Despite wildfire activity and rising interest rates, residential real estate sales in the Kootenay-Boundary were up 19 per cent last month compared to the same time last year.
The Association of Interior Realtors said 300 sales were recorded in the region in August, which was also up from the 252 units that changed hands in July.
There were 412 new listings in the region last month, a 2.4 per cent decrease compared to the same month last year and also down from 432 in July. Overall active listings were up 12.1 per cent over last year to 1,520.
“While a seemingly slower August than usual in some communities within the Kootenay-Boundary, higher sales activity in smaller communities may have bolstered the market for the region resulting in another strong month of real estate transactions,” says Chelsea Mann.
Cranbrook realtor Bruce Seitz further noted the turnaround came after declining sales in June and July.
Nelson and Radium both had record-breaking sales activity in August while most other communities saw more units sold this year than last. Castlegar, Cranbrook, and Sparwood were the exceptions, but Seitz wasn’t sure why. He said the effect of wildfires in the region was very localized.
Benchmark prices, 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 in the Kootenays compared to August 2022.
The greatest increase was seen in the townhome category, coming in at $511,600, which marked a 13.6 per cent increase. The benchmark price for single-family homes and condominiums saw increases of nine and seven per cent respectively, in year-over-year comparisons.