Residential real estate in the B.C. Interior stumbled through September, falling short of expected activity levels despite a healthy stock of available properties, according to the Association of Interior Realtors.
A total of 1,025 residential units were sold across the region in September, down from August’s 1,165 sales and only marginally higher than September 2023’s figures, with a modest 0.3 per cent increase year-over-year.
New residential listings, however, slipped by 6.7 per cent compared to the same month in 2023, with 2,370 homes hitting the market.
Meanwhile, the total number of active listings saw a substantial 27.1 per cent surge, bringing the inventory to 9,972 across the association’s region.
In the Kootenay Boundary, sales edged up by 1.3 per cent compared to September 2023, with 242 units sold, nearly identical to August’s total of 240 units.
The region also saw 367 new listings, marking a 4.3 per cent increase year-over-year, though new listings were down from August’s 465.
Active listings grew by 21.4 per cent, with 1,759 properties available.
“While the year-over-year sales increase in the Kootenay and Boundary region was modest, the market remains stable, reflecting buyer confidence,” notes Kaytee Sharun, president of the Association of Interior Realtors, attributing the region’s appeal to its relative affordability compared to other parts of the province.
When it comes to home prices, the Kootenay region saw increases in all housing categories.
The benchmark price for condominiums rose by 4 per cent year-over-year to $327,300, while townhomes saw a slight 0.1 per cent bump, reaching $493,900.
Single-family homes barely nudged upward, with the benchmark price rising 0.2 per cent to $606,100.
One standout area in terms of supply growth was the Shuswap/Revelstoke region, where active listings skyrocketed by 41.2 per cent compared to the previous year.
“Although active listings are trending upward, September was a sluggish month for sales,” Sharun says. “Many had anticipated a bump in activity, particularly following recent rate cuts, which were expected to ease conditions for rate-sensitive buyers.”
Sharun also pointed to recent policy changes, such as the possibility of extending mortgage amortizations to 30 years and raising the insured mortgage rate cap, which may bring a much-needed boost to the market in the coming months.
Though the September figures might suggest a market in neutral gear, realtors are keeping an eye on potential policy-driven shifts that could bring a new wave of activity to the B.C. Interior’s housing market.