MLS Listings, News & Statistics
Kamloops District Real Estate Associations Statistics For September 2020 and Quarter Three.
PDF: Comparative Analysis – Sept 2020
PDF: Sales by Sub Area – Sept 2020
PDF: Sales by Sub Area – Quarter 3 2020
PDF: Sales by Sub Area Out of Town – Sept 2020
Sales by Sub Area Out of Town – Quarter 3 2020
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BCREA released it’s latest mortgage rate outlook. Read below and link to full report is included below.
The average Canadian 5-year fixed rate has fallen to under 2 per cent, the result of a rapid and overwhelming policy response from the Bank of Canada to the COVID-19 pandemic. The Bank swiftly brought its overnight rate to its effective lower bound of 25 basis points and used the impressive scope of its balance sheet to counteract a nascent rise in credit spreads. Those measures, and those of its global counterparts, helped to forestall a potential repeat of the credit crisis that shocked the global economy over a decade ago.
The Bank’s foray into quantitative easing (QE), or the purchasing of bonds across the yield curve of short-to-long term maturities, and an injection of liquidity into the mortgage market have resulted in record-low Canadian mortgage rates. The average 5-year fixed rate now sits below 2 per cent and is just 165 basis points over the 5-year government bond yield, essentially in line with the long-term average.
While the average 5-year rate has come down considerably, the qualifying rate remains stubbornly high at 4.79 per cent. That rate has become notoriously divorced from its underlying benchmark in recent years and now sits at a spread of close to 450 basis points over the 5-year bond yield, or about 100 basis points higher.
With the Bank of Canada eschewing negative interest rates and providing forward guidance that it has
no plans to raise its policy rate until slack in the economy is absorbed, there is not much on the
horizon that may move mortgage rates one way or the other. We expect a mild rise in rates as the Bank
slows and eventually ends its QE, perhaps by the end of 2021. Studies show QE lowers long-term interest rates by 10-25 basis points, so we can anticipate a similar magnitude rise in 5-year rates when QE ends.
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BC Real Estate Association (BCREA) has released it’s housing market update. Chief Economist Brendon Ogmundson discusses the August 2020 statistics.
In BC, sales were up 42% year over year. The number of active listings were also down across the province. These conditions have created a Sellers market for the most part in the province. There was significant upward pressure on prices in August with higer demand for single family detached homes. The average price of homes in BC was pushed higher due to the demand for higher valued properties which skewed the average price higher.
Kamloops saw 349 unit sales for the month of August which was a 19.9% year over year increase. The average price also came up 8.3% over last year with an average price of $456,662. At the end of August there were 1,040 active listings which is down 21.9% year over year which equates to 3 months worth of supply on the market.
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Vancouver, BC – Septemeber 9, 2020. The British Columbia Real Estate Association’s (BCREA) latest Market Intelligence report, The Unusual World of Pandemic Economics, points to uneven job losses across sectors, an increase in many households’ rate of savings, swift government aid, a tighter-than-ever housing supply and low interest rates as the drivers behind BC’s recent housing market highs.
“The COVID-19 recession has battered many sectors of the BC economy. However, looking at recent data in the housing market, it would be difficult to tell there was a recession at all,” says BCREA Chief Economist Brendon Ogmundson. “In a typical recession, we would see falling demand and rising supply, but this recession is anything but typical.”
Previous BCREA forecasts anticipated housing prices would return to the pre-COVID-19 baseline in early 2021. However, a surge of pent-up demand into an undersupplied market has prices at pre-COVID-19 levels well ahead of schedule.
“Pandemic economics are proving to be very unusual. Many of the trends we are seeing are without precedent and significant uncertainty remains, but we are cautiously optimistic that this housing recovery will continue,” notes Ogmundson.
To read the full report, click here. For the PDF of this news release 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.