Image Credit: CFJC Today / File

By Dave Barry

Real Estate sales

Kamloops real estate market continues to bounce back from COVID-19 impacts

Aug 5, 2020 | 11:37 AM

KAMLOOPS – The President of the Kamloops and District Real Estate Association (KADREA) expects the local real estate market to improve through the end of the year. Wendy Runge says after a difficult spring brought on by the COVID-19 pandemic, the market continued to improve in July.

Overall 340 single-family or multi-family homes, lots, acreages or mobile homes were sold in the Kamloops market in July. The figure represents a 7.9 per cent increase over the same month in 2019. And on top of that, the value of each sale rose by an average of $43 thousand dollars or 8 per cent.

“After the re-opening of businesses in BC, sales numbers have improved marginally over the last couple of months,” said Runge. “It is safe to say that the market will continue to show signs of improvement through the rest of 2020.”

KADREA statistics reveal the negative impact COVID-19 had on the market in April and May when sales plunged to all-time lows. Even with the recovery months of June and July, the number of homes sold in 2020 is still down 18.7 per cent when compared to the same period in 2019.

“While there is still a lot of uncertainty in the market, favourable government policies and continued demand will provide ongoing positive trends and fuel market recovery in the days to come,” said Runge. “However, we are far from complete normalcy. We are cognizant of health and safety standards and other issues like shortage of supply in the Kamloops region.”

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Image Credit: KADREA statistics for multi-family dwellings

Image Credit: KADREA statistics for single family homes