October home sales in the Kamloops area set another record with 33% more sales in 2020 than in 2019! There is continued resiliency being shown in our market to fluctuations and coupled with continued low interest rates, a strong market is expected to continue. With the Bank of Canada making news last week that it has no plan to increasing interest rates until inflation reaches back to 2%, we’re looking at potentially historically low rates until 2023.
“Rocked by COVID-19, the central bank says it expects Canada’s economy will shrink by 5.7 per cent this year, but grow by 4.2 per cent next year, and 3.7 per cent in 2022. Inflation, meanwhile, is expected to be 0.6 per cent this year, 1.0 per cent next year, and 1.7 per cent in 2022.” – CBC.ca
Looking at the last 5 year averages of list to sale price ratio, that ratio so far this year is at 97.33% right on par with 2016-2019. So while sale numbers have continued to increase including house prices, that room of movement during negotiation is still fairly intact with what we have seen previously. Unlike some other markets where that number creeps up to and over 100%.
November of last year, there was 170 home sales in the Kamloops region, with a November average of 158. I certainly anticipate another record smashing month, tell me below — what do you think?
Neighbourhoods with the most sales in October (# of sales):
- Brocklehurst (27)
- South Kamloops (24)
- Sahali (23)
- North Kamloops (19)
- Aberdeen (17)
|OCT 2019||OCT 2020||Year to Date|
|AVG. RESIDENTIAL SALE PRICE||$454,585||$487,465||$477,254|
|AVG. DAYS ON MARKET||48||55||57|
|AVG. RESIDENTIAL SALE PRICE||$446,552||$477,254|
|DAYS ON MARKET||46||57|
* Stats are for Kamloops area only, all types of housing as of NOV 5/20 *