Local Market Information

Hey everybody! 

Welcome to my newsletter.  If this is your first time, let me explain what we do here.  My goal is to provide value to you, and share what I know about the local real estate market around Nelson, Castelgar, and the Slocan Valley.  Have you ever driven past a house for sale one day, then noticed it sold a few weeks later, and wondered to yourself “I wonder how much that sold for?”  I will answer that question for you!  Every month, I will share with you all of the completed real estate transactions from our area, along with the price of the home, the date it sold, and how long it was on the market for.  If you are thinking of selling your home, or hoping to buy a home in the future, this is great information to become familiar with.  If you read those numbers every month you will become more attuned to the state of the housing market and it will help you understand the true value of your own property, or property you might be interested in.

Second, I will keep you updated on developments and changes in the real estate industry.  Financial forecasts, policy changes, market expectations….anything I can think of that would be valuable for you to know, I will share what the buzz is coming from the authorities in the Canadian Real Estate Association.  

Thank you all for being here!

 

It’s November already!  I don’t know about you, but for me this year is flying past.  It’s time to prep for the cold months.  Here’s a friendly reminder to have your furnaces inspected and tuned up, which can increase efficiency, lifespan, and decrease health risks.  If you run a wood stove, take a peek up that chimney of yours and check for creosote buildup!  Also, if you have any hoses or underground waterlines in the yard, make sure to have those flushed, drained, and disconnected.  If you leave them connected to your taps the water can freeze inside the tap, causing damage and potential flooding in the home.

What to say about the Real Estate market?  Well, October was the slowest month of 2022.  Between Nelson, Castlegar, Salmo, and the Slocan Valley, there were 34 homes sold last month.  The average for most of the summer was between 50-60 homes sold per month.  The average sale price was $477, 467.65, and the average list-to sold ratio was 96.59%.  There were 4 homes in October that sold for over asking price.  For buyers, it is nice to see the trend of overpaying for homes slowing down.  For sellers you can still expect to get a good offer compared to your asking price.

Interest rates continue to rise, but the asking price of homes has not fallen at the same pace.  As such, more and more buyers are being priced out of the market.  A lot of buyers are also waiting to see what happens with home prices next year, as a dip in prices is certainly expected.

In a recent survey of 17 economists, 100% said home prices will keep falling for the remainder of this year and into the first quarter of 2023.  This is according to personal finance site Finder’s latest outlook. There is however less agreement on how bad the damage will be.  One third of those surveyed expect prices to slide between 7.5% and 9.99% by the end of the year.  A quarter think Canada could see a 2.5% to 4.99% decline.  There was also a small group, 8% of those surveyed, who think prices to fall 15-19.99%.  These forecasts are Canada-wide, so I would expect to see a slightly smaller effect here in the Kootenays.

Economically, the Canadian Economy is still growing, although fairly slowly.  Through the first 8 months of the year, the Canada-wide economy grew 4.3%, with BC’s Economy doing slightly better at 5.1%.  Still, due to the slow growth of the economy, the banks are expected to slow down how quickly they are raising interest rates.  While we are still expected to see more interest rate increases in the future, they should be smaller increases.  The current overnight interest rate is 3.75%, the highest it has been since 2008.  Still, it is expected to continue going up, probably capping somewhere over 4%.

For now everyone seems to be holding their breath, waiting to see what happens.  I expect the winter to be quite slow for real estate transactions, beginning to pick up again in the spring.  There is still a huge backlog of buyers trying to get into the market, but the conditions haven’t quite normalized enough for them to find a way in.  With fewer homes selling, by the springtime there should be a larger inventory for buyers to chooses between, which means less competition on every home, which should mean lower prices.  If you need to sell, now may be the best opportunity you have for the next year or more.  Of course, if you are selling and buying at the same time, its all relative, and if you are getting a larger property, waiting for prices to drop is more beneficial.  (eg your current home is worth $400,000, you want to buy a $600,000 place.  If prices drop 10%, your current home loses 40k worth of value, but the new home drops 60k, so you still come out on top.)

These are interesting times!  We will get through them together 🙂  I hope you all have a great November, and are looking forward to the quiet and cozy winter months.  As always, if you are looking to buy or sell and have questions, feel free to reach out.  If you know someone who is looking to buy or sell, please feel free to connect us.  I pay referral fees for closed business.  And as always, I am here to help.

 

Here were the homes that sold in October, 2022:

Address Status Sub Area Price Sold BR Bth DOM  Sale Date MLS #
230 RAINBOW RIDGE ROAD Sold Harrop/Procter $743,000 3 2 47 Oct 10/22 2467105
8655 PROCTER EAST ROAD Sold Harrop/Procter $140,000 35 Oct 3/22 2467197
7619 UPPER BALFOUR ROAD Sold Kokanee Creek to Balfour $259,900 3 175 Oct 25/22 2464629
6220 REDFISH ROAD Sold Kokanee Creek to Balfour $1,650,000 3 3 77 Oct 7/22 2466482
1221 GREEN ROAD Sold Kokanee Creek to Balfour $539,000 2 2 31 Oct 20/22 2467557
601 EIGHTH STREET Sold Nelson $577,500 3 2 57 Oct 12/22 2466898
408 INNES STREET W Sold Nelson $500,000 4 2 50 Oct 5/22 2466926
1502 STANLEY STREET Sold Nelson $694,000 6 3 37 Oct 12/22 2467284
822 BAKER STREET Sold Nelson $647,500 3 1 46 Oct 28/22 2467401
30-739 HIGHWAY 3A Sold Nelson $153,000 2 1 18 Oct 12/22 2467614
3748 PASS CREEK ROAD Sold Nelson West/South Slocan $255,000 99 Oct 12/22 2466086
737 11TH AVENUE Sold North Castlegar $558,000 4 2 104 Oct 11/22 2465957
608 6TH AVENUE Sold North Castlegar $580,000 4 2 64 Oct 6/22 2466753
756 10TH AVENUE Sold North Castlegar $105,000 53 Oct 8/22 2466918
403 6TH AVENUE Sold North Castlegar $555,000 4 3 33 Oct 6/22 2467274
549 9TH AVENUE Sold North Castlegar $410,000 4 2 34 Oct 11/22 2467335
2839 DUHAMEL CREEK ROAD Sold North Nelson to Kokanee Creek $470,000 3 1 45 Oct 13/22 2467158
Lot C ATBARA LANDING Sold North Nelson to Kokanee Creek $425,000 2 1 36 Oct 8/22 2467291
12-2905 LOWER 6 MILE ROAD Sold North Nelson to Kokanee Creek $164,000 2 1 14 Oct 28/22 2467887
1026 BRIDGEVIEW CRESCENT Sold Ootischenia $425,000 3 1 121 Oct 5/22 2465426
1059 BRIDGEVIEW CRESCENT Sold Ootischenia $779,900 3 3 99 Oct 18/22 2466231
3301 LITTLE SLOCAN SOUTH ROAD Sold Passmore/Winlaw/Slocan $222,000 127 Oct 18/22 2465595
5696 WINLAW BRIDGE ROAD Sold Passmore/Winlaw/Slocan $329,900 3 1 31 Oct 13/22 2467446
3-3969 BROADWATER RD Sold Robson/Raspberry/Brilliant $140,000 2 1 91 Oct 17/22 2466337
1079 QUANCE STREET Sold Robson/Raspberry/Brilliant $250,000 1 1 18 Oct 6/22 2467528
2450 KNOB ROAD Sold Robson/Raspberry/Brilliant $472,000 3 2 17 Oct 14/22 2467648
52-2210 COLUMBIA AVENUE Sold South Castlegar $412,000 2 3 307 Oct 14/22 2462320
259 35TH STREET Sold South Castlegar $570,000 4 2 203 Oct 14/22 2463792
1895 CONNORS ROAD Sold South Castlegar $587,000 3 3 60 Oct 31/22 2467245
804 MERRY CREEK ROAD Sold South Castlegar $690,000 5 3 36 Oct 26/22 2467562
159-4200 GRANDVIEW DRIVE Sold South Castlegar $410,000 2 2 19 Oct 11/22 2467589
2701 9TH AVENUE Sold South Castlegar $595,000 4 3 10 Oct 28/22 2467941
903 GLENDALE AVENUE Sold Village of Salmo $260,000 2 1 46 Oct 25/22 2467391
8932 SPRINGER CREEK ROAD Sold Village of Slocan $655,000 3 2 61 Oct 18/22 2467034

 

Things change. Often!

Kids get older. People take on new hobbies. Careers evolve.

As a result, a house that was perfect when the owners originally purchased it may no longer be ideal. That can be the reality even if they’ve only been living there for a short time.

While you may not be in that situation now, you might be in the next few months or years. When that happens, you can count on me to help.

In fact, there are a couple of ways I can work with you as your house needs evolve.

For example, if you need to renovate, I may be able to recommend a good contractor. And, of course, if you need to find a new, “more perfect” home, I can work with you to make that happen.

Just know that I’m here to help ensure your home continues to be the ideal place for you.

So, when you have questions or need advice, reach out to me.