Pandemic Effect Driving Local Real Estate Market Boom
Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region are still seeing the effects of the pandemic, reports the Association of Interior REALTORS®.
Residential sales for the month of March were up 146% with 1,763 units sold compared to March 2020’s 708 units. The South Peace River and the Shuswap/ Revelstoke regions saw the highest increase of sales with a 225% and 223% upswing compared to the same time last year.
“With economic recovery underway, low mortgage rates and the persistent pandemic effect of buyers looking for more space, it’s no surprise that local real estate is still seeing a boom,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “while the pandemic has increased demand it also created a huge shock to the supply side of things that will take a long time to get back to a healthy inventory level.”