The president of the Kamloops and District Real Estate Association says the city weathered the economic storm fairly well in 2008, and wonders if that will be the same during the pandemic.

Wendy Runge says home prices dropped between six and eight per cent in the financial crisis 13 years ago.

“What got hit the most was recreational properties and higher end things. But overall we did okay, and we bounced back. So I kind of look back and say, well, perhaps that will be the same thing that will happen here. The next few months will tell; I think a second wave would be a hard thing to hit again, in the fall. We’ll see how we end up at the end of the year.”

Runge says in 2008, the diverse job market in Kamloops and affordability compared to other places meant the housing market was able to tread water.

Meantime, Runge says COVID-19 is proving you don’t necesarily have to live where you work, which could benefit Kamloops real estate.

She says someone in the Lower Mainland who can work remotely might be most likely to consider that option.

“Again, if you’re from Kamloops… I’ve lived here a long time and I’m still wrapping my brain around this new pricing. But if you’re looking elsewhere, Kamloops is still quite affordable. So other people looking at us say, look at the lifestyle you get for the price you pay.”

Runge says despite COVID-19, Kamloops homes are stilling selling at high price points, and says single-family homes are going quick if they are priced around $500,000.