Good news as region’s recreational property sees upswing

— Photo courtesy Panorama Resort.

According to BIV’s Real Estate Roundup columnist Peter Mitham, Panorama Mountain Village near Invermere is reporting that 80% of its new Trappers Ridge development has been sold out.

This translates into 17 of 21 units in the new development that have been sold. Mitham observes, “It’s positive news in a market that has seen U.K. and U.S. buyers disappear in the past five years, and overall conditions soften, reducing prices for some types of homes by as much as 50%.”

Trappers Ridge is offering a lot and home for about $450,000, compared to many existing nearby home prices at $650,000 to $2+ million.

Some of Trappers Ridge amenities include full ownership with no strata fees, an all-season resort neighbourhood, slope side convenience at attainable prices and ski-in ski-out and bike-in bike-out convenience.

In Kimberley, though prices have dropped to the $250K to $350K range from $400K to $600K in 2008, almost all of the 25 unsold units on the slopes above town have been sold, which is a slow but steady pace of about two units every month since the fall. The pricing sweet spot in Fernie for recreational property lies between the $300K to $450K range.

Philip Jones, owner/broker of Royal Lepage East Kootenay in Cranbrook, is quoted as saying, "Proximity to Alberta—the source of 90% of local buyers—has helped sales in the East Kootenay region. We're seeing that for a lot of people the major income earner is working either in the coal mines in the Elk Valley or in northern Alberta in the oilsands or northern B.C. in the energy sector."