There were 283 residential unit sales recorded by the Kamloops & District Multiple Listing Service® (MLS®) in February 2021. This is 37.4 per cent above the numbers that were recorded in February 2020. The average MLS® residential price in the area was $515,293, up by approx. 20 per cent from $428,824 recorded in the same month, last year.

We are up 6.3% in listings from last February, but overall, we are still down 40% in total number of listings from this time last year. The gap in the number of listings to the number of sales has to increase dramatically to see any significant change.

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The Dollar Volume in Kamloops has seen a 53% rise. I have had 5 listings the past month that all went to multiple offer situations so this seems to be the reality for most reasonably priced, updated homes that are coming on the market. There are a number of people trying to relocate within the city but the majority of the new buyer’s are coming from out of town.

People are realizing that they do not need to live in the big city centres anymore. Covid has opened up a new era of digital offices from one’s home. It will be interesting to see if the feds increase the prime mortgage rate to slow down the easy access to cheap money. This is a double edged sword as the cheap rates certainly make it easier to spend more on real estate but as soon as those rates start to climb again we don’t know what effect that will have on people’s ability to cover costs.

My forecast moving forward is much the same as we have experienced the past few months especially as more people get vaccinated and the economy opens back up bit by bit. This excitement to get back out and socialize, travel, entertain will inevitably lead to a spending spree for the foreseeable future.


Posted by Andrew Karpiak on
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