The dream of owning a home has always been a symbol of stability and success for Canadians, but for first-time buyers in Kamloops, BC, it’s becoming increasingly out of reach. Rising housing prices, soaring interest rates, and an ever-growing cost of living have created a perfect storm that is locking many young families and professionals out of the market. What was once seen as a natural next step in life now feels like an impossible goal.
Joel Rodriguez, a real estate agent with Brennan Shaw Real Estate, sees these struggles every day. “Affordability is the topic on everyone’s mind,” he says. “Coming up with a down payment is the largest hurdle. Rent takes up such a significant portion of income that saving feels impossible for many.” Rodriguez explains that, for many people, just putting aside money every month is an overwhelming challenge. In Kamloops, the average price of a home has skyrocketed to $657,000 which is an increase of 170% since 2008. This price surge has exceeded wage growth, leaving homeownership out of reach for many residents.
Even with programs like the CMHC’s 5% down payment option, the challenges persist. While this incentive lowers the barrier to entry, it comes with mandatory mortgage insurance, which adds another cost to an already strained budget. For many, these programs feel like temporary solutions that fail to address the root issues in the housing market.
Interest rates only add to the complexity. Rodriguez points out that while today’s rates of 3.75% are lower than the double-digit rates of the 1980s, they still have a major impact on purchasing power. “Lower rates in the past gave buyers more flexibility,” he explains. “Now, even a small increase can push people out of the market entirely.” The combination of rising prices and higher borrowing costs has created a scenario where the idea of buying a home feels more like wishful thinking than a realistic plan.
For developers like Brandon Pittman, who owns Pittman Construction, the challenges begin long before homes even hit the market. The geography of Kamloops, shaped by hills and rivers, makes developable land scarce and expensive. “Land in Kamloops is constrained,” Pittman explains. “This naturally drives up prices because there’s less available land to work with.” Zoning regulations and lengthy approval processes only add to these issues. Developers often wait months or even years for projects to get approved, and these delays drive up costs.
Even when developers aim to build more affordable options, such as smaller homes or condos, they face significant hurdles. High municipal development fees and community resistance to higher-density housing make it difficult to get these projects off the ground. Pittman shares how initiatives like townhomes and duplexes often meet stiff opposition from residents who prefer to maintain the traditional single-family home model. “Without higher-density housing, affordability will remain out of reach for many people,” he says.
Government policies, while offering some incentive programs, haven’t been enough to address these systemic issues. Pittman points to development charges, which can add tens of thousands of dollars to the cost of a home, as one of the major barriers to affordability. While grants and density bonuses exist, they often don’t go far enough to offset the high cost of building in today’s market. Rising inflation has also pushed up the cost of construction materials, such as lumber and concrete, making it even harder for developers to deliver affordable housing.
For many people in Kamloops, the struggle to buy a home is more than just a financial issue, it’s deeply personal. Kamloops has always been an attractive place to live, offering the benefits of a smaller city while still maintaining a strong sense of community. However, as more people move to the area, competition for limited housing grows. Rodriguez explains that while this influx has helped the city’s economy, it’s also made it harder for locals to find affordable housing. “People want to live here,” he says. “That’s great for the city, but it’s creating a market where supply just can’t keep up with demand.”
Pittman adds that the rising cost of housing doesn’t just hurt buyers, it also affects developers. Higher interest rates mean higher borrowing costs for builders, which leads to scaled-back projects and further delays in housing supply. “We’re caught in a cycle,” he says. “The costs keep going up, so fewer homes get built, and the shortage drives prices even higher.”
Despite these challenges, both Rodriguez and Pittman believe there are solutions. Pittman suggests building smaller, more energy-efficient homes and streamlining the development approval process to make it easier for developers to deliver affordable housing. He also advocates for incorporating more townhomes and condos into new developments. “We need to think about practical solutions,” he says. “The current system isn’t working for anyone.”
Rodriguez agrees and sees potential in government-supported initiatives like land trusts and equity-sharing programs. He stresses that homeownership is more than just a financial goal, it’s a way to build long-term stability. “We need policies that give people a real chance to own a piece of their community,” he says.
However, these solutions require a change in mindset from both policymakers and the public. Pittman emphasizes that community support is essential. Without it, every proposed development risk’s being derailed by opposition. “We need to think about the bigger picture,” he says. “If we keep blocking higher-density housing, we’re only making the problem worse for future generations.”
For now, the gap between the dream of homeownership and the reality of the housing market in Kamloops continues to grow. Young professionals and families face difficult decisions. Should they continue saving for a dream that feels increasingly out of reach, or should they move to areas where housing is more affordable, even if it means leaving behind their community and support networks?
Rodriguez remains cautiously optimistic. He believes Kamloops is a resilient city, but he also knows that real change will require effort and collaboration. “If we want Kamloops to stay vibrant and inclusive, we need to tackle these challenges head-on,” he says. “Everyone deserves a shot at owning a home.”
As the struggle continues, the faces behind the statistics become harder to ignore. These aren’t just numbers, they’re families, young professionals, and long-time residents who are being priced out of their own city. The question is no longer whether Kamloops will rise to meet this challenge but how soon it will act before the dream of homeownership fades entirely.
Attached below is the video interview with Joel Rodriguez.