Kamloops housing market expected to pick up in the coming months.
Regional Executive Vice President of ReMax Western Canada, Elton Ash says, overall, Kamloops has seen less home inventory on the market in the first quarter.
“Although unit sales are down, prices continue to increase. So we’ve seen about a 9 per cent price increase year over year.”
As far as the January 1st addition of the mortgage stress test, Ash says, that has negatively affected the demand. However,
“When mortgage rates go up for example, it slows the market initially, and then it kind of returns to normal levels because peoples’ expectation levels adjust to the new requirement.”
He adds, once May and June roll around, the market should return to more normal levels of volume than what was seen in this first quarter.