Image Credit: CFJC Today

By James Peters

Real Estate

New data shows growing number of Kamloops home buyers coming from Lower Mainland

Aug 18, 2021 | 3:47 PM

KAMLOOPS — New data shows the red-hot local real estate market is being driven in large part by buyers fleeing the Lower Mainland.

In a news release on Wednesday (Aug. 18), the Kamloops and District Real Estate Association (KADREA) says in the first seven months of 2021, the proportion of buyers coming in from outside the local area has risen to a range of 30 to 40 per cent.

KADREA President Chelsea Mann says that equates to 15 to 30 buyers moving into Kamloops from outside of the area every month.

In 2020, the proportion was typically in the 20 to 30 per cent range.

Further research shows many of those buyers moving up to Kamloops from the Greater Vancouver and Fraser Valley areas.

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KADREA notes in 2020, 405 Kamloops purchasers were previously located in Greater Vancouver. That cohort is on pace to exceed 500 in 2021.

One-hundred ninety-seven buyers originating the Fraser Valley bought homes in Kamloops in 2020. In 2021, the Fraser Valley total is on pace to exceed 250.

Most buyers still originate from inside the Kamloops district, but Mann says the increase in out-of-district buyers shows Kamloops is becoming a more attractive potential landing spot for those looking to leave the big city.