Kamloops real estate has experienced a significant rebound after the wildfire in the economy started to die down in late 2021. This saw a huge surge in real estate purchases resulting in phenomenal profit margins for real estate investors. And yet, despite the massive amounts of money that was pumped into Kamloops homes for sale real estate, the rebound has been slow due to low demand and low supply.
The Luxury That Kamloops Reaches
A total of 382 residential properties of every type sold in April 2021 sold at a price of $1,099,890. That sort of high price gap is understandable given that April 2021 was the beginning of the epidemic and real estate prices declined sharply thereafter. However, since then prices and sales have accelerated on a steep trend that defies both the overall economic trend and the general market downturn caused by CO Vid. It is true that Kamloops real estate sales have picked up pace over the past few months but this still remains to be seen if this will continue or if it will just be a brief pause for the industry, which took a beating.
The slowdown in the market is being felt by both the buyers and sellers in Kamloops real estate. The sellers are opting to hold on to their properties while the buyers are opting to make purchases immediately. This is despite the fact that prices are still too high considering the weak economy. The overall picture of the economy is still bleak with manufacturers shedding millions of jobs. As such, Kamloops real estate sales remain dependent on the overall health of the economy which could take time to develop.