September 2023 Statistics

Kamloops Residential Real Estate Market Activity Keeps Steady Pace

KAMLOOPS, B.C. – October 5th, 2023. Residential real estate market sales dipped in September as high interest
rates continued to stifle market activity, reports the Association of Interior REALTORS® (the Association).

A total of 977 residential unit sales were recorded across the Association region in September marking a significant
dip from the previous month’s 1,265 units sold and representing a 13.3% decrease in sales compared to September
2022.

New residential listings increased 14.6% compared to September 2022 with 2,384 new listings recorded. The total
number of active listings saw a healthy increase of 16.7% of total inventory compared to September last year with
7,865 recorded across the Association region. The highest percentage increase in active listings continues to be
dominated in the South Okanagan with a total increase of 35.3% compared to the same month last year.

“Typically the fall market starts to pick up momentum in September, however sales activity for the month suggests
that the weight of high interest rates continues to bog down both buyers and sellers,” says the Association of
Interior REALTORS® President Chelsea Mann, adding that “many buyers and sellers have seemingly hit the brakes
on their real estate efforts and have taken a wait-and-see approach hoping for the cost of borrowing to lighten.”

“The market slowdown does not however mean that there aren’t still deals being made. Homes that are priced
appropriately to reflect current market conditions are still being sold at an even pace,” says Mann.

Within the Kamloops and District region, there were 183 residential unit sales recorded last month, down from the
216 recorded in August 2023 with a 0.5% decrease from September 2022’s unit sales.

There were 429 new listings recorded in September in the Kamloops and District region, which was an increase of
19.5% compared to the same month last year, and slightly down from August 2023’s 439 new listings. Overall
inventory, or active listings saw an increase of 14.2% compared to September 2022, coming in at 1,112.

“Kamloops and District sales activity seemed to have trended sideways in September, producing almost the exact
same number of sales as September of last year,” says Mann, adding that “this could just be a case of steady
demand stabilizing activity in the region.”

The benchmark price, a better representation of value compared to the average or median price as it represents a
dwelling of “typical attributes”, saw increases in all housing categories compared to September 2022, with the
greatest percentage increase seen in the condominium category coming in 6.6% higher than the same month last
year at $409,200. The benchmark price for single-family homes increased 3.9% in year-over-year comparison,
coming in at $678,500.

Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from the
knowledge and skills of a practiced REALTOR®. Contact your local REALTOR® to find out more about the real estate
market and how they can help you achieve your real estate goals.