The Kootenay Boundary real estate market demonstrated remarkable strength in October, significantly outperforming typical seasonal slowdowns and exceeding the performance of many other areas within British Columbia's Interior. Data from the Association of Interior Realtors indicates that activity in the region surpassed its 10-year average for the month, showcasing steady and stable growth.
Key Takeaways
- Residential real estate activity in the Kootenay Boundary was up in October, exceeding the 10-year average.
- The region recorded 300 sales, a 33.9% increase year-over-year.
- Benchmark prices for single-family homes and townhomes saw notable increases.
October Market Performance
In October, the Kootenay Boundary region saw 300 residential sales, marking a substantial 33.9% increase compared to October of the previous year. This figure also represents an uptick from the 233 units sold in September. The market's resilience was further highlighted by a 15.6% rise in new listings compared to the same month last year, with 362 new properties added to the market, although this was lower than September's 436 new listings.
Active Listings and Benchmark Prices
Active listings in the Kootenay Boundary reached a total of 1,602, indicating a modest 1.9% year-over-year increase. Benchmark prices experienced growth across most property categories when compared to October of the prior year. The benchmark price for single-family homes rose by 5.3% to $635,800, while townhomes saw an 8.3% increase, reaching $522,100. Conversely, the benchmark price for condominiums saw a slight decrease of 3.8%, settling at $314,600.
