(Image Credit: CFJC Today / Kent Simmonds)

By Dylana Kneeshaw

HOME SALES IN KAMLOOPS

Strong demand keeps Kamloops properties selling amid pandemic

May 13, 2020 | 5:06 PM

KAMLOOPS — At the start of the COVID-19 pandemic, real estate sales were identified as an essential service. However, many prospective home buyers and sellers became hesitant.

Initially, Vince Cavaliere with River City Realty says the flow of home sales experienced a hiccup.

“When the mandates came down for March 15, everything just seemed to stop. And there was a two week period there where we all sat around wondering what was going to happen. And I’ll be honest with you, I did the same thing.”

Two months later, it’s a different story — with realtors following virus prevention protocols to keep working with clients, and seeing steady home sales in Kamloops.

Boogie The Bridge

Boogie The Bridge Event Information

Apr 19, 2024

The Tattle of Hastings

THE TATTLE OF HASTINGS: Goodbye, Toledo

5h ago

Question of the Week

Is 'Canada's Tournament Capital' an accurate description of Kamloops?

Apr 22, 2024

“I think what’s happened [is] this pandemic has maybe taken the people that are not serious or are just starting out, out of the marketplace. So we’re seeing more active buyers,” notes Cavaliere. “And the buyers that are active are serious buyers because they’ve got to buy a house.”

In-person home showings are possible, but buyers need to be distanced from the realtor, clean their hands before and after leaving, avoid touching surfaces, and many choose to wear gloves.

Meanwhile, interest in virtual offerings has increased. Kamloops and District Real Estate Association President Wendy Runge says they found a new way to give buyers an insider look at a home.

“Something that we’re really proud of here in Kamloops is we’ve launched a new program called ‘Live Tours’ which allows all four parties, the buyers, the sellers, and their agents to actually tour a property virtually together on the phone or using an application of some sort,” Runge explains. “So they can walk through the property together and it’s a little more interactive than, say, a virtual tour.”

Runge says the program has the seller holding the camera during the live stream, opening cupboards and showing various parts of the property and home. Meanwhile, their realtor, the prospective buyers and their own agent are watching from afar.

The recent state of home sales didn’t come as a surprise. According to Runge, the real estate industry was expecting a downturn to follow that first period of economic uncertainty. For example, April home sales this year in Kamloops were down 56 per cent compared to 2019.

“Going forward, it’ll be interesting to see what happens,” she says. “We are seeing more activity now and feeling like the buyers are out there and wanting to get into properties but the problem we’re facing right now is the lack of inventory.”

For many sellers, the pandemic initially paused plans to put a house on the market. But Cavaliere says given the low inventory of single family houses in the Kamloops area, the demand that brings will keep the local housing market moving along.

“Generally speaking, I think that the next couple — two or three months — are going to continue to be like they are right now. Low inventory, active buyer movement, and patience with respect to making the decision to buy.”