Residential real estate sales in May saw a slight decrease compared to the same time last year despite more homes on the market, reports the Association of Interior REALTORS® (the Association).
A total of 1,482 residential unit sales were recorded across the Association region in May, coming in above April’s 1,317 units yet down 4 per cent from units sold in May last year.
New listings dropped 2.7 per cent year-over-year with 3,581 new listings recorded last month. However, the total number of active listings saw a 5.1 per cent increase in inventory compared to May 2024 with 10,177 recorded across the Association region.
“Market activity remains slightly subdued compared to historical norms, yet steady,” says the Association of Interior REALTORS® President Kadin Rainville.
“Economic uncertainty continues to be a key factor influencing market activity, either driving momentum or dampening engagement, depending on local conditions.”
What is happening in the Kootenay-Boundary?
In the Kootenay and Boundary regions, the benchmark price for single-family homes saw an increase last month of 1.3 per cent and 2.0 per cent respectively, coming in at $604,200 and $503,400.
Condominiums saw a decrease of 2.4 per cent in year-over-year comparisons coming in at $328,300.
310 sales were recorded last month, marking a 3 per cent increase compared to May last year and up from the previous month’s 262 units sold.
There were 597 new listings recorded in the Kootenay and Boundary region in May marking a 2.1 per cent decrease compared to the same month the previous year, yet an increase from April’s 567 new listings.
The overall active listings in the Kootenay region saw a 7.2 per cent increase compared to May 2024 with 1,732 listings recorded.
“Real estate activity in the Kootenay and Boundary region remains above the 10-year average, supported by a strong start to the year,” notes Rainville.
“As a more affordable market, the region continues to show resilience, with interprovincial migration fueling demand and contributing to a healthy, normalized market.”
Be the first to know! Don’t miss out on breaking news and daily updates in your area. Sign up to MyCrestonNowNews Alerts.
