Home prices in Kamloops continue to rise

A total of 332 residential units were sold in September, according to the Kamloops and District Real Estate Association (KADREA). That figure makes last month the best September on record since 2011. The average home sold last month cost $493,597, an increase of 15.3 per cent over the September 2019 price.

Despite a major slump earlier in the year, real estate figures show the average price of a Kamloops home continuing to increase with high demand.

A total of 332 residential units were sold in September, according to the Kamloops and District Real Estate Association (KADREA). That figure makes last month the best September on record since 2011.

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And, despite the fact 2020's year-to-date sales remain lower than the previous five years — with 2,098 units sold so far — that figure is not much lower than last year's year-to-date number of sales of 2,231.

With September 2020 sales up 23.8 per cent over last year, the average price has also seen an increase. The average home sold last month cost $493,597, an increase of 15.3 per cent over the September 2019 price.

The average sales price is the highest it has been this year, following a dip in April down to $407,000.

While prices have gone up and life has changed for many during the pandemic, the type of housing people are buying hasn't changed, according to KADREA president Wendy Runge.

"The pandemic has not shown to have had any impact on the buying behaviour of the consumer. The demand for single-family homes has always been high in the valley," she said.

Runge said the market has also not slowed as it typically does in September and she thinks the year will end on a high note.

Year-to-date figures show that the average price of a home in Kamloops has increased six per cent, with similar increases seen in the areas of Barriere and Chase. Merritt has seen the highest jump in average price, up 16.6 per cent so far this year to an average price of $363,645. Logan Lake is the only area to dip in price, down eight per cent to an average price of $251,000.

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