NELSON, B.C. – August 5 th , 2022. Residential real estate sales for the month of July in the region slid down to
pre-pandemic activity, reports the Association of Interior REALTORS® (the Association).
A total of 1,196 residential unit sales were recorded across the Association region, marking a 33.3% decrease
compared to the number of units sold during the hot market of July 2021.
“Seasonally, it is not out of the ordinary to see a dip in sales in the summer, although real estate market
activity across most regions in the province was below average last month, not just within the interior,” says
the Association of Interior REALTORS® President Lyndi Cruickshank, adding “a number of factors, or even a
combination of factors such as the interest rate hikes, recommencement of travel and the school break could
all be reasons consumers pushed pause on their real estate plans as they focused on enjoying the hot
summer days.”
New residential listings saw a welcomed upswing of 8.1% within the region compared to the same period last
year with 2,488 new listings recorded. The overall active listings also saw a healthy injection with an increase
of 56.8% compared to July 2021 totalling 7,698 listings currently on market.
“We are seeing inventory starting to accumulate, slowly moving upward to healthier levels of inventory,
which is a welcomed relief for prospective buyers. However, the higher mortgage interest rates are still
impacting the real estate market with some home buyers finding it more difficult to qualify for mortgages,”
notes Cruickshank.
“We will have to see what the Bank of Canada does come September. Hopefully, we will see fixed mortgage
rates come down and bring some relief for buyers, particularly first-time buyers. Any interest rate relief may
see an increase in sales activity returning to the market over the fall months,” adds Cruickshank.
In the Kootenay region, unit sales came in 18.7% lower compared to July 2021 with 274 units sold in July
2022. The Benchmark price, a better representation of value compared to the average or medium price as it
represents a dwelling of “typical attributes”, all saw double-digit increases across all home categories in the
Kootenay compared to the same month last year, with the greatest increase occurring within the
condominium category with a 51.8% increase.
“The Kootenay region is one of the most affordable regions in the province currently. While unit sales
numbers have dropped below the seasonally adjusted levels, unlike other regions in the province, the
numbers indicate continued demand for residential homes in the region,” says Cruickshank.
There were 466 new listings recorded in the Kootenay and Boundary region in July 2022 marking an increase
of 0.9% compared to July 2021. The overall active listings in the Kootenay and Boundary region jumped
14.7% with 1,319 listings overall.
Contact your local REALTOR® to find out more about the real estate market and how they can help you
achieve your real estate goals.
The Association of Interior REALTORS® is a member-based professional organization serving approximately
2,500 REALTORS® who live and work in communities across the interior of British Columbia including the
Okanagan Valley, Kamloops and Kootenay regions, as well as the South Peace River region.
The Association of Interior REALTORS® was formed on January 1, 2021 through the amalgamation of the
Okanagan Mainline Real Estate Board and the South Okanagan Real Estate Board. The Association has since
also amalgamated with the Kamloops & District Real Estate Association and the Kootenay Association of
REALTORS®.
About HPI
The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge home price levels and
trends by using benchmark pricing rather than median or average. It consists of software tools configured to
provide time-related indices on residential markets of participating real estate boards in Canada.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate
Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA
(REALTOR®/ REALTORS®).
