Market Reports

Kamloops Real Estate 2010 vs 2021

Happy New Years!

As we celebrate entering into another year, I thought it would be interesting to take a look back at the Kamloops market over the past decade.  What areas were the most popular, number of sales as the population has grown, how supply, demand and inflation changed pricing across the city. 

Neighbourhoods with the most sales in  2010 (# of sales): 

  1. Brocklehurst (257)
  2. Sahali (227)
  3. Aberdeen (191)
  4. South Kamloops (166)
  5. Westsyde (145)

Neighbourhoods with the most sales in  2021 (# of sales): 

  1. Sahali (397)
  2. Brocklehurst (363)
  3. South Kamloops (284)
  4. Aberdeen (265)
  5. Westsyde (225)

Interestingly enough the same 5 neighborhoods have continued to be the most popular with a continued equal distribution of North and South Kamloops. Brock and Sahali were 1st and 2nd for 2010/2021 and not surprisingly those two areas offer the most in terms of variety of housing types. 

Alternative single family housing options;  the half duplex , apartment, townhouse have grown considerably in sales over the past 11 years. That same period we have seen the average home price double and as a result there has been a significant increase in the multi family category of homes. 

All in all it’s always fun to compare year over year but looking at the difference that 11 years has made in our city sure makes the numbers hit home in terms of how much has changed. What changes do you think another 10 years will bring?

 

YTD 2010 2021
LIST TO SALE PRICE RATIO 94.08% 99.45%
TOTAL SALES 2220 3064
AVG. RESIDENTIAL SALE PRICE $297,612 $574,257
DAYS ON MARKET 92 42
# OF SINGLE FAMILY HOUSE SALES

TOWNHOUSE

APARTMENT

HALF DUPLEX

MOBILE

 1391

275

151

67

110

 2154

448

588

236

219

 

 

*Table Stats are for Kamloops area only, all types of housing   – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview,Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *

December 2021 Market Statistics

KAMLOOPS AND DISTRICT NEWS

The Kamloops residential market was on track for 4000 sales by the end of 2021 but fell short at the end of the year. According to KADREA President, Chelsea Mann, “As far as our annual sales performance goes, we’ve had the best year sales-wise in a very long time. Our Year-To-Date (YTD) numbers indicate that 2021 has smashed all sales records dating as far back as 2007. In the process of achieveing 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. 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 all Boards in BC 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. As consumer demand was high but there was much reluctance among both buyers and sellers after the re-opening in mid-2021, Realtors® played a crucial role in building trust among consumers and in shaping 2021 as a recordbreaking year for Kamloops & district real estate”.

The average residential price in Kamloops & district now sits comfortably above the $600k mark. “Looking at the current market situation, average residential prices will continue to float around this figure in the days to come. However, this does not mean that $600k is the benchmark price of all property types. The Kamloops & district region is one such area in BC where we can find a range of properties across all price points. Based on the property-type that one may choose, an average consumer in Kamloops can still find properties to best match their budget. 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. 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 2000 active listings that we would see in a balanced market”, added Chelsea.

Neighbourhoods with the most sales in  December (# of sales): 

  1. South Kamloops  (19)
  2. Brocklehurst (17)
  3. Sun Peaks (14)
  4. Sahali (14)
  5. Westsyde (13)

Neighbourhoods with the most sales in  2021 (# of sales): 

  1. Sahali (397)
  2. Brocklehurst (363)
  3. South Kamloops (284)
  4. Aberdeen (265)
  5. Westsyde (225)
  DEC 20 DEC 21 Year to Date
NEW LISTINGS 167 99 3609
TOTAL SALES 196 1401 3064
AVG. RESIDENTIAL SALE PRICE $496,001 $631,165 $574,257
AVG. DAYS ON MARKET 73 46 42
ACTIVE LISTINGS 418 542  

–

 

YTD 2020 2021
NEW LISTINGS 3052 3609
TOTAL SALES 2404 3064
AVG. RESIDENTIAL SALE PRICE $483,073 $574,257
DAYS ON MARKET 60 42

 

*Table Stats are for Kamloops area only, all types of housing as of Jan 13/22  – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *

November 2021 Market Statistics

KAMLOOPS AND DISTRICT NEWS

Although there were fewer sales in November compared to 2020, the year-to-date (YTD) sales are at a 10-year high for KADREA REALTORS®. Chelsea Mann, KADREA President, has seen this first-hand. “The market is still very hot. Our active listing inventory is on the low side, and ‘days on market’ for the typical residential listing keeps coming down. If you’re in the market for a home, you need to act quickly.” High consumer demand continues to push sale prices upward, although Mann believes this may cool down in 2022: “Forecasted mortgage rates will likely put some downward pressure on home prices in 2022, but the market still desperately needs more housing supply. The government is looking at potential initiatives to help boost the supply, but at this point, I’m not confident the proposed measures will support the housing market in the right way.”

Mann is referring to the provincial government’s announcement of new legislation that will require cooling off periods for resale properties and newly built homes. “Our industry supports evidence-based policy, and our provincial association, BCREA, as well as the 10 real estate boards in British Columbia, look forward to a thorough consultation process to understand the full scope of the impact this will have on the market.”

Neighbourhoods with the most sales in  November (# of sales): 

  1. Brocklehurst  (29)
  2. Sahali (19)
  3. Aberdeen (18)
  4. Juniper Ridge (16)
  5. South Kamloops (16)
  NOV 20 NOV 21 Year to Date
NEW LISTINGS 198 219 3510
TOTAL SALES 213 2111 2922
AVG. RESIDENTIAL SALE PRICE $526,917 $615,717 $571,481
AVG. DAYS ON MARKET 73 35 42
ACTIVE LISTINGS 546 632  

–

 

YTD 2020 2021
NEW LISTINGS 2885 3510
TOTAL SALES 2208 2922
AVG. RESIDENTIAL SALE PRICE $481,926 $571,481
DAYS ON MARKET 59 42

 

*Table Stats are for Kamloops area only, all types of housing as of Dec 7/21  – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *

October 2021 Market Statistics

KAMLOOPS AND DISTRICT NEWS

At the start of 2021’s final quarter, it was predicted that our market will follow it’s seasonal course and that sales numbers will pick up in the fall months. However, October 2021 didn’t see much growth as compared to the sales numbers in the last quarter. According to KADREA President, Chelsea Mann, “I have to admit that we can’t stay at record-levels all the time. Having sold 294 units last month and 296 units sold the month before, our sales performance appears to be quite balanced. The real estate market across BC is quite evidently facing the same  situation that Kamloops is. In the simplest terms, high consumer demand continues to drive sales but it’s the supply that’s holding the entire market back. This leads to constant upward pressure on average prices and may begin directing buyers away to more affordable areas in the province. We must also not ignore the fact that it will be a while before we fully recover from the supply shock we suffered during the early 2021 hot-market. This is a time when the consumer needs support from those who understand real estate market behaviour and scenarios, and there’s none better than a REALTOR® to help both buyers and sellers in these uncertain times.”

Average home prices in Kamloops have been increasing for the last 12 months without a single month showing a downtrend. “Kamloops & district has been in a seller’s market for much longer than that. But since supply has been a major problem for us in the last few months, we’ve witnessed that even interested sellers are holding off from listing their properties. Buyer and seller behaviour in the region is still being dictated by the post-pandemic effects but is expected to be influenced by increasing mortgage rates in the months to come. However, no pull backs are expected, and multiple offer scenarios will continue”, added Chelsea.

Neighbourhoods with the most sales in  October (# of sales): 

  1. Sahali |(28)
  2. Aberdeen (24)
  3. South Kamloops (22)
  4. Brocklehurst  (22)
  5.  Juniper Ridge (20)
  OCT 20 OCT 21 Year to Date
NEW LISTINGS 243 265 3291
TOTAL SALES 280 246 2709
AVG. RESIDENTIAL SALE PRICE $483,934 $637,120 $568,233
AVG. DAYS ON MARKET 55 32 42
ACTIVE LISTINGS 626 659  

–

 

YTD 2020 2021
NEW LISTINGS 2687 3291
TOTAL SALES 1995 2709
AVG. RESIDENTIAL SALE PRICE $477,122 $568,233
DAYS ON MARKET 57 42

 

*Table Stats are for Kamloops area only, all types of housing as of Nov 15/21  – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *

September 2021 Market Statistics

INDY’S COMMENTS 

September was quick to arrive and end with getting back into the school routine and the fast approach of fall weather. The leaves this year seemed to turn orange and drop quicker then ever. Leaves are not the only thing that have been dropping however with unit sales continuing to drop for the sixth consecutive month. Sales peaked in March 2021 and have been dropping every since, while gradual it has been a trend none the less. Inventory was following the same trajectory with a slight uptick these past three months, unfortunately very marginally and not enough to feel a correction on prices.  Average sale price continues to climb this year and at this point in the year I do not see any changes happening this winter which is good news for Sellers. 

KAMLOOPS AND DISTRICT NEWS

We’ve entered the final quarter of 2021 and the Kamloops real estate market appears to be all set to close the annual sales performance on a high note. According to KADREA President, Chelsea Mann, “This is quite true, considering the demand that we’re continuing to see. However, we must be aware that the extreme hot market that resulted due to the pent-up demand during the pandemic, appears to be over. We have seen sales numbers drop a little since they peaked in April 2021, but I’m glad that there has not been any abrupt fluctuation in our performance. We have seen an influx of out-of-district buyers in addition to the local buyers throughout the pandemic and although the number of sales has come down, we are still experiencing multiple offers scenarios due to the extreme lack in inventory. I’m confident that demand for properties will continue to remain high in the coming months as well and although our unit sales numbers have traversed horizontally on our performance charts in the last 3 months, our performance for the first three quarters of the year create the perfect scenario for us to close the year on a high.”

For the buyers, upward pressure on Average Prices because of falling inventory in the last year seems to be the major problem that Realtors® will have to address. “Upward pressure on Average Prices in real estate is a real predicament because as affordability continues to erode for Buyers because of the lack of supply, some Sellers are holding off from listing. Although they stand to benefit financially on the sale, they will be faced with difficulty in finding their next home once they become the Buyer. We can’t deny that Covid-19 may still be restricting sellers from listing their homes at the moment as well, but hopefully this is something that will address itself in due time. This problem of extreme lack of inventory is a puzzle that will stay with us for a while”, added Chelsea.

The number of new listings hitting the market has stagnated over the last 3 months. Chelsea adds, “As I’ve mentioned before, inventory will continue to be an issue in the region for at least the next year. That by itself, is a healthy reason for homeowners to make the best of this opportunity and get good value for the purchase they made years ago. Once the environment around real estate transactions changes and the inventory crunch balances out, the same demand that we see today may not be able to fetch the same value for sellers when it happens.

Neighbourhoods with the most sales in  September (# of sales): 

  1. Brocklehurst (41)
  2. Sahali (25)
  3. Sun Peaks (24)
  4. Aberdeen  (22)
  5.  South Kamloops (21)
  SEPT 20 SEPT 21 Year to Date
NEW LISTINGS 308 324 3026
TOTAL SALES 274 245 2460
AVG. RESIDENTIAL SALE PRICE $514,509 $584,821   $561,598
AVG. DAYS ON MARKET 63 37 43
ACTIVE LISTINGS 722 675  

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YTD 2020 2021
NEW LISTINGS 2444 3026
TOTAL SALES 1715 2460
AVG. RESIDENTIAL SALE PRICE $476,010 $561,598
DAYS ON MARKET 57 43

 

*Table Stats are for Kamloops area only, all types of housing as of Oct 12/21  – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *

August 2021 Market Statistics

INDY’S COMMENTS 

With schools back in session and blue skies overhead it’s that time of year where we are reminded that fall is quick approaching and another year is 2/3 of the way complete.  These first 8 months of the year were quick paced and the market was aggressive for the first two quarters. This last quarter here we did begin to see a slight increase in sale to listing ratio providing a sign of a more balanced market on the horizon.  August was more in line with a typical seasonal pattern with signs of a carry over into September.  We can anticipate continued strong movement for Seller’s however there will be some reprieve for Buyer’s in that thing wont be quite an intense as later half 2020 and beginning of 2021.  

KAMLOOPS AND DISTRICT NEWS

The Kamloops real estate market behaviour is following its annual trend where sales are slower during summer months and pick again during the fall season. According to KADREA President, Chelsea Mann, “Although sales last month were lower than expected, my prediction for 2021 is going to remain positive for the rest of the year. As I have been mentioning before, we’re having a strong year and we’re on track to break our annual sales records. I agree that the demand for residential properties in Kamloops and district has been balancing since the start of the second quarter but the demand for Single-family homes continues to be high with some sellers in the region still experiencing multiple offer scenarios. One will notice that we’ve had a 20% drop in sales as compared to Aug 2020 but let’s not forget that the hot market erupted during the same time last year. Currently, we’re having our monthly sales performance follow a seasonal pattern, and that’s a sign of a healthy market.”

With 875 active listings currently, about 350 new listings on an average per month, and around 300 sales per month; it will take some time for the Kamloops real estate market to reach a healthy state of supply. Chelsea adds, “A selling decision often becomes a difficult decision to make in a high-demand and low supply market. While a seller may feel that this is a good time to take profits from their home equity, finding a replacement can be difficult. Sellers who can get good value for their current home, may find it difficult to find a new home in an inventory-starved market like this one. This coupled with the aftermath of the fires, changing regulations, and an unforeseen upcoming election, may have had a discouraging impact on prospective sellers in the region. All of this will change positively, as we approach fall.”

Neighbourhoods with the most sales in  August (# of sales): 

  1. Sahali (30)
  2. Aberdeen (25)
  3. Westsyde (23)
  4. South Kamloops (22)
  5.  North Kamloops (22)
  AUG 20 AUG 21 Year to Date
NEW LISTINGS 339 311 2703
TOTAL SALES 277 243 2212
AVG. RESIDENTIAL SALE PRICE $469,367  $586,629   $558,846
AVG. DAYS ON MARKET 58 44 44
ACTIVE LISTINGS 749 641  

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YTD 2020 2021
NEW LISTINGS 2136 2703
TOTAL SALES 1441 2212
AVG. RESIDENTIAL SALE PRICE $468,689 $558846 
DAYS ON MARKET 56 44

 

*Table Stats are for Kamloops area only, all types of housing as of Sept 7/21  – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *