By Vanessa Ybarra

Kamloops real estate market strong despite provinces overall weakening trend

Feb 18, 2017 | 1:09 PM

KAMLOOPS — The B.C. Real Estate Association says home sales are forecast to drop 14.1% this year, and the average home price should fall nearly 5% as a result of rising property tax burdens aimed at foreign buyers,

In Kamloops, it appears it’s quite the opposite.

Frank Salituro with Royal Lepage Kamloops Realty says home prices in Kamloops increased approximately 5% in 2016.

Based on the cities current housing stock, Salituro predicts an extra 2 to 3% price increase in 2017.

“Right now we’re at a ten or 20-year low in the amount of listings we have for sale,” said Salituro. “On the supply and demand part of it, if there’s not a whole lot of supply and there’s still pretty good demand, that tells us prices are going to increase.”

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According to the B.C. Real Estate Association, declines in housing prices are only expected for Greater Vancouver, the Fraser Valley and South Okanagan, while other areas of the province are expected to see real estate prices increase between 0.5 and 4.5%.