Image Credit: CFJC Today

By James Peters

Real Estate

Kamloops real estate market surprises with strong March, but tough times lie ahead

Apr 1, 2020 | 4:30 PM

KAMLOOPS — The Kamloops real estate sector had a surprisingly strong March, but is bracing for trouble ahead.

According to the latest numbers from the Kamloops and District Real Estate Association (KADREA), 220 properties changed hands last month, up slightly from the 217 that sold in March, 2019.

KADREA President Wendy Runge says the onset of the COVID-19 pandemic in mid-March slowed sales down, but the first part of the month was very strong.

Year-to-date sales are also just under two per cent higher than 2019 at the same time.

But Runge notes COVID-19 is expected to hit real estate just as significantly as it is hitting other sectors of the economy.

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She says many sales models are predicting sales drops of anywhere between five and 20 per cent before the year is up.

Runge adds a “much slower pace” of sales is anticipated over the next few months — but she says economists are predicting a “strong resurgence” once pandemic-related restrictions are lifted.