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Don’t expect rising real estate prices in Kamloops area to fall any time soon

In Kamloops, the average price of a home is $580,000. In the region, that average price is more than $600,000

Long-held trends show no sign of breaking as the average price of a Kamloops home continues to increase, up nearly 20 per cent over the course of 2021.

There was a record number of home sales in Kamloops and district in 2021, besting 2017, another year in which the city and area saw a spike in average house prices.

Over the past 12 months, Kamloops and the surrounding real estate district recorded 3,689 residential real estate transactions. That figure is about 650 more homes sold than in 2017.

Kamloops accounted for most of the 3,689 units sold in 2021, with 2,802. The average sales price of all homes in Kamloops in 2021 was $580,927, up nearly $100,000 on average since the end of 2020. The average sales price in the entire Kamloops and district area is more than $600,000.

All told, last year saw an 18.7 per cent increase in house prices in Kamloops, a 42.8 per cent increase in Merritt and area, a 28.4 per cent increase in Barriere and area, a 54.2 per cent increase in Logan Lake and area and a 37.1 per cent increase in Chase and area.

Chase saw the largest increase in average price by dollar amount, up to an average of $641,654 from $468,003 the previous year. The community and surrounding area, which also includes the north and south Shuswap, Monte Lake, Westwold and Pritchard, also saw the biggest increase in the number of sales, up 52 per cent to 176.

High demand and low supply continues to best explain the region's real estate market, according to Kamloops and District Real Estate Association president Chelsea Mann.

Mann said a reversal of that trend is unlikely, noting the region would need at least 2,000 listings on the market to balance out supply and demand.

Currently, there are 714 listings.

According to data provided by the Canadian Real Estate Association, the average price of a house in the Kamloops area has more than doubled since 2012. From 2012 to 2017, the average price was around $320,000, rising to the $400,000 mark slowly until 2019. In early 2020, a sharper upward spike began, rising the average price another $200,000.