Kamloops housing market making comeback from all-time low amidst pandemic | iNFOnews | Thompson-Okanagan's News Source

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Kamloops housing market making comeback from all-time low amidst pandemic

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August 04, 2020 - 2:47 PM

The housing market in Kamloops and the surrounding area is improving, and experts say things are looking up following a dip at the outset of the pandemic. 

In July, residential unit sales increased by 7.9 per cent and were eight per cent higher in price on average than July 2019, according to the Kamloops and District Real Estate Association.   

"After the reopening of businesses in B.C., sales numbers have improved marginally over the last couple of months," real estate association president Wendy Runge said in a media release. "Predicting how long the effects of the pandemic will last remains difficult, but as we can see now, the market seems to be following the usual summer trend. It is safe to say that the market will continue to show signs of improvement through the rest of 2020."

After sales plunged to an all-time low in April and May, the number of units sold and the average price have improved in the last two months.

“A factor we need to consider here, is that the consumer’s confidence in the market had taken a major blow during the COVID-19 crisis," Runge said. "While there is still a lot of uncertainty in the market, favourable government policies and continued demand will provide ongoing positive trends and fuel market recovery in the days to come."

She adds complete normalcy has not yet returned and there are issues at play such as shortage of supply in the Kamloops region.

Year-to-date, residential sales dollar volume was down by 15.5 per cent compared to the same period in 2019. Residential unit sales have decreased by 18.7 per cent, while the average price residential price increased by 4.3 per cent.

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