Kamloops
Kamloops is a city of Canada that is situated in British Columbia, where the south and north Thompson Rivers meet. Numerous skin runs, bike parks and sun peaks resorts hiking trails lie to the northeast. The British Columbia Wildlife Park east of the town is inhibited by bears and Cougars. Above the Kamloops lakes there are clay spires or hoodoos. Heritage Park features and riverside Secwepemc Museum features remains of the 2000 years old village.
Real estate outlook for 2020:
The realtors of the city are not expecting to sell more houses in 2020 as compared to previous year 2019. They also predict the prices to increase in 2020 and 2021. A small 7% rise in the average prices is expected. A further rise of 4% in 2021 was forecasted by BCREA. The total number of houses through the MLS system of Kamloops and the District Estate Association were 120 units in April, 2020. This represents a decline of 55.9% from the month of April, 2019 and this was the minimum record for the month.
On the basis of year-date, house sales total of 681 units during the first four months of the year. This was a decline of 17.7% from 2019. An average price of houses that were sold in April 2020, was $ 422,345 which shows an end up to 2.1% from the first four months of the year. In April 2020, the dollar value of all the homes was $ 49.9 million, decreasing by 55.7% from the month of April 2019. In April 2020 there were a total 232 new residential listings. This was a decrease of 51.4 percent on the basis of year over year. There were 956 units of active residential listing at the end of April. This was a decline of 11.7 percent from the end of month of April 2019. At the end of April 2020, months of the inventory numbered 08, up from 04 months recorded at the end of month of April 2019.
Market growth and stability:
The rent market that is present in Kamloops has a very low vacancy rate as compared to the province and Canada. In 2016, a total of 1.1% rental apartments were on average vacant while 3.7% rental apartments were vacant in Canada. The city has a labor force of almost 48,000 local residents with an average unemployment rate of 7.5%. In contrast to 2011, there was a 0.9% decline in unemployment rate from 8.4% points. The higher unemployment rate among the residents among the age between 15-24 and 65 plus of age generally affect the unemployment rate which collectively consist of approximately 20% of total labor force. Kamloops is generally characterized by a couple of the local industries that consist of a high number of shares of local employment in contrast to the same number of total industries in the whole province. These local industries are called Concentrated industries. The local quotient refers to the ratio of share of the unemployment in the same industry for that province.
