As we bid farewell to 2023, it’s the perfect time to cast our gaze back upon the local real estate scene and unravel the intriguing tale of the past year. From bustling sales to evolving housing trends, and the impact of new policies, here’s a comprehensive year-in-review of the real estate market that defined 2023.
**1. SALES AND MARKETING PERFORMANCE:
The heartbeat of any real estate market lies in its transaction numbers. In 2023, our local market experienced a dynamic range of property sales. Whether it was the consistent residential transactions or the surprising surge in commercial real estate, the numbers spoke volumes about the region’s economic vitality.
Key Metrics for Elk Valley:
| 2022 | 2023 | ||
| Total number of residential sales | 542 | 425 | |
| Total number of commercial sales | 8 | 12 | |
| Regional Breakdown by property types:
|
|||
| Fernie | – Townhomes
– Single family – Condominiums – Building lots
|
45
61 27 21 |
20
72 19 10 |
| Fernie ski Resort | – Townhomes
– Single family – Condominiums – Building lots |
0
4 34 2 |
8
0 17 2 |
| Sparwood
|
– Townhomes
– Single family – Condominiums – Building lots |
5
52 57 4 |
4
52 31 4 |
| Elkford
|
– Townhomes
– Single family – Condominiums – Building lots |
3
39 38 19 |
1
34 47 7 |
| Rural Fernie – south country
|
– Townhomes
– Single family – Condominiums – Building lots |
0
25 0 13 |
0
18 0 9 |
Stats are taken from Dec. 19, 2023. They only include MLS recorded sales.
**2. AVERAGE PRICES AND HOUSING TRENDS
The ebb and flow of average prices paint a vivid picture of affordability and demand. We witnessed shifts in housing preferences, from an increased demand in all areas of the market. Analyzing the average prices provides a key insight into the market’s overall health.
Key Metrics for Elk Valley:
Average residential property prices:
| Fernie (includes rural) | – Single family
– Townhomes – Apartment |
$956,600
$572,400 $544,000 |
| Sparwood | – Single family
– Townhomes – Apartment |
$505,100
$160,500 |
| Elkford | – Single family
– Townhomes – Apartment |
$440,200
$109,200 |
* Interior Realtors Q3 Review statistics – visit my blog page again for Q4 statistics
**3. POLICY IMPACTS:
2023 brought forth a wave of policy changes that rippled through the real estate landscape. Whether it was new regulations aimed at enhancing sustainability or measures to foster affordable housing, these policies have left an indelible mark on the way real estate operates in our community.
Key Policies:
Sustainability initiatives – Building construction typically follows a five-stage process, encompassing planning, pre-construction, procurement, construction, and post-construction phases. Sustainable real estate for 2023 underscored the integration of environmentally conscious practices throughout each of these construction stages.
Affordable housing policies – Budget 2023 supported the refreshed housing plan with $4.2 billion in operating and capital funding over the next three years to build thousands of new homes for renters, people with middle incomes, Indigenous people, and students, as well as funding for new transit-oriented development and more complex care and supportive housing.
Regulatory changes affecting real estate transactions
- anyone who sells a property held for less than 12 months will be taxed at 100% on business income and not at 50% on capital gains.
- 3 day home buyer rescission period for residential property
- Prohibiting the Purchase of Residential Property by Non-Canadians in mostly urban areas
- Strata property amendments – 1. Removal of rental restrictions 2. Removal of age restrictions
- Multigenerational home renovation tax credit
- Announcements for 2024 regarding short term rental rules and vacant property taxes for other areas in BC
**4. LOCAL DEVELOPMENTS AND NEWS HIGHLIGHTS:
The year was not without its share of groundbreaking real estate developments. From the unveiling of ambitious projects to the expansion of further neighborhood developments, our community witnessed a transformative year that promises a vibrant future for local real estate.
Highlights:
New residential – the Galloway lands were under hot debate this year, despite the opposition this development is forging ahead and plans to offer acreages in the lands just north of the ski resort.
Future phases – both the Montane development and the Cedars released future phases to their now established communities creating further housing.
Noteworthy real estate news – the rise in interest rates this past year only affected our communities towards the latter quarter, but with the news of the interest rates now holding and the potential for this rate to drop in the new year make for a favorable time to invest again with variable rate mortgages being the top of conversations again.
As we conclude this retrospective journey through the real estate landscape of 2023, it’s clear that our community has not only weathered the challenges but has also emerged with resilience and innovation. The lessons learned this year will undoubtedly shape the path forward, setting the stage for an exciting and promising real estate future in the years to come.
MORE NEWS FROM THE RE/MAX FRANCHISE! Consider listing with the #1 ranked franchise.
Top moments that made this year so memorable!
RE/MAX celebrated its 50th anniversary – five decades of growth, innovation, and success!
Continues to support local communities not only through their various community partnership programs, but through fundraising initiatives!
With 25,000+ agents including Quebec, RE/MAX continued to be home to the most trusted*, most experienced and most productive real estate agents in the industry.
ReMax became the Official Real Estate Agents of the Toronto Blue Jays, helping to keep the brand on consumers top of mind across Canada! ReMax also partnered with the Women’s National Basketball Association, allowing us to reach a new audience of dedicated sports fans.
ReMax brand presence reached new heights! With the launch of ‘The Advice You Need’ campaign, which garnered over 1.95 billion impressions, and our most recent ad even featured NBA Champion, Kyle Lowry.
We reclaimed our online dominance – remax.ca is #1 for unique traffic against all competitors (excluding realtor.ca and Quebec traffic).
