Home Prices in Salmon Arm
Amid concerns over rising interest rates, sluggish economic growth and an oversupply of new condos in some areas, it’s still unclear what the outlook will be for home prices across the country. But in Salmon Arm, which sits right in the middle of Canada’s Interior region, things appear to be shaping up for a strong summer real estate season.
In fact, a recent release from the Okanagan Mainline Real Estate Board (OMREB) that covers the area from Revelstoke to Salmon Arm reports that sales of single-family homes and acreages slowed down in September but are still up slightly on the year-over-year basis. The same trend is apparent for the entire regional Okanagan-Shuswap market.
The region is also benefiting from a lack of inventory, as the number of salmon arm homes for sale dropped to record low levels this past April. That’s a welcome change for buyers who have been unable to find the homes they want, and it should help keep mortgage rates down.
What is the Outlook for Home Prices in Salmon Arm Over the Next Year?
Nevertheless, the slowdown in sales is expected to have a major impact on overall housing activity this year, with OMREB forecasting that the regional average house price will slip 7.3 per cent this year and 3.6 per cent next year before rebounding by 8.9 per cent in 2024. That’s a far cry from the long-term average annual growth rate of 2 per cent for most of the previous 20 years, which was fuelled by falling interest rates and high immigration.
As for the specific situation in Salmon Arm, a city with a population of around 31,000, about two thirds of the dwellings are single-family houses. Other types include small apartment buildings and townhouses. The city’s single-family homes are primarily located in the north and east parts of town, with the southeast part being dominated by water-view properties on Shuswap Lake and other lakes and rivers.
Those who buy waterfront homes for sale in Salmon Arm can enjoy a variety of recreational activities, including boating, fishing and swimming. The city also offers a good range of shopping and dining opportunities, with a downtown core featuring neat boutiques, big box stores and professional services.
The city is also a popular tourist destination, with many homebuyers buying property in Salmon Arm for investment purposes and renting it out when they are not using it themselves. That’s a great way to maximize the return on your investment, as long as you have the proper property management skills in place. Fortunately, several property management companies operate in Salmon Arm and can take care of the details for you. In addition, the city has an active arts and culture scene and hosts a variety of festivals throughout the year. One of the most popular is the Shuswap International Writers Festival, held in May. The Festival features a stellar lineup of authors, writers and performers from around the world. It’s a fun, family-friendly event and a fantastic way to experience Salmon Arm.