Top 10 Business People of the Year

Each year Kootenay Business Magazine selects 10 business people in the Kootenays who are “recognized within their community for their leadership, for their progressive ideas and for their outstanding contribution to business success in the Kootenays.” I am happy to report that I was selected as one of the top 10 leaders. Keep your eyes out for a copy of the January/February 2008 issue of Kootenay Business to review the article and to check out who else has been highlighted.

Market Statistics

Here is a breakdown of the year end stats for Nelson and surrounding area.

As per the Kootenay Real Estate Board Statistics the average prices for the 2007 year end on real estate in the Nelson and outskirt areas are as followed: ( bear in mind these numbers can be skewed with large or small $ volume individual transactions )

Residential Sales Only
Area	2007	2006
Castlegar Kaslo Nelson Rossland Salmo Trail	$242,885 $330,556 $323,552 $250,422 $167,441 $173,258	$195,280 $294,275 $305,276 $182,418 $149,777 $110,691

Kootenay Regional Affordability Breakdown

If you are contemplating a move but are unsure which area is in your price point, the following breakdown will help you to understand real estate trends throughout the entire Kootenay region. These price points are based on the year end stats for 2007 for an average sale price of homes in the given areas.

Under $200,000	$200,000 - $300,000	$300,000+
Greenwood New Denver Salmo Silverton Slocan Trail Warfield	Castlegar Creston Cranbrook Elkford Fruitvale Grand Forks Golden Invermere Kaslo Kimberly Midway Montrose Nakusp Rossland Sparwood	Nelson Fernie Radium

How the United States market slow down is affecting Canadian markets?

Canadian Real Estate Association News Release

“The results in 2007 show the strength and the affordability of the Canadian residential market,” says CREA President Ann Bosley. “The statistics again show just how different the housing markets are in Canada and the United States. Canadian REALTORS ® know that Canadian mortgage lenders correctly see that home prices will continue rising. We know there is still strong competition for the mortgage business in Canada.” Read full news release at http://www.crea.ca/public/news_stats/pdfs/crea_news_release_jan08.pdf

Affordable Housing Forum Highlights

In November, I had an opportunity to attend the Nelson Affordable Housing Forum. With the real estate market on the steady incline and the ability for home ownership for the average working family on the decline, I was hoping to gain some inspiration as to what could be done to help in building partnerships for affordable housing.

Overall Area Outlook:

Lifestyle-resort seekers driving market
Resale market outlook remains strong
Currently only 5% of sales under $200k
2008 average price to reach $335-340k
Multi-family, new construction to be strongest growth demand
Construction costs rising on average 1-2% per month
2007 vacancy rate for rentals was only 1.5% and only 2.2% of rentals were 3+ bedrooms for families

Overview on Potential for Solutions

Local

Potential to increase design footprint from standard 30-33% area coverage to 50% for affordable housing accommodation projects in the Nelson and surrounding areas
Potential for some variances to become available from city for lot coverage’s, set backs and suites above garages for affordable income housing projects

Regional

CMHC (Canadian Mortgage and Housing Corp) offers a number of RRAP (Residential Rehabilitation Assistance Programs) to encourage affordable housing development projects. These programs range from:
Helping low income families with repairs relating to health and safety for their homes
Assistance for projects providing financial assistance for households occupied with individuals with disabilities. Funding used for modifications and improvements for better accessibility
Rental unit and rooming houses funding available to landlords and owners to carry out repairs to units occupied by low-income tenants
RRAP conversion program provides financial assistance for non-residential buildings to be converted into affordable rental buildings or bed units
For more information on these programs and more visit www.cmhc.ca

Provincial (Housing Matters BC document, pg.4).

Two primary policy changes and six strategies form the basis of the Housing Strategy.

The two policy changes are:

Individuals or households with special housing needs will be given priority access to subsidized housing.
Provincially-owned subsidized housing will be renovated to better meet the needs of low-income households with special housing needs, such as seniors with enhanced accessibility requirements. Older, obsolete buildings built on under-utilized land will be redeveloped over time to serve more households in need of housing assistance.

In developing the 6 strategies, government looked at the continuum of housing need from homelessness to the need for affordable rental housing and homeownership. This review included assessing the legislation and regulations that ensure British Columbians enjoy safe and stable housing, and form the foundation for the housing continuum. Strategies include:

the homeless have access to stable housing with integrated support services
B.C.’s most vulnerable citizens receive priority for assistance
Aboriginal housing need is addressed
Low-income households have improved access to affordable rental housing
Homeownership is supported as an avenue to self-sufficiency
B.C.’s housing and building regulatory system is safe, stable and efficient

For more detailed information on the above information please contact the following:

Office of Housing and Construction Standards
http://www.housing.gov.bc.ca/
Tel: (250) 356-6633

BC Housing
http://www.bchousing.org/
Tel: (604) 433-1711
Toll free: 1-800-257-7756

Homeowner Protection Office
http://www.hpo.bc.ca/
Tel: (604) 646-7055
Toll free: 1-800-407-7757

Listings

I have just sold the last of my 2007 listing inventory. If you or anyone you know are considering selling and would like to get the best service and exposure for your listing, now is the time to contact me for your market evaluation. Don’t miss the spring market of buyers awaiting fresh listings for the upcoming 2008 market.

I appreciate the ongoing support and referrals from my satisfied clients. If you or anybody you know is considering selling this spring or summer, please pass my name along. To access what is still available through Re/max RHC Realty and the Multiple Listing Service follow the links on my listings page.

If you are considering making a purchase or sale in the area and want some expert advice on the local market, give me shout and visit www.NelsonLocal.com for more information about Nelson BC Real Estate.

Real Estate Blog

If you haven’t previously experienced blogging, I encourage you to check out my real estate blog found at http://nelsonlocal.blogspot.com/ . I periodically update this webpage with interesting information about Nelson, design tips, real estate info, and what ever I find interesting and useful to others.

Why Use a Realtor ®

A REALTOR®’s commitment to high standards of professional conduct works to the advantage of buyers and sellers alike.

A REALTOR® is knowledgeable about developments and trends in real estate. A REALTOR® will get you the facts: comparable prices, neighborhood trends, housing market conditions and more.

A REALTOR® is committed to ongoing education to increase competence and effectiveness in real estate trading.

Every REALTOR® has been trained and tested. And REALTORS® are bound by a strict Code of Ethics and Standards of Business Practice that ensure fairness to all parties in a transaction.

A REALTOR®'s pledge is to be honest in disclosing property information and forthright in providing the facts needed to help you make one of the most important decisions of your life.

And remember; only a REALTOR®, a member of The Canadian Real Estate Association, has access to the Multiple Listing Service®, Canada's most powerful real estate marketing system.

How Realtors Help:

Flash movie: http://www.howrealtorshelp.ca

PDF File: How Realtors® Help

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