Kamloops Real Estate Blog

BCREA released it’s latest Housing Market Update for March of 2024. BC Real Estate Association Chief Economist Brendon Ogmundson discusses the February 2024 statistics.

Home sales were up in February by 15.3% over last year’s sales. This is about 10% below the 10 year average for February. Year over year, active listings were up 20.3% this is an increase from last year however the listing activity for 2023 was very slow. Last year we saw the slowest pace of new listings on the market in the province since 2005. The market in BC remains in the balanced territory but there is still a fairly low level of activity. The average price for BC homes sold in February was $988,000, that is up 4.7% year over year compared to an average price of $944,000 in February 2023. While prices are up from last year the trend in BC home prices is flat for the most part since the Summer of 2023.

In Kamloops we saw 163 sales in the month of February which is a 4.5% increase year over year. The average price was down 0.3% to $614,261. The number of active new listings has also increased 18.2% to 953 active listings in the area. This equates to 5.8 months worth of supply.

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

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Vancouver, BC – March 13, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 5,497 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in February 2024, an increase of 15.3 per cent from February 2023. The average MLS® residential price in BC in February 2024 was up 4.7 per cent at $987,798 compared to an average price of $943,574 in February 2023. The total sales dollar volume was $5.4 billion, an increase of 20.7 per cent from the same time in the previous year.

“The BC housing market is in a period of relative calm entering the spring,” said BCREA Chief Economist Brendon Ogmundson. “While activity is picking up, home sales remain below normal, and home prices have been essentially flat since last summer.”

Active listings are up 20.3 per cent over last year as a result of slower sales but also a recovery in new listings in January and February following a very slow year for listings activity in 2023. Last year was the slowest pace of new listing activity since 2005.

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 – February 13, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 3,979 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in January 2024, an increase of 29.4 per cent from January 2023. The average MLS® residential price in BC in January 2024 was up 10.5 per cent at $957,909 compared to an average price of $866,922, the low-point for average prices over the past two years. The total sales dollar volume was $3.8 billion, an increase of 42.9 per cent from the same time in the previous year.

“Home sales are on a clear uptrend to start 2024,” said BCREA Chief Economist Brendon Ogmundson. “A sharp decline in fixed mortgage rates and expectations for future Bank of Canada rate cuts is driving sentiment in the market and bringing pent-up demand off the sidelines.”

The total number of active listings, though up year-over-year, remains relatively low by historical standards. New listings activity has shown signs of normalizing following a down year in 2023. A steady pace of new inventory will be crucial in keeping markets balanced as sales accelerate.

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.