The Canadian Real Estate Association says home sales in March hit a record high as they continued their rebound from the lows of earlier this year when the COVID-19 froze the market. THE CANADIAN PRESS Jonathan Hayward

Seller’s market continues for Kootenay homeowners

In Trail, sales were up almost 40 per cent from the same time last year …

Throughout the Kootenays, monthly sales numbers have been record-breaking for 12 months in a row, as home prices continue to rise.

The Kootenay Association of Realtors reports that a total of 372 residential unit sales were recorded by the Multiple Listing Service (MLS) in March 2021, a rise of 84.1 per cent from March 2020.

The average MLS residential price in the region was $428,629, a 25 per cent rise from $342,708 recorded in the same month last year. Total sales dollar volume in March was $159.4 million, a 130.7 per cent rise over March 2020, which stood at $69.2 million.

“For the last five years we had seen consistent sales numbers but that trend has been disrupted by the pandemic,” said KAR President, Chuck Bennett. “Such a change in market behaviour can be attributed to buyer fatigue that the region has seen since the 2016 hot market. As the demand for residential properties continues to grow, we will see this uptrend in the coming months as well.”

In Trail, sales were up almost 40 per cent from the same time last year, with 18 residential units sold in March 2021 compared to 11 in 2020. There were also 29 new listings last month compared to 20 in 2020.

According to the Canadian Real Estate Association, 36 residential homes have sold in Trail this year, slightly more than previous years except for 2012 when 37 homes sold. Yet, inventory is down to a 10-year low with an average of 28 homes listed at the end of each month since January, compared to 33 last year and 136 active listings in 2012.

In Rossland there is a drop in active listings from 39 in March, 2020 to 23 in 2021, however, sales indicate a significant rise from three in March 2020 to 14 last month. New listings were also up with 12 this year compared to 10 in the same month last year.

The average price for a Rossland residence is $482,420, compared to $681,908 in Nelson and $343,069 in Trail.

Falling inventory numbers across BC has led to a surge in average prices, and an increase in demand, which Bennett believes will be met in the coming months.

“In the Kootenays, it is true that homes are currently selling with multiple offers,” said Bennett. “Not just compared to a small dip in sales in March last year but even looking at our performance in the last five years, we have sold more month-on-month.

“In such a scenario, inventory numbers are bound to be low. However, our YTD numbers suggest that there is no downtrend in the number of new listings that we’re adding. We’ve been vocal about low inventory in the last few months but since the start of 2021, we’ve been adding new listings at a faster rate.

“As average prices are bound to rise in multiple offer situations, as a realtor I can attest that this is a good time for the sellers in the market. Which in turn is the reason why we will continue to see more new listings in the market through summer. There is a spike in average prices indeed, but it is more of a consistent rise that we see in healthy markets.”

Year-to-date (YTD), Kootenay MLS residential sales dollar volume in March was $372.9 million, 102.4 per cent higher as compared to the sum in the first three months last year.

YTD residential unit sales were up by 60.8 per cent at 875 units, while the average MLS residential price (YTD) was up by 25.7 per cent to $426,217. As of April 06, 2021, there were 865 active residential listings in the Kootenay region.

City of TrailReal estateRossland

Just Posted

North Okanagan business Hytec Kohler set up a COVID-19 vaccination clinic at the Spallumcheen plant Friday, May 14. (Jennifer Smith - Morning Star)
More than half of eligible adults in Interior Health vaccinated

Over 365,000 vaccine doses have been administered throughout the Interior Health region

Student-nurse Kendra Waterstreet administers the Pfizer vaccine to Litia Fleming at the Waneta Plaza vaccination clinic in the old Zellers buiding. Photo: Jim Bailey
Trail vaccination clinic readies for adults age 40+

B.C.’s state of emergency is extended through the end of day on May 25

Kerry Reed
West Kootenay Fishing Report: Spring fishing, the bite is on!!

Anglers having great results on Kootenay Lake and Columbia River

New Border Bruins owner Dr. Mark Szynkaruk reps team colours with his young sons and wife Tracey. Photo courtesy of the Grand Forks Border Bruins
KIJHL’s Border Bruins sold to Grand Forks doctor

The league announced the sale Friday, May 14

For something a little different this week, Trail Blazers is featuring an historical image from the Kootenay Boundary. This rough and tumble photo shows the Forshaw Ranch near Phoenix, B.C, circa 1914. Photo Credit: Boundary Heritage Facebook Page (via Grand Forks Gazette)
Trail Blazers: Home, home on the range

Trail Blazers is a weekly historical feature

Daily confirmed COVID-19 cases reported to B.C. public health, seven-day rolling average in white, to May 12, 2021. (B.C. Centre for Disease Control)
B.C. preparing ‘Restart 2.0’ from COVID-19 as June approaches

Daily infections fall below 500 Friday, down to 387 in hospital

Sinikka Gay Elliott was reported missing on Salt Spring Island on Wednesday, May 12. (Courtesty Salt Spring RCMP)
Body of UBC professor found on Salt Spring Island, no foul play suspected

Sinikka Elliott taught sociology at the university

The first Black judge named to the BC Supreme Court, Selwyn Romilly, was handcuffed at 9:15 a.m. May 14 while walking along the seawall. (YouTube/Screen grab)
Police apologize after wrongly arresting B.C.’s first Black Supreme Court Justice

At 81 years old, the retired judge was handcuffed in public while out for a walk Friday morning

Dr. Steve Beerman, of Nanaimo, shows off his Dr. David Bishop Gold Medal, awarded for distinguished medical service. (Karl Yu/News Bulletin)
Queen presents Vancouver Island doctor with award for global drowning prevention

Dr. Steve Beerman receives Royal Life Saving Society’s King Edward VII Cup at virtual ceremony

Tim Miller is selling his 76-foot steel bridge from his property in Burton, B.C. The bridge originates from the railway in Revelstoke. (Contributed)
For sale: a 100-ton 19th century bridge by Arrow Lakes

Bridge is in Burton, B.C. and advertised for $40,000

Former UFV Cascades wrestling coach Arjan Singh Bhullar is now the ONE heavyweight champion after defeating Brandon Vera via TKO in round two on Saturday in Singapore. (ONE Championship)
Former UFV wrestling coach wins MMA championship

Arjan Singh Bhullar captures ONE heavyweight title, first Indian origin fighter to achieve honour

Astra Zeneca vaccine waits for injection in a Feb. 3, 2021 file photo. A Langley man has become the second B.C. resident to suffer a blood clot following an injection. (AP Photo/Frank Augstein)
B.C. man required emergency surgery after AstraZeneca vaccination

Shaun Mulldoon suffered ‘massive blood clot’ after jab

Chilliwack’s Kile Brown, performing as drag queen Hailey Adler, dances and lip syncs in front of hundreds of people during the inaugural Chilliwack Pride Barbecue at the Neighbourhood Learning Centre on Aug. 24, 2019. Monday, May 17 is International Day Against Homophobia, Transphobia and Biphobia. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of May 16 to 22

International Day Against Homophobia, Talk Like Yoda Day, Sea Monkey Day all coming up this week

Most Read