More people outside of the Kootenays bought in the real estate market during the pandemic than ever before. This is the latest information from the Kootenay Association of Realtors.
“There is no denying that, among other areas of the province, the Kootenay region offers great value for your real estate investment,” said KAR President Chuck Bennett. “I noticed that with the remote work opportunities that arose after the lockdown, more and more people were interested in locations that would previously have been out of their consideration. According to a recent report on buyer locations, it was observed that during the pandemic our region saw a growth among buyers coming from outside the region. “
While the majority of buyers in the past year of a very vibrant Kootenay real estate market have been from the region, there has also been a dramatic increase in buyers from outside the region.
“From October 2020 through May 2021, we recorded the percentage share of out-of-district buyers of Kootenay properties between 35% and 45%. Whereas a year earlier, the same proportion was in the range of 25 to 35 percent. This means that compared to the previous year, we saw an increase of around 10% in the number of buyers from out-of-district areas each month during the pandemic. Since we sell 300 listings on average each month, a 10% change means that there were about 30 more buyers from other areas who bought properties in Kootenay each month, since the hot market started the last year, ”Bennett said.
The majority of out-of-region buyers come from Alberta or the Lower Mainland.
As of October 2020, approximately 250 buyers who have purchased properties in Kootenay have been from the Lower Mainland. Compared to the same months a year earlier, there were only 102 buyers from the Lower Mainland. Similarly, for the same period, the number of buyers in Alberta rose to 440 from 266 the previous year.
“KAR will continue to monitor where buyers are coming from, and it will be interesting to see if the current trend continues in the months to come. So far, the majority of buyers are still from the Kootenay region, ”Bennett said.