Market Outlook 2018
2017 Fernie Real Estate Sales Wrap Up
In 2017, Fernie outperformed other mountain towns and MLS real estate sales in Fernie performed stronger in 2017 over prior years.
The sale of 195 properties in 2017, including condominiums and single family dwellings, in Fernie & Fernie Alpine Resort represents a 28.2% gain in 2017 over existing home sales in 2016. The sales of serviced vacant home sites increased from 16 parcels in 2016 to 20 parcels in 2017, an increase of 25%.
2018 Forecast – Fernie Will Outperform the Regional Market
Selling prices of existing home sites and vacant home sites will increase significantly in 2018. There is an acute shortage of existing homes on the real estate selling market (16 single family homes in Fernie at the time of print – an all time low). The demand for homes has vastly out grown the supply of all homes in Fernie.
Fernie has a restricted land base typical of most mountain towns. The steep mountain slopes along the valley, a meandering river flowing through the community, as well as major transportation corridors for rail and highway traffic all limit the land base for development. A low inventory of serviced developed land will continue in 2018. More serviced lots are expected in Q3 of 2018.
In recent months, two vacant home sites have sold close for close to $450,000 per single family lot in two different Fernie locations, a good indicator of future serviced land prices.
Our forecast for 2018 will be a very strong upward pressure on vacant homesites of 15-25%. The forecast for existing home sales could gain another 10-20% in 2018 depending on the neighbourhood and the location in the valley. Prime residential building sites and prime existing homes for sale are in dire supply and these properties will sell at a premium in 2018.
The 100 Highest Valued Kootenay Properties in South-Eastern British Columbia
The 100 highest valued properties in the Kootenay region of British Columbia was released on January 1 2018 by BC Assessment, the provincial government property valuation site.
84 percent of the top 100 properties are located in the communities from Fernie to Kimberley through to Invermere and the Columbia Valley to Golden.
Enjoyable summer weather, the Powder Highway for skiing, an abundance of amenities, the majestic Rocky Mountains and National Parks, proximity to three major airports (Kalispell, Cranbrook and Calgary) all help to make the region an ideal recreational and investment choice for your mountain living property.
- Columbia Valley, Invermere, Panorama - 70 properties
- Revelstoke and Revelstoke Mountain Resort - 9 properties
- Fernie, South Country and Koocanusa - 8 properties
- Nelson and Kootenay Lake - 5 properties
- Golden and Kicking Horse Resort - 4 properties
- Cranbrook, Kimberley, Wasa - 2 properties
- Christina Lake - 1 property
- Creston and area - 1 property
Fernie is the ideal location to acquire a property for family time and for your fishing, mountain biking and skiing adventures. Contact Fernie Vacation Properties for more information on one of our luxury properties.
Mike Delich, President
Fernie Vacation Properties Inc