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Kamloops and area on pace for an all-time record in home sales

Through the end of June, there have been 2,041 homes change hands in Kamloops and area, with more than 4,000 sales expected by the end of the year. Average selling price as of the end of June is $576,416.
For sale sign

The average price of a Kamloops home was up again in June, to $576,416. That's just short of the peak of $580,000 seen in April, but it continues a trend of elevated prices in 2021.

The Kamloops and District Real Estate Association said there were 314 home sales last month, which would make June 2021 the third-most active June on record. But in terms of sales, the year-to-date data shows 2021 on pace for a record-setting year.

Through the end of June, there have been 2,041 homes change hands in Kamloops and area. The previous high mark for sales at the six-month mark in the past decade occurred in 2017, when 1,665 homes changed hands by the end of that June.

KADREA president Chelsea Mann said the region should see more than 4,000 sales this year if the pace holds. That would be an all-time record, she said.

The sales activity means Kamloops is likely to remain a seller's market, due in part to longstanding supply issues, which have yet to ease, but they are improving. Mann said June was the first month this year in which there have been 15 per cent more listings than sales — but sellers are still seeing multiple offers on those listings.

"While inventory continues to grow, the upward pressure on average prices is unlikely to subside,” Mann said. “Our path ahead will be like other markets in the province.”

June's year-to-date average price was $562,427, compared to June 2020's year-to-date average of $464,553.

The Kamloops real estate area includes all neighbourhoods in city limits, plus Sun Peaks, Tobiano, Cherry Creek, Sun Rivers, Pinantan, Knutsford and Lac Le Jeune. Kamloops and district areas, which include Merritt, Barriere, Logan Lake, Chase and areas surrounding those communities, have all seen about a doubling in sales compared to last year, when pandemic uncertainties remained. Prices have also increased in other areas.

Chase and area saw nearly triple the sales volume, to 98 sales, up 89 per cent in price to an average of $669,401.

Logan Lake saw 45 sales, with an average price of $373,061, an increase of 65 per cent. Barriere saw a 57 per cent increase in sales, to an average price of $273,739, while Merritt experienced the smallest increase, 17 per cent, to $333,762.