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Kootenay real estate market returning to a more normal pace of sales

Almost every month in 2021 set records
The Kootenay real estate market is cooling down after a torrid 2021. THE CANADIAN PRESS/Graeme Roy

Real estate sales in the Kootenays were down considerably for the month of April, compared to the same period last year, but that is to be expected, says the Association of Interior Realtors President Lyndi Cruickshank.

2021 was something of an anomaly, as every month set records.

“It is important to remember that this is not the same market we had a year ago. For almost the entire year in 2021 we had record highs each month, so to say sales are down does not mean they are low, they are just lower in comparison to a time of unusual real estate market activity,”Cruickshank said, adding that rising interest rates will slow the market down as well.

In the Kootenays, there were a total of 307 residential unit sales recorded in April, down 27 per cent compared to the same time last year. Average prices saw double-digit percentage increases across all home categories compared to April 2021, with the greatest increase occurring within the Townhouse category with a 23.7 per cent increase.

And while average prices are going up, the Kootenay region is still more affordable than many areas of the province, with residential home prices varying from $430,000 to $525,000.

New residential listings also dropped 5.6 per cent compared to April of 2021, but up from last month. There were 503 new listings recorded by the Kootenay MLS® in April 2022 and 900 active listings overall in the Kootenay and Boundary regions.

READ: Kootenay real estate market emerging from grip of pandemic, says KAR president

READ: Kootenay real estate sales slower at beginning of 2022

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Carolyn Grant

About the Author: Carolyn Grant

I have been with the Kimberley Bulletin since 2001 and have enjoyed every moment of it.
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