Kamloops Real Estate Blog

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the August 2022 statistics. Housing activity around the province has remained well below the normal levels however is showing signs of stabilizing. The number of sales were down in August 40.8% year over year. The number of active listings increased for a forth consecutive month on a year over year basis which means that we see 36% more listings in the province in comparison to this time last year. There are early signs of the inventory stalling or slowing down. We have seen the market return to a more balanced market versus the sellers market we were seeing for the past couple years. The MLS average price was up 2.1% year over year for the month of August to $918,000. The shift of the home sales is affecting the average price due to more lower priced properties selling versus homes in the high price point which skewed the average price much higher.

For Kamloops we saw 187 sales for August 2022, that is a 36.4% decline year over year. The average price was $580,128 which is a 3.9% increase year over year. The number of active listings reached 1,088 which is a 56.1% year over year increase equating to 5.8 months worth of supply. Home sales in Kamloops have substantially slowed but the market still is moving forward at a steady pace.

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.

BCREA 2022 Third Quarter Housing Forecast Update

Vancouver, BC – September 8, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 34.4 per cent from a record high 2021 to 81,900 units this year. In 2023, MLS® residential sales are forecast to fall an additional 5 per cent to 77,790 units.

“Mortgage rates have risen at a much faster rate and to a higher level than previously anticipated,” said BCREA Chief Economist Brendon Ogmundson. “Faced with a dramatic shift in the cost of borrowing, housing market activity is likely to fall well below normal over the next year.”

Weaker sales and rising inventory mean that some regions, largely in more expensive markets, have tipped into buyers’ market territory. Consequently, average MLS® home prices have come down from peak levels.

While the housing market is currently feeling the weight of higher interest rates, the downturn is unlikely to be long-lived as BC’s strong population growth combined with extremely favourable demographics means there will be no shortage of demand for housing in the province.

To view the BCREA Housing Forecast Update PDF, click here.

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.