MLS Listings, News & Statistics
The Kamloops District Real Estate Association has released the latest Statistics for January 2022. Click on the image below to enlarge or PDF documents included in the links below.
PDF: Comparative Analysis – Jan 2022
PDF: Sales by Sub-Area – Jan 2022
PDF: Sales by Sub-Area (Out of Town) – Jan 2022
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This latest release was produced by the Kamloops District Real Estate Association and discusses the residential prices in Kamloops and statistics for January 2022.
Kamloops, BC – 02-04-2022: The Kamloops and District Real Estate Association (KADREA) reports that a total of 185 residential unit sales were recorded by the Kamloops & District Multiple Listing Service® (MLS®) in January 2022. This is 25.7 per cent below the numbers that were recorded in January 2021, which was 249. The average MLS® residential price in the area was $664,969, up by approx. 34.8 per cent from $493,139 recorded in the same month last year. Total sales dollar volume in January stood at $123.1 million, a 0.1 per cent rise from 2021, which was $122.8 million. There were 306 new listings recorded by the Kamloops MLS® last month and there are 768 active listings in the Kamloops & district region, as of February 03, 2022.
According to KADREA President, Chelsea Mann, “We’ve noticed the market follow its usual course in the last two quarters of 2021, where we sold fewer listings as we approached winter. However, for the majority of 2021, average prices kept pushing higher every month. The demand for homes also remained high, and our inventory shrunk to record lows. Just like other regions in the province, our falling inventory led to a sharp rise in average prices in the last 12 months. But if you compare our January 2022 sales figures with December 2021, you’ll find that we’ve sold more units but the average price increase has not been astronomical. As January usually marks the beginning of an uptrend that peaks during spring and lasts until May, our performance of 185 listings sold in January 2022, is an encouraging sign of a move toward normalcy in the market. Although, this should not be confused with the demand and supply imbalance that still exists in our region.”
Lack of inventory continues to be a cause of concern for the market. “As inventory levels have been trending lower month-on-month, the entire province has been struggling to manage the high demand for real estate. We got a surplus of new listings over sales for a few months, but that hasn’t been sufficient enough to bridge that gap that was left by the post-pandemic hot-market. I believe that upcoming government policies and higher interest rates will play a role in the way the market behaves in the days to come. As our sales performance is expected to be affected by several supply and demand factors, this will be a time when both buyers and sellers will need a Realtor® the most”, added Chelsea.
In the last 12 months, a total of 3639 residential unit sales were recorded by the Kamloops & District MLS®, with dollar volume of $2.07 Bn at an average price of $569,860.
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Vancouver, BC – February 2, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 17 per cent from a record high 2021 to 103,250 units this year. In 2023 MLS® residential sales are forecast to fall an additional 12 per cent to 90,200 units.
“We expected home sales in 2022 do moderate from the frenetic pace of 2021,” said BCREA Chief Economist Brendon Ogmundson. “However, sales activity will remain high by historical standards.”
The BC housing market is entering 2022 with the lowest level of active listings on record and significant demand-side momentum. That means strong sales should persist through the first few months of the year and supply will remain severely limited. As a result, continued upward pressure on home prices is expected in all markets.
As a result, home prices are expected to rise by 8.5 per cent in 2022 with much of that gain happening in the first half of the year. With sales activity normalizing in 2023 and inventories rebuilding, market conditions around the province should improve and price growth is anticipated to slow to 2.7 per cent.
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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This report was released by the BC Real Estate Association on January 18, 2022. The report discusses the implications on the BC real estate market should the Bank Of Canada increase the interest rates. This is only a “best guess” scenario as we have found that markets will do their own thing based on the local conditions (ie low inventory vs demand). Read the summary below or click the link below to read the full report.
Later this year, the Bank of Canada is widely expected to embark on its first interest rate tightening cycle since 2018. In this Market Intelligence, Too Tight? The Impact of Bank of Canada Tightening on BC Housing Markets, we will consider how high interest rates might rise and using both historical data and model simulations, we analyze how BC housing markets may be impacted.
Click here to read the full report.
Summary Findings:
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.