The Kamloops real estate market remained stable in September, despite signs in urban centres of an abrupt slowdown.
Residential sales last month fell by about four per cent from the same time last year. That compares to a 33 per cent decline in Vancouver and 21 per cent slide for Toronto in September.
Royal LePage issued a report Wednesday warning that home prices will weaken this year as sales decrease.
“A drop in the number of homes trading hands typically precedes a period of softening house prices,” stated the report. “Where there is reduced demand, those who want to sell their homes adjust their asking price to stimulate interest.”
Dave Perissini, president of Kamloops and District Real Estate Association, said the local market hasn’t seen the dramatic price increases observed in some major cities.
The median home price here in September was $332,000, down from $358,000 a year ago. But Perissini cautioned the median in this market can be swayed by the number of high-value homes sold during a particular month.
The number of homes for sale, about 2,200, is unchanged from a year ago.
“You have to separate out every market. In Kamloops, we’re up (sales) about 4.4 per cent for the year.”
Peressini said the association expects that increase to moderate. By the end of the year, it predicts overall sales to be up about two per cent over 2011.