The B.C Real Estate Association is warning about a big lack of housing supply in the Kamloops market.
Association Chief Economist Cameron Muir says while housing sales stall in Vancouver across the country that is not the case in Kamloops but there are some local causes for concern.
“In Kamloops inventory remains incredibly low. At or near decade lows. Kamloops has not seen the kind of downturn in sales activity that we have seen in other major urban markets in B.C.”
Why hasn’t Kamloops seen a real estate slow down?
“The economy is doing incredibly well in B.C. We are near full employment in most sectors. Rising wages and all of those things are highly supportive of demand. So we are still seeing those fairly buoyant signals having a positive impact in Kamloops and areas north of that.”
Muir says the real estate slowdown in Vancouver and elsewhere is directly linked to the new mortgage stress test.