Last month saw a 13.1 per cent decrease in residential real estate sales in the Kootenay Boundary compared to the same time last year.
According to a news release from the Association of Interior Realtors, there were 252 sales in July 2023, compared to 303 in July 2022. There were also 432 new listings in the region last month, down 8.3 per cent from last year, and also below the 569 new listings in June of this year. Overall active listings in the region saw a 15.6 per cent increase compared to July 2022, hitting a total of 1,520.
“Typically, the Kootenay region sees a tapering off of activity during July as buyers and sellers enjoy the summer recreational activities that make the Kootenays a desirable travel destination during this time of year,” president Chelsea Mann said, adding that “market activity usually tends to pick up again prior to the start of the new school year.”
The benchmark price, which realtors say is a better representation of value compared to the average or median price as it represents a home of typical attributes, saw percentage increases in all housing categories, with the greatest increase in the townhome category, coming in at $513,100, marking a 10.3 per cent increase.
The benchmark price for single-family homes and condominiums saw more modest increases of 3.1 per cent and 3.4 per cent respectively, in year-over-year comparisons.
“The Kootenay Boundary remains one of the more affordable areas in the province making it a desirable relocation option for price sensitive buyers,” Mann said. “With consumers feeling pinched by high mortgage rates, some buyers have gravitated towards eyeing other geographical regions with more affordable options.”