Lower Mainland exodus? Kamloops real estate sales rise

By James Peters
May 2, 2016 - 3:19pm

KAMLOOPS — The affordability crunch in the Lower Mainland appears to be paying some big dividends for Kamloops.

New numbers released by the Kamloops and District Real Estate Association show 320 homes sold in the region last month - a 40 per cent jump over April of 2015.

Association President Katherine Rutherford says a lot of those buyers are coming from the Lower Mainland.

But Rutherford says not all of them are picking up stakes.

"Some people are buying here, and they are commuting. I mean that is rare, but I have heard of a few people doing that. I've heard of people refinancing their Lower Mainland home, keeping it, and buying one here also," explained Rutherford, adding "I don't know if there is a giant exodus, but there are lots of different reasons for them to be investing here."

For the year to date, the real estate market is up 28 per cent.

Rutherford says low interest rates and the downsizing trend are also contributing to the hot market.


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