Residential real estate market sales were lower in December 2023, which the Association of Interior Realtors says is due to continued high interest rates impacting the market.
A total of 528 residential unit sales were recorded across the Association region in December coming in below November’s 813 units sold and representing a 12.4 per cent decrease in sales compared to December 2022. Specifically in the Kootenay and Boundary regions, sales decreased 16.2 per cent with 93 sales recorded in December and 124 new listings. There are currently 1,015 active listings in the region.
“While we usually see a slowdown in market activity during the holiday season, sales activity was slower than usual in December” said the Association of Interior Realtors President Chelsea Mann, adding that “buyers and sellers who have been waiting on the sidelines for potential interest rate relief may likely still be optimistically holding off on pursuing their real estate endeavours to see if the new year will finally provide more favourable mortgage rates.”
“Overall, 2023 was a bit of a weak year for real estate sales with three rate hikes, devastating wildfires, a lack of affordable housing and other outside factors all likely contributing to a general slowdown in transactions.”
In the release. Mann said that other markets in BC showed a slowdown earlier in the year and the decrease in the Kootenay Boundary regions could just be them catching up with the rest of the province.