File photo (Image credit/CFJC Today)

By Aaron Schulze

Real Estate Market

Active listings, average home price up year-over-year in Kamloops real estate market

Feb 6, 2024 | 11:52 AM

KAMLOOPS — The Kamloops real estate market is slightly down on new inventory year-over-year to start 2024, but the cost of homes continues to climb.

According to new statistics provided by the Association of Interior Realtors (AIR), the Kamloops and District region saw 113 residential unit sales in January, which is up from 87 in December 2023 but on par with January 2023.

AIR states there were 306 new listings recorded in the Kamloops area to start the year, which is a decrease of 6.7 per cent compared to January 2023. However, overall active listings saw an 8.1 per cent increase compared to same time last year.

“Active listings in the Kamloops and District region had plateaued for a few months and seem to be rebounding,” Chelsea Mann, AIR president says. “This could be a sign that sellers who were waiting on the sidelines for interest rate cuts may be jumping in now with fixed rates being in a more manageable range and trying to get ahead of the potentially busy summer market.”

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Despite the plateau of new listings and increase of overall active listings year-over-year, the benchmark price of all housing categories continued to rise. AIR states condominiums in the Kamloops and District region sit at $378,100 – an increase of 12.3 per cent year-over-year.

Elsewhere, the average single-family home sits at $643,400 and the average townhome sits at $514,800 for increases of 6.9 per cent and 2.7 per cent respectively.