(Owner/Realtor of Shirley Real Estate Ltd.)
The hot real estate market experienced in the past few years in the Shuswap no doubt proves that it has been discovered. 2007 hit an all time high and was recorded as a record-breaking year of all time regarding its real estate values. The Salmon Arm/Shuswap area is currently experiencing an adjustment in market values due to the current global economic situation. The average house purchase price of a home here is approximately $306,903 and the median house price is approximately $298,000.00. Since the peak of the market in 2007 prices in the Shuswap have adjusted downwards by approximately 15%, making this a good time to purchase property.
The market forecast for 2012 in the Shuswap area is to see more inventory and better and more affordable choices for buyers. Once this inventory decreases we will see a more balanced market bringing confidence to both Buyers and Sellers. With historically low interest rates continuing and flexible amortization of mortgage loans, the Salmon Arm/Shuswap area is still a great place to invest.
Demographics have shown that the Baby Boomer generation is moving to Salmon Arm/Shuswap to retire or semi-retire. It is truly a lifestyle destination! The majority of buyers move to the area for a lifestyle change. Reasons for this are for retirement or to get away from the hustle and bustle of larger city life. The four distinct seasons and mild winters draw people to invest in the Shuswap. Please look at the above video of the Shuswap outlining our 4 very distinct seasons demonstrating why the Shuswap has become one of the most sought after destinations to live.
The incredible mountains, lakes and the scenery in general make the Shuswap a place you just have to invest in. The larger communities in the Shuswap are comprised of Salmon Arm, Sicamous, Chase, Sorrento, North Shuswap, Blind Bay, and various other smaller communities. The primary trade area population is approximately 42,000 people. Salmon Arm is the largest of the communities with a population of approximately 18,000. Salmon Arm is the northern gateway to the popular Okanagan Valley and boasts abundant parks and green space. The Shaw Centre has a twin sheet arena and multipurpose trade show and convention facility. Salmon Arm also prides itself on its community centre with indoor pool, fitness options and public special events auditorium and a state of the art four cinema movie complex and classic community theatre. Residents of Salmon Arm enjoy live theatre, art shows and live music concerts, farmers markets, and living history at Haney Heritage Park. The Shuswap has sustained commercial growth with new developments happening regularly. Currently, larger box stores are also looking to set up shop in the area. With its easy access off the Trans Canada Highway to both Calgary and Vancouver THE SHUSWAP IS THE PLACE TO INVEST YOUR REAL ESTATE DOLLARS. For what the Shuswap offers, prices here are still considerably lower than other areas.
For a complete Relocation Guide to the Shuswap contact one of Royal LePage Access Real Estate’s professional REALTORS® toll free at 1-877-604-9007.
Shuswap Lake and all of the other smaller lakes entice real estate investors for the various types of recreational properties in the area. Lakeshore property has become a sought-after commodity. Prices have increased dramatically for prime lakeshore and average prices are usually in excess of a 1/2 million dollars for cabins on prime property. Year round lakeshore homes are usually over a million dollars. This does vary however, depending on location, access and lake frontage. A good rule of thumb is that lakeshore land is approximately $6,000 to $10,000 per lineal foot of lakeshore (again depending on location, access and lake frontage).
Condominium Developments, Townhouses and bare land strata are becoming more popular throughout the area, whether it be for year round or recreational use. The average cost of building a house is forecasted approximately at $125 to $175 per square foot due to the recent change in the real estate market, contractors are coming to an end on their larger projects and are keen for new business.