Improvements seen in Grand Forks real estate

With the upswing of the economy and buyer confidence, the Grand Forks real estate market has seen improvement.

With the upswing of the economy and buyer confidence, the Grand Forks real estate market has seen a positive improvement.

Sharon Marshall, broker and owner of Discover Bounder Country Realty, pointed out the activity in the market place has improved this year.

She attributes the boost to lowered housing prices and buyer confidence compared to the dire situation in 2008.

“It’s still an extremely difficult market and is price driven. The areas that don’t have as much in services and infrastructure are still struggling – there are less sales in those areas as opposed to the Grand Forks area itself,” she explained. “In Christina Lake, there have been some reasonable sales but the prices have been dramatically lower.”

According to the British Columbia Real Estate Association, there was a drop in multiple listing services (MLS) on the average price in the Kootenays from Cranbrook to Grand Forks. Comparatively, listings in Vancouver remained relatively flat and increased by 0.6 per cent.

Marshall also noted there is a lot of pent up demand for people who would like to move in but haven’t been able to sell their homes due to the market.

Working within Grand Forks, Greenwood, Midway and Christina Lake, Marshall pointed out a buyer can purchase an exceptionally nice, large home for under $350,000.

“For a home that is a little older and spacious with a basement, a buyer can get one for under $250,000,” she said. “Prices for rentals are also significantly lower here as well.”

Realtor Gary Smith of Grand Forks Realty pointed out there has been a 10 per cent drop in sale prices from last year.

“It’s pretty close to were it was last year in terms of sales,” he said. “We’ve got a few more this year but nothing substantial but prices are around $200,000. A residential detached home last year was around $204,000, and this year it is around $180,000.”

Marshall added there seems to be a fair bit of vacant (property for rent) and part of that is due to transition phase of the Silver Kettle Village.

The arrival of Silver Kettle Village for seniors, something that was desperately needed, has had a dramatic effect on the real estate market here, Marshall added.

With the seniors moving into the retirement village, the seniors also need to sell their homes so prices have dropped and rental properties have become more numerous, she said.

“There has been a boost. With the seniors moving into the home, it provides inventory and it does provide a better selection for people to buy a home,” Smith said.

Movement is slow but it is getting better, he added.

“It does affect the surrounding area as well because of the movement of people into the complex,” Marshall explained. “Everything goes in cycles and we now have the American election behind us and the U.S. economy seems to be recovering. We certainly have the nicety of the Canadian dollar stability in our banking system. I sincerely believe that 2013 will be an even better year than 2012.”

Marshall noted this is a good time for those who are thinking of purchasing a home.

“The mortgage rate is at an all time low, the lenders have money to lend and the prices are enviable – you can find some stunning bargains for excellent homes in good locations, under $200,000 even,” she said. “If anyone is renting and thinking to look, they should look now.”

For more information on the Kootenay real estate market, visit the British Columbia Real Estate Association’s website at

Just Posted

Grand Forks council recognizes shared responsibility to support establishing winter shelter

CAO: ‘I think, one way or another, you’re in this and you have been in this situation […]’

Richard Cannings re-elected in South Okanagan-West Kootenay

It was a close race with Conservative challenger Helena Konanz

Trudeau has won the most seats — but not a majority. What happens next?

Trudeau will have to deal with some of the implications of Monday’s result

LIVE MAP: Results in Canada’s 2019 federal election

Polls are now closed across the country

ELECTION 2019: Here are the results from our 12 B.C. races to watch

Incumbents mostly won our 12 key races, but there were a few upsets too

Scheer says Canada more divided than ever, as NDP and Bloc hold cards close

While Liberals were shut out of two key prairie provinces, they took two-thirds of the seats in Ontario

Horvat’s hat trick lifts Canucks to 5-2 win over Red Wings

First career three-goal game for Vancouver captain

Saanich Gulf-Islands’s Elizabeth May coy about leadership plans

The federal Green party leader talks possibility of running as MP without being leader

Estheticians can’t be forced to wax male genitals, B.C. tribunal rules

Langley transgender woman Jessica Yaniv was ordered to pay three salon owners $2,000 each

Two youth arrested in UBC carjacking at gunpoint, after being spotted in stolen Kia

‘A great deal of credit is due the alert person who called us,’ said North Vancouver Sgt. Peter DeVries

People’s Party of Canada’s anti-immigration views ‘didn’t resonate’ with voters: prof

Party was formed on anti-immigration, climate denying views in 2018

Windstorm knocks out power for 10,000 in north and central B.C.

Power slowly being restored, BC Hydro says

Investor alert: ‘Split games’ pyramid scheme circulating in B.C.

British Columbia Securities Commission issues warning about scheme selling virtual shares

Federal NDP may support B.C. with major projects, Carole James says

SkyTrain Surrey extension, Massey Tunnel need Ottawa’s help

Most Read