The Association of Interior Realtors has released the latest Statistics for February 2023. Click on the image below to enlarge or PDF documents included in the links below.
BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the January 2023 statistics.
The BC real estate market is off to a slow start for 2023. Sales in the province are down 50.3% yaer over year. January is typically is a slower month for sales, the sales volume for this January is the lowest since January 2009. The invetory is up from January of 2022 however the inventory of home sales is still below the normal number for the month of January. Presently with the sales activity levels it puts the market in more of a balanced territory however it is close to dipping into the buyer’s market range.
The average price provincially was down 16.5% year over year. The sales have shifted away from the more expensive housing to more affordable home sales. Sales of single family detached homes in the lower mainland have dropped quite a bit.
The MLS Composite Price Index shows a 5.9% decline in the Interior region. In comparison Vancouver saw a 6.6% decline, Fraser Valley 15.1%, Victoria 1.3%, Vancouver Island 3.7% and 21.9% in Chilliwack.
Kamloops saw 115 unit sales for January 2023. That is a 38.8% decline year over year. The average price is a $552,976 which is a 12.3% adjustment. Kamloops presently has 752 active listings at the end of January which is 107.2% increase from last January and that equates to 6.5 months worth of supply. Kamloops actually has a lower ‘month of supply’ than other regions with the Okanagan at 9.4 months, South Peace River at 10 months, Kootenay 7.5 months, BC Northern 9.9 months, Greater Vancouver 7.6 months. The only two regions that have a lower month’s worth of supply is the Fraser Valley and Victoria.
There are buyers out looking for homes in Kamloops, we have found that there aren’t a ton of options for buyers in some price segments. It will be interesting to see how the 2023 real estate market pans out for the region. Kamloops seems to be a bit of a unique city where there are a lot of relocations for jobs and the city continues to grow.
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 – February 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 3,047 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in January 2023, a decrease of 50.3 per cent from January 2022. The average MLS® residential price in BC in 2023 has seen a dip to $872,934, down 16.1% compared to the average price of over $1 million in January 2022, which was recorded near the peak of the market. The total sales dollar volume was $2.7 billion, representing a 58.3% decrease from the same time in the previous year.
“Provincial sales are off to a slow start in 2023 as activity continues to be weighed down by high borrowing costs,” said BCREA Chief Economist Brendon Ogmundson. “While average prices have flattened out in many markets over the past few months, year-over-year measures reflect the decline that occurred from the peak in 2022, as well as a marked shift in the composition of sales away from more expensive homes.”
The total number of active listings has significantly increased compared to the record low level recorded at the start of 2022. However, at just under 22,000 total listings, the inventory of homes for sales remains well below normal for January as a scarcity of new listings in many markets has muted the impact of slow sales activity.
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.
The Association of Interior Realtors has released the latest Statistics for January 2023. Click on the image below to enlarge or PDF documents included in the links below.
