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Kootenay real estate sales decline in August

Real estate sales dropped 33 per cent last month in the Kootenays compared to the same time last year.

According to the Association of Interior realtors, there were 238 sales recorded in August, which was also down 13.1 per cent from July, when 274 units changed hands.

There were 418 new listings recorded, a drop of 5.6 per cent compared to the same time last year. However, active listings increased 19.2 per cent, with 1,361 listings overall.

“The number of units sold in August in the Kootenay region seems to be bucking the trend as it is not
reflective of the current situation in the rest of BC’s real estate markets, which is seeing below average activity,” president Lyndi Cruickshank said in a news release.

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“Thanks to the high affordability quotient of homes in our region, we’re still hovering around our monthly average sales figure of 250 homes.”

The benchmark price, which represents a home of “typical attributes,” saw double-digit increases across all categories in the Kootenay compared to the same month last year, with the greatest increase occurring within the condos/apartments category for the second consecutive month.

The benchmark price for a single family home was $519,700, up 18.1 per cent; for townhomes it was $472,500, up 29 per cent; and condos/apartments it was $299,300, up 51.6 per cent.

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