Kamloops market is still trending in sellers' favour despite COVID

Photo: Contributed

British Columbia and the rest of Canada may still be battling the challenges of COVID-19, but the real estate market in the Kamloops region firmly remains a seller’s.

That’s the view of Aaron Krausert, who along with brother Chris is keen to offer experience and insight to prime clients with the best strategies when either buying or selling their home.

“Yes, we are in a pandemic, but what controls the real estate market is the simple economic concept of supply and demand,” Aaron says. “And in Kamloops, as we have been for the past three years, the demand side has been outweighing the supply side, making for a seller’s market.”

This comes despite the negative national real estate market projections as the COVID-19 virus has affected the Canadian economy.

“With all this worry of value reductions and market collapses, for Kamloops specifically, we remain in a strong seller’s market,” Aaron says. “That means buyers have to be sharp if they get into competitive, multiple-offer situations.”

Helping keep the demand for properties strong has been Kamloops’ diverse economy, which is helped by the fact that both of Canada’s national (CP and CN) rail lines run through the community.

“There are also two mines operating in the region. Plus, Royal Inland Hospital and Thompson Rivers University are major employers that help keep the local economy healthy,” Aaron says. “We are not a one-horse town.

“Yes, some businesses have been affected. But on a larger scale, Kamloops has continued to move forward, and that has been reflected in our real estate market.”

Given that, buyers should be ready to take action when they enter the market. Foremost, that means making sure they have a full pre-approval financing letter from their lender and a sizeable down payment in hand.

“A larger deposit than typical—seller’s will notice that if there’s a multiple offer scenario,” Aaron says.

“Even more importantly, if buyers have a short subject removal period—say, a week, rather than two—that will put the buyer in a much more favourable position.”

Thanks to their experience, Aaron and Chris also have a custom checklist of strategies designed to give their clients an edge in multiple offer situations.

“You must treat those occasions completely differently than when you are simply writing an offer as a sole buyer,” Aaron says. “And it’s a set of strategies we only share with our clients so these methods remain effective for them.”

To find out more about how Aaron and Chris Krausert can help you land the property you want, check out Your Kamloops on Facebook, or email [email protected].