Listen Live

HomeNewsKootenay-Boundary real estate market cools

Kootenay-Boundary real estate market cools

Real estate sales in the Kootenay-Boundary decreased 22.1 per cent last month compared to the same time last year.

The Association of Interior Realtors said in a news release there were 204 sales in September, which was also down from the 300 units sold in August.

The 344 new listings in the region were also an 11.8 per cent decrease compared to last year and down from 412 in August. Overall active listings grew 9.7 per cent compared to last year to sit at 1,470.

“We are seeing a softening in active listings within the Kootenay and Boundary region, suggesting that sellers are entering the market a little hesitantly,” president Chelsea Mann said, adding that “this could also be a by-product of the interest rate squeeze where sellers are holding off on selling in the hope of a rate hike relief before purchasing a new property.”

- Advertisement -

“It doesn’t mean there aren’t deals being made,” Cranbrook realtor Bruce Seitz added. “Homes are still being sold, but it goes back to expectations. Homes that are priced appropriately are being sold. Homes that are overpriced are sitting on the market as buyers can no longer afford to pay inflated prices.”

The benchmark price, which realtors say is a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw percentage increases in all housing categories.

The greatest increase was again seen in the townhome category coming in at $506,200, marking an 11.6 per cent increase. The benchmark price for single-family homes and condominiums saw increases of 5.4 per cent and 1.5 per cent respectively, in year-over-year comparisons.

- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading