Home builders and home sellers in Kamloops had a good month | iNFOnews | Thompson-Okanagan's News Source

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Home builders and home sellers in Kamloops had a good month

November 01, 2016 - 6:30 PM

KAMLOOPS - Across the board the construction and real estate industries were up in October compared to a year ago.

The Kamloops and District Real Estate Association is reporting 258 homes sold in the district, 56 more than a year ago. In the city homes cost almost $30,000 more than the same time last year.

However, the numbers show a slight decrease compared to September, with 20 fewer homes sold in the area and average prices in the city dropping more than $20,000. Typically the fall and winter months are slower for home sales, and a similar pattern was seen last year.

The strong month, with more than $102 million in sales, means Kamloops and the surrounding area have seen just over 3,100 properties sell for a cumulative $1 billion this year, compared to $790 million on fewer than 2,500 properties by the same point last year.

October saw increases in the number and value of almost all building permits in the city, with almost $16 million in permits issued.

In the residential category there were 21 more permits and increase in value of almost $5 million, while commercial permit values were above October 2015 by $2.4 million, in part thanks to $1.7 million in renovations to the Brocklehurst Save-On-Foods. While there were about the same number of miscellaneous permits in both Octobers, this year saw the value increase by more than $600,000.

While October 2016 was a good month compared October 2015, the year-to-date number still lag behind, with 2016 still more than $14 million dollars behind last year.

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.

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News from © iNFOnews, 2016

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