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Kamloops Real Estate Market Kicks Off New Year with a New Record

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Kamloops Real Estate Market Kicks Off New Year with a New Record

January saw a surge of activity in the Kamloops real estate market that led to the highest sales figures seen in ten years in the city. Across the country, there was some apprehension that new mortgage regulations would put the brakes on sales activity as 2018 got underway. But Kamloops at any rate appears to be insulated from an effect of this nature, as a ten-year-old record for the month of January was broken in 2018.

Overall, there were 159 home sales in the Kamloops area in January. This was a year-over-year increase of 19.5% for the month. It has been exactly ten years since sales figures have been that high for January in the city.

Listings Still in Tight Supply in Kamloops

The high sales figures from the last few months in Kamloops have resulted in an extremely restricted supply of homes. Despite the fact that the number of new listings is up, overall supply is bottoming out because of demand. There were only 858 homes left for sale at the end of January. This was 20.4% lower on a year-over-year basis. Over the last ten years, only the month immediately preceding January 2018 had a lower total inventory.

New listings for the month totalled 296. This showed a growth of 6.5% compared to January 2017. However, in the last fifteen years, only January 2017 saw fewer homes hit the market. At the end of the month, there were enough homes left in Kamloops to last 5.4 months at the current rates of sale.

Prices Climbing alongside Demand

With demand driving a market as heavily as it is in Kamloops, it should come as no surprise that there has been a significant price spike since last year. The average price of a home sold in Kamloops in January 2018 was $382,320. This represents a price growth of 18.3%. Due to price and sales growth both skyrocketing during the month, the total dollar value of all homes sold during this January was higher than it has ever been.

Some cities have seen an immediate effect on their real estate markets now that new mortgage stress tests are required in Canada. However, Kamloops appears to be starting 2018 by continuing to ride the enthusiasm for activity in the market that appeared at the end of 2017. If this trend continues, the Kamloops real estate market may emerge as one of the hottest for cities of its size in the country.

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