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 welcomed.
While we’re still short of where we should be for a balanced market scenario, this sharp increase will give our inventory a much-needed boost and more options for buyers,” says Cruickshank. 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 townhouse category of 5.9% coming in at $511,700 compared to the January 2022, with single-digit percentage decreases within the condominium and single-family home categories.
As anticipated, the recent increases in BOC rates have substantially slowed down the real estate market. The market has shifted from a robust seller's market to a cautious buyer's market. Those looking to 'invest' in real estate have all but disappeared due to the cost of borrowing. As we head towards spring, I anticipate an uptick in new listings so time will tell on whether those listings come on at realistic price points or will we see seller's still trying to reach sales numbers from 2021 and 2022.
Posted by Andrew Karpiak on
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