Homes in Kamloops sold for almost 20 per cent more last month compared to May of 2020.

The Kamloops and District Real Estate Association says the average home price last month was $547,387, compared to $463,803 in May of 2020. That’s an 18 per cent increase in the cost of homes. KADREA includes all of the Thompson and Nicola regions.

Excluding neighbour communities, the average home price in the City of Kamloops was $567,356 last month, which is a 15 per cent rise from $492,267 twelve months earlier.

In Kamloops, the average single-family home sold for $670,640 last month while the average multi-family home price was $380,809.

And while there are signs of “relaxation” in the local housing market, so far, it’s not to the extent of other regions in B.C., according to KADREA president Chelsea Mann.

“As we haven’t entered the post-pandemic market, I wouldn’t say that the market has necessarily peaked in Kamloops for 2021 yet,” Mann says. “Our sales figures in May have indeed fallen by a few units as compared to April, but this is a regular annual trend. I look at it more like an indicator that the market is balancing itself towards stability.”

Mann says sellers are continuing to see multiple offers on listings and it remains a sellers market, and likely will for the rest of 2021.

She adds there could be “unexpected market behaviour” as the province starts to ease more COVID-19 restrictions.

“As lockdown restrictions are already being lifted across the province, one can’t deny that business activity is only going to grow and real estate, like any other market, will
respond likewise.”

So far in 2021, the average home sale price in Kamloops is $559,000, which is a full $103,000 more than the first five months of 2020.

The number of home sales have more than doubled in Kamloops and all sub-areas of the region, including Merritt, Barriere, Logan Lake and Chase.