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Kamloops construction sector and real estate market both strong in 2018

KAMLOOPS — For anyone who keeps an eye on the yearly assessments of their homes, real estate values in the city have been on the rise over the past few years; with less supply and more demand in Kamloops, that trend should continue. Much like the weather, the real estate market in May throughout the city has been heating up. “We had a slow-down in March of this year, but it certainly has picked up in April and May,’ Kamloops and District Real Estate Association president Doren Quinton says. “We’re still about 6% below where we were in 2017, but 2017 was just off of our record pace.” Quinton says it’s the high-end homes throughout the city that have helped drive the market; specifically, homes in the $600,000-plus range. “In May, we had 40 sales about $600,000. We also had 40 sales in the $360,000-400,000 range, so the top end and the bottom end of the market have been very, very busy,” Quinton explains. Quinton says as a result of the increased demand for high-end homes in
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Housing Market Update (October 2018) - Webcast

Watch BCREA Chief Economist Cameron Muir discuss the September 2018 statistics:

BC Home Sales Continue at Slower Pace in September

Vancouver, BC – October 11, 2018.  The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017. “BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years.” Year-to-date, BC residential sales dollar volume was down 21.3 per cent to $45 billion, compared with the same period in 2017. Residential unit sales decreased 22.5 per cent to 63,251 units

Some Stats

Kamloops real esate market is feeling the hot air blowing towards the interior from lower mainland Number of properties sold in last 2 months is up by about 30% this year compared to same months last year. Shown below are the stats by Kamloops Real Estate Board for the Month of May.2016