The average price of a home in Kamloops was $659,843 in October, up 34 per cent over October 2020.
To date in 2021, the average sale price of a home in Kamloops is 18 per cent higher than it was last year, increasing from an average of $482,951 in 2020 to $574,558 in 2021.
That data comes from the 2,500 sales that have taken place in 2021 to date, which is also an increase over 2020, when there were 1,889 sales made by this time of the year.
Despite the high average price, Kamloops and District Real Estate Association (KADREA) president Chelsea Mann said relative to the rest of the year, October wasn’t a banner month compared to others this year.
“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,” she said.
Mann added that buyer and seller behaviour is likely still being influenced by post-pandemic effects, but may be further influenced by increasing mortgage rates in the months to come.
“However, no pull-backs are expected and multiple offer scenarios will continue,” she said.
Other areas around Kamloops have grown at an even faster rate, according to data from KADREA.
Logan Lake has seen the biggest year-to-date increase in average prices, up from an average price of $252,971 in 2020 to $377,746 in 2021 — an increase of 49.3 per cent.
Merritt has also seen a year-to-date boom, up 45.7 per cent to $418,426 on average. Meanwhile Barriere is up 38.8 per cent and Chase is up 39.2 per cent.
