Within the Kamloops and District region, there were 113 residential unit sales recorded last month, up from the 87 recorded in December 2023 and identical to January 2023 sales numbers. There were 306 new listings recorded in January in the Kamloops and District region, which was a decrease of 6.7% compared to January 2023, yet up from December 2023’s 133 new listings.
Overall inventory, or active listings, saw an increase of 8.1% compared to January 2023, coming in at 797 listings. Active listings in the Kamloops area had stagnated, but there seems to be a slight uptick in listings since some of the fixed-term mortgage rates have come down to a more acceptable rate.
The benchmark price saw increases in all housing categories compared to January 2023, with the highest percentage increase in the condominium category for another consecutive month, with a 12.3% increase coming in at $378,100. The benchmark price for townhomes and single-family homes increased 2.7% and 6.9%, respectively, in a year-over-year comparison, coming in at $514,800 for townhomes and $643,400 for single-family homes.
The outlook for the rest of the first quarter of 2024 is pretty positive, especially if the BOC decides to do a rate drop or two. The feds are also looking to spend a pile of money on building new housing for the recent boom of immigrants, so as those start to come online, we should see an uptick in sales volume. The only challenge with the Fed’s push to build is the shortage of willing and able builders at the present mortgage rates.
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