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 Benchmark price down a little bit.
One challenge I am seeing across all sectors is that sellers are still listing their properties for sale too high, hoping to catch the top of the market that was a few months ago. Many of these new overpriced listings are quickly dropping prices once they realize they are too high.
With today's latest .75% rate hike from the bank of Canada, there may well be fewer buyers looking to purchase in the near term and for less money as their max borrowing amount is subsequently reduced. I am anticipating that the Kamloops market will start to see a flatline or even a reduction in the Benchmark sales price across all sectors. When that happens is yet to be written.