(File photo: CFJC Today).

By Stephanie Swensrude

REAL ESTATE NUMBERS

Kamloops real estate cools to pre-pandemic levels in July

Aug 5, 2022 | 3:21 PM

KAMLOOPS — Residential real estate sales in Kamloops dropped by 39 per cent in July compared to the same period in 2021, sliding down to pre-pandemic levels, according to the Association of Interior Realtors’ monthly report released Friday (Aug. 5).

“Seasonally, it is not out of the ordinary to see a dip in sales in the summer, although real estate market activity across most regions in the province was below average last month, not just within the interior,” says Lyndi Cruickshank, president of the association.

Cruickshank says the Bank of Canada’s interest rate hike contributed to the slower month.

“The higher mortgage interest rates are still impacting the real estate market with some home buyers finding it more difficult to qualify for mortgages.”

The average sale price of a single family home was just over $750,000, up 12 per cent from last July.

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Inventory is up by 125 per cent compared to last July.

“We are seeing inventory starting to accumulate, slowly moving upward to healthier levels of inventory, which is a welcomed relief for prospective buyers,” said Cruickshank.

“With listings showing signs of rebounding from the extreme inventory drought seen over the last few months, we suspect more market activity in the region to come in the fall months with more options for buyers,” says Cruickshank.