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 .

The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association recorded an 11^th consecutive double-digit increase in December 2016.

According to the Association’s statistics, home sales totaled 144 units in December 2016, up 28.6 per cent from December 2015. This was the best month of December since 2009.

On an annual basis home sales numbered 3,181 in 2016. This stood 23.6 per cent above 2015 and marked the first year to crack the 3,000 mark since 2007.

“Housing demand in the region remains historically strong,”  “2016 was the best year for the local housing market in almost a decade. Better still, the handoff into 2017 looks even stronger, with higher sales compared to one year ago, and quite a bit less inventory. This should further support prices this year.”

The average price of homes sold in December 2016 was a record $367,591, rising 18.4 per cent from a year earlier. The annual average sale price was $345,528, up 5.9 per cent from 2015.

The dollar value of all home sales in December 2016 was $52.9 million, up 52.3 per cent on a year-over-year basis and a record for the month. This was also the first time volumes had surpassed $50 million in December.

There were 138 new listings on the Association’s MLS® System in December 2016, down 21.1 per cent on a year-over-year basis. This was the lowest December level in 15 years.

Active residential listings on the Association’s MLS® System numbered 1,031 units at the end of December, down 23.1 per cent from a year earlier.

There were 7.2 months of inventory at the end of December 2016, down from 12 months a year earlier and below the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Sales of all property types numbered 162 units in December, an increase of 33.9 per cent from December 2015. The total value of all properties sold was $58.3 million, up 58.6 per cent from December 2015.

Kamloops only Median Residential Price: (does not include condominiums or mobiles)  $405,000

Kamloops and District Median Residential Price: (includes all areas, not just Kamloops, does not include condominiums or mobiles) $375,000

Comparing August 2016 to August 2015

Comparative Statistics for Kamloops (Residential Only)

*The above information is from sources deemed reliable but it should not be relied upon without independent verification.

Kamloops Named 7th Top Growing City in Canada by U-Haul

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

we are only 3 hours away but so much more affordable, Kamloops a great place to call home.

House Sales Expected to Increase in Kamloops