August 03, 2016 - 11:40 AM
KAMLOOPS - July was a hot month for residential sales and construction in Kamloops.
The housing market wasn’t quite as busy as June 2016, but there was still a notable increase in home sales over last year with 329 last month, almost 40 more in July 2015, according to statistics from the Kamloops and District Real Estate Association.
July 2016 didn’t match the number or total value of homes sold in June 2016, but the median price to buy a home in Kamloops increased again, sitting at $413,900, or about $4,000 more than a month earlier. That’s an increase of 12.5 percent over July 2015, or more than $46,000 added to the price.
Of homes sold, the vast majority were single family houses, with 226 sold. Another 82 were condos or duplex units and 21 were mobile homes.
While residents are watching home sales increase, the building of new places to live is outpacing last year thanks to growth in apartment contstruction, according to statistics from the City of Kamloops. A new complex at 777 Battle St. will add 34 units to the city’s centre, with a total of 62 units getting building permits this July, compared to only 36 last July. Permits for single family homes continue to lag behind last year, but most other categories of dwellings are posting higher numbers than 2015 in year-to-date comparisons.
Overall in July 2016 there was an increase of total construction values, partly due to the adjustment of a commercial building permit value. Without the adjusted permit, July 2016 was about even with July 2015 for value in new building permits in all categories with 26 fewer permits but higher average value.
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