The mayor of Kamloops is pleased to see an increase in building permits issued last month for new single-family homes.

The 14 permits issued in October is the most in any month so far in 2020, and the most single-family homes built in one month in Kamloops since May of 2019.

Ken Christian says there’s significant demand and hasn’t been enough supply.

“I’m beyond happy, I’m ecstatic. That’s the part of the development that I was worried was kind of falling behind, was that inventory of lots. Which in turn then allows builders to keep busy, and allows all of the subtrades to keep busy.”

There have now been 77 permits issued in Kamloops this year for new, single-family homes.

In 2019 there were 86 single-family homes built for the whole year, which was the lowest total in the past five years. There 131 new single-family homes built in 2018, 210 built in 2017, 142 in 2016 and in 2015, there were 186.

Realtors and economists continue to point to a lack of supply as a reason for home prices continuing to rise in Kamloops.

Through the first 10 months of 2020, the average single-family home in Kamloops has sold for $536,787, which is a 9.4 per cent increase from 2019.