In November, the average price of a single-family home in Kamloops was pushed above the $500,000 mark.
While it’s a sobering figure, the president of the Kamloops and District Real Estate Association said the month is likely an outlier.
“It’s going to be a big headline, but a good portion of the sales were in that higher price point, which we don’t always see,” KADREA president Wendy Runge said.
Runge said Kamloops saw two home sales over $1 million, when typically it sees one per month at the most.
Other higher value home sales were also completed, making November a novel month.
The average price for a single-family home sold in November came out about $521,000, about 7.8 per cent higher than last month.
Typically, that figure is between $480,000 and $495,000, Runge said.
“Especially being November, that’s kind of the surprise. I could see something like this happening in May or June. It certainly took me by surprise. I don’t think it’s our new norm,” she told KTW.
The price surge comes as housing inventory — in Kamloops, in the province and even across Canada — remains low, creating more pressure on sales for higher value homes, which tend to be more available.
“If we had the inventory, maybe the pressure on pricing would come down a bit, too. It’s a two-handed thing,” she said.
Overall, Runge said Kamloops is still an affordable city and there are still homes to buy.
In total, 202 residential housing units were sold in November, including 128 single-family homes, 58 multi-family homes (townhouses, apartments, multiplexes) and 16 mobile homes.