On September 6th, the BOC decided to hold their interest rate steady at 5%.
Within the Kamloops and District region, there were 216 residential unit sales recorded last month, down from the 237 recorded in July 2023, yet up 17.4% from August 2022’s unit sales. This is to be expected as August is typically our slower summer month for activity.
There were 439 new listings recorded in July in the Kamloops and District region, which was an increase of 10.6% compared to the same month last year and slightly down from July 2023’s 450 new listings. Overall inventory, or active listings, saw a slight uptick of 5.8% compared to August 2022, coming in at 1,115.
For the 4th month in a row, Kamloops listing activity has outperformed last year's numbers for the same months. As we head to what is our busy fall season, we should see an increase in listings on the 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 decreases in the single-family and townhome categories compared to August 2022, with both benchmark prices dropping a marginal 0.5% coming in at $676,800 and to $550,300, respectively.
This is the 5th month in a row where these two categories have seen a decrease in Benchmark prices. The benchmark price for condominiums increased 3.8% in year-over-year comparison, coming in at $392,300.
Posted by Andrew Karpiak on