After increasing 13 per cent to 2,370 units last year, MLS®residential sales in the Kamloops area are forecast to
remain relatively unchanged this year. Tepid economic and employment growth in 2013 is expected to limit
consumer demand over the first half of the year. In addition, poor weather conditions in the region also
impacted home sales over the first quarter, with total sales down 8 per cent compared to the previous year.
However, more robust growth in the global economy both this year and particularly in 2015 is expected to bolster
demand for BC exports and push up employment levels.In addition, after nearly two years of weak consumer
spending activity, retail sales now appear to be returning to a more typical growth pattern, a signal that rising
demand for big ticket items may be on the horizon. Next year, MLS® residential sales are forecast to increase
5.5 per cent to 2,480 units.Despite slower sales activity during the first quarter,
the inventory of homes for sale has steadily declined over the past year, and was down nearly 10 per cent during
the first quarter. Market conditions are now trending into balanced territory, where home prices typically exhibit
stability. The average MLS® residential price is forecast to edge up 0.5 per cent to $314,000 this year, and a further 1.1 per cent to $317,300 in 2015.New home construction in the Kamloops CA remained
relatively unchanged in 2013, with a total of 479 housing starts recorded. However, multiple starts climbed 31 per cent,while single-detached starts declined 23 per cent. A stronger provincial economy and improving consumer demand in the local housing market are forecast to push housing starts about 6 per cent higher in each of the next two years, with single detached starts gaining traction in the market.
MLS® Sales Avg Price Housing Starts
Total Detached Attached Apartment Total Detached Attached Apartment Total Single Multiple
2013 2,370 1,617 291 227 312,460 356,369 273,190 191,715 479 219 260
13% 9.9% 2.5% 28.2% -0.1% 1.1% -0.3% 0.5% -0.4% 22.6% 31.3%
2014 2,350 1,630 300 200 314,000 355,000 275,000 196,000 510 240 270
-0.8% 0.8% 3.1% -11.9% 0.5% -0.4% 0.7% 2.2% 6.5% 9.6% 3.8%
2015 2,480 1,700 325 225 317,300 359,000 278,100 197,500 540 260 280
5.5% 4.3% 8.3% 12.5% 1.1% 1.1% 1.1% 0.8% 5.9% 8.3% 3.7%
Kamloops CA Sources: CMHC, BCREA Forecast
