Albertans Moving West Factor in Hot Kootenay Housing Market

The real estate market in the Kootenay region in British Columbia is becoming hot. There are now a lack of listings in some communities according to analysts.

According to the chief economist for the British Columbia Real Estate Association, Cameron Muir, buyers are interested in low interest rates and there is also reverse migration from Alberta taking place.

He also stated that for numerous years, the population in BC was decreasing on a net basis therefore individuals in the province would move to Alberta in search of employment.

This pattern has somewhat shifted the other way around. Young people are staying in the province and people from Alberta are moving to British Columbia. According to Cameron Muir, this change in provincial movement is impacting the Kootenay region the most.

According to a real estate sales professional, a home in the area had been on the market last year for almost a year and then suddenly, there was bidding war for the property. The property received multiple offers and sold over asking.

Reference: CBC News

http://www.cbc.ca/…/albertans-moving-west-kootenay-housing-…