Anyone looking to buy a house in Kamloops can expect a competitive market and fewer options to choose from. So, how far will $500,000 go?
Well, most houses that sold in February were priced between $320,000 and $360,000, according to the most recent stats from the Kamloops and District Real Estate Association, and the median price was $397,000.
Following a province-wide trend, the number of listings is down about 27% compared to last year.
“That’s a huge number and it means we have a lot of buyers out there that certainly don’t have the same choices that they may have had,” said association president Cyndi Crossley.
Crossley said the market is inching closer to the state it was in in 2007, but she isn’t ready to call it a seller’s market just yet. However, properties that are priced right are moving quickly and buyers without pre-approval on their financing could run into trouble, she said.
"Some homes have an offer on them literally within hours and other times there are homes you think should be selling really quickly and don't for whatever reason," Crossley said.
To see what $500,000 can buy, we spoke with real estate agent Brendan Shaw to find homes across the city that paint a picture of how far half a million can go. Shaw said multiple offers are commonplace and Aberdeen continues to be one of the most desirable and expensive areas in which to buy.
These listings may or may not be active.
$524,900
2174 Shaughnessy Hill
Pros: Shaw said this property is in a great location in Aberdeen, a quiet cul de sac close to Aberdeen elementary and Sifton Loop walking trails. The house has lots of interior aesthetic updates, an inground pool and a two-car garage.
Cons: Shaw said this is a 36-year-old house, which may need capital upgrades in the coming years. It’s a three-bedroom house, which is small for a young family who may want extra bedrooms for family or guests.
$496,500
2774 Qu’appelle Blvd.
Pros: Shaw said this is a remodelled house on a spacious quarter-acre lot close to Juniper Heights elementary. It has a nice remodelled interior with a newer kitchen and new flooring.
Cons: Qu’appelle Boulevard is one of Juniper’s busiest streets.
$439,900 (reduced from $469,999)
1104-619 Victoria St.
Pros: Shaw said this is a penthouse apartment with floor-to-ceiling windows in the living room, underground parking and the opportunity for quick possession. It’s in a walkable location, close to the Noble Pig Brewhouse and grocery stores. The apartment faces south so it gets lots of natural sunlight.
Cons: Shaw said the apartment is close to the rail yard so there will be some exterior noise.
$479,900
632 Enzo Rd.
Pros: Shaw said this new build in Westsyde is close to Centennial Park in the Beachmount Estates Subdivision, a great place for a young family. It has a two-car garage and buyers may be eligible for Property Transfer Tax Exemption.
Cons: GST applicable and the basement is only partially finished.
$494,900
2184 Invermere Pl.
Pros: Shaw said this is a spacious house, only six years old. It’s in a cul de sac and within walking distance to Brock Shopping Centre, schools, parks and the bus route. It has a large, three-bedroom main floor and a two-car garage.
Cons: Shaw said there’s a non-conforming suite in the basement.
