Look No Further For Real Estate Value

Here's an interesting article written by Ozzie Jurock, a well-know BC Real Estate Analyst.

While all eyes are on the Lower Mainland, reasonable prices and excellent investment opportunities are to be found in the small towns outside the major markets - and now is the time to be assessing the opportunities.

When one looks at recoveries in residential real estate, it is always the major markets that come back first. This is now being seen in B.C., where the most expensive areas - the West Side, Richmond and White Rock - are seeing high sales and record prices.The ripple effect will spread the recovery to other Metro Vancouver areas - thus, the savvy real estate investors should now be scouting for opportunities.

All prices at Whistler have come down - the Olympics having made no difference (which we forecast, ahem). However, now Whistler prices may very well be at the bottom. You can buy two-bedroom condos in Glacier Reach for instance - nine for sale - priced from $400,000 to $430,000 that had originally sold from $497,000 to $634,000.

Just 40 minutes from Vancouver, the former logging town has a ton of condos for sale and building lot prices are a fraction of Metro Vancouver’s. The median detached house price in Squamish, at $425,000, is now 15 per cent below what it was three years ago. Since the first of the year, only five condos have sold through MLS in Squamish. At the new prestige University Heights development surrounding Quest University building lots are $175,000 and a 2,500-square-foot luxury house is around $699,000. You can also buy freehold condos at Squamish in the $170,000-to-$180,000 range and outstanding ones in the mid-$200,000s.