Property for Sale in the Kootenays: Fall Market Update

With the third quarter of 2024 finally underway, now is a great time to check in with the market conditions. For those who have goals of buying or selling property for sale in the Kootenays, it’s important to stay in the know about market trends. Following this summer’s rate cuts from the Bank of Canada (BoC), home sales have been edging up nationwide. However, the fall weather seems to be curbing some of the demand. This is evident as market activity across several Canadian cities appears to be lagging behind summer’s trends. If you’re interested in learning more about the Kootenay real estate market, follow along below.

Here, we will go over key market statistics and insights for homeowners looking to capitalize on the end of the year. 

The Kootenay Real Estate Market Remains Steady Through Fall

Despite healthy inventory, residential real estate sales were lower than expected during September. According to the Association of Interior REALTORS®, a total of 1,025 residential sales were recorded across the interior. This figure was lower than the recorded number of sales in August which hit 1,165. Based on historical data, September 2024 experienced 0.3% more sales activity than in the year previous (2023). Additionally, the Interior of B.C. saw a 6.7% slash in new residential listings year-over-year. Of all regions in the interior, the Shuswap/Revelstoke area saw the greatest percentage increase (41.2%) of active listings. 

While active listings trended upward in all regions in the Interior, September was relatively slow in terms of sales. This was unforeseen given the BoC’s rate cuts, which experts had predicted would drive buyer activity. However, it is expected that policy changes like the potential for 30-year mortgage amortization and the increase in insured mortgage rate cap, could fuel real estate activity in the months to come. 

In the Kootenay region, sales saw an increase of 1.3% compared to the previous year. This equated to 242 units sold, which was almost on par with the figure of units sold in August. Moreover, the Kootenay region had 367 new listings hit the market, marking a 4.3% increase compared to September 2023. Despite this, the number of new listings was down from August. 

Even though the Kootenay region indicated minimal change from last September, sales activity is holding steady. Kootenay real estate professionals anticipate that this is due to the region’s persistent affordability compared to other markets in the province. 

How to Make the Most of Your Real Estate Goals Before the Year Is Over?

As the year winds down, both buyers and sellers in the Kootenay real estate market can take advantage of current conditions to finish strong. Despite overall slow sales across the Interior of British Columbia, the Kootenay region has remained relatively steady. This stability, combined with the region’s relative affordability, presents opportunities for both buyers and sellers.

For buyers, the Kootenay region continues to be an attractive option due to its more affordable housing prices. Although new listings were slightly down from August, there was still a 4.3% increase in new listings compared to September 2023, meaning that inventory remains healthy. With the potential for policy changes, such as extended mortgage amortization periods and increases to the insured mortgage rate cap, buyers may find the financial landscape improving soon. This could be an excellent time to act, securing a property before potential competition intensifies as these policies come into effect.

For sellers, the Kootenays’ steady demand and affordability are key selling points. To capitalize on this, sellers should focus on pricing their properties competitively and ensuring homes are market-ready, appealing to buyers who are motivated by value. Given the region’s steady sales figures, there is still a consistent pool of buyers. The 367 new listings in September also suggest that there is continued interest, but sellers need to make their properties stand out to attract attention in the closing months of the year.

Overall, the Kootenay market offers stability and opportunity as 2024 ends. Whether buying or selling, understanding the region’s unique advantages and acting strategically can help individuals make the most of the remaining months of the year.

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