News: Vancouver Real Estate Market

Significant home price variations in 2019, for Canada's most popular winter recreational markets

Where does B.C. stand?

Kimberly situated in the Kootenay Rockies in British Columbia have had a surge of young buyers, contributing towards the demand of condominiums in the area. The average price of condos in the area increased to 9.8% year-by-year to reach $259,750 as the 12-month period ended on September 30, 2019.

"We are seeing young families return to Kimberley for the lifestyle offered by our four-season recreational region," said Darren Close, managing broker, Royal LePage East Kootenay Realty. "We are leading the way with one of the fastest growing municipalities in the province and our population growth should keep demand very strong for the single-family home segment."

Significant increases were also seen in Invermere, north of Kimberley where single-family homes and condos had a 10.4% and 5.0% growth to $509,821 and $254,266 over the years.

Whistler also saw an increase of 5.2% for condos year-over-year to $884,227 during the 12-months ending September 30, 2019. Single-family homes saw a 13.8% decrease over the same period to $2,391,979.

"It’s a healthy market; retired couples are buying single-family homes to live in and families with smaller budgets are purchasing condos for recreational getaways," said Benson. "We expect similar healthy sales activity in 2020."

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