Real eState
Trend continues for Kamloops real estate prices, supply – Kamloops This Week
Kamloops home prices have again reached record highs, but the market may have cooled some, with limited supply choking off both sellers’ and buyers’ options.
Some homes for sale in Kamloops are still receiving multiple offers, even during a time when the market typically slows, according to the Kamloops and District Real Estate Association.
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Homes are also selling as fast as they ever have, with an average of 27 days on the market.
KADREA president Chelsea Mann describes the Kamloops market as “inventory starved” but said the region will still likely see record sales this year, given what has already sold and what future months look like.
“Inventory will remain a cause for concern,” she said.
While this past August was not a record-setting month, with 219 units sold, months prior have shown an increase in sales volume.
In fact, to date, 2021 has towered above in terms of units sold, with 2,656 homes changing hands. That’s about 325 more than the second highest year-to-date figures seen in 2017.
In 2021 so far, the average price of a house in Kamloops has been $563,829 — about 20 per cent higher than it was one year ago, when the average home in Kamloops cost $472,412.
But on top of that price increase, 50 per cent more homes have been sold — from 1,362 in 2020 to 2,049 in 2021.
Other nearby areas within the Kamloops district have also seen increases. Merritt and area is up 41 per cent in volume and 20 per cent in price to an average of $417,328. Barriere and area homes now sell for an average of $445,995, an increase of 46 per cent since last year. Logan Lake and area homes average $380,868 — a 53 per cent increase. Chase and area, meanwhile, saw a 48 per cent increase in price to an average of $647,610, and more of those homes have sold, with volume up 70 per cent to 122 homes changing hands so far this year.
As of Sept. 3, Kamloops had 875 active home listings. Mann said about 350 new listings are added each month, with about 300 sales in the same period.
“It will take some time for the Kamloops real estate market to reach a healthy state of supply,” Mann said.
With such low supply, Mann said sellers may be balancing their decision to sell on the high prices offered by the high-demand market and the difficulty in finding a new home due to lack of supply.
“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,” Mann said.
Real eState
Class action against commissions in real estate clears another hurdle – The Globe and Mail
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Back in 2014, we featured 325 Perth Ave. as the house of the week, boasting how great of a catch it was with its open concept layout, basement apartment, and deep backyard.
Nine years later, it’s had a massive glow-up and is now better than ever.
Listed for $1,899,000, 325 Perth Ave. underwent the renovation of a lifetime back in 2021.
The living room with custom built-ins.
“The owners bought this house in 2014 against 32 other offers and for 133 per cent over asking price, and the media debated heavily at the time if it was a smart decision,” realtor Maggie Lind told blogTO.
But they really made the best of their decision and in 2020, they began a renovation to add a 16-foot addition, build a laneway suite and gut the main floor.
The primary bedroom ensuite bathroom.
But then the pandemic hit.
One of three bedrooms in the main house.
“Because of COVID the laneway house was completed first, and the owners, and their two boys (both under 6) moved into it, even though it was only 350 square feet. Each night they went back to the construction to sleep in the two bedrooms on the second floor,” added Lind.
The kitchen.
The sacrifice was worth it, though, as the renovated home is gorgeous.
The dining room.
The main floor, with an open-concept floor plan, wide plank white oak flooring, and custom built-ins, is beautiful.
The hidden powder room beside the dining room.
There’s also a cheeky hidden powder room on the main floor and the custom kitchen is sleek and modern with quartz counters.
The family room.
The 16-foot addition at the back of the house is now a cozy family room that walks to the back garden and is filled with natural light.
What was formerly the primary bedroom is now another bedroom upstairs.
Upstairs, there are three bedrooms, including a completely new primary suite.
The new primary bedroom.
It has soaring ceilings, double closets, and an ensuite bathroom with a deep soaker tub, walk-in shower, and double vanity.
The lower level unit.
The basement has a separate entrance and could be used as an income-generating space as it has a kitchen, bedroom and bathroom.
The bedroom in the basement.
And if one income-generating space wasn’t enough, there’s also the laneway house at the back of the property.
The laneway house with a garage.
The laneway home is similar in design to the main house – modern, bright, and airy.
The kitchen in the laneway house.
It’s a studio apartment with about 400 square feet of living space, as well as parking and a storage room. It also has its own laundry, making it ideal for tenants and guests alike.
The backyard with storage.
Currently, the laneway house is tenanted for $1,700 a month.
The back of the house with two decks.
This home really went from a snack to the full meal deal.
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- Show personalized content, depending on your settings
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Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
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