Kamloops Real Estate Stats: November 2021 vs. November 2020
November was another very strong market for the Kamloops area. On the single-family side, we saw an increase in units sold of 5.9% from the same month a year ago and a total of 24.5% increase year to date. The average price for single-family homes across the market was up 20% to $713,326.00. This is a huge increase. We are 24% year to date higher than last year. One of the most interesting numbers to look at is the fact that our total year to date residential sales is up 57% to $1.965 BILLION. That's Billion with a capital B.
With the closure of all major highways to non-essential vehicular travel to the coast I anticipated a slow down in sales volumes but it doesn't appear that is the case. Demand is still so high that people are purchasing properties via video tour and then flying up to look at the home for the first time....if they can get flights.
People keep talking about being in a bubble but I don't think that is the case. I think this is the new norm now. I do expect to see a slow down if and when the feds raise interest rates but I do not anticipate a total collapse as we saw in 2008/09. Covid has taught a lot of people that they no longer need to live in the big cities to keep their jobs. Many are moving to remote locations and conferencing in for work. Lifestyle, safety, affordability and commute time are weighing heavily on the home buying process.
Posted by Andrew Karpiak on