Real estate sales set records in the Kootenays. (AP Photo/Elaine Thompson, File)

Real estate sales set records in the Kootenays. (AP Photo/Elaine Thompson, File)

July Kootenay real estate sales at record high

Sales and prices of Kootenay real estate on the rise

Sales and prices of Kootenay real estate hit record highs in July.

The Kootenay Association of Realtors (KAR) reports that a total of 411 residential unit sales were recorded by the Multiple Listing Service (MLS) in July 2020, a rise of 19.4 per cent from July 2019.

The average MLS residential price in the region was $389,684, up 10.3 per cent from July of last year.

Total sales dollar volume in July was $160.1 million, a 31.8 per cent increase over July 2019, which saw $121.4 million in sales.

But KAR president Tyler Hancock doesn’t necessarily think the trend will continue.

“Though sales figures in the region have improved considerably this month, the market is still exhibiting signs of inconsistency,” said Hancock.

”The sharp spike in average prices and dollar volume can be attributed to the demand having sprung back while the supply is low. This dramatic sales growth is likely not a sign of normalcy in the Kootenay real estate market.”

Real estate sales have been steadily increasing over the last three months after taking a hard hit in the spring due to the COVID-19 pandemic.

May sales were down by more than 50 per cent compared to May of 2019.

RELATED: West Kootenay Real Estate already starting to bounce back from COVID dip

Hancock says it is a demand for single-family homes that has been driving the market increase.

“We are anticipating this demand to continue as more home buyers are drawn to the Kootenays from larger, more densely populated regions,” said Hancock.

“Bringing equilibrium will largely depend on government policies and regulations, especially if we are hit by a second COVID-19 wave.”

While the monthly totals for July set records, year-to-date (YTD) sales dollar volume is actually down slightly at 1.4 per cent below the same period of 2019.

When broken down by sub-region, the West Kootenay accounts for the loss with a 3.7 per cent decrease while East Kootenay sales volume remained about the same as 2019.

YTD residential unit sales are also down by 7.1 per cent. The West Kootenay took the bigger hit with an 11.4 per cent decrease while the East Kootenay recorded a 4.1 per cent decrease.

But the numbers do reveal an improvement in the market compared to May when YTD figures showed a 24 per cent decrease in units sold.

However, the average MLS residential price for the year is up by six per cent at $362,332. For prices, it was the West Kootenay with the larger gain of 8.7 per cent and the East Kootenay with a 4.5 per cent gain.

The West Kootenay sub-region includes Castlegar, Castlegar rural, Grand Forks, Grand Forks rural, Nelson, Nelson rural, Rossland, Trail and Trail rural.

The East Kootenay sub-region includes Cranbrook, Cranbrook Lakes, Creston, Creston rural, Elkford, Fernie, Fernie rural, Invermere, Invermere rural, Sparwood, Radium, Kimberley, Kimberley/Cranbrook rural, Golden and Golden rural.



betsy.kline@castlegarnews.com

Like us on Facebook and follow us on Twitter

kootenayReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Crews retrieved the overturned commercial truck from the crash scene on Friday, Nov. 20. Photo: Betsy Kline
UPDATE: Kootenay woman dies in Genelle collision

The incident occurred Thursday, Nov. 19.

A man wearing a face mask to help curb the spread of COVID-19 walks in downtown Vancouver, B.C., Sunday, Nov. 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
104 new COVID-19 cases in Interior Health

IH is reporting the new numbers since Friday, Nov. 20

Photo: Trail Times
Castlegar man and woman arrested in downtown Trail

Police allege the truck they were in had a stolen licence plate on the rear

USA Today ranked the City of Rossland as it’s top Canadian ski town, and no. 2 in all of North America, while Nelson was ranked no. 10 overall. Photo: Jim Bailey.
Rossland and Nelson rank among top North American ski towns

USA Today ranked two West Kootenay communities among Top 10 Ski Towns in North America

Trail RCMP seized illicit drugs, cash and a weapon following a traffic stop in West Trail on Nov. 18. Photo: Trail RCMP
West Kootenay man, woman face drug charges after traffic stop

Police report that three types of illicit drugs were seized as well as cash and a Taser

People wearing face masks to help curb the spread of COVID-19 cross a street in downtown Vancouver, on Sunday, November 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
B.C. reports 17 COVID deaths, 1,933 new cases as hospitalizations surge over the weekend

There are 277 people in hospital, of whom 59 are in ICU or critical care

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

An aerial shot of Cedar Valley Lodge this past August, LNG Canada’s newest accommodation for workers at the project site in Kitimat. This is where several employees are isolating after a COVID-19 outbreak was declared last Thursday (Nov. 19). (Photo courtesy of LNG Canada)
Forty-one positive COVID-19 cases associated with the LNG Canada site outbreak in Kitimat

Thirty-four of the 41 cases remain active, according to Northern Health

Workers arrive at the Lynn Valley Care Centre seniors home, in North Vancouver, B.C., on Saturday, March 14, 2020. It was the site of Canada’s first COVID-19 outbreak in a long-term care facility. THE CANADIAN PRESS/Darryl Dyck
Rapid tests ‘not a panacea’ for care homes, Dr. Bonnie Henry says

B.C. lacks capacity for daily tests of thousands of workers

(Delta Police Department photo)
Cannabis edibles found in Halloween bag lead B.C. police to illegal lab

Delta police arrested a man and a woman while executing a warrant at a residential property Nov. 20

A woman being arrested at a Kelowna Value Village after refusing to wear a mask on Nov. 22.(@Jules50278750/Twitter)
VIDEO: Woman arrested for refusing to wear mask at Kelowna Value Village

RCMP claims the woman was uncooperative with officers, striking them a number of times and screaming

B.C. Liberal MLA Shirley Bond questions NDP government ministers in the B.C. legislature, Feb. 19, 2020. (Hansard TV)
Cabinet veteran Shirley Bond chosen interim leader of B.C. Liberals

28-member opposition prepares for December legislature session

Motorists wait to enter a Fraser Health COVID-19 testing facility, in Surrey, B.C., on Monday, November 9, 2020. THE CANADIAN PRESS/Darryl Dyck
COVID-19: What do rising positivity rates mean for B.C.? It’s not entirely clear

Coronavirus cases are on the rise but the province has not unveiled clear thresholds for further measures

A rider carves a path on Yanks Peak Saturday, Nov. 21. Two men from Prince George went missing on the mountain the next day. One of them, Colin Jalbert, made it back after digging out his sled from four feet under the snow. The other, Mike Harbak, is still missing. Local search and rescue teams went out looking Monday, Nov. 23. (Sam Fait Photo)
‘I could still be the one out there’: Snowmobiler rescued, 1 missing on northern B.C. mountain

As Quesnel search and rescue teams search for the remaining rider, Colin Jalbert is resting at home

Most Read