British Columbia Real Estate Thread
I think this is a good idea for a thread about real estate outside of Greater Vancouver. That deals with other areas of the province. With Vancouver becoming less affordable. The regional areas of the province are growing much faster.
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If I recall correctly. I remember reading that when the economy is really good in Vancouver the population does not grow as fast as it becomes less affordable, while places such as regional cities on Vancouver island and the rest of B.C. tend to grow faster.
When the economy is not as strong Vancouver grows faster because it is those same places that people tend to leave to find work in Vancouver. |
We've just started seriously looking for a 2-4 acre parcel of semi-rural bare land in & around the north Okanagan, and I'm a little surprised at what the admission fee is going to be for property in the areas we're looking. There's also a fair number of high end properties that look like they've been for sale for a while
Prices have gone up in the area over the years, but for the interior I think it's generally less what the local Vancouver economy is doing and more so what the Calgary economy is doing |
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For both Kamloops and Kelowna the news seems to be pretty much the same. https://www.kamloopsthisweek.com/low...ales-kamloops/ https://www.castanet.net/news/Kelown...or-home-buyers |
With my job ending (whether I like it or not) next year, I am also planning on making my way across the divide. I'm planning more of Valemount-area hunt for reasons of affordability and the fact that next year it looks like the new Whistler will finally get underway...
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Looks like the area might have some jobs. https://ca.indeed.com/jobs-in-Valemount,-BC Were you thinking of getting a job with the mountain resort that is getting underway? |
Nope. I'm in writing/communications or I was prior to the economic crash of 2008 which kinda derailed a lot of job prospects. My job here in Edmonton is entirely unrelated but its only got a year left on it tops so, I just want a cheap place to live in a nice mountain town with lots of potential and it seems to fit the bill. I also like that its relatively remote compared to the usual suspects which means fewer people are willing to take the risk and the winter drive so why not live in the Canadian equivalent of Valais, Ticino or Graubunden?
Plus it's not like they don't need the help getting the word out... ;) |
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Here's a bit more info on the resort plan which just passed its last hurdle last week. The timeline for opening day is December 2018. When built out it will have the third highest skiable vertical in the world at nearly 7000. http://valemountglaciers.com/
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The high end/ lake view/ 2nd home market is totally different from the regular market in that area, so the factors driving sales are quite a lot different |
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Inventory levels appear to have improved a little in the Okanagan and it feels like prices are softening up a tad. No suprise given the time of year. We've got a property for sale in Edmonton right now, hoping it sells within the next few months as we'd like to use the equity to pick up a piece of bare land somewhere near Vernon or Lake Country
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Interesting article on affordability in several BC cities.
I've been following trends in the interior lately, as well as following some community forums, and affordability is a major concern not only in Vancouver but a number of cities. Wages don't seem to be keeping up with rising prices, and even some smaller towns have really grappled with problems related to homelessness and affordability for residents this summer http://www.cbc.ca/news/canada/britis...uver-1.4397508 |
Here's an article from the 100 Mile House Free Press regarding a fourplex that a local dentist hoped to build. It's interesting to see that small towns are having the same type of problems as big cities with regards to how to integrate density into mature areas
Most good rental housing in the 100 Mile House area is on larger properties outside of town. Most of the rental stock in the town proper is in really poor shape. The article states that the dentist was having problems retaining professionals because of the lack of decent rental housing http://www.100milefreepress.net/news...fourplex-plan/ |
Australian company increases B.C. oil and gas holdings in November’s land rights sale
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Building numbers in Fort St. John increased during the fall
https://i0.wp.com/energeticcity.ca/w...40%2C381&ssl=1 FORT ST. JOHN, B.C. — After a lacklustre first nine months of the year, the value of construction in Fort St. John picked up slightly in October and November. According to the latest building numbers from the City, the value of construction in October totalled roughly $6.9 million, while in November the total was approximately $12.2 million. In October, the city granted permits for a total of seven projects: three commercial properties, one industrial property, and three garages or renovations. The one industrial property owned by LPC totalled $4.85 million. Last month, the lion’s share in the value of building starts was held by a 50-unit apartment building on 93rd Ave, which is valued at $9 million. So far this year, the value of construction in the Energetic City totals $54.49 million, which is roughly $25 million lower than at this point in 2016. ... https://energeticcity.ca/2017/12/bui...ncreased-fall/ |
Vernon BC approves a fairly substantial laneway housing project just south of the downtown area, touted as an affordable alternative for residents.
Vernon and the Okanagan in general is in a bit of a housing crisis at the moment, with significant affordability issues and a lack of affordable product on the market. These types of developments may become more popular in areas that are struggling with affordability Vernon multi-density housing project applauded The evolving residential landscape of Vernon was at the heart of development variance permit for eight row housing units on two lots at the corner of Mission Road and 16th Avenue. While a laneway neighbour of the property called the density housing design “greedy,” city council endorsed the project as an affordable housing options for local residents. The proposal calls for a multi-unit development on what is currently five individual lots at 1601 and 1603 Mission Road. The development will consist of one single detached unit fronting on Mission Road, and eight row-housing units contained within two four-plex buildings, all fronting on 16th Ave. https://www.vernonmorningstar.com/ne...ect-applauded/ |
Some interesting food for thought regarding real estate prices in the Okanagan,
I decided to look at assessed values vs. list prices on some homes for sale in Vernon. All in the sought after East Hill area, the differences between assessed value and asking prices are significant 2703 15st- asking: $549k assessment: $385k 3800 16st- asking: $489k assessment: $359k 1607 Pottery Rd- asking: $479k assessment: 368k 4404 Wellington Dr- asking: $665k assessment: $534k 928 34ave- asking: $865k assessment: $713k You see asking prices above assessed value fairy often, not uncommon. But These are major discrepancies. Are municipalities short-changing themselves by under-assessing property ? |
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