There doesn’t seem to be an end in sight for Kamloops' upward trending housing prices, according to the latest numbers from the Kamloops and District Real Estate Association.
In February, the average sales price of all types of homes in Kamloops was $540,559. In the greater district area, the average price was $515,293 — a 20 per cent increase over the average home sale price in February 2020. The average selling price of a single-family detached home in the greater district area was $603,768.
The district includes Kamloops and the surrounding area of Merritt, Ashcroft, Cache Creek, Clinton, Lillooet, Barriere, Clearwater, Mclure, Chase, the north and south Shuswap, Monte Lake, Westwold and Pritchard.
In total, February saw 283 properties change hands — the most in any February since at least 2012. Of those sales, 213 took place in Kamloops.
Listings, meanwhile, are about average, with 349 new homes on the market last month.
"Although the numbers have increased, it doesn’t feel like there's much of a change in the market scenario. We are selling listings at the same rate as the number of listings hitting the market," KADREA president Wendy Runge said.
A majority of sellers are currently seeing multiple offers on their properties, with many selling for more than the asking price, Runge said.
Runge said the high prices are being driven by low supply and low mortgage rates.