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House prices in Kamloops down a whopping 23.5%

Over the past six months, the typical house value in Kamloops plunged $189,330 -- to $631,660 from a record-high $820,990.

That's a 23.5% plummet.

When Bank of Montreal chief economist Doug Porter was in the Thompson Okanagan this fall he predicted a mild recession and home prices sliding 15-30% in most cities.

With Kamloops already down 23.5% that could mean there is room for more drops.

If the full 30% downturn becomes reality that could mean the benchmark of a single-family home at $574,693.

Sales are also down significantly -- 50% less for single-family homes, 41% off for townhouses and a startling 70% plummet for condominiums.

</who>Lyndi Cruickshank is the president of the 2,500-member Association of Interior Realtors.

The numbers are worrying if you're a homeowner seeing equity disappear or you're trying to sell your home in a falling market.

The figures may actually be encouraging if you're looking to buy a home and get a deal.

Yet, prices in Kamloops are still historically high, meaning it remains unaffordable for many people.

Home prices and sales started to crash in the summer as inflation took off and interest rates -- including mortgage interest rates -- were raised to try and keep inflation in check.

Inflation is still high, but it has slowed, and interest rates are expected to come down at the tail end of next year.

However, inflation and rates are not expected to return to the near zero they were in the pandemic.

The Association of Interior Realtors doesn't seem to be too concerned by the Kamloops numbers and is putting the trend in perspective.

"Although the numbers seem far below what we have become accustomed to, comparing sales from this year to last year would be like comparing apples to oranges," said association president Lyndi Cruickshank.

"Comparing to a typical seasonal pre-pandemic November would represent a more accurate comparison over the frenzied market over the last few years, which would show that we are currently not that far off from an average November."

</who>This 2,000-square-foot, four-bedroom, two-bathroom house on Collingwood Drive is listed for sale for $639,900, which is just a little more than the $631,600 benchmark selling price of a typical house in Kamloops last month.

In that vein, the benchmark selling price of a typical single-family home in Kamloops in November was the aforementioned $631,600, which is actually 1.5% more than it was in November 2021.

But, what that comparison doesn't tell is how prices escalated frantically from December 2021 to May 2022 before taking the big dip they did in the past six months.

In November, 80 single-family homes sold in Kamloops, down 50% from the same month last year.

The $540,500 benchmark selling price of a townhouse last month was up 17% from November 2021, but down from the record-high $569,396 in the spring.

Only 19 townhouses sold last month, a 41% drop.

In November, the benchmark selling price of a condo was $376,400, up 4.8% from the same month last year, but off from the record-high of $403,323 in June.



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