February a slow month for new building projects, but Kamloops housing market stays strong

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KAMLOOPS - With no significant residential or commercial developments getting permits, it was another slow month for the construction sector, but the real estate market continues to be strong.

The City of Kamloops only saw $5.2 million in new projects get permits in February 2017, less than half of the value in February 2016, and less than a quarter of the value in February 2015. Last year was the second slowest year for building permits in a decade, and this year is behind 2016 as far as permit values.

The drop is partly due to few residential developments, with only a couple multi-family projects brought forward, none of which are significant developments. Last year a single complex was permitted in February, valued at $5.5 million.

A dozen commercial projects worth more than $1.5 million marks a significant uptick; last year seven projects were approved worth $715,000, although but last year was the slowest year in a decade for commercial permits.

The value of miscellaneous permits were up significantly compared to last year, with almost $300,000 in permits compared to less than $80,000 last year.

The housing market continued its strong streak. During February 2017, 193 residential units were sold, compared to 183 in February 2016 and 133 in January 2017. Overall, the Kamloops and District Real Estate Association reports almost $72 million in sales with $68 million of that coming from the residential market.

The median cost for a home in Kamloops right now is just under $400,000.

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