KAMLOOPS — The Kamloops and District Real Estate Association says the hot housing market is just getting started.
347 homes changed hands in Kamloops last month, a 36 per cent increase over May of 2015.
Overall, the market is trending 30 per cent higher for the year to date.
Association Vice President Cyndi Crossley says many Lower Mainland residents are cashing in on the overheated market, and moving into the Interior.
“In some respects, it is very definitely favorable to the sellers because the inventory is down. So those who are in the buying mode, there is just that much less for them to choose from. It also means that perhaps they have to make up their minds a little bit faster,” said Crossley.
“There is a lot of migration coming up from Alberta. I know as far as the Kamloops area is concerned, we are seeing a lot of migration coming in from the Lower Mainland, and understandably so, with the prices the folks are getting for their homes down there.”
Crossley says the provincial real estate association is calling for low inventories and strong sales at least for the next eight to 12 months.
“They’re suggesting probably the next eight to 12 months, maybe not quite the same dramatic effects. Their forecast comes out tomorrow, and what they are suggesting is that the inventory numbers will continue to remain lower, with the sales continuing to remain strong.”
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