The decade long term trend of urban home owners taking advantage of the price differential between city and small town pricing has been further accelerated by the desire for more space and land in the pandemic and post-pandemic age.
As Frank O’Brien detailed in his recent Business in Vancouver article, the data is clearly showing a surge in urban buyers seeking BC acreage, waterfront and small community living. In addition, some buyers are also seeking recreational and income-generating properties – and a key market driver being that these buyers are coming from across Canada.
The fact that this is not a new, but an accelerating phenomenon, can be seen from some fascinating 2019 data reported by Better Dwelling. Of the 45,000 people who left Greater Vancouver that year more than 70% moved to smaller communities in BC.
So the big question for those still considering a move or purchase to escape the trials of packed city life – where are prime properties still available and are there reasonable values to be had?
One answer is the East Kootenay’s and the communities of Cranbrook, Kimberly, Fernie and Creston. Tucked away in the south east corner of the province this part of BC has lagged behind it’s Okanagan neighbour when it comes to attracting tourism and recreational visitors. Of course the benefit is that it has not suffered the price surge, development or growth woes of the Okanagan valley either. But it only takes one trip to discover that the East Kootenay’s are an amazing combination of the best of BC wine country and the best of the Rocky Mountains combined.
Whether you’re considering retirement, a second home in the country or an investment property – you’d do well to look at this area. For more details and some specific opportunities currently available CLICK HERE.
Nina Parente is a broker and real estate advisor with Rennie & Assoc.