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February 15, 2019

Real Estate Sales in Kootenays strong

Home sales recorded through the MLS® System of the Kootenay Real Estate Board totaled 140 units in January 2019. This was down 7.9% (12 sales) from January 2018. This was above both the five and 10-year averages for this time of the year.

The average price of homes sold in January 2019 was $294,589, little changed (-0.4%) from January 2018.

There were 235 new residential listings in January 2019. This was up 5.9% (13 listings) on a year-over-year basis but still marked one of the lowest January levels on record.

Active residential listings numbered 1,373 units at the end of January, down 3.5% from the end of January 2018. This marked the lowest level in 11 years.

Months of inventory numbered 9.8 at the end of January 2019, up slightly from the 9.4 months recorded at the end of January 2018 but well below the long-run average of 16.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The dollar value of all home sales in January 2019 was $41.2 million, down 8.2% from the same month in 2018.

Sales of all property types numbered 179 units in January 2019, down 6.3% (12 sales) from January 2018. The total value of all properties sold was $48.9 million, edging down 3.5% from January 2018.


BOARD & ASSOCIATION INFORMATION

The Kootenay Real Estate Board (KREB) is the regional regulatory body for REALTORS® in the East and West Kootenays and the Boundary region, in southeast BC.

January 23, 2019

Great information on the new 2019 BC Assessments

Many, if not all, homeowners have now received their 2018 BC Assessment statements in the mail. And for many it was definitely a shock. It has certainly been the talk of the real estate business in town.

This week our office had an interesting presentation from Ramaish Shah, who is the Deputy Assessor for the Kootenay Columbia Region.

He provided some good information assessments in the region.

In the city of Nelson, he said the increase in assessment was up between 5%-25% with the largest increase coming in the neighbourhood of Fairview, which went up in the range of 5%-30%.

He also explained that an increase in assessments did not necessarily mean an increase in taxes. Below is an illustration of how assessments impact actual taxation.

For the full presentation, click here