NELSON, B.C. – September 6 th , 2022. Residential real estate sales for the month of August in the region
showing signs of returning to stronger market activity, reports the Association of Interior REALTORS® (the
Association).
A total of 1,205 residential unit sales were recorded across the Association region last month, an increase
from 1,196 recorded in July 2022, but 32.6% below the number of units sold during the frenzied market of
August 2021.
“After the unpredictable hot market through the majority of last year, it is nice to see some typical seasonal
consumer behaviour returning as we head into this Fall,” says the Association of Interior REALTORS®
President Lyndi Cruickshank, adding “this is a welcomed optimistic sign for a potential return of a balanced
market to come, sooner than anticipated.”
New residential listings saw a 4.2% decrease within the region compared to August 2021 with 2,152 new
listings recorded. The overall inventory saw a healthy increase of 61% with 7,876 units currently on market
compared to the same time last year.
“The market seems to have started turning the corner with respect to overall inventory levels. With an
increase of properties available, this could bode well for sellers and buyers who have been sidelined for
much of the year,” notes Cruickshank.
In the Kootenay region, unit sales came in 33% lower compared to August 2021 with 238 sales recorded in
August 2022, down 13.1% from July 2021’s 274 units sold. There were 418 new listings recorded in the
Kootenay and Boundary region in August 2022 marking a drop of 5.6% compared to the same time last year.
The overall active listings in the Kootenay and Boundary region increased 19.2% with 1,361 listings overall.
“The number of units sold in August in the Kootenay region seems to be bucking the trend as it is not
reflective of the current situation in the rest of BC’s real estate markets, which is seeing below average
activity. Thanks to the high affordability quotient of homes in our region, we’re still hovering around our
monthly average sales figure of 250 homes,” says Cruickshank.
The Benchmark price, a better representation of value compared to the average or median 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 strata
category for the second consecutive month, clocking in with a 51.6% increase.
Given the high stakes on such a significant financial transaction, home sellers and buyers can benefit from
the knowledge and skills of a practiced REALTOR®. 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®).
For more information, please contact:
Association statistical information: Email [email protected]
Province-wide statistical information:
BCREA Chief Economist, Brendon Ogmundson, [email protected]
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®)
