The Association of Interior Realtors say the way to describe the Kootenay real estate market during the pandemic years was “over-stimulated”.
During the pandemic, month after month recorded record sales, which went hand in hand with record low inventory of homes for sale.
But now Association President Lyndi Cruickshank says all signs are pointing to the market returning to normal.
In the Kootenay and Boundary region, unit sales decreased 34.1 per cent compared to February 2022 with 168 sales recorded in February 2023 yet up from January’s 111 units sold. There were 257 new listings recorded in the Kootenay and Boundary region in February, down 24.4 per cent compared to the same month last year. The overall active listings in the Kootenay region increased 37.1 per cent compared to February 2022 with 917 listings overall.
“The uptick in sales activity compared to the previous month suggests that we are heading in a positive direction,” said Cruickshank. “The overstimulated boom of the last few years, along with multiple mortgage rate hikes, made many buyers and sellers hesitant to make any moves. Now that the dust is starting to settle, these buyers and sellers can move forward in a transitionally healthier real estate market more reminiscent of pre-pandemic conditions.”