More lots created in 2018, but down from 10-year average in Kamloops

The city created 30 per cent more residential lots in 2018, but numbers continue to fall below the 10-year average. Last year, 235 lots were created, compared to 181 lots in 2017. The 10-year-average is 249 lots per year.

The largest increase in 2018 was seen from strata lots, at a 79 per cent bump, with 95 strata lots in 2018 compared to 53 lots in 2017.

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“That’s a substantial gain,” City of Kamloops development director Marvin Kwaitkowski said. “Again, more multi-family type projects. More affordability. There’s been a general shift. In the past, we used to have more of a 60 per cent single-family, 40 per cent multi. That has swung, more of a 60 per cent multi, 40 single-family.”

The city reported a record multi-family construction activity in 2018.

Kelly Reid, president of the Central Interior chapter of the Canadian Home Builders’ Association, said high-end supply has recently come onto the market, but lower-end residential lots are hard to come by.

“Availability is very tight,” he said. “I would say there is not a surplus of lots.”

Lot prices are also steep.

Reid said lots that cost less than $200,000 are rare, while six years ago in Kamloops, lots were available in the $130,000 to $140,000 range.

“Now, that’s long gone,” he said.

© Kamloops This Week

 


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