KAMLOOPS AND DISTRICT NEWS
At the start of 2021’s final quarter, it was predicted that our market will follow it’s seasonal course and that sales numbers will pick up in the fall months. However, October 2021 didn’t see much growth as compared to the sales numbers in the last quarter. According to KADREA President, Chelsea Mann, “I have to admit that we can’t stay at record-levels all the time. Having sold 294 units last month and 296 units sold the month before, our sales performance appears to be quite balanced. The real estate market across BC is quite evidently facing the same situation that Kamloops is. In the simplest terms, high consumer demand continues to drive sales but it’s the supply that’s holding the entire market back. This leads to constant upward pressure on average prices and may begin directing buyers away to more affordable areas in the province. We must also not ignore the fact that it will be a while before we fully recover from the supply shock we suffered during the early 2021 hot-market. This is a time when the consumer needs support from those who understand real estate market behaviour and scenarios, and there’s none better than a REALTOR® to help both buyers and sellers in these uncertain times.”
Average home prices in Kamloops have been increasing for the last 12 months without a single month showing a downtrend. “Kamloops & district has been in a seller’s market for much longer than that. But since supply has been a major problem for us in the last few months, we’ve witnessed that even interested sellers are holding off from listing their properties. Buyer and seller behaviour in the region is still being dictated by the post-pandemic effects but is expected to be influenced by increasing mortgage rates in the months to come. However, no pull backs are expected, and multiple offer scenarios will continue”, added Chelsea.
Neighbourhoods with the most sales in October (# of sales):
- Sahali |(28)
- Aberdeen (24)
- South Kamloops (22)
- Brocklehurst (22)
- Juniper Ridge (20)
| OCT 20 | OCT 21 | Year to Date | |
|---|---|---|---|
| NEW LISTINGS | 243 | 265 | 3291 |
| TOTAL SALES | 280 | 246 | 2709 |
| AVG. RESIDENTIAL SALE PRICE | $483,934 | $637,120 | $568,233 |
| AVG. DAYS ON MARKET | 55 | 32 | 42 |
| ACTIVE LISTINGS | 626 | 659 |
– |
| YTD | 2020 | 2021 |
|---|---|---|
| NEW LISTINGS | 2687 | 3291 |
| TOTAL SALES | 1995 | 2709 |
| AVG. RESIDENTIAL SALE PRICE | $477,122 | $568,233 |
| DAYS ON MARKET | 57 | 42 |
*Table Stats are for Kamloops area only, all types of housing as of Nov 15/21 – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *
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