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.
We are shifting to a more balanced, if not "Buyer" favoured market, as the month of July saw an increase in listings of 32.6% of the same time last year. As more listings come online, buyers have more options and don't find themselves settling or having to compete as much in multiple offer situations.
The next big test is coming in September when the Bank of Canada is expected to do another rate increase. What will this do to fixed and variable mortgage rates? Time will tell. Stats courtesy of Association of Interior Realtors.


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