Sales are slow......very slow.
Here's the facts
There has not been a single home/condo/land/trailer sale that has gone condition free on the MLS since July 22nd, 2010.
By comparison during the same period the last 4 years,
2009 - 14 sales
2008 - 19 sales
2007 - 19 sales
2006 - 26 sales
Here's a look at the other ski towns in our area for comparison.
(CLICK ON CHART TO ENLARGE)
When we speak of the real estate economy, we use national statistics but speak locally. On the other hand the stock market is based on the national or even the world economy. The real estate markets are dependent on localised or even micro-local economy. What's taking place in Vancouver might not immediately influence what is happening in Fernie.
What affects all real estate markets together are the interest rates. There is no single barometer to gauge the complete housing market in Canada.
The micro climate of the Elk Valley is very diverse. Teck coal is hiring many new employees, but uncertainity in the life span of the jobs is causing many buyers to rent for the short term. The Calgary real estate market is slow as well, although the price of oil is high. There are a number of local businesses that have closed in the past two months, but others are thriving.
It will be an interesting fall.
Any comments would be welcome.
Thanks
Ryan
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