One local realtor in Kamloops says time will tell if a new milestone in the local real estate market will mean any affordability concerns.

The median sales price crept over $500,000 for the first time ever in Kamloops last month, and Brendan Shaw was asked if there’s a bubble to burst.

“I think that’s yet to be seen. Right now, there’s no indication, in what we’re seeing from the buyers who we’re working with here in the market, that there is any bubble being burst or anything like that. There’s still lots of demand that’s out there, whether or not that equates to a sale is another story,” Shaw says.

“Areas like (Greater Vancouver), Kelowna, the southern Interior have experienced drastic price increases in the past five to 10 years, whereas Kamloops has sort of remained almost like a steady Eddy. I think the sort of price increases we’re seeing is sort of Kamloops just playing catch up.”

Shaw says while the median price is good news for sellers, for buyers he says mortgage rates from lenders have dropped recently and interest rates from the Bank of Canada have not changed in half a year.

“I think in the next six to 12 months we’ll probably see some telltale signs whether or not Kamloops will sort of follow suit or if we’ll weather the storm,” Shaw says, referencing places like Metro Vancouver where home prices have seen a drop in some cases. “From what we’re seeing (in Kamloops), there’s still a number of purchasers who are out there.”