2020 has been a good year for the Kootenay real estate market. Photo: File

2020 has been a good year for the Kootenay real estate market. Photo: File

Kootenay real estate market remains robust

Kootenay housing sales up 65 per cent compared to October 2019

The Kootenay real estate market remained hot in October.

According to the Kootenay Association of Realtors (KAR), sales on residential units shot up 41.6 per cent from October 2019. Despite a drop in supply, a total of 466 units were sold in the East and West Kootenays last month compared to 307 in 2019.

Related read: Kootenay home sales are on the rise

The average MLS residential price in the region was $392,827, a 16.3 per cent rise from $337,667 recorded in October last year.

Total sales in October amounted to $170.4 million, a 64.4 per cent rise over 2019, which stood at $103.6 million. Also, homes were selling faster than usual with the median days on the market at just over 44, compared to 70 days in October, 2019.

“This has been the best October for real estate sales the region has seen in a very long time,” says KAR President Tyler Hancock. “Over the last six months we haven’t seen many COVID-19 cases and even in the wake of a second wave in the province, I believe sales in the region will hit record numbers in the coming months too.”

The number of houses sold in Trail also trended upward over last year with 19 purchases despite a 10-year inventory low of just 32 houses. In 2019, 16 houses were sold, with almost double the amount (61) of inventory.

The residences didn’t last long on the market and were sold within 28 days of listing, perhaps because the average Silver City home price was $250, 947.

Rossland’s market was even more robust in October. Realtors saw 21 residential home sales averaging $467,797 per unit, more than doubling September sales (10), and outdistancing last year’s 12 units sold in the same month.

The housing market began to heat up in June, and has continued to set record levels for five straight months. Across Canada, 402,578 homes were sold in the first nine months, up 5.8 per cent from 2019.

“Many Canadian housing markets are continuing to see historically strong levels of activity as we enter into the fall market of this very strange year,” stated Costa Poulopoulos, Chair of the Canadian Real Estate Association (CREA). “Along with historic supply shortages in a number of regions, fierce competition among buyers has been putting upward pressure on home prices.”

Average selling price in the Kootenays has increased 16 per cent in the past year, and risen consistently over the last six months, while inventory levels suffer.

“We need to make conservative forecasts about average pricing in the region,” said Hancock. “I am sure the realtors here are wary of the fact that inventory levels are very low.

“While that could cause average prices to increase at a rapid rate, it is the strong demand for single-family homes in the region that’s the driving force behind this consistent rise.

“On the other hand, we have added a little more inventory than we had this time last year. With mortgage deferrals ending in October, it will be interesting to see if we add more inventory in the coming months, which could stabilize average prices in the region.”

Year-to-date, Kootenay MLS residential sales dollar in October was $1.1 billion, nearly 24 per cent higher than what it was in October, 2019.



sports@trailtimes.ca

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

Terry Miller won the Rossland byelection.on Saturday.  Photo: Terry Miller
Rossland voters select Terry Miller as new councillor

City of Rossland releases results of advance voting and final voting day of council byelection

RNG plant
Construction on ground-breaking RNG plant in Fruitvale set to go in spring 2021

REN Energy partners with Calgary engineering firm for innovative West Kootenay gas plant

COVID-19. (Image courtesy CDC)
47 new COVID-19 cases in Interior Health region

1,538 total cases, 399 are active, ten in hospital

This picture of Taghum resident Marc Savard was taken in February when he first spoke to the Nelson Star and little was known about the virus that had shut him out of his job in Wuhan, China. Photo: Tyler Harper
VIDEO: Once an outlier, Nelson man’s COVID-19 experience now typical

Savard was living in Wuhan, China, when the pandemic began

Communities like Nakusp are grappling with the challenge of hooking high-speed internet up at individual homes. File photo
‘Last mile’ debate a Gordian knot in Slocan Valley’s fibre-optic cable plans

How do you bring high-speed internet not just to communities, but individual homes?

(Dave Landine/Facebook)
VIDEO: Dashcam captures head-on crash between snowplow and truck on northern B.C. highway

Driver posted to social media that he walked away largely unscathed

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Help make children’s wishes come true

Black Press Media, BraveFace host mask fundraiser for Make-A-Wish Foundation

A B.C. Ambulance Service paramedic wearing a face mask to curb the spread of COVID-19 moves a stretcher outside an ambulance at Royal Columbia Hospital, in New Westminster, B.C., on Sunday, November 29, 2020. THE CANADIAN PRESS/Darryl Dyck
Top doctor urges Canadians to limit gatherings as ‘deeply concerning’ outbreaks continue

Canada’s active cases currently stand at 63,835, compared to 53,907 a week prior

A Canadian Pacific freight train travels around Morant’s Curve near Lake Louise, Alta., on Monday, Dec. 1, 2014. A study looking at 646 wildlife deaths along the railway tracks in Banff and Yoho national parks in Alberta and British Columbia has found that train speed is one of the biggest factors. THE CANADIAN PRESS/Frank Gunn
Study finds train speed a top factor in wildlife deaths in Banff, Yoho national parks

Research concludes effective mitigation could address train speed and ability of wildlife to see trains

A airport worker is pictured at Vancouver International Airport in Richmond, B.C. Wednesday, March 18, 2020. THE CANADIAN PRESS/Jonathan Hayward
Canada extends COVID restrictions for non-U.S. travellers until Jan. 21 amid second wave

This ban is separate from the one restricting non-essential U.S. travel

Menno Place. (Google Street View image.)
B.C. care home looks to hire residents’ family members amid COVID-19-related staff shortage

Family would get paid as temporary workers, while having chance to see loved ones while wearing PPE

A man walks by a COVID-19 test pod at the Vancouver airport in this undated handout photo. A study has launched to investigate the safest and most efficient way to rapidly test for COVID-19 in people taking off from the Vancouver airport. The airport authority says the study that got underway Friday at WestJet’s domestic check-in area is the first of its kind in Canada. THE CANADIAN PRESS/HO, Vancouver Airport Authority *MANDATORY CREDIT*
COVID-19 rapid test study launches at Vancouver airport for departing passengers

Airport authority says that a positive rapid test result does not constitute a medical diagnosis for COVID-19

114 Canadians were appointed Nov. 27 to the Order of Canada. (Governor General of Canada photo)
Indigenous actor, author, elder, leaders appointed to Order of Canada

Outstanding achievement, community dedication and service recognized

Follow public health recommendations, says Interior Health as COVID-19 cases continue to climb in Revelstoke. (Image courtesy CDC)
Revelstoke positive COVID cases grows to 29

Interior Health announced a cluster in the community on Nov. 26

Most Read