The Kamloops And District Real Estate Association (KADREA) reports that a total of 388 residential unit sales were recorded by the Kamloops & District Multiple Listing Service® (MLS®) in May 2021. This is 189.5 per cent above the numbers that were recorded in May 2020. The average MLS® residential price in the area was $547,387, up by approx. 18 per cent from $463,803 recorded in the same month, last year. Total sales dollar volume in May stood at $212.3 million, a 241.7 per cent rise over 2020, which was $62.1 million. There were 513 new listings recorded by the Kamloops MLS® last month and there were 724 active listings in the Kamloops & district region, as of June 03, 2021. This information is provided by the Kamloops And District Real Estate Association. 
 
The May numbers display a slow down from April numbers but this can be attributed to the lock down measures that the provincial government implemented over the month of May. Typically we see a bit of a dip in sales volume in May due to a seasonal nature of real estate listing and selling. I anticipate things will remain strong in the Kamloops market as more and more people are vaccinated and the travel restrictions continue to lift further. Once we see people allowed to leave their respective health authorities I anticipate the sales volume to increase again until those same people start to exercise their right to travel. Once global travel opens up, I think real estate may see a bit of a drop as funds shift from spending on real estate to other things like travel. The recent changes to the mortgage stress test should have an impact on sales volumes in the coming month or two. The last time we had a stress test implementation/change, we did see a correlation in sales volume. 

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kamloops real estate market statistics graph
Posted by Andrew Karpiak on

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