the province

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Vancouver, BC – September 5, 2024. Despite recent government attempts to address BC’s ongoing housing crisis, a new economic report from the BC Real Estate Association (BCREA) indicates that even the current, elevated pace of construction will be insufficient to improve affordability in the province. 
 
According to the latest BCREA Market Intelligence report, moving the needle of affordability and meeting the province’s housing targets will require aggressive reforms. These include significant expansion of the construction workforce, improved efficiency throughout the home-creation process, and collaboration between the construction sector and multiple levels of government. 

Summary of Findings:

• A status quo level of homebuilding will not be enough to meaningfully improve affordability over the next ten years. 
   
• Improving affordability will likely require a large expansion of construction production capacity to hit provincial targets. 
   
• Construction labour force expansion will be necessary but not sufficient. We also need a significant boost to productivity in the construction sector. 
   
• Building a record amount of new housing is going to require an unprecedented level of financial investment on the part of government and developers. 

What this report hopefully shows is that, while ambitious, achieving bold housing supply targets is possible and, indeed, crucial to meaningfully improving housing affordability for British Columbians,” says BCREA Chief Economist Brendon Ogmundson. “However, it will require a coordinated effort from the government and the development sector, and probably a bit of luck.” 

The report concludes that several other factors, including increased capital stock, regulatory streamlining, and financing incentives, will likely be needed to enable the construction expansion necessary to improve BC housing affordability. 

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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“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information

Vancouver, BC – August 26, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 4.4 per cent to 76,300 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,475 units.

“The Bank of Canada has shifted to easing policy following aggressive tightening since 2022,” said Brendon Ogmundson, BCREA Chief Economist. “This policy shift has positive implications for the BC housing market, and we expect home sales to rebound in the second half of this year with momentum carrying over into 2025.

A steady supply of new listings and sluggish sales over the first half of the year has resulted in the total inventory of homes for sale rising to its highest level since 2019. Market conditions have been trending near the lower end of what is traditionally defined as a balanced market. As such, average home prices have mostly trended sideways over the past year, with the notable exception of Greater Vancouver where the average price has returned to its 2022 peak.

We anticipate that the average home price in BC will edge up slightly this year, rising 2 per cent to an annual average of $990,500. As home sales pick up over the next year, we expect the market to tighten and for the average price in BC to rise 2.9 per cent to an average of $1.02 million.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information

Vancouver, BC – July 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,082 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in June 2024, a 19 per cent decrease from June 2023. The average MLS® residential price in BC in June 2024 was up 1 per cent at $998,159 compared to an average price of $988,632 in June 2023. The total sales dollar volume was $7.1 billion, an 18 per cent decline from the same time the previous year. BC MLS® unit sales were 24 per cent lower than the ten-year average for June.

“Sales activity in June was much softer than the same time last year, with June of 2023 representing the market peak following last summer’s pause in rate hikes,” said BCREA Chief Economist Brendon Ogmundson. “However, both sales and active listings continue to gradually inch upwards, keeping the market in balanced territory.”

Year-to-date, BC residential sales dollar volume was down 2 per cent to $38.6 billion, compared with the same period in 2023. Residential unit sales were down by 4.1 per cent year-over-year at 38,639 units, while the average MLS® residential price was up 2.3 per cent to $997,883.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information