February 2024 Market Statistics

Kamloops Residential Real Estate Market Activity Trending Upwards

KAMLOOPS, B.C. – March 5th, 2024. Residential real estate market activity heating up heading into the typically
bustling spring and summer market, reports the Association of Interior REALTORS® (the Association).
A total of 810 residential unit sales were recorded across the Association region in February coming in above
January’s 603 units sold yet down a moderate 3.7% in sales compared to February 2023.
New residential listings saw a healthy uptick of 29.5% compared to February 2023 with 2,328 new listings recorded
last month. The total number of active listings saw an increase of 26% of total inventory compared to February
2023 with 6,567 recorded across the Association region. The highest percentage increase in active listings continues
in the South Okanagan with a total increase of 43.3% compared to February 2023.
“It is refreshing to see overall market activity starting to pick up ahead of spring which is typically a busier season
for real estate transactions,” says the Association of Interior REALTORS® President Chelsea Mann, adding that “with
more potential interest rate improvements on the horizon, we are seeing more sellers who were previously
hesitant to list gearing to jump in before the general real estate market spring rush.”
“With an influx of inventory, it would seem that we may be in a transitioning period of recovery heading towards
more balanced market conditions, which also comes as a relief to buyers looking for more options in their
homebuying journeys,” says Mann.
Within the Kamloops and District region, there were 155 residential unit sales recorded last month, up from the
113 recorded in January and 2.6% above January 2023’s unit sales.
There were 400 new listings recorded in February in the Kamloops and District region, which was an increase of
30.7% compared to February 2023 and up from January’s 306 new listings. Overall inventory, or active listings, saw
an increase of 17.7% compared to February 2023, coming in at 937 listings.
“Activity in the Kamloops and District region has steadily been picking up over the last month with both buyers and
sellers seemingly rearing to get going on their real estate aspirations. With active listings climbing, the region may
already be well into the rebound phase with inventory depicting numbers of pre-pandemic levels,” says Mann.
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 February 2023, with the
highest percentage increase once again represented in the condominium with an 11.3% increase coming in at
$380,100. The benchmark price for townhomes and single-family homes increased 2.6% and 5.8% respectively in
year-over-year comparisons, coming in at $526,800 for townhomes and $647,000 for single-family homes.