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" 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 Benchmark price, a better representation of value compared to the average or medium price as it represents a dwelling of “typical attributes”, all saw double-digit increases across all home categories in the Kamloops and District area compared to the same month last year, with the greatest increase occurring within the townhome category with a 32.4% increase coming it at $559,600.

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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kamloops real estate market statistics graph
Posted by Andrew Karpiak on
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