Re|Max Real Estate Kamloops Blog

Wednesday, June 10, 2020   /   by Melissa Vike

Is Now a Good Time to Buy or Sell Real Estate?

Is Now a Good Time to Buy or Sell Real Estate?

Traditionally, spring is one of the busiest times of the year for real estate. But the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, sales volume fell to its lowest level since 1984, according to the Canadian Real Estate Association.[1]
However, while sales have fallen, prices have remained stable. The average home price in April was down just 1.3% from the same month last year.[1] And in many metropolitan areas, prices have continued to rise. The Teranet–National Bank Composite House Price Index, which measures 11 major Canadian markets, showed home prices in April were up 5.3% from a year earlier.[2]
Here in Kamloops in April prices were actually still up 1.7% over the same month last year.

But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market? ...

Read More