Kamloops has always had a great rental market when compared with other BC interior cities like Kelowna and Vernon. Kamloops is known more of working class town where as Kelown and Vernon have had more interest seniors downsizing from large cities like Vancouver and Victoria. As a result home prices tend to be a little more expensive in Kelowna and Vernon.
One of the reasons Kamloops has had such a great rental markets over the years has been a lack of multi-family residential units – apartment complexes. The majority of apartment complexes that are out there are old (40 years) and have been well used. Look for this trend to change a bit as demand continues to grow for rental properties in Kamloops.
On top of this large corporations have snapped up a majority of the apartment complexes in Kamloops, with the Kelson Group leading the way. This all translates into a Seller’s market for multi-unit residential rental units (6 or more units) as well some rent stability for current landlords.
This is a graph showing the relationship of list price to sell price of homes in Kamloops over the years as well as the average house values. The data is collected from local real estate companies and local real estate agents and processed by our local real estate association through mls realtor data. This graph represents residential real estate in Kamloops.
If you or someone you know is looking to buy or sell real estate in Kamloops please feel free to contact Andrew Thompson from Century 21 for detailed information about the real estate market.
Red Lake is an area well known for some great fishing and hunting areas. The area resides in a naturally wooded area that provides excellent cover from winds customary in some of the other areas of Kamloops. What is also great about Red Lake is it resides at a slightly higher elevation and as a result is usually a few degrees cooler than valley temperatures. Aside from that there are some great hiking trails that lead to some really nice water holes where someone can enjoy the beautiful natural surroundings.
One of the main reasons why this area is so affordable is that there is a year round dirt road access, that is a blast when you are into driving 4X4. To get a better idea of what the area is like feel free to take a look at this sample video of the road leading to the Red Lake area: