The average price of a single-family home in Kamloops in February was $820,000 (Image Credit: CFJC Today)

By Chad Klassen

HOT HOUSING MARKET

Kamloops realtors feel ‘cooling off’ period introduced by province may drive market demand up further

Mar 31, 2022 | 11:41 AM

KAMLOOPS — The Kamloops real estate market remains hot.

There was a 36 per cent increase in the price of single-family homes in February, exceeding $820,000. The price of townhouses in Kamloops last month jumped by 52 per cent compared to the same time in 2021 —up to an average of $657,000.

With more and more people moving from the coast, more sales are being completed with no conditions.

“Certainly seeing some unconditional offers. I don’t think those numbers are quite as high in our marketplace. If I’m to guess, my personal opinion would be more in the 10 to 15 per cent of offers we’re seeing with no conditions to it — something we haven’t seen in the past before this,” said Kamloops realtor Blair Rota.

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The province estimates up to 70 per cent of transactions are subject-free — mostly in the Lower Mainland — as people feel pressure amid a hot market to be more competitive on their offers.

Starting soon, the B.C. government will give buyers more time — a few days at least — and give them an out if a deal doesn’t feel right. The NDP hopes it cools the market a bit.

Rota is all about buyer protection, but he’s not sure if it’s going to have the desired effect.

“What will these rules do down the road and what will they do with sellers selling their house trying to purchase a property. It could turn into a domino effect of problems. Some even think it could make the market even busier and a little more hectic with more buyers feeling comfortable to come to the table,” he said.

Mortgage brokers in the city say the biggest effect on the market right now will be rising interest rates, not this “cooling off” period. The rate on a five-year fixed mortgage sits at 3.79 per cent. A year ago, it was below two per cent.

The central bank increased the key interest rate by half per cent this month for the first time in more than three years. Economist expect another 0.5 per cent hike in April.

“We’re already in a rising rate environment. We’re already reaching a point where people are saying, ‘Ok, is this a bubble?’ and they’re drawing back a little bit as well,” said broker Travis Colman from Colman & Associates. “There are some other things going on that I think are going to make it difficult are going to make it difficult to measure this [new buyer protection measure], but in my opinion I don’t think it’s going to be effective at cooling the market.”

Colman says it will achieve its goal in protecting buyers, but he always has recommended clients have conditions on their offer, even if it means they lose out on a property to someone with a subject-free deal.

“How do you know that a property wasn’t a grow-op 20 years ago or how do you know the property doesn’t have some other defect or material issue or a zoning issue with a suite in the basement,” said Colman. “Who knows what the problem could be.”