Kamloops real estate hot streak continues

By James Peters / Chad Harris
November 1, 2016 - 5:45pm Updated: November 2, 2016 - 12:23pm

KAMLOOPS — The Kamloops real estate market remained red hot last month.

258 homes changed hands last month, a 27 per cent increase compared to October of 2015.

Kamloops and District Real Estate Association President Katherine Rutherford says the dollar value of homes sold in 2016 has already surpassed $1 billion - a 34 per cent bump over the same time last year.

Rutherford adds it remains to be seen how strict new federal mortgage qualification rules impact the market.

"That's probably what we are going to have our eyes on: how are the new stress tests going to affect millennials, first time home buyers, anybody that is getting an insured mortgage? We don't really know." said Rutherford.

Rutherford notes most first time buyers are looking for homes under $400,000, and that has been a very hot price range in Kamloops.

"It's a really hot price range, and that is where those first time home buyers are buying; now they qualify for less. We are really going to watch this over the next few months and see how it affects our market. Instead of looking at detached, maybe they will go to apartments or town houses. Maybe they will continue renting, or staying at home until they save more money."

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