How does the Housing Market in B.C. relate to the Kootenays?
O.K.; so we’re not experiencing the housing bidding wars of Vancouver that we’ve been hearing so much about on the news lately… That is no reason to become discouraged. In fact, I think it may serve us well.
It makes our region appear much more desirable, when you look at the average home prices and quality of life. On Saturday, March 19th there was an article in the Travel Section (F4) of The Vancouver Sun taking up almost half a page; promoting the fabulous skiing we have here in the Kootenays. If the average price of a modest home on the West Side of Vancouver costs 1.5million and the average price for a similar home in Nelson costs $390,000, well you do the math…
The BCREA (British Columbia Real Estate Assoc.), Chief Economist, Cameron Muir, states that “B.C. housing markets are returning to normalcy after two years of volatility”. He also predicts that more homes will be coming onto the market during the first half of 2011. The Kootenay Region is trending away from a buyers’ market towards more balanced conditions. He also states that residential home sales are going to climb 7.8% in 2011, and another 4% in 2012. We are fortunate to live in such a beautiful place.