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Kootenay real estate sales weather market slowdown

While residential real estate sales in the Kootenay Boundary continued to be down from the same time last year, they are still faring better than in other parts of B.C.

According to the Association of Interior Realtors, unit sales decreased 34 per cent between September 2021 and 2022, with 235 sales. That was almost the same as August 2022, when 238 units changed hands.

There were 390 new listings in the region last month, which was 10.3 per cent lower than the same time last year. Overall active listings increased 21.6 per cent to 1,363.

“In terms of real estate sales performance, the Kootenay region has behaved more like an outlier in our province with monthly unit sales figures in the region still holding strong,” association president Lyndi Cruickshank said in a news release.

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“The area’s high home affordability quotient is perhaps driving market action and it might be the key reason for the market sustaining through the last three months and holding steady.”

However, Bruce Seitz, a board member with the association said that doesn’t mean prospective buyers are all finding a way into the market.

“Ultimately, high interest rates are keeping some buyers on the sidelines,” he said.

The average sale price has remained above $500,000 for several months running.

The benchmark price, which realtors consider a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes,” all saw double-digit increases across all home categories in the Kootenay compared to the same month last year.

The benchmark price for condominiums saw the greatest increase in year-over-year comparison for another consecutive month with a 46.4 per cent increase to $297,900.

The average number of days on the market has increased to 73 days, up 14 days from last year.

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