2020 Market Year End Summary

As we all get over the hump of the year that 2020 was and dig in deep to keep positive & healthy through 2021, I wanted to provide everyone a quick summary of the market activity last year.  For those who love stats and market trends, I hope that this gives you a bit of insight into the past 12 months. As always, if you have questions or want to know how your particular home fits in to the big picture, give me a call direct. (778) 220-4639

All the below numbers and stats are from the Kamloops area only. For this wrap up I included only housing, not land or recreational properties. There was a total of 2316 home sales in 2020 — of those 1,295 were single family homes. Very consistent numbers for Kamloops to have approximately half of all sales being made up by the SFH category. The remainder would be broken down by apartments, townhouses, half-duplex, multi family (full duplex, triplex/fourplex).

We know housing prices increased this year, that was the big number that was touched on month by month by the Real Estate Board and media. 2020 saw an increase in price of about 9% this year and an increase of 16% from 2018. A big factor in housing price increase this year was the added pressure of demand placed upon the market by incredibly low interest rates that held through the entire year.

Pent up demand on the market with steady, not increasing supply will certainly push 2021 into the same trajectory. Bank of Canada has made several public releases over the last couple of months that low interest rates would continue (potentially until 2023); so that ability for home purchasers to get approved for higher purchase prices wont be stopping anytime soon.

Neighbourhoods with the MOST sales in  2020 (# of sales): 

1. Brocklehurst  (289)
2. Sahali (254)
3. Aberdeen (216)
4. South Kamloops (206)
5. Westsyde (184)

Neighbourhoods with the LEAST sales in  2020 (# of sales): 

1. Red Lake (3)
2. McLure/Vinsula (4)
3. Paul Lake (6)
4. Pinantan (6)
5. Westmount (9)

 

Number of home sales broken down by price ranges:

$200,000 or less – 178

$200,001-300,000 – 247

$300,001-400,000 – 359

$400,001-500,000 – 558

$500,001-600,000 – 444

$600,001-700,000 – 240

$700,001-800,000 – 144

$800,001-900,000 – 60

$900,001-1,000,000 – 36

$1,000,000 + – 50

*Stats as of Jan 25/21 *