Real estate slowdown hits the Kootenays
Last Updated: Monday, September 8, 2008 | 6:11 AM PT
CBC News
The softening real estate market that's driven down home prices in the Lower Mainland is spreading to the B.C. Interior, experts say.
The Real Estate Board of Greater Vancouver reported Wednesday the average price of a detached home in the area fell 4.3 per cent over the summer, down from record highs set in May, the result of more houses being put on the market and fewer people buying.
Those in the industry say the slump is now being felt as far away as the scenic town of Kimberley, nestled in the mountains of B.C.'s Kootenay region.
There are over 150 residential properties for sale in Kimberley, and local real estate agent David Graham said sellers are no longer getting their asking price.
"Buyers are typically offering $10,000 or $20,000 below asking price when even just a year ago we were getting full price or over in some cases, so there is no doubt it is a changing market," Graham said.
Ian Mason with the Kootenay Real Estate Board said that market shift is happening throughout the area.
"I think we are seeing the markets adjust from the overheated situation we had last year," he said.
"If it's not a buyer's market, I'm not sure what a buyer's market would look like. If you've got that much product and sharp decline in sales certainly that is what a buyer's market looks like," Mason said.
The board has seen a 70-per-cent increase in the number of listings, while sales are down by about 35 per cent.
Share Tools
Latest British Columbia News Headlines
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Surrey RCMP seek hit-run driver
- Police are looking for a light-coloured Chrysler with damage to the driver's front side after a pedestrian was hit in Surrey, B.C., early Sunday morning. more »
- B.C. man who scaled Everest returns home
- A Vancouver man who climbed the world's highest mountain is back home and talking about the adventure. more »
- Fort Langley restaurant damaged in fire
- A sushi restaurant in Fort Langley, B.C., was damaged in a fire early Sunday morning. more »
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
- B.C. NDP calls for unity in fighting coast guard closure
- Surrey RCMP seek hit-run driver
- B.C. man who scaled Everest returns home
- Fort Langley restaurant damaged in fire
- Passengers' families sue for fatal B.C. plane crash
- B.C. Coast Guard Auxiliary gets new name
- Tsunami motorcycle heading to Harley museum
- Psych ward escapes worry neighbours
- Gang forum honours Surrey 6 victim
