September is here and school is back in session – if you’re anything like my house the adults jumped for joy the moment the kids were out the door. Overall the summer season was a busy one, not just for my own personal life but for real estate in Kamloops. Over the month of July and August there was 382 homes sold in the Kamloops area alone. While this is a reduction from the 2018 year, this calendar year has been a slower market which has been an overall good thing for the residents here. Seller’s have had more opportunity to view potential homes to purchase prior to their home receiving an offer and for Buyer’s this has meant the chance of seeing multiple homes before deciding on a property to make an offer on.
In market news, the Bank of Canada has chosen to hold the bench mark interest rate at 1.75%, the rate that has been set since October of last year. For those of you who are not familiar with the BOC’s interest rates, generally speaking, the bank will cut its rate to stimulate the economy, and it will raise the rate in order to calm inflation. Ultimately it would appear at this time that this is a good sign the market has been tamed and the economy does not require stimulation at this point either. The Bank will meet again next month to re-evaluate.
If you are ready to begin your home search, head on over to my listing notifications page and sign up to receive daily alerts when a new listing or price chan
Please don’t hesitate to give me a call on my cell if you have any questions about the Kamloops market and what the current market trends may mean for you.
|Aug 2018||Aug 2019|
|AVG. RESIDENTIAL PRICE||$467,500||$510,000|
|AVG. DAYS ON MARKET||52||48|