Median Residential House Price $437,900 up 2% from April 2017
Residential units May 2017 sold up 14% from April 2017
Average Days on the Market May 2017 33 days down 29% from April 2017
Most active areas in Kamloops were Aberdeen, Sahali and Brocklehurst
Most active price range
$320,000 – $359,900 46 sales
$360,000 – $399,900 34 sales
$400,000 – $439,900 35 sales
$600,000 plus 43 sales
January: Kitchen and pantry. Give yourself a fresh start for the new year with a clean kitchen, decluttered cabinets and a healthy pantry and fridge.
Habit to cultivate: Clean out the pantry and fridge each week before shopping.
The city’s real-estate market shows no signs of slowing, with recent numbers indicating residential sales jumped by a third compared to the same month last year.
Statistics from the Kamloops & District Real Estate Association show sales in May were up 36 per cent over last year.
This comes at the same time as supply continues to shrink. The number of listings compared to 2015 is down 15 per cent.
Cyndi Crossley, vice-president of the real-estate board, said the market is being driven by out-of-town buyers.
“In Kamloops, we are seeing buyers coming from the Lower Mainland, and understandably so, due to the sale prices and our affordable housing,” she said.
The B.C. Real Estate Association cites positive employment growth for the trends.
“They say we could see the stats continue as they are for approximately the next eight to 12 months,” Crossley said.
The median price for a single-family home in Kamloops is $405,000. That is influenced in part by 20 homes selling for more than $600,000 in May.
New data this week confirms that residential real estate continues to boom in British Columbia.
The BC Real Estate Association’s second quarter housing forecast calls for a record 115,200 units to be sold in 2016 through the MLS, that’s up 12.3 per cent year-over-year to break the previous record set in 2005 (105,600).
Prices are set to surge again, up 20.4 per cent to an average MLS price of $766,600. The outlook for 2017 is for a more modest 3.4 per cent increase.
“Record housing demand has depleted inventories in many urban areas, and the resulting imbalance between supply and demand has pushed home prices considerably higher,” commented Cameron Muir, BCREA Chief Economist.
Inventory will be helped by increased construction with BCREA predicting a 20 per cent rise in new housing starts this year.
The city’s real-estate market continues on a roll as booming sales and declining inventories threaten to push prices higher.
The Kamloops & District Real Estate Association reported yesterday that 320 homes changed hands in the greater region, up 40 per cent from April 2015.
The number of units sold year-to-date is up by about 28 per cent.
The number of residential units on the market increased slightly from the month before. At about 1,800 units, however, it is 14 per cent lower than the same month last year.
The combination of rising sales and declining supply typically sees upward pressure on prices.
The median price of a single-family home in the city of Kamloops sold in April was $385,000.
If your buying or selling, I’m here to help
Elementary Schools
1. St Ann’s ranked highest at 9.4
2. Our Lady of Perpetual Help at 7.7
3. Lloyd George at 7.4
4. Juniper Ridge at 7.4
5. Aberdeen at 7.0
Secondary Schools
1. St Ann’s ranked highest at 7.8
2. Beattie School of the Arts at 6.0
3. South Kamloops at 5.9
4. Sahali at 5.5
5. Valleyview at 5.5
There are no changes to the first time home buyer exemption limits;
All buyers (whether first time buyers or not) no longer pay PTT on purchases of newly-built homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00; The newly built home exemption will only apply to people who actually occupy the home as their principle residence for a year after purchase. (relatives do not qualify)
PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.
The existing first time home buyers program for re-sale homes remains unchanged. The threshold remains $475,000 with a partial exemption for homes between $475,000 and $500,000
Here is what you need to know:
Today, the government announced its intent to raise the minimum down payment requirements on homes valued over $500,000. Properties below $500,000 will not be affected. Requirements will remain at 5 % down payment for homes under 500,000.
Any amount over $500,000 will require a 10 % down payment. For example a $700,000 home will require a $45,000 down payment, 5 % on $500,000 and 10 % down on the remaining $200,000.
The announced changes will take effect on February 15, 2016.
The purchase closing date can be after Feb 16th 2016
The minimum down payment for homes $1 million and over remains unchanged at 20%
The government cites its desire to “contain risks in the housing market” as the
reason for its decision.
House Sales Expected to Increase in Kamloops
The housing market in Kamloops is expected to remain stable over the next two years, according to a forecast by the Canada Mortgage and Housing Corporation.
Housing sales for Kamloops are expected to be up to 1,750 in 2015, and will increase to 1,780 in 2016 and 1,800 in 2017.
The average price of a home in the Tournament Capital is not expected to greatly increase. The price is expected to be $404,000 in 2015, increasing to $420,000 in 2017.
The vacancy rate of homes in Kamloops is expected to remain steady as well. It is forecasted to be a 3.7 vacancy rate in 2015, down from 3.9 in 2014, and is expected to return to 3.9 in 2016. The vacancy rate in Kamloops is, and is forecast to continue to be, above the national average.
Housing starts are anticipated to slightly decrease going from 518 new homes under construction in 2014 down to 470 in 2017. The new construction to date in 2015 is 9.2 per cent less than it was at this date in 2014 in Kamloops.
Music in the Park runs all summer long.
The free entertainment takes place 7 p.m. to 8:30 p.m., unless otherwise stated, each night at the Rotary Bandshell in Riverside Park, 100 Lorne St. All shows are rain or shine, but subject to change.
Included links to the bands, so you can check them out beforehand.
Riverside Park
July 1 – Canada Day celebrations
July 2 – Tiller’s Folly (Canadiana celtic)
July 3 – Greg Drummond (Canadian folk rock)
July 4 – Kingpins (classic rock)
July 5 – Gary Comeau and Cannery Row (Cajun)
July 6 – Nova Scotiables (East Coast)
July 7 – Beyond Brass (big band classics)
July 8 – Sean Ashby (Sarah McLachlan guitarist)
July 9 – Mike MacKenzie Blues Band (classic rock and blues)
July 10 – Hijacked by B.C. Living Arts – Tribute to Leonard Cohen, Bruce Cockburn and The Band with Van Damsel – 6:30 p.m.
July 11 – Hijacked by B.C. Living Arts – Tribute to Joni Mitchell, Neil Young and The Band with The Caspians and James Wolf – 6 p.m.
July 12 – Cécile Doo-Kingué (blues)
July 13 – 100 Mile House (English folk roots)
July 14 – Wild T and The Spirit (blues)
July 15 – Scattered Atoms (blues and R&B)
July 16 – Sally and the Melo Hearts (current and classic rock)
July 17 – Sabrina Weeks and Swing Cat Bounce (blues)
July 18 – Ben Klick (country rock)
July 19 – Impulse Response (R&B)
July 20 – Jane Perrett (classical soprano and showtunes)
July 21 – Ben Caldwell and the Folk Road Show (roots and folk)
July 22 – Cod Gone Wild (Maritime fun)
July 23 – BCLC Midsummer Music Jam featuring Catch 22 (1980s music)
July 24 – Sarah Burton (rockin’ roots pop)
July 25 – Sherman Doucette (blues harp)
July 26 – Dave Lang and the Insolent Rabble (swing jazz)
July 27 – Twin Peaks (duo)
July 28 – Tanner James Band (folk roots and country)
July 29 – Kirby Sewell Band (blues)
July 30 – The Longriders (Lynyrd Skynyrd tribute)
July 31 – Trama (rock)
| The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kamloops Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. |
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