Real estate market in Kamloops stable, but inventory diminishing - InfoNews

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Real estate market in Kamloops stable, but inventory diminishing

Image Credit: THE CANADIAN PRESS/Sean Kilpatrick
April 07, 2017 - 4:30 PM

KAMLOOPS - The Kamloops real estate market is relatively stable compared to other ares in the province, but low inventory means buyers need to be nimble.

Statistics released from the Kamloops and District Real Estate Association shows the city continues to have strong real estate market, and the association’s president Cyndi Crossley says it should remain so as things heat up in the spring, when more home sales start happening.

“In as much as the entire province had a good year last year, Kamloops is still relatively stable,” Crossley says. “Vancouver is very much on a rollercoaster, whereas Kamloops has little rolling knolls.”

Stability doesn’t mean there’s no pressure, as the inventory in the region is trending down. Compared to March 2016, there are more than 470 fewer homes on the market. This means buyers can feel greater pressure to decide quickly after looking at a home.

However, there’s still enough inventory that sellers don’t hold all the power. To help deal with the pressure Crossley advises buyers look at their finances in advance, including getting pre-approved for a mortgage, so they can make well informed decisions quickly.

Overall Kamloops continues a long series of months out performing the same period a year earlier. March 2017 saw an eight per cent increase in the number of sales, a 14 per cent increase in sales by dollar and a decrease in the number of new listings.

One area of increased interest Crossley has spotted is mobile homes.

“Mobiles are still an affordable unit, but the pad rentals are included in what a mortgage broker takes into account,” she says.

That’s important as she’s seen pad rentals increase lately. While not high for the Lower Mainland, she says they’re notably higher for this region.

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