Despite the challenges that 2020 and 2021 brought, the local real estate market has continued to thrive. The Columbia Valley saw a number of new residential developments and construction projects which helped increase the number of available properties. With current 2022 listing volumes nearing all-time lows and home and condo prices approaching all-time highs, we expect that as the year progresses, we will see increased competition for available listings.
Notable New Developments
2021 brought the start and completion of several notable new construction developments. This highlights growth and development in the communities we serve as well as future potential for growth as people look for a lifestyle that allows them to connect conveniently with the outdoors.
- OSO in Golden, BC is the first development of it’s kind in the province. This award-winning net-zero development includes many features to help reduce its environmental impact while improving your enjoyment of your home.
- Highland Mews in Invermere, BC offers residents stunning views of Lake Windermere while being steps from local shops, cafes, and amenities.
- Kicking Horse Canyon Phase 4, while not a residential development, is an important infrastructure update that is being completed to help improve the safety and ease of travel along this popular route near Golden.
Despite the challenges that 2020 and 2021 brought, the local real estate market has continued to thrive. With current listing volumes nearing all-time lows and home and condo prices approaching all-time highs, 2022 will continue to experience increased competition for available listings. The Kootenay Association of REALTORS® estimates that there is approximately 2.5 months of available inventory. This number is down significantly from the typical 8.6 months of available inventory for this time of the year. The Chief Economist from the British Columbia Real Estate Association suggests that we’re starting to see the market return to normal after an adjustment for the surge in activity during COVID-19.
In 2021 the real estate market continued to set record-high prices for single-family homes, condos, and townhomes. We have also seen the number of property transactions increase through the year, while the number of days on market has decreased.
The number of new listings is slowing slightly and has been below the five-year average. As a result, home buyers will have fewer listings to choose from. A decrease in the number of listings is common through the winter months, with new listings tending to pick up later in the season.
What does this mean as we head into Spring 2022?
Buyers can expect to continue facing multiple offer situations and increased pressure to act fast or risk missing out. Sellers may continue to see home and condo prices rise with the increased demand from home buyers.
Changes in mortgage rates may help slow the market and allow listing inventory to rebuild, however, this will take some time before we see a healthier number of available listings.
With new construction projects, infrastructure improvements, and a steady demand for homes in the Columbia Valley, the real estate market in 2022 is looking bright.
Have a question? Contact Century 21 Rockies Realty today our local experts are happy to help.
Posted by Scott Sauermann on
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