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HomeNewsKootenay real estate market continues to cool compared to 2022

Kootenay real estate market continues to cool compared to 2022

The number of residential real estate units sold in the Kootenay-Boundary in February declined 34.1 per cent from the same time last year, according to the Association of Interior Realtors.

However, the 168 sales last month was up from the 111 that changed hands in January.

There were 257 new listings recorded in February, down 24.4 per cent compared to the same month last year. Overall active listings in the Kootenay region increased 37.1 per cent compared to February 2022, with 917 listings overall. 

“In the last couple of months, there has been a seasonal trend indicating an increase in month-on-month sales, suggesting that more buyers may also be interested in entering the market in the coming months,” association president Lyndi Cruickshank said in a news release.

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“It will be interesting to see if there will be a shift in the balance of supply and demand during the spring months where market activity typically heats up.”

The benchmark price, which realtors say is a better representation of value compared to the average or median price because it represents a dwelling of “typical attributes,” saw increases across all home categories in the region compared to February 2022.

The highest percentage increase was in condos, which were up 7.1 per cent, coming in at $278,400. 

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