The province of BC has just introduced new legislation to reign in short term rentals. 

The introduced legislation to regulate the short-term rental market in British Columbia appears to be a significant step in addressing the challenges posed by the rapid expansion of short-term rentals. This initiative has important implications for both the real estate market and the broader housing situation in the province. This new legislation will have an impact on communities with a population greater than 10,000ppl or with certain designations like 'resort' or 'First Nations reserve land'. 

Let's break down the key points from the article and discuss their implications:

Housing Affordability

The article mentions that the legislation aims to make…

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On September 6th, the BOC decided to hold their interest rate steady at 5%.

Within the Kamloops and District region, there were 216 residential unit sales recorded last month, down from the 237 recorded in July 2023, yet up 17.4% from August 2022’s unit sales. This is to be expected as August is typically our slower summer month for activity.

There were 439 new listings recorded in July in the Kamloops and District region, which was an increase of 10.6% compared to the same month last year and slightly down from July 2023’s 450 new listings. Overall inventory, or active listings, saw a slight uptick of 5.8% compared to August 2022, coming in at 1,115.

For the 4th month in a row, Kamloops listing activity has outperformed last year's numbers…

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Kamloops sees a 4.6% decrease in benchmark single family homes prices. 

Within the Kamloops and District region, there were 237 residential unit sales recorded last month, down from the 280 recorded in June 2023, yet up from July 2022’s unit sales with a 15% increase. There were 450 new listings recorded in July in the Kamloops and District region, which was a decrease of 6.1% compared to the same month last year, and down from June 2023’s 489 new listings.

Overall inventory, or active listings, saw a modest increase of 1.7% for another consecutive month compared to July 2022, coming in at 1,075. The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw…

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Within the Kamloops and District region, there were 280 residential unit sales recorded last month, up from the 273 recorded in May 2023 and up from June 2022 with a 6.5% increase. There has been upwards sale momentum, just surpassing sales numbers for last year at this time. There were 489 new listings added in June in the Kamloops and District region, which was a decrease of 17.3% compared to the same month last year.

Overall inventory, or active listings, saw an increase of 1.7% increase compared to June 2022, coming in at 1,003. Inventory levels are still low relative to a few years ago.

The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw…

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Within the Kamloops and District region, there were 192 residential unit sales recorded last month, down from the 213 recorded in March 2023, with a 30.9% decrease compared to March 2022 sales. There were 413 new listings added in April in the Kamloops and District region, which was a decrease of 23.1% compared to the same time last year. Overall inventory, or active listings, saw an increase of 35.7% increase compared to April 2022, coming in at 923.

The volume of active/new listings is still low relative to past years. This is maintaining a high level of pressure on sales prices. 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 in the…

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Listings are up marginally, but single-family benchmark sales prices are down 10.7%. Within the Kamloops and District region, there were 213 residential unit sales recorded last month, up from the 149 recorded in February 2023, yet down 36.8% compared to March 2022 sales. There were 391 new listings added in March in the Kamloops and District region, which was a decrease of 24.2% compared to the same time last year.

Overall inventory, or active listings, saw an increase of 76.2% increase compared to March 2022, coming in at 858 due to a decrease in overall sales for the month. Spring typically represents an uptick in listing activity and buyer activity, so I am expecting to see both sales and new listing numbers climb. The high interest rates are still…

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Within the Kamloops and District region, there were 149 residential unit sales recorded last month, up from the 104 recorded in January 2023, yet down 50.8% compared to unusually high February 2022 sales. There were 305 new listings added in February in the Kamloops and District region, which was a decrease of 16.2% compared to the same time last year.

Overall inventory, or active listings, saw an increase of 112% compared to February 2022, coming in at 793. “While there has been a gradual increase in inventory levels in the Kamloops area over the past few months, this growth is not sufficient to meet the demand for new listings required to achieve a balanced market,” says Cruickshank.

The benchmark price, a better representation of value…

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Residential real estate sales started the year off with nearly half as many sales activity compared to the same month the year prior, reports the Association of Interior REALTORS® (the Association). Within the Kamloops and District region, there were 104 residential unit sales recorded last month, up from the 75 recorded in December 2022, yet down 45.5% compared to January 2022.

There were 324 new listings added in January in the Kamloops and District region, which was a healthy uptick of 15.7% compared to the same time last year. Overall inventory, or active listings, saw an impressive 174.7% increase compared to January 2022, coming in at 2,044. “Listings in the region have been persistently low since 2016, so this injection of inventory is certainly…

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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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