Will Real Estate Prices CRASH because of COVID-19???


It is impossible to truly know the Future

Although it is impossible to predict the true short term and long term impacts of COVID-19 and the real estate market in and around Invermere BC, Panorama, Radium Hot Springs, Fairmont Hot Springs, Canal Flats, Edgewater, Lake Windermere and the entire Columbia Valley, there are some important differences compared to the Financial Crisis of 2008 and the years that followed.

Recent buyers in our market have not been buying to speculate. They are buying because they love this place and they want to be here. There are a significant number of buyers who have paid cash and have no or very little debt on their properties.

The area is very desirable for those looking to retire. Prices have not really recovered from 2008 levels, which is an uncommon situation throughout most of British Columbia, or other areas including Canmore, Golden, Kimberly, Cranbrook, Fernie, Nelson etc. There is also a finite supply of homes and properties in central walk-able locations in the core of Invermere. Although there is uncertainty and there could be a temporary dip in values, this could be an opportunity for renters and first time home buyers to jump into the market with low interest rates.

Generally my perspective is that it is not a time to panic.

There could be a few situations where people HAVE to sell, but those in my opinion will be relatively limited- especially with all levels of Governments trying to put in place direct funding supports, deferrals of fees or taxes, and pressure on the banking industry to be flexible on loans. Even in normal situations the foreclosure process is not a simple or quick process with several opportunities and steps for redemption. And there is no question that most lenders want to avoid foreclosures as much as possible.

The community; Columbia Valley, Invermere and all of the sections of the overall community, has really come together in this crisis. Above and beyond the natural beauty and the value in homes and land- I believe that the community and overall intangible aspects of this place combined with all of the other factors will be our biggest strength- and in the medium to long term will mean that prices and our real estate market will be stable.

If you would like information, statistics, or just want to chat about the real estate- I am happy to connect and happy to help!
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