File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate Market

Huge inventory increase for Kamloops real estate sector last month

May 4, 2022 | 4:28 PM

KAMLOOPS — The Association of Interior Realtors says April sales figures for Kamloops may represent a market correction.

The association’s latest data shows a 39 per cent decrease in residential sales last month compared to April, 2021.

President Lyndi Cruickshank said the total of 246 sales in April is also down compared to the beginning of the year.

“While the number of unit sales are down in comparison to the start of the year, this could be a sign of the market kind of balancing itself out after an exceptionally strong first quarter,” said Cruickshank in a news release.

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Active listings for Kamloops rose by a whopping 96 per cent. Cruickshank called the glut of new home listings a relief.

“The increase of inventory is a great relief after having navigated through an inventory crunch since last year,” he said. “This is a promising sign for the market as we are expecting higher sales figures during the typically busy summer market.”

Prices continued their steep ascent, with average single-family home prices up 20 per cent and townhouse prices up 38 per cent.