2017/2018 Ski season under way. So too is an active Real Estates Market.
Early snow can mean many things here in Fernie. Above all is the excitement for the upcoming ski season! With last year’s epic snow still fresh in our minds, many of us are keen to get an early start and engage in Fernie. The roar of the snow removal engines reminds me of the housing market in Fernie today.
Real Estate in Fernie has had an exceptional ride in 2017 with demand right inside the City out pacing the inventory for the entire year. Single family homes, condos and new construction were all notably well ahead of last year’s results. Prices on all three categories also reflected the demand and are on the rise.
The continued growth in the Fernie market, despite the failed attempts of many powerful economic forces, leads me to believe that there is a momentum that will continue to elevate our market for many years to come. You may recall in a recent article I mentioned that four significant driving forces in the Fernie Real Estate market are Coal, Oil, Snow and the Canadian Dollar. Today, we are missing only one of these factors that would lead us to a “perfect storm” Some analysts have projected that Oil will stabilize in 2018 at $60.00/ barrel and thus beginning a completion the “fab four” (Please stay tuned more results on the upcoming 2018 market and contact your Realtor® for advice on your purchasing or selling plans.)
The rental market in Fernie has continued to tighten this year due to various factors. Availability and rent rates are posing problems for tenants looking for solutions. If you require rental property assistance, please contact Heidi Berry PREC in our property management office.
If you are considering using your property for rental income, please check the recent changes to the local zoning bylaws. The Municipality has recently modified their position on short term rentals. These changes may affect the type of tenant you are able to lease the property to. Options are available to own property for short or long-term rentals. Ask us for more information.
We wish you a happy and exciting winter season wherever you play. Our team is always available to help you with your property questions. Please stop by to see us.