Salmon Arm Real Estate Market Picks Up in February
Posted by Marv Beer on
Home sales picked up in the Shuswap and Okanagan regions last month, while home prices are up on a year over year basis.
The Okanagan Mainline Real Estate Board (OMREB) stats for February show 520 homes were sold in February, an increase of 167 units over January’s 353 sales for the area covering Revelstoke to Peachland.
Homes are also selling faster with the average days on market (how long it takes to sell a home) at 87, representing a shorter timeframe from the 96 days it took to sell a home in January and last February’s 98 days.
While homes are selling more quickly, they are also fetching better prices with a 9% increase in February over January and a significant 13% hike over the same time as last year. The average home price in the region…
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increases in the assessed value of their properties and getting worried about what that could mean at tax time. Â
This week, the Liberal government made a move to attempt to curb the demand for high priced homes in Canada. How will this affect our market here in the Shuswap?
Shuswap Lake, once a rugged area visited only by regular devotees, has rapidly evolved into a top seasonal getaway destination and is widely viewed as the pinnacle of out-of-city relaxation in style and comfort. Highly desirable, prime real estate is scattered bountifully throughout the region and a Shuswap cabin or cottage has become a hot commodity that signifies that elusive, idyllic and well-rounded British Columbian lifestyle.
It comes as no surprise to see the summer population of the Shuswap towns increasing year after year. And now, more and more vacationers are expanding their summer stays well into fall, or getting a kick start in early spring. After renting and falling in love with the region, a few of those former visitors take the plunge to become Shuswap property owners, and when they do they often consider the investment opportunities. Baby boomers in particular are major investors in the area, with the aging demographic seeking a quiet place to retire, and hot summers certainly don’t hurt!
Are you considering a home purchase in the next few months? Will you be obtaining a "high ratio" mortgage with at less than 10% of the purchase value as a downpayment? If so, here's something you'll need to know.
We’ve been working on revamping our Salmon Arm and Shuswap real estate site for a while now, and it’s with great pleasure that we present the new Royal LePage Access Real Estate website.