March’s residential real estate market activity cooled in the Kootenay-Boundary during spring break and Easter vacations, according to a report by the Association of Interior Realtors.
The report showed that a total of 214 residential units were sold in March, exceeding February’s 140 units sold and representing a moderate decrease of 1.4 percent compared to the same month last year.
“Despite a relatively strong start in March, sales activity tapered off about midway through as spring break and Easter plans likely had buyers and sellers preoccupied,” said President of the Association, Kaytee Sharun.
“It isn’t surprising given that March is typically a staggered month when it comes to market activity. Although seemingly lukewarm in terms of real estate transactions, it is a more normalized spring market, moving at a more normal pace.”
There were 448 new listings recorded in the region in March, marking a 31.8 percent increase compared to last year and a slight increase from February’s 340 listings. The overall active listings in the Kootenay-Boundary saw a 19.8 percent increase compared to March 2023, with 1,220 listings overall.
“Sales activity in the Kootenay-Boundary region was pretty on point compared to last year’s units sold. The Kootenays remain one of the more resilient and steady real estate markets within the Interior, likely due to its desirable lifestyle and varying offerings that the area provides.”
The benchmark price, representing the average value compared to the average median price of a typical dwelling, saw an increase of 4 percent and 15.4 percent respectively in the single-family and condominium categories compared to March of last year.
The benchmark price of townhomes saw a decrease of 7 percent, coming in at $448,900.
Despite the association’s report indicating modest regional improvements, homes nationwide are forecasted to be roughly 10 percent pricier by year-end compared to last year.
That’s according to Royal LePage, which released its updated forecast today (Friday), predicting Canadian home prices to rise by nine percent in the fourth quarter of this year.
The “severe shortage” of housing across the country and more demand from sidelined homebuyers who could enter the market if the Bank of Canada lowers its key interest rate are cited as two of the major reasons why.
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