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Housing and Taxation

The Kamloops real estate market is affordable.  Housing costs are roughly one-third less than a comparable home in Greater Vancouver.  The Canada Mortgage and Housing Corporation (CMHC) reports the average price for a single detached home in Kamloops for 2010 is approximately $383,000.  More and more home-buyers are taking a look at Kamloops as the best place to raise a family, live and work. 

Housing Starts and Prices

The local real estate market is brisk.  The majority of home purchasers are from Kamloops with others originating from the Vancouver Lower Mainland area, Fraser Valley, Northern BC and outside BC.  The average price for a single-detached home in Kamloops is up to one-third less than a home in Vancouver Lower Mainland area and up to $100,000 less than Kelowna.

Click here to see all major residential projects in Kamloops since 2007. 
 

New Residential Dwellings by Area - Kamloops 

Area 

Number of Dwellings 

Dallas, Barnhartvale 

1,970

Valleyview, Juniper/Rose Hill 

2,475

Sahali 

5,000

Aberdeen, Dufferin 

3,685

South Shore 

2,325

North Shore 

2,920

Brocklehurst 

4,695

West End 

1,145

Batchelor 

1,775

Westsyde 

2,925

Rayleigh,   Heffley

915

City Total 

32,665
Source: StatsCan 2006 Census

Residential Unit Construction Activity - Kamloops

2005

2006

2007

2008

2009

589

680

763

578

420
 Source: BC Stats - British Columbia Housing Starts for Urban Areas and Communities

New Residential Dwellings by Area - Kamloops

Area 

2005

2006

2007

2008

2009

Dufferin 

36

59

31

2

1

Aberdeen/Pineview 

176

201

141

180

136

Sahali 

29

17

51

50

189

South Shore 

319*

15

46

114

60

Valleyview/Orchards Walk 

2

14

26

19

13

Rose Hill 

1

8

1

7

0

Juniper Ridge 

41

25

39

32

10

Dallas/Campbell Creek/ Barnhartvale 

96

103

51

12

6

Heffley Creek

0

1

1

3

1

Rayleigh 

2

3

1

0

1

Westsyde 

45

115

46

23

15

North Shore 

3

5

49

1

60

Brocklehurst 

42

73

50

66

48

Batchelor 

72

141

79

65

48

TOTAL 

864

780

612

574

588
* 2005 numbers include TRU Residence 
Source: City of Kamloops Development Services 2009 Annual Report  

Development Activity - Kamloops

Major Activity 

2005

2006

2007

2008

2009

Building Permits 

1,884

2,255

2,080

1,850

1,408

Construction Value (millions) 

$207.5

$206.8

$185.0

$208.6

$160.4

Residential 

 

 

 

 

 

Single Family Dwelling 

312

348

332

200

134

Mobile Home 

32

60

18

10

9

Two Family 

11

17

12

35

11

Multi-Family (Apartment) 

500

355

250

329

263

Total New Residential Units 

855

780

612

574

430

Commercial/Industrial/Institutional 

203

199

167

176

151

Construction Value (millions) 

$70.8

$72.7

$48.0

$67.4

$61.0

Subdivision Applications 

71

78

75

75

47

Subdivision Lots Created 

409

293

328

364

64

Strata Lots Created 

146

395

190

224

106

Rezoning Applications 

33

43

64

47

54

Development Variance Applications 

34

31

36

38

31

Development Permits 

27

37

50

48

38

Preliminary Proposals 

16

12

21

6

8

Intergovernmental Referrals 

1

5

3

6

3

Agricultural Land Commission 

3

4

3

3

1

New Businesses 

671

675

714

779

734
 Source: City of Kamloops - Development Services 2009 Annual Report

2007 Multiple Listing Service Activity Report for Kamloops

Cumulative YTD 

2009

 

Total 

Residential 

Non-Residential

Value of Units Sold 

$758,876,197

$701,014,757

$57,861,440

Number of Units Sold 

2,578

2,334

244

Number of New Listings 

6,234

4,845

1,389
 Source: Kamloops & District Real Estate Association - 2009 MLS Sales Activity Reports

Projected Comparative Housing Prices 2010  

Location 

MLS Average Price 

Kamloops 

$383,000

Nanaimo 

$320,000

Prince George 

$235,000

Abbotsford 

$346,000

Kelowna 

$425,000

Vancouver 

$605,000

Victoria 

$487,000
Source: CMHC Mousing Market Outlook 2010

Vacancy Rates and Rents

CMHC figures show that the housing prices in Kamloops have been increasing steadily over the past few years.  This is largely due to a strong local and provincial economy.

Vacancy Rates - Kamloops 2009

2005

2006

2007

2008

2009

1.7

0.9

0.5

0.4

1.5*
* CMHC projected vacancy rate for Kamloops in 2009  
Source: CMHC Housing Market Outlook 2010

Average Apartment Rents by Bedroom Type - Kamloops

1 Bedroom 

2 Bedroom 

Oct. 2008

Oct. 2009

Oct. 2008

Oct. 2009

$660

$690

$788

$825
Source: CMHC Housing Market Outlook 2010

Taxation

City of Kamloops Schedule of 2010 Tax Rates

Class and Tax Rates 
Levy  Residential  Utilities  Supportive Housing  Major Industry  Light Industry  Business/ Other  Rec/Non-Profit  Farm 
General - City  4.83 37.64 4.83 69.02 24.01 15.05 10.66 12.14
School  2.4385 14.4 0.1 6.8 6.8 6.8 3.5 6.8
TNRD 0.3593 1.2576 0.3593 1.2216 1.2216 0.8803 0.3593 0.3593
Hospital  0.2141 0.7494 0.2141 0.7279 0.7279 0.5245 0.2141 0.2141
BCAA 0.0664 0.5051 0.0664 0.5051 0.1987 0.1987 0.0664 0.0664
Total Tax Rate per $1,000 Assessed Value 7.9083 54.5521 5.5698 78.2746 32.9582 23.4535 14.7998 19.5798
Source: City of Kamloops - 2010