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Creston realtor advises property is always a good investment

Kootenay real estate statistics show sales were up in December
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The Kootenay real estate market showed increases in December. (File photo)

While real estate sales tend to slow into the winter months, it’s no reason to get discouraged when entering the market. 

In fact, sales in the Kootenays were up in December by 11.9 per cent over the same time a year ago with 122 units sold, according to the Association of Interior Realtors which covers the region from Kamloops to the Alberta border.

“Creeping into winter months, our market tends to slow down,” said Creston realtor Diana Klejne with Stonehaus Realty. “Not a lot of people want to move in the winter. But I would say don't stop looking to buy, or even sell.”

There were 161 new listings recorded in the Kootenay region in December, marking a 28.8 per cent increase compared to December 2023 and a decrease from November’s 248 new listings. Overall active listings saw a 22.4 per cent increase compared to December 2023 with 1,242 listings recorded. 

Listings in the Kootenays have remained chronically low for years. However, the numbers last month suggest a move in the right direction. 

“There is less inventory out there but that might mean a very serious buyer ready to move. Nobody's going to look around just for fun. That one listing might be the perfect property,” said Klejne, adding that the market is relatively balanced right now between buying and selling. 

The benchmark price, representing a dwelling of “typical attributes”, saw percentage increases in the Kootenay region in all housing categories compared to 2023. The highest percentage increase of 17.6 per cent was recorded in the condominium category, coming in at $339,300. Town homes saw an increase of 3.9 per cent in year-over-year comparison at $501,600, and single-family homes saw a 14.1 per cent increase at $606,100. In Creston, the average property listing is approximately $420,000.

Overall, a total of 716 residential unit sales were recorded across the region in December, coming in below November’s 994 units and up 30.7 per cent compared to December 2023’s units sold.

New residential listings saw an increase of 7.9 per cent compared to December 2023 with 928 new listings recorded last month. The total number of active listings saw a 14.1 per cent increase of total inventory compared to December 2023 with 6,721 recorded across the Association region.

For those getting ready to buy, Klejne emphasized the importance of saving money, paying down debt, and building "incredible" credit. 

“Don't buy the latest truck. If buying a house is your goal, think about the long term and try to be debt free,” she said.

While mortgage interest rates have started to come down from recent highs, it is still harder for some to break into the market, like first time home buyers.

“In my opinion, the interest rates are a factor in affordability,” said Klejne. “Buyers are now pre-approved for less, and nobody wants to buy at a high. I do find that a lot of buyers were holding off. They wanted to see where the economy was going to go, and they had to rebuild their confidence in the market, which I'm hoping might happen moving forward.”

With some quick calculations, Klejne estimated mortgage payments on a $400,000 home (with only 5 per cent down) would cost $2,300 per month, not including property taxes and utilities. 

“It might add up to a touch more than rent,” she said. “However, throughout the years, you are paying down your mortgage, while rent tends to go up.”

She advises looking into first time home buyer programs, using RRSPs, utilizing property transfer tax exemptions, or talking to family about receiving funds as early inheritance.

“Don’t get discouraged,” said Klejne. “I have been helping sellers and buyers since 2010 and seen lots of ups and downs in the market trends. However, real estate has always been a solid investment opportunity.”

For more help with local real estate, contact Diana Klejne with Stonehaus Realty at dianaklejne@gmail.com or visit www.KootenayLifestyle.ca.



Kelsey Yates

About the Author: Kelsey Yates

Kelsey Yates has had a lifelong passion for newspapers and storytelling. Originally from Alberta, she graduated from SAIT Polytechnic's journalism program in 2016. Now she calls the Kootenays home.
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