Current Conditions

Partly Cloudy

Kamloops' hot housing market continues in May

June 03, 2016 - 10:30 AM

KAMLOOPS - Real estate sales continued a hot streak through May in Kamloops, while residential building permits also outpaced last year.

Total sales were up 40 per cent compared to last year, according to statistics collected by the Kamloops and District Real Estate Association, including a 36 per cent increase in residential sales. 

The median price for a home in Kamloops was also up, around $405,000, compared to April’s $385,000.

Kamloops isn’t alone with a hot real estate market. In a release, the B.C. Real Estate Association forecasts a record-breaking year for residential sales in the province, partly because demand for housing is outpacing supply as people move into B.C. from other provinces. In Kamloops, residential inventory is down, according to the local association.

Residential building permits were up, though, compared to last May, putting the total number of 2016 just ahead of 2015 in that category.

However, other building permit categories still lag behind 2015 numbers.

The monetary value of commercial permits in May 2016 — $124,000 — was just six per cent of May 2015’s $2 million, with only three permits issued last month compared to 12 the previous May.

In total, building permits in 2016 were worth $43.5 million — more than $33 million behind last year, which hit $77 million in the first five months.

To contact a reporter for this story, email Brendan Kergin or call 250-819-6089 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

News from © InfoTel News Ltd, 2016
InfoTel News Ltd

  • Popular kamloops News
  • Comments

View Site in: Desktop | Mobile