The Kamloops and BC real estate markets went in the same direction in September, South.
The BCREA reports that residential unit sales plunged 33.2 per cent across the province, when compared to September 2017. In the Tournament Capital, it sunk 22 per cent.
Chief Economist Cameron Muir feels there is a reason for a slower Kamloops market.
“Kamloops is much more tied to the provincial economy. Quite frankly the provincial economy has done very well over the past 5 years, well above trend growth, we’re nearing full employment,” Muir said.
“So all of those things are very positive for housing demand.”
“Kamloops remains one of the more affordable markets in the province, and I think that’s one of the reasons why they haven’t been hit as hard as the Lower Mainland.”
Muir added the impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates is negating the effect of the extraordinarily strong performance of the BC economy over the last five years.