File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate Market

Twice as many homes on Kamloops market as this time last year: realty association

Jul 6, 2022 | 5:28 PM

KAMLOOPS — At the halfway point in 2022, the Kamloops real estate market is getting back to some semblance of balance.

For months, the Association of Interior Realtors (AIR) has pointed to a lack of supply as one reason prices in Kamloops and other B.C. cities have skyrocketed.

The latest figures released by AIR show a significant increase in available supply, with 1,668 active listings representing twice the amount of listings in June of 2021.

There were 250 residential sales in June, a decrease of 25.6 per cent from the same month in 2021 and another factor contributing to more available supply.

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AIR President Lyndi Cruickshank attributed the cooling market in part to a sharp increase in mortgage rates.

“The impact of the doubling of mortgage rates on residential sales performance in Kamloops and district is starting to show but is not reflective of the kind of impact some of the other regions are experiencing,” said Cruickshank. “Month-on-month sales have remained above the monthly average unit sale figure of 250 since the peak spring months.”

Prices, however, remain on the increase. The average price of a single-family home sold last month was $787,826, up 16.6 per cent from the same month in 2021. Price increases were even more stark for townhouses — 26.3 per cent higher at $569,396 — and condos — 29.4 per cent higher at $403,323.