The Kootenay Real Estate Board (KREB), in data released last week, reported that the total value of real property sales for the East and West Kootenays for the 11 months to the end of November 2011 was $506 million, down14 per cent from the same period for 2010.
The total number of properties that traded hands was reported to be 1,976 down from 2,260 last year, a decline of 13 per cent.
There were no residential property sales in Golden for the month of November.
Cumulative residential property sales in the town of Golden for the year-to-date to the end of November were only $9.4 million compared to $12.7 million for the same 11-month period in 2010, a drop of 26 per cent, and $14.4 million in 2009.
This is the lowest level of real estate sales since 2001 and well below the peak of $23.4 million reported in 2007.
In Rural Golden, total real estate sales for the 11 months ending in November remained relatively stable at $10.5 million in 2011 compared with $10.2 million in 2010 and $10.4 million in 2009.
With no positive economic news on the horizon, a buyer’s market will persist through 2012 in both the town of Golden and Rural Golden, and prices may be expected to remain stable or decline over the next 12 months.
This is good news for prospective buyers as, with low interest rates, properties will become more affordable.
In the longer term, the economy in Calgary is showing signs of recovery and the Calgary real estate market is strengthening.
If this trend continues, buyers from Alberta may become active again in 2013 and strengthen the market for recreational and retirement property.
Written and submitted by Keith Hern
