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Kootenay real estate market shrugs off interest rate hikes

Real estate sales in the Kootenays have so far been immune to recent interest rate hikes, according to the Association of of Interior Realtors.

In a release, the association said 304 units sold in June, down 18.9 per cent from the same time the previous year. However, average prices saw double-digit percentage increases across all home categories, with the greatest jump of 44.8 per cent coming in condos.

To further break that down, 203 single-family homes sold at an average price of $590,470, along with 42 condos/apartments, at an average price of $332,835 and 21 townhomes at an average price of $414,786.

Our sales performance in June makes us one of the few markets in the province that have not been heavily impacted by the recent interest rate hikes by the Bank of Canada,” said association president Lyndi Cruikshank.

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“Relative figures indicate that the Kootenay region has been withstanding the interest rate tightening and unit sales continue to remain above the average count of 300.” 

Cruikshank says average prices have plateaued since the start of 2022.

There were 583 new listings in June, compared to 558 in June 2021. The overall active listings in the Kootenay-Boundary jumped 14.8 per cent, with 1,261 listings overall.

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