Kamloops sees best November in a decade for real estate sales

It was the best November in a decade for real estate sales in Kamloops

A total of 262 residential homes were sold last month, according to a Kamloops and District Real Estate Association media release. That is nearly 40 per cent above the numbers recorded in November 2019.

The average residential home price was $486,376 last month, an increase of 10.7 per cent from $439,304 recorded in November of last year.

“Sales numbers continue to be high in the region due to the pent-up demand caused after the initial COVID-19 outbreak," real estate association president Wendy Runge said in the release.

"Also, this is the first time in 2020 that we’ve surpassed our year-to-date 2019 sales numbers. This means that although we have seen record breaking sales numbers monthly since June, we had been lagging behind because of the sharp drop we had in the early spring."

READ MORE: Real estates sales remain hot in Okanagan, but with fewer options for buyers

Year-to-date, real estate sales surpassed 2019’s figures for the first time and totalled 2,728 units.

A high demand is projected for the Kamloops market in 2021.

"In the wake of a second COVID-19 wave and as we approach the holidays, we will expectedly be recording fewer sales over the next month," Runge said. "But factors such as low interest rates, high demand for single-family homes, and a rising average price will hopefully aid the slow path to a full market recovery in 2021."

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