File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate Market

Sales and prices ease, selection increases as 2022 closes in Kamloops real estate market

Jan 6, 2023 | 11:21 AM

KAMLOOPS — December totals from the Association of Interior Realtors (AIR) show a softening sales market in Kamloops — and greater choice for buyers.

In a news release, AIR says the city ended the year with 75 residential sales in December, down from 130 in November and down 54.8 per cent compared to December 2021.

Sales were down 42.8 per cent across the region, compared to the same month in the previous year.

However, the year ended with 1,911 properties on the market, a huge 172.2 per cent increase from the end of 2021.

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“Our inventory count has continued to crawl its way up to a more balanced figure, but we still aren’t there yet,” said AIR president Lyndi Cruickshank. “Shortage of supply has been the main cause for concern throughout 2022 while demand for homes in

our region continues to hold strong.”

“Looking to 2023, we anticipate inventory will continue to accumulate, as compared to recent years, with all signs pointing to more balanced conditions with buyers and sellers benefitting equally,” she added.

Benchmark prices actually dropped slightly for single family homes ($625,700, a 1 per cent decrease) and condos ($360,400, down 2.6 per cent). The benchmark price for a townhouse in Kamloops rose 9.4 per cent to $512,400.