Kamloops Real Estate Market Update: September 2024
September brought several shifts to the Kamloops housing market, highlighting ongoing adjustments in inventory, pricing, and buyer interest. With the Bank of Canada reducing interest rates, there’s potential for increased buyer activity this fall, though the effects of this change may take time to fully materialize.
Inventory The total housing inventory in Kamloops continued to grow, with 1,817 homes available by the end of September—a 60.80% increase over last year. This level of unsold inventory points to an increasingly balanced market, offering buyers more options and shifting negotiating power.
Price In contrast to the typical seasonal slowdown, average home prices saw an increase from this same time last year. In September 2024, the average sale price was $590,460, up from $551,202 in September 2023. This price movement reflects both the area’s demand and a possible influence from the recent rate cut, which has improved buyer affordability.
Homes spent an average of 64 days on the market before selling. This slower pace may signal that while interest remains, buyers are cautious with their financial positions and taking more time to evaluate their options.
With fall traditionally being a quieter season, the Bank of Canada’s rate reduction may provide some uplift in the coming months. For now, Kamloops remains a market in transition—buyers have more choices, and sellers are adapting to extended market times and shifting conditions. Whether you’re looking to buy or sell, keeping an eye on the evolving inventory and pricing trends will be key as we move further into the fall.
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