Kamloops home prices up 20% over last year; inventory remains low

As both inventory and mortgage rates remain low in Kamloops, realtors expect home prices to continue to rise.
As both inventory and mortgage rates remain low in Kamloops, realtors expect home prices to continue to rise.
Image Credit: FILE PHOTO

The real estate market is still hot in Kamloops, with homes being bought as fast as they are listed.

Last month, Kamloops and area realtors recorded the best February sales in a decade, according to a recent Kamloops and District Real Estate Association media release.

"I really can't see an end in sight to this trend without a significant shift in supply or demand," association president Wendy Runge said in the release. "Low mortgage rates are also a motivating factor for lots of buyers."

READ MORE: Housing prices jump by more than 15% in parts of Okanagan

Inventory is low compared to past years with a 40% drop in listings as compared to February 2020. Because of this, many homes are selling above list price due to bidding battles.

Single-family residential homes were sold at an average of $515,293 or 20% above last year. There were also nearly 38% more homes sold in February over last year with 283 listings.

"Although the numbers have increased, it doesn't feel like there's much of a change in the market scenario. We are selling listings at the same rate as they are hitting the market," Runge said.

To date for the year, Kamloops and surrounding area has had $1.5 billion in home sales, which is 12.8% above the same time last year.

As the market activity continues and home prices rise, this trend mirrors Okanagan activity where the North and South Okanagan average home price has risen by about 22% over last year.

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