Kamloops Commercial Real Estate Market Shows Significant Growth in 2015: Colliers International

Kamloops continues to gain momentum as the city's real estate sales increase while vacancy rates decrease.

Although Valleyview and Barnhartvale topped the city neighborhoods, Kamloops has displayed a moderate growth, among the different cities within the region. Homeowners have seen the property value increase from two to three percent.

The recent report on Kamloops' commercial real estate markets showed that vacancy rates for both industrial and commercial spaces has lowered. This significant decrease at the end of 2015 was compared to the data of 2014.

From the 5.2% vacancy rate of 2014, 2015's rate was only 4.1%.  This leaves only 5% of Kamloops office spaces unowned or unused.

According to Katie Martin from Colliers International, the low vacancy rates suggest that businessmen and investors are satisfied with the city's prospects and its economic state. 

On a similar note, buying and selling of homes in Kamloops was also seen to be on a good path. House and lots of above average conditions were purchasable at good rates in 2015.

A certain Melanie Andrew found the perfect one for her family after checking on around 25 houses. "We really wanted something where we had our own house and we had lots of room, and the reason we went with strata is because it's more affordable to get that kind of space," she said.

Realtor Tracy Moffett shared that Kamloops housing market has now posted double digit sales with 14%. She believed that the low interest rate and the current state in Alberta, a neighboring city, led to this increase.

Moreover, houses were seen to be on the market for only one or two days. The properties priced from 300,000 to 400,000 dollars were sold easily especially in November.

Kamloops City Revenue Manager Parissa Bhullar said that there is a probability that property tax payers will get a break covering the year 2015.