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Kootenay-Boundary real estate sales drop 6% in October

The number of homes changing hands last month in the Kootenay-Boundary was down six per cent compared with a year ago.

According to the Association of Interior Realtors, there were 203 sales recorded last month, almost exactly the same as the 204 units sold in September.

There were 292 new listings recorded in the region in October marking a 11.9 per cent increase compared to the same month last year and a decrease from September 2023’s 344 new listings. Overall active listings in region were up 11.2 per cent compared to October 2022 with 1,334.

“Although sales activity is trending below average within the Kootenay-Boundary, it is still one of the more affordable markets in the province,” association president Chelsea Mann said in a news release.

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“As all markets across BC are reeling from persistent high interest rates, Kootenay-Boundary prices have remained fairly consistent. This, coupled with the region’s outdoor lifestyle offerings, makes the Kootenay a desirable destination for buyers from within and outside the province.”

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 in the region compared to October 2022.

The greatest increase was seen in the townhome category, coming in at $498,600, marking a 7.8 per cent increase. The benchmark price for single-family homes and condominiums saw increases of 3.4 per cent and 5.7 per cent respectively, in year-over-year comparisons.

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