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Kamloops real estate market remains hot, setting new records

Image Credit: SUBMITTED/B.C. Assessment

The average home in the Kamloops area neared $550,000 with 382 homes sold last month.

Prices continue to rise this year, and most homes in April selling above their list price, according to a Kamloops and District Real Estate Association release.

The association's monthly report says 63% of the buyers in the region were local, but there was a "notable spike" in people coming from other regions to buy in Kamloops.

"This is a benefit for sellers looking to list their homes in this busy spring market," association president Chelsea Mann said in the release. "As far as the current situation goes, it is safe to say that the market has recovered since the first COVID-19 restrictions in March 2020."

Including the 382 homes sold last month, 1,305 homes have been sold to date in the area. That's more than double last year's total, and well above records back to 2012.

The association remains concerned about low housing inventory in the region.

“The shortage of inventory is undeniably the biggest concern we have at the moment. Although the market appears to be slowing down a little, we are on track to sell more than we ever have in a calendar year, beating our performance in 2007," Mann said. "Which means that we must keep adding new listings at a faster rate than we sell."

Total sales volumes from January to April this year reached over $208 million, more than triple the same period in 2020.

As of May 3, 2021, there were 633 active listings in the Kamloops region.

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