Real Estate in the Shuswap - By Lisa Shirley-Nobbs

(Owner/Realtor of Shirley Real Estate Ltd.)

The hot real estate market in the Shuswap no doubt proves that the Shuswap has been discovered. 2007 hit an all time high and was recorded as a record-breaking year of all time regarding its real estate values. There were over ($480,225,792.00) Four Hundred and Eighty Million dollars of real estate sales recorded in the Multiple Listing Service (MLS) for the Shuswap Revelstoke areas. This was an increase of over 40.89% from the previous year. The average purchase price of a home here is approximately $351,495. as of December 2007. In January 2007, the average sale price of a residential home in the Shuswap was $290,708. thus showing the increase for a single family residential home changed by $60,787. in that 12 month period.

The forecast for the market in 2008 in the Shuswap area is to see more inventory and a leveling or a slight increase of real estate values in the local real estate market. Prediction is that we will see a more balanced market bringing confidence to both Buyers and Sellers. With low interest rates predicted to continue and the 40 year amortization of mortgage loans the Salmon Arm/Shuswap area is still a great place to invest.

Demographics have shown that the Baby Boomer generation are moving to Salmon Arm/Shuswap to retire or semi-retire. It is truly a lifestyle destination! The majority of buyers move to the area for a lifestyle change. Reasons for this are for retirement or to get away from the hustle and bustle of larger city life. The four distinct seasons and mild winters draw people to invest in the Shuswap.

The Shuswap Lake and all of the other smaller lakes entice real estate investors for the various types of recreational properties in the area. Lakeshore property has become a commodity. Prices have increased dramatically for prime lakeshore and average prices are usually in excess of a 3/4 million dollars for cabins on prime property. Year round lakeshore homes are usually over a million dollars. This does vary however, depending on location, access and lake frontage. A good rule of thumb is that lakeshore land is approximately $8,000. to $10,000. per lineal foot of lakeshore (again depending on location, access and lakefrontage).

Condominium Developments, Townhouses and bare land strata are becoming more popular throughout the area, whether it be for year round or recreational use.

The average cost of building a house is forecasted approximately at $200. per square foot (if you can find the available trades people). They have also enjoyed the dramatic change in the real estate market and seem to be booked months in advance on their projects.

The incredible mountains, lakes and the scenery in general make the Shuswap a place you just have to invest in. The larger communities in the Shuswap are comprised of Salmon Arm, Sicamous, Chase, Sorrento, North Shuswap, Blind
Bay, and various other smaller communities. The primary trade area population is approximately 40,000 people. Salmon Arm is the largest of the communities with a population of approximately 18,000.

The Shuswap has sustained projected commercial growth. Salmon Arm is slated
to have a Wall Mart in 2008/09 and there are other larger super stores looking at the area. With its easy access off the Trans Canada Highway, and access to Calgary and Vancouver THE SHUSWAP IS THE PLACE TO INVEST YOUR REAL ESTATE DOLLARS. For what the Shuswap offers, prices here are still considerably lower than other areas.