Calgary Herald

Property sales climbing steadily in Columbia Valley

- MARTY HOPE

New and resale housing activity in the Windermere-Columbia Valley is regaining ground lost when the impact of the worldwide recession hit home midway about a decade ago.

Calgary’s energy-based economy was walloped and many consumers shoved their wallets deeper in their pockets, shelving big-ticket plans including escape-destinatio­n properties in the popular British Columbia valley.

“Now we have the Alberta buyers back and the sales in 2017 are showing a 25 per cent increase over 2016, bringing the total reported sales volume for the year to more than 250,” says Ray Ferguson, realtor for ReMax Invermere.

Seeing as it’s only a three-hour drive from Calgary, the valley has long been a playground for visitors from east of the Rockies, he adds.

“Isolated as it is from most of the rest of B.C. and yet an easy threehour drive from Calgary, it’s little wonder that some 75 to 85 per cent of our real estate buyers come from Alberta,” he says.

So when the downturn hit, the area experience­d a slowdown although buying never totally stopped. Demand eased considerab­ly compared to the days when sales contracts were being signed before constructi­on of homes started.

There was a kind of wait-and-see attitude among potential vacationho­me purchasers, one that is still in the marketplac­e, although they are more willing to entertain buying now.

“We started a subtle rebound in real estate in 2013 with a 10 per cent increase each year up to 2016,” says Ferguson, adding that sales are still climbing.

But the buyer makeup has gone through a small change.

“We have, though, seen an increase in Lower Mainland buyers who have cashed in and are moving here. I estimate they now make up five to eight per cent of the residentia­l market,” he says.

The “unreal speculativ­e market” of the Lower Mainland never got as far as the valley, but did have an impact on Kelowna before starting to slow there, as well, Ferguson adds.

As Alberta’s economy continues its slow ascent, the Invermere-- based realtor sees good news ahead for the valley region.

“Good news for working citizens of Alberta will be the catalyst that will secure long-term viability and security for vacation home ownership in the Windermre-Columbia Valley,” says Ferguson.

According to the 2017 ReMax Recreation­al Property Report, young families with children will drive demand, and almost twothirds of millennial­s will look at buying a rec property in the next 10 years.

“These are working people, and a bright future for Alberta means an outstandin­gly bright future for valley real estate sales,” says Ferguson.

 ?? GAVIN YOUNG ?? The valley has long been a playground for Albertans.
GAVIN YOUNG The valley has long been a playground for Albertans.

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