A new study by the B.C Real Estate Association shows the impact of tougher mortgage qualifications rules on Kamloops and the rest of the province.
Chief Economist Cameron Muir says home sales in Kamloops will drop by nine per cent this year to 3050 from 3345 in 2017.
However he expects a small turnaround in 2019
“For Kamloops its been a little more immune to what’s been going on in the southern half of the province on the sale side and even on the pricing side. Home prices in Kamloops are expected to be up six per cent this year, which is well above the one per cent in Greater Vancouver.”
Across the province, Muir predicts unit sales will plunge by 21 per cent to 82,000 after recording 103,000 in 2017.
He says the pullback in home sales is helping alleviate a chronic supply shortage with listings up 20 per cent in B.C in July.