If you’re looking to buy or a sell a house in the Kamloops area, you can expect the average prices to float around the $600,000 mark for the foreseeable future.
That is according to the Kamloops and District Real Estate Association (KADREA), which put out its latest monthly stats Wednesday morning, Jan. 5.
The real estate association says the average house price in Dec. 2021 rose to $663,774, up 33 per cent from $501,465 in the same month in 2020.
Broken further down by single family homes, the average sale price in the Kamloops-area in Dec. 2021 was $833,560, up 34.4 per cent, while the average sale price of a multi-family home was $459,337, up 38.1 per cent.
When you focus on just the City of Kamloops, the average price of a house last month was $650,452, up 28 per cent from the $508,167 it was in Dec. 2020. Through all of 2021, KADREA says the average house price in Kamloops was $580,927, an 18.7 per cent increase from the $489,354 in 2020.
“As we’ve faced an inventory crunch in the last few months, we’ve had buyers who are willing to pay above the asking price. This has led to average prices continually being pushed higher,” KADREA president Chelsea Mann said, in a statement.
“A reversal in this trend is unlikely in 2022 as demand for properties in the region is set to continue and we are far below the benchmark of approximately 2,000 active listings that we would see in a balanced market.”
Data from BC Assessment released this month also showed that the assessed value of the average single family home in the Tournament Capital was up 27 per cent to $619,000 from $488,000 in 2021 while condos and townhouses saw a 21 per cent jump in value to $346,000 from $285,000.
As for number of houses sold in the Kamloops area, Mann says 2021 was a record breaking year with 3,689 home sales, with data going as far back as 2007.
“In the process of achieving this, we carried the hot-market momentum from the last quarter in 2020 into 2021 and maintained the upward pressure on unit sales until the first half of 2021,” Mann added, noting that things were on track for 4,000 sales before ultimately falling short.
“Earlier this year we broke our monthly unit sales and average price records quite easily as compared to 2020 after the initial lockdown months.”
“The rapid sales growth that was recorded across B.C. during most months this year was a result of the favourable government policies, the technology boost that our industry received, and the way realtors maneuvered difficult market situations,” she added.
Total homes sales for the 2021 across the Kamloops area was valued at $2.06 billion, a 50.9 per cent increase from 2020.
#Kamloops & dist. #realestate market completes a record-breaking year with 3689 units sold in 2021.
Visit the #KADREA Market Stats page for more details: https://t.co/nkpkwy9IVU
Download the December 2021 press release here: https://t.co/WlhLqy8LTi pic.twitter.com/YLSrlQOMXP— KADREA (@KADREAOffice) January 5, 2022
