The tougher mortgage rules have not had as much impact in Kamloops as they have in the Lower Mainland.
New figures from the BC Real Estate Association show homes sales dropped nearly 28 per cent across the province in the month of May from the same period last year.
“When you take as much as 20 per cent of the purchasing power out of mortgage borrowers you are going to see an impact in the market.”
Chief Economist Cameron Muir says in Kamloops the number was dramatically lower.
“Overall sales in Kamloops last month were down about seven per cent but that is much less than we see in the urban market in the Lower Mainland for example and prices are up marginally three and a half per cent on a year over year basis and that’s largely the result of lower supply in Kamloops.”
Muir says its a much bigger issue in Vancouver due to sky-high home prices.