Kamloops real estate market plummets in wake of pandemic

Photo: Brendan Kergin

The impact of the COVID-19 pandemic was definitely felt in the Kamloops real estate market last month.

There were just 120 residential property sales last month, according to statistics from the Kamloops and District Real Estate Association. That's a drop of 56 per cent compared to April 2019. Listings were also down by more than 50 per cent, which means supply and demand remained close, according to association president Wendy Runge.

"While demand for new homes undoubtedly slowed during April, the lack of supply kept home prices inching upward," she writes in a media release  "The average sales price for a single-family home during April 2020 was $495,753 compared to $459,828 last year for a gain of 7.8 per cent."

Because of the low supply, Runge expects buyers to continue to be challenged in the market.

"Once COVID-19 restrictions are eased and supply improves, we expect to see a significant jump in new sales as pent up demand paces the market," she writes.

Sales by dollar amount are down by a similar amount in Kamloops, with $50.1 million worth of property sold in April 2020, compared to $118.8 million in April 2019.