Kamloops Real Estate Blog

The latest BCREA Market Intelligence Report: Sketching Out the Potential Impact of COVID-19 on the BC Housing Market explores the potential impacts of COVID-19 on BC home sales and prices through 2020. Click here to read the full report.

Summary Findings:

• While it’s unknown how the unfolding COVID-19 outbreak will impact the economy in the long-term, BC is facing a sudden stop in economic activity with little guidance to when things may return to normal.

• Based on our scenario analysis, BC home sales and prices will likely face declines in the spring and early summer but should recover along with the wider economy in the second half of the year, contingent on the outbreak resolving.

• The postponed change to the mortgage stress test rate, originally slated for April 6, 2020, will mute the impact of falling interest rates for the BC housing market.

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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BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson has released the latest housing market update for March 2020 where he discusses the February 2020 statistics.

Kamloops for the month of February had a 5% increase in the number of unit sales which equated to 189 units sold. The average price was $427,103 which is a 1.1% increase year over year. At month’s end, Kamloops had a 2% year over year change in the number of listings which equaled a 5 month supply of homes on the market.

I suspect we will see a drop in both the volume of sales and listings due to the Covid-19 outbreak. However it appears that it will be more of a shorter downturn (months) rather than a long term event (years). As buyers and sellers adjust to the new normal there will be some uncertainty in the market. BCREA suggests that the market should recover in the later part of the year.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

Vancouver, BC – March 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2020, an increase of 26.3 per cent from February 2019. The average MLS® residential price in BC was $758,863, a 12 per cent increase from $677,681 recorded the previous year. Total sales dollar volume in February was $4.4 billion, a 41.4 per cent increase over 2019.

“Housing markets in BC continued to trend near long-term average levels in February,” said BCREA Chief Economist Brendon Ogmundson. “Recent declines in mortgage rates and favourable changes to mortgage qualifying rules may provide a boost to home sales heading into the spring, although there is significant economic uncertainty lingering over the outlook.”

Total MLS® residential active listings fell 8.4 per cent to 28,303 units compared to the same month last year. The ratio of sales to active residential listings increased 20.3 per cent from 14.7 per cent last February.

Year-to-date, BC residential sales dollar volume was up 38.4 per cent to $7.6 billion, compared with the same period in 2019. Residential unit sales increased 24.8 per cent to 10,135 units, while the average MLS® residential price was up 10.9 per cent to $745,501.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.