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
Kamloops is continuing to counter province wide trends for real estate, at least for now.
Home sales in B.C., driven by the sagging Lower Mainland market, fell by 23 per cent from the same time last year. The Kamloops region, however, saw an increase in sales of five per cent compared to January last year.
Cameron Muir, chief economist for B.C. Real Estate Association, said some markets are going against the grain.
“Housing demand across the province returned to long-term average levels last month,” he said in a statement.
“However, regional variations persist, with Victoria posting above average performance and Vancouver falling below the average.”
At the same time, the average price on the multiple listing service (MLS) declined by 17.5 per cent. Kamloops and District Real Estate Association estimated the average sale price for a residential detached home within the city in January was $410,000, a number that is stable. Numbers do vary from month to month due to price range of homes sold but has stayed over $400,000 since last year .
Comparing August 2016 to August 2015
Comparative Statistics for Kamloops (Residential Only)
| August
2016 |
August
2015 |
||
| Number of New Listings | 429 | 392 |
UP 9.44%
|
| Residential Units Sold | 362 | 264 | UP 37.12% |
| Avg. Days on Market | 53 | 60 | DOWN 11.6% |
| List to Sell Price Ratio | 98.18% | 97.22% |
UP 0.99%
|
| Median
Residential Price |
$419,00 | $378,000 |
UP 10.85%
|
| Total Monthly Sales $$ | $127,636,731 | $83,952,683 | UP 52.03% |
| Active Listings | 1708 | 2042 | DOWN 16.3% |
*The above information is from sources deemed reliable but it should not be relied upon without independent verification.
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
Comparing March 2016 to February 2016
Comparative Statistics for Kamloops (Residential Only)
| March
2016 |
February 2016 | ||
| Number of New Listings | 520 | 422 | 23.22% UP |
| Residential Units Sold | 256 | 197 | 29.95% UP |
| Avg. Days on Market | 70 | 84 | 16.67% DOWN |
| List to Sell Price Ratio | 97.54% | 97.43% | 0.11% UP |
| Median Residential Price | $368,000 | $378,000 | 2.65% DOWN |
| Total Monthly Sales $$ | $86,693,738 | $65,085,608 | 33.20% UP |
| Active Listings | 1675 | 1560 | 7.40% UP |
*The above information is from sources deemed reliable but it should not be relied upon without independent verification.
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
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.
|
Sales of residential units in Kamloops were down in October, a slip in what has otherwise been a year of double-digit sales increases.
The number of homes sold last month, at 202, is down about five per cent from the same month in 2014.
Sales in the city are up by 15 per cent through the first 10 months of the year. The median price for a single-family home in Kamloops came in at $367,000.
Cyndi Crossley, president of Kamloops & District Real Estate Association, said one trend that will affect both buyers and sellers is a decline in inventory. Residential listings on MLS are nearly 10 per cent lower than a year ago.
She said other markets, including Chilliwack, are experiencing the same decline in listings — a factor that can lead to increasing prices and a so-called sellers’ market.
Another notable aspect for the month was sale of 10 units valued at more than $600,000.
“That’s not what the Kamloops market is typically made of,” she said. “That should be encouraging for those with higher-priced homes.”
The busiest slice of the market is in the $320,000 to $360,000 range.
| 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. |
|
