The Kootenay residential real estate market saw below average sales in October and continuing high interest rates are the cause, says the Association of Interior Realtors in their latest report.
“While we typically do see market activity ease up as the weather cools, the high cost of borrowing seems to be propelling a speedier seasonal slowdown than usual,” said Association President Chelsea Mann. “Buyers and sellers are left waiting in the wings despite high demand with the hope of seeing some interest rate relief on the horizon.”
She says qualifying for mortgages is an issue as buyers struggle to secure financing, advising that it is important that buyers get pre-approved before house hunting.
In the Kootenay and Boundary region, unit sales saw a six per cent decrease compared to sales activity in October 2022, with 203 sales recorded in October 2023; almost on par with September 2023’s 204 units sold. There were 292 new listings recorded in the Kootenay and Boundary region in October marking a 11.9 per cent increase compared to the same month last year and a decrease from September 2023’s 344 new listings. The overall active listings in the Kootenay region saw an 11.2 per cent increase compared to October 2022 with 1,334 listings overall.
READ: Kootenay real estate market returning to pre-pandemic normal