As 2022 came to an end, residential real estate sales continue to soften through the month of December. 2022 started very strong but did see a shift as the BOC started its interest rate hike campaign...that shift has continued through the end of 2022 and will continue to do so into 2023. Interestingly the Kamloops and area inventory levels continue to grow, but sales activity is dropping, with some key Benchmark prices also dropping month over month.  

“Looking to 2023, we anticipate inventory will continue to accumulate, as compared to recent years, with all signs pointing to more balanced conditions with buyers and sellers benefitting equally,” notes Lyndi Cruickshank, President of the Association of Interior Realtors.

Within the Kamloops and…

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A total of 844 residential unit sales were recorded across the Association region in November, representing a 48.4% decrease in sales compared to the number of units sold during the peak market of November 2021, with a decrease of 15.6% compared to last month. At first glance, this appears to be a massive decrease from November of 2021, but we need to remember that that time period was a hyperactive market, so it's almost like comparing apples to oranges.

We really need to be comparing Nov 2022 sales numbers to pre-pandemic sales volumes, so when that's done, we are pretty much bang on to an average November. The overall listing inventory saw a healthy 85.3% boost over the availability in November 2021, with 2017 units currently on the market in the…

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Residential real estate sales for the month of October in the region saw an increase in inventory while sales held steady, reports the Association of Interior REALTORS® (the Association).” Within the Kamloops and District region, there were 144 residential unit sales recorded last month, down from the 166 recorded in September, with a decrease of 52% compared to October 2021.

The Benchmark Price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw an increase across all home categories in the Kamloops and District area compared to October 2021, with the greatest increase occurring within the townhome category for another consecutive month with a 21.4% increase coming in at…

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In order to be called an investment property, the property in question has to show some kind of investment return. But what does that investment return actually mean? 

It could mean a few different things to different people. Does the investment show a CAP rate return? Will there be capital appreciation over the long term? Can I use the property personally and still have my expenses covered? What is the future use of the subject property (think redevelopment)? Let’s break these various scenarios down in more detail, but remember, the devil is in the details. 

What is a CAP rate? 

If you look at an apartment building with four units in it (a four-plex), there is a very quick and easy calculation that you can make to determine a CAP rate. You take…

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Residential real estate sales for the month of September in the region saw a similar slowing down as all other markets in the province, reports the Association of Interior REALTORS® (the Association). A total of 1,084 residential unit sales were recorded across the Kamloops region in September, down 37.3% compared to the number of units sold during September 2021.  

“We are seeing that the Bank of Canada's interest rate tightening in the last few months is keeping some buyers on the sidelines although demand remains strong,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding “with no mortgage rate relief anticipated any time soon, some potential homeowners are constrained from being able to enter the real estate market.” 

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Kamloops and region saw a total of 165 residential unit sales for August 2022, which was down from July 2022 at 194 sales. This was a whopping 42.5% decrease from August 2021.

Interestingly the Benchmark price saw double-digit increases across all home categories in the Kamloops area compared to the same month last year. From a listings standpoint, there were 391 new listings added in August, which was a marginal increase of 3.2% compared to the same time last year, yet 18.5% less than July's 480 new listings.

This could be attributed to the fact that more people are on vacation in the month of August before the start of school. In total, we have seen a 126.9% increase in active listings compared to August of 2021, which should be driving the…

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Historic B&B's Are A Dream Come True For A Working Retirement

For some people, the thought of retirement conjures images of lazy days spent lounging around the house with nothing to do. But for others, the idea of a retirement full of endless leisure time is simply unappealing. Owning and operating a historic bed and breakfast can be the perfect solution if you want to stay active and engaged during your retirement years.

Not only will you get to stay busy and interact with people from all over the world, but you'll also get to live in and care for a beautiful historic home. And who knows, you might even make lifelong friends along the way.

If you're thinking about making a historic bed and breakfast your retirement dream, here are a few things…

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The market stats for the Kamloops area slid in July down to pre-pandemic levels. This isn't necessarily a bad thing, as 2019 was a pretty good market for buying and selling real estate. The total number of residential unit sales was down 33.3% over July of 2021 (the peak). This is a large decrease, but there are a number of factors to consider leading to the drop.  

Mortgage rates have jumped up and lenders are struggling to process mortgages like they were 6 months ago, summer months are typically slower times of year for sales across all markets in BC and more people are trying to get out and have a vacation so all of these factors are definitely leading to a drop in sales activity.

We are shifting to a more balanced, if not "Buyer"…

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Did the other shoe drop on real estate sales in Kamloops for the month of June? Not really. There was a total of 1446 residential unit sales across the entire region which represents a 30.3% decrease compared with the number of units sold in June of 2021. I anticipated an increase in listings and that held true at a 15.2% increase over the same time period last year in the Kamloops market. 

The biggest number is that overall inventory saw a 101.2% injection compared to June of 2021. When you have more inventory buyers feel less panicked to purchase a home that perhaps they really don't want/need. The market is shifting to a more balanced position allowing buyers to be more selective.  The challenge moving forward is managing sellers' expectations…

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Welcome to a more balanced real estate market, I didn't think I would be able to say that for quite some time. For the month of May 2022, the entire region saw 1,687 residential sales recorded which represents a 24.9% decrease compared to the busy month of May 2021. Kamloops specifically saw a decrease of 33.6% compared to the same time last year. 

The Association of Interior Realtors noted that there were 553 new listings added in May 2022 in the Kamloops and District region, which was an increase of 9.7% compared to May 2021. The average prices across all home categories showed percentage increases compared to the same time last year with the highest percentage increase being in the single-family category, up 22% coming in at $820,990. (this…

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