Commercial Leading Indicator December 2022
CLI Falls in Third Quarter 2022

B.C. Real Estate News, National Real Estate News

The BCREA Commercial Leading Indicator (CLI) fell to 149 from 153 in the third quarter of 2022 while the six-month moving average retreated from a record high. Compared to the same time in 2021, the index was down by 0.8 per cent.

It is important to note that while the Canadian economy has enjoyed a strong recovery, the environment for commercial real estate remains highly abnormal and uncertain. Although the CLI is designed to interpret economic and office employment growth as positive indicators for commercial real estate demand, the recent strong growth of these indicators may not translate as readily into improved conditions in the commercial real estate market relative to the pre-pandemic period.

The CLI fell in the third quarter due to deteriorations in all three subcomponents of the index. The economic activity index was driven downwards by inflation-adjusted declines in wholesale trade, retail and manufacturing sales. Rapid appreciation in the consumer price index driven by supply chain obstacles and the war in Ukraine meant that rising nominal values in these economic areas were offset after adjusting for general price growth. The financial component of the index was negative as a result of falling REIT prices. Spreads between corporate and government borrowing costs also rose slightly from the prior quarter, contributing negatively to the financial component. The index’s employment component was also negative, with a rise in office employment (finance, insurance and real estate) insufficient to offset a larger decline in manufacturing employment.

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.

BCREA Housing Market Update for November 2022

B.C. Real Estate News, Kamloops Real Estate Statistics

The BC Real Estate Association released it’s latest housing market update for November 2022 where they discuss the October 2022 statistics. In BC the housing activity increased slightly in October versus Sepember but is still slow by historical standards. The number of sales are down 45.5% year over year and this is about 30% lower than what is considered normal for this time of year. The number of active listings were up 51.9% compared to the near-record low inventory levels from last year. Even though we have seen an increase in active listings, they have been flat for the last 3 months. The market right now for the province is in balanced territory – it is not a sellers nor a buyer’s market. BCREA also states that this is not the case for all regions or even the housing types, where the market is more in the Buyer’s market range. The MLS average price for BC was down 3.1% for October. Average prices have come down significantly since the peak levels reached in February of 2022. Most markets in BC have seen price levels flatten for the last few months. The Home Price Composite index which is not suceptable to being influenced by the composite of sale types shows that home prices are down from the peak levels but still remain higher than this time last year. The HPI for the interior is up 6.1% for September and 3.2% for October.

For Kamloops there were 168 unit sales in the month of October which is a 46.9% decrease from this time last year. The average price is $592,617 which is a 3.9% year over year change. Kamloops had a 57.5% increase in active listings with 937 units on the market. That equates to 5.6 months worth of sales. The Kamloops market has definitely shifted towards more of a buyer’s market however we do see small pockets in the market were we are experiencing higher demand and at times multiple offers.

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.

BC Home Sales Remain Slow While Active Listings Plateau

B.C. Real Estate News, Kamloops Real Estate Statistics

Vancouver, BC – November 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential price in BC was $932,979, a 3.1 per cent decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2 per cent decline from the same time last year.

“Sales activity remains slow across the province and inventories appear to be plateauing,” said BCREA Chief Economist Brendon Ogmundson. “While prices have fallen from peak levels reached in early 2022, average prices have recently leveled off.”

Year-to-date, BC residential sales dollar volume was down 26.3 per cent from the same period in 2021 to $73.3 billion. Residential unit sales were down 33 per cent to 72,824 units, while the average MLS® residential price was up 10 per cent to $1.01 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.

5 Tips for Buying in the Kamloops Buyers Market.

Information For Buyers, Kamloops Real Estate News

Did you know that the Kamloops real estate market is trending towards a Buyers’ market! This is what we hear from the British Columbia Real Estate Association whose October 2022 statistics release states that provincially we are in a balanced market with some regional variations pushing into Buyers’ market territory.

MLS Residential Market Conditions BC 2022 BCREA Kamloops Real Estate

Provincially sales were down 45.8% year over year with active listings up 40.5% across the province.

It is a great time to buy, prices are coming down, there are a lot of homes to choose from and some sellers are getting more anxious to sell their homes. On the other hand, there is the belief that it may not be a good time to buy. Prices may fall further and the interest rates are higher than the historically low levels we saw in recent years. How do you know when the best time is to buy a home in Kamloops? Below there are five things to consider if you are trying to decide if now is the right time to purchase your own Kamloops property.

  1. Timing the BOTTOM is very difficult for many reasons. The timing of the bottom of the market is different in every region. Just because the market has bottomed in one region of BC doesn’t mean that the same is happening here in Kamloops. There are many different factors that go into the state of every market. Waiting for the absolute bottom often causes buyers to miss it and get stuck in the upswing of the market, making purchasing a home more difficult. Buy a home because you need to or because you have found the right one for you, not because you are waiting for the bottom. Often the bottom is only seen in the rear-view mirror.
  2. Often the best places in Kamloops sell FIRST. If you find a home in Kamloops that is perfectly suited to your needs and desires, then buy it! When that perfect home comes along, and you chose to wait it can be scooped up from under you. Often if a home is desirable to you, it is also very desirable to others looking. Buyers must put some value on a home that meets or exceeds their needs that is not a monetary value. Desirable homes in desirable areas in a down market hold their value much better than less desirable homes in less desirable areas. You can check out up to date information here with new listings posted daily.
  3. Find a home you can GROW with. Think long-term when purchasing your Kamloops home. Find a place that you can see yourself in for years to come. The Real Estate market is cyclical with ups and downs. If the market is on the decline now, there is no telling when that will change. We all wish that we had a crystal ball to predict the future, but that just isn’t the case. Over the long-term real estate has proven to be a good investment, so thinking long term will help with your decision.
  4. Use TECHNOLOGY in your Kamloops home search. The internet has a wealth of information on home buying. Realtors have access to private client search databases which can help you research and buy in the Kamloops market. Use the internet to your advantage! Talk to our Team today about setting up a private client search tailored to your specific criteria. Keep track of new listings in the Kamloops area that match your criteria. You also get access to the sale prices of those homes. This makes it very easy to make an informed decision about your Kamloops home purchase. We would be happy to set up your Kamloops real estate search for you!
  5. BUYERS AGENTS are there to help you! Find yourself a good buyers’ agent who will help you search through all the listings in the Kamloops area. A buyers’ agent will find the best suited homes for you. There are other advantages of having your own buyers’ agent including: they arrange appointments for you which work for your schedule, they have local knowledge which can prevent you from unknowingly making a bad purchase, they keep you up to date on current Kamloops market conditions, prepare a comparative market analysis on any home you may be interested in purchasing, and finally negotiate a favorable contract. Most people are not well versed on contract negotiation and buying real estate, having an agent on your side is always beneficial. Don’t forget, the best part about having your own representation is it is FREE! We have a number of Buyers’ Agents to choose from. It is great to work with someone you trust and enjoy spending time with. Read about our Agents here.

There are many factors that go into your decision to purchase a home in Kamloops. Buyers have their own personal reason for purchasing and you can’t time the market. Become an informed buyer, help yourself in this dynamic market. Remember, knowledge is power!

Contact us anytime to set up a personalized search. We are here to answer any question you have.

Are you looking for more information about Buying a home in Kamloops? View our Buyer resources here.

Are you a Seller and you are trying to decide it now is the right time to sell? We would be happy to arrange a free, no obligation home evaluation. Contact us anytime!.

 

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