Category: Kamloops Real Estate Statistics

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the March 2021 statistics.

BCREA has released it’s latest Housing Market Update for April 2021. A historical record was set for BC home sales in March which reached 15,073 units passing the record back from May 2016. Lower mainland sales were up 123% over last year. This percentage increase in sales however is a bit misleading as March 2020 BC was in a lockdown due to Covid 19 and April 2020 was still a slow month due to this. Residential listings were down 24.4% year over year which has fueled the market province wide. New listing activity has started to accelerate in response to high prices of homes. Provincially it is a Seller’s market with approximately 1.5 months worth of inventory placing the market strongly in Seller’s market territory. The provincial average for homes rose to $947,707 a record high for BC which is 20.3% year over year. Every region of the province saw a double digit rise in average price and the majority of board areas in the province saw 20% percent year over year increases in average price. A lot of this rise is due to a larger number of higher priced homes selling bringing the average price up.

Kamloops for the month of March 2021 saw 372 unit sales which was an increase of 69.1%. The average price rose to $545,915 which was a 27.5% increase year over year. The number of active listings for the month of March was also down 33% leaving 1.8 months worth of supply of homes for sale. The Kamloops market continues to see Buyers coming from other areas, largely from the Lower Mainland and Fraser Valley regions. Recently I reviewed the statistics for Kamloops and where buyers were coming from. 69.9% of buyers are from the Kamloops and area, Greater Vancouver accounted for 11.8%, Fraser Valley 4.5%, Okanagan and Kootenays 5%, Central and Northern BC 4.3%, Alberta 2.6%, Vancouver Island 1%, rest of Canada 0.7% and US 0.3%. If you take the Lower Mainland, Island and Fraser Valley combined we see that approximately 17.3% of the buyers for Kamloops and area homes are coming from those regions.

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Vancouver, BC – April 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 15,073 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2021, an increase of 123.3 per cent over March 2020 and a new all-time record for monthly BC home sales. The average MLS® residential price in BC was $947,707, a 20.4 per cent increase from $787,032 recorded in March 2020. It should be noted that average prices across the province are being skewed higher as more expensive single-detached homes remain a higher share of dollar volume during the pandemic. Total sales dollar volume was $14.3 billion, a 168.9 per cent increase from last year.

“Home sales in the province shattered the previous record, led by markets in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson. “While mortgage rates have risen in recent months and a modest tightening of mortgage regulations is on the horizon, market activity is expected to remain very strong through the spring.”

Total active residential listings were down 24.4 per cent to 22,337 units in March. The total inventory of homes for sale remains severely depleted, but new listings activity has accelerated in response to high prices.

“While the total supply of re-sale listings remains at crisis levels, many markets saw record new listings activity in March. Strong new listings activity will need to continue for some time before markets will see a healthier balance with less pressure on home prices,” said Ogmundson.

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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BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the January 2021 statistics.

January was another record setting monnth for sales in BC with over 1000 sales more than previous January. Six of the provincial real estate boards are reporting record January sales as well. Provincially active listings are down 21.5% which equates to less than 3 months of inventory of listings in BC. This puts the market in sellers market conditions. The average provincial home price rose to a record $845,169 which 16.1% year over year.

Kamloops saw 244 unit sales in January which was a 60.5% increase year over year with the average price of a home in the Kamloops and district region climbing to $495,809. The average price is up 20.2% year over year. As of the end of January there were 490 active listings which is a 44.3% decline from last year which equates to 2 months of supply of homes for sale in Kamloops. This puts the Kamloops market in the sellers market territory.

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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Vancouver, BC – February 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1 per cent increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year.

“It was once again a record-setting month for the provincial housing market,” said BCREA Chief Economist Brendon Ogmundson. “While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights.”

Total active residential listings were down 21.5 per cent to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000. With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply.

“The supply of listings continues to be held back by the pandemic,” added Ogmundson. “With so few listings, markets are starved for supply and prices are under extraordinary pressure.”

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