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 Kamloops marketplace, providing more options to buyers.
There were 320 new listings added in October in the Kamloops and District region, which was a 4.5% downslide compared to the same time last year. Overall inventory, or active listings, saw a hefty 132.5% increase compared to October 2021, coming in at 2,025.
Within the Kamloops and District region, there were 130 residential unit sales recorded last month, down from the 144 recorded in October, with a decrease of 50% compared to November 2021(Hyperactive market). 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 across all home categories in the Kamloops and District area compared to November 2021, with the greatest increase occurring once again within the townhome category with a 16.9% increase coming in at $540,500. There were 264 new listings added in November in the Kamloops and District region, which was a 5.6% increase compared to the same time last year.
Nov 7th will likely see another interest rate hike from the bank of Canada, which will likely lead to fewer buyers entering the market unless they absolutely have to. Presently some banks are offering a 5yr fixed rate of 4.99%. We may also see another rate hike in January.
I expect 2023 to be a lean real estate sales year, with interest rates pushing 5.5%. We should see an increase in listing inventory which may drive the benchmark prices down, although we have not seen prices drop as of yet in the Kamloops region. (Ref-stats and partial write-up from the Association of Interior Realtors).
Posted by Andrew Karpiak on