Image Credit: CFJC Today

By Dylana Kneeshaw

LOCAL HOME SALES

Kamloops caps off 2024 with home sales up in Rayleigh, Pineview Valley

Jan 7, 2025 | 5:45 PM

KAMLOOPS — The Kamloops real estate market had a quiet start, and a busy finish to 2024, with a boost in inventory compared to recent years, while benchmark prices for townhomes, condos and single-family homes all saw slight decreases. And the combination appears to have contributed to a calmer balance in the market after the higher-priced, hot sales trend in recent years.

The price tag on most homes for sale in Kamloops saw a minor decrease at the end of 2024. December stats for benchmark pricing showed the average single-family home sitting around $648,100, compared to $650,000 at the end of 2023.

“Probably one of the biggest surprises that we saw is that the price of a single-family home didn’t go down as much as people were hoping,” notes Tracy Moffett, a realtor with Royal LePage in Kamloops.

Those perusing real estate listings in the local area also may have noticed more houses to browse through. The Association of Interior Realtors reports 913 active listings in Kamloops as of December 2024, which is a 23 per cent increase year-over-year.

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“It brings it to more of a balanced market, which is good for sellers and buyers, as well,” notes Moffett, “so having more to choose from is good for everybody.”

Realtors say the broader selection of homes to view had an impact on sometimes frenzied timelines to close an offer.

“It wasn’t necessarily 11 people bidding on the same house, but there were still multiple offers happening in 2024, which was a little bit surprising. At the same time, it’s good to see, too, when things slow down,” adds Moffett.

And as far as where people were buying or selling homes, Moffett says she noticed a few specific neighbourhoods standing out.

“Surprisingly, we saw an increase in sales out in Rayleigh, which is really nice to see. It’s a great community out there and I think at the end of Q3 there was a 700 per cent increase, which I know sounds crazy but it was great to see people moving out there. We also saw in Pineview Valley there was an increase in sales in apartments in that area,” she adds.