KAMLOOPS — It’s still a seller’s market in Kamloops.
That’s according to the Kamloops and District Real Estate Association, which released its totals for the month of May Monday.
With 327 home sales last month, a decline of 5.7 per cent from the same month in 2018, Kamloops is just behind the record pace of the last few years.
The median home price in Kamloops is $497,000, a 5 per cent increase from the same time last year.
Supply is low, and that is contributing to higher housing prices.
“Our inventory is down,” said KADREA President Wendy Runge. “It did rise just a little bit over last year, but not enough to make a significant difference, so we’re finding that low supply, high demand is what’s keeping the pricing really strong right now.”
Kamloops is bucking the trend compared to the rest of the province, where listings are up and pricing is down.
Runge says that may have something to do with the B-20 stress test for home buyers.
“I’ve been thinking, I know the B-20 has had a lot of impact on what buyers could afford at the coast because of the high prices there,” she said. “So, I think it hasn’t impacted us as much, because we are relatively affordable compared to other parts of the province.”
