Another slow month of home sales across British Columbia in February.

The BC Real Estate Association says there were 4,533 home sales last month, down 27 per cent from the same time last year.

Deputy Chief Economist Brendon Ogmundson says in Kamloops, there were 180 home sales, and that’s down 8 per cent.

“It’s really been a challenge for B.C. homebuyers and prospective home buyers that are kind of being sidelined after their purchasing power was cut by up to 20 per cent by the new mortgage rules.”

Ogmundson adds the average Kamloops home price was $422,000 last month, up about 12 per cent from February 2018.

“It’s a pretty big jump, kind of a one month thing, but market conditions are pretty tight in Kamloops,” he said. “Active listings, so the total supply of homes for sales is low, and it hasn’t really grown much in the past year.”

“And that’s putting an upward pressure on prices. Although 12 per cent increase in prices year over year is not going to be the norm, there is going to be some significant price pressure unless you get more supply onto the market.”

Province wide, the average sale price was down 9 per cent in February, 2019.