Kamloops housing market continues hot streak as construction slows | iNFOnews | Thompson-Okanagan's News Source

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Kamloops housing market continues hot streak as construction slows

Image Credit: FILE PHOTO
December 02, 2016 - 4:30 PM

KAMLOOPS - The real estate market continued it’s strong year in Kamloops, while building permits show a winter slow down in the construction sector with the slowest month since March.

At more than $80 million in property sales, November was slower than October this year, but well over November 2015. That includes over 200 homes sold.

Building permit statistics released by the city show the past two Novembers were pretty similar in the construction industry, but with the total at just $9.2 million, it's the lowest monthly value since March, which was just below $8.5 million. The number of permits approved is actually close to the average for the year, but the values are low, with over half part of the 'valueless' plumbing category.

That matches with the year-to-date statistics, as the number of permits this year is only 20 behind last year, with 1565 in 2016 and 1585 in 2015, but the associated dollar value is well behind, $15 million less than at the same point in 2015.

This year would actually be higher than 2015 if the commercial and industrial category were removed; that category continues to be the weak point for 2016 compared to 2015, with just $400,000 in new projects permitted last month, compared to $3.1 million a year ago. Year-to-date the sector is more than $28 million behind last year at this point, at just $21.2 million compared to $49.7.

More residential units were started this November, thanks to a series of duplexes, with 28 units, 14 of which are single family homes; last year 13 were started. The value of new residential projects was significantly higher than November 2015, thanks to the duplexes, putting the value of new residential projects for the year-to-date $13 million above last year at this point.

The miscellaneous permits were busier in November 2016, but the values are much lower residential or commercial. Last month more than doubled November 2015 in dollars and had nearly 30 more permits, but the category’s total was just over $600,000.

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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