Home > Information Centre > Kamloops Profile > Housing & Taxation

Printer Friendly Page

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 is $291,000. 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 booming. The majority of home purchasers are Kamloops residents upgrading into a new home and other home buyers originating from the Vancouver Lower Mainland, Fraser Valley and outside of BC.

Existing Residential Dwellings by Area - Kamloops

Dwelling TypeCityDallas, BarnhartvaleValleyview, Juniper/RoseHillSahaliAberdeen, DufferinSouth ShoreNorth ShoreBrocklehurstWestsydeRayleigh, Heffley
Single Family 18403 1822 1718 2130 2284 2343 2463 2685 2159 799
Duplex 3053 28 122 545 119 315 676 912 280 56
Multi-Family 8281 20 340 2279 1030 1802 1546 1115 140 9
Mobile Home 1171 144 112 0 71 45 145 355 224 75
TOTAL 30908 2014 2292 4954 3504 4505 4830 5067 2803 939
Source: Kamloops 2004 Statistical Data Report

Residential Unit Construction Activity by Type of Dwelling - Kamloops

YearDetached HouseMobile HomeTwo FamilyMultiple FamilyTotal
1998 150 36 26 139 351
1999 114 13 7 191 325
2000 91 12 1 50 154
2001 137 14 3 242 397
2002 158 14 5 25 202
2003 161 13 5 106 285
2004 246 12 7 269 534
Source: Kamloops Development Services, 2004 Annual Report

New Residential Dwellings by Area - Kamloops

Area199920002001200220032004
Mt. Dufferin 2 2 0 3 13 63
Aberdeen 71 49 66 73 64 91
Sahali 34 9 162 16 75 5
South Shore 154 1 9 4 6 106
Valleyview 0 2 5 6 3 11
Rose Hill 0 3 1 3 2 3
Juniper Ridge 9 6 1 10 9 39
Dallas/Barnhartvale 9 7 15 15 14 24
Heffley Creek 2 1 0 1 0 1
Rayleigh 1 3 2 2 3 6
Westsyde 16 24 18 16 38 29
North Shore 2 0 44 2 3 78
Brocklehurst 9 35 38 6 14 9
Batchelor Heights 16 12 36 45 41 71
TOTAL 325 154 397 202 285 536
Source: City of Kamloops Development Services 2004 Annual Report

Development Activity - Kamloops

Major Activity199920002001200220032004
Building Permits 995 870 1050 1,142 1,251 1,487
Construction Value (millions) $73.0 $52.0 $86.0 $63.9 $125.4 $107.4
Residential
Single Family Dwelling 114 91 137 158 161 246
Mobile Home 13 12 14 14 13 12
Two Family 7 1 3 5 5 7
Multi-Family (Apartment) 191 50 242 25 106 269
Total New Residential Units 325 154 397 202 285 534
Commercial/Industrial/Institutional 178 180 201 172 198 176
Construction Value (millions) $35.8 $29.4 $45.1 $29.0 $82.9 $36.1
Subdivision Applications 64 28 37 36 56 81
Subdivision Lots Created 32 61 61 17 162 257
Strata Lots Created 59 57 43 42 16 74
Rezoning Applications 24 22 23 31 30 50
Development Variance Applications 19 20 21 23 31 30
Development Permits 18 16 19 13 19 24
Preliminary Proposals 19 14 18 18 14 13
Intergovernmental Referrals 11 5 5 7 3 2
Agricultural Land Commission 1 2 2 3 2 4
New Businesses 615 563 544 610 619 579
Source: City of Kamloops - Development Services, 2004 Annual Report

Multiple Listing Service Activity Report for the Month Ending June 2005

Cumulative YTD20052004
TotalResidentOtherTotal ResidentOther
Value of Units Sold ($ 000) 296,845,980 264,272,889 32,573,091 235,508,760 215,976,593 19,532,167
Number of Units Sold 1,858 1,602 256 1,697 1,490 207
Number of New Listings 2,858 2,247 611 2,951 2,339 612
Source: Kamloops & District Real Estate Association - Analysis of MLS Sales Activity Report June 2005

Comparative Housing Prices

LocationSingle Detached
Kamloops $262,500
Vernon $277,000
Penticton $288,400
Salmon Arm $290,700
Kelowna $354,450
Vancouver $588,867
CMHC & Multiple Listing Service 2006

Vacancy Rates and Rents

CMHC reported in Housing Now that the vacancy rate in Kamloops was 2.7 per cent in 2004.  That number is down from 4.3 per cent in 2002.

CMHC figures also 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 by Zone and Bedroom Type - Kamloops 2004

Area Bachelor 1 Bedroom 2 Bedroom 3 Bedroom+ Total
Zone 1 - South Shore 2.4 1.8 0.7 0.5 1.2
Zone 3 - North Shore 0 7.8 3.3 3.9 5.1
Total 2 4 1.7 1.9 2.7
Source: CMHC Fast Fax Rental Housing Market Report - December 2004

Average Apartment Rents by Zone and Bedroom Type - Kamloops

Area Bachelor1 Bedroom2 Bedroom  3 Bedroom+Total
    2002   2004   2002    2004   2002    2004   2002 2004 2002   2004
Zone 1 - South Shore   $439 $448   $521 $535      $638 $654     $729 $759 $578   $599
Zone 3 - North Shore   $402 $404   $453 $465   $538 $573   $649 $634 $498   $519
Total   $432 $440   $496 $509 $  600 $623  $709 $729 $549   $575
Source: CMHC Fast Fax Rental Market Report - May 2005

Taxation

Assessment and Taxation

 200020012002200320042005
Assessed Valuations
Land 1,989,301 2,001,970 1,987,322 2,027,436 2,075,916 2,333,726
Improvements 3,413,108 3,449,783 3,459,420 3,607,889 3,743,209 4,144,085
Less: Statutory Exemptions 766,346 773,238 728,148 778,882 769,128 820,354
Taxable Value 4,636,063 4,678,515 4,708,594 4,856,443 5,049,997 5,657,457
Tax Rate for Municipal Purposes
Residential 8.20 8.41 8.62 8.73 8.83 8.17
Business/Other 17.82 18.02 18.41 19.27 19.95 20.08
Light Industry 29.05 28.66 28.34 29.73 30.38 28.60
Major Industry       70.16 74.64 71.60
Rec/Non-Profit         9.24 9.57 9.61
Farm         10.02 10.28 10.34
Utilities         47.29 49.19 49.86
Source: City of Kamloops - Revenue Department

Distribution of Total Tax Levy - 2005 11.4

Distribution of Assessed Property Values - 2005 11.5