Kamloops home sales marginally lower as inventory shrinks

By James Peters
July 3, 2018 - 11:33am Updated: July 3, 2018 - 5:25pm

KAMLOOPS — The Kamloops real estate market is running slightly below last year's pace, but local officials say homes are still entering and exiting the market very quickly.

New figures from the Kamloops and District Real Estate Association show an 11 per cent drop in June residential sales year over year.

President Doren Quinton says, with half of the year now finished, sales have slowed down slightly in 2018.

"For the first half of the year, we're running, as expected, about five to seven per cent below what were very good sales for 2017," said Quintion. "We're about seven per cent below last year for the first half of [2018] but still very solid."

Homes are generally moving quickly once they are put up for sale, but Quinton says a sharp declining trend in inventory has slowed.

"Inventory for June was down about six per cent. That's not terrible; we have been doing some catch up in that department," said Quinton. "We're down about seven per cent year-over-year at this time. We were down about 20 per cent last year, so we're actually improving in that category a little bit."

"We're still seeing quite a few people coming from out of town, many from the Lower Mainland, some from Alberta and other areas. Demand is still very strong, homes are still selling very quickly. I think we're just continuing that very active pace."

No Trans Canada construction between Kamloops and Chase planned for 2018