The Kamloops Real Estate Board has set a new high in average residential sale price, climbing to $515,000! It’s not hard to see why when you see the number of new listings down and sales up from this time last year. Supply and demand certainly made an impact as we entered into the fall season; partially carried over from seasonal shifts, new construction and holding interest rates.
Announced on Oct 30/19, the Bank of Canada chose to hold its rates at 1.75%. As shared by CBC News Governor Stephen Poloz noting that Canada has “not been immune” to the effects of a global economic slowdown. In his opening statement during a meeting with members of the media, Poloz said the “worsening global situation” is the primary issue for the Canadian economy. “Economic forecasts have been marked down further in most countries, largely as a consequence of the escalation of trade actions and uncertainty around what may be next,” he said. “Heightened uncertainty about future trade policies is directly reducing business investment, and there is a risk that this will spread to households as well.”
While lower interest rates mean lower monthly mortgage expenses, it can also mean that that households over extend on new financing (cars, new homes, line of credits). It cannot be ignored that holding interest rates have an effect on the housing market – specifically for the Kamloops market where we have not seen a significant correction in our market it seems to be continuing to allow first time home buyers enter in.
If you are curious about how the current trends may affect your current or future home purchase/sale. please don’t hesitate to give me a call on my cell; 778-220-4639.
If you are ready to begin your home search, head on over to my listing notifications page and receive up to date listings, price changes and sale price information.
|October 2018||October 2019|
|AVG. RESIDENTIAL PRICE||$487,000||$515,000|
|AVG. DAYS ON MARKET||75||51|