From the Okanagan to the Kootenays
The Okanagan is considered by most as being the best place to get a mortgage in BC for the cooccurring consensus that it’s also one of the best places to live in the entire country. To be fair, these accolades can be attributed to idyllic summertime conditions that turn the Okanagan Valley’s beach towns into a hotbed of wining, dining, and water-sport activity. However, there is one BC region that draws attention from all over Canada through all four seasons – the Kootenays.
The gem of the Kootenays is Nelson BC. The small city of around 11,000 people boasts an ideal terrain and an abundance of snow that makes it a prime destination for skiing, snowboarding, snowmobiling, and snowshoeing through the late autumn and winter. The nearby (and famous) Ainsworth Hot Springs, which are about 40–minutes away from Nelson, are also a big draw during this time of the year. Meanwhile, the same landscape becomes an epicenter for golfing, hiking, fishing, climbing, mountain biking, and more through the spring and summer months. As a result, both first time buyers and seasoned real estate investors have set their sights on Nelson as a place to consider for their next mortgage.
But what is the housing market “landscape” like in this neck of British Columbia? Last year, Nelson had one of the lowest percentage increases in property assessments in the Kootenay Columbia region. However, it retained its designation as one of the most expensive places to buy a home in the region. What’s expensive? At the midpoint of 2023, single family homes in Nelson had a typical assessed value of $675,000. That may seem high for the Kootenays, but compare it to the composite benchmark home price in Metro Vancouver which currently sits at just under $1.2 million. You can see why buyers and investors are looking to regions such as the Okanagan Valley and the Kootenays. For this reason, Carloni Mortgage Brokers own Rene Carloni is taking a short but thoughtful pilgrimage east (from Penticton) to Nelson this week to get the lay of the land on behalf of current and prospective clients. At press, Royal LePage reports that there are just under 140 home listings available in the region. This is a respectable inventory given the small population of Nelson, which is why supply-constrained Okanagan buyers may indeed be interested in investment in the Kootenays.
What will Rene find on his latest adventure? Stay tuned for updates along the way by following Rene on Instagram. If you’re already interested in what Rene may uncover when searching first or second home mortgage opportunities in Nelson, the Kootenays, or anywhere in BC, reach out right away to express interest.