There has been a lot of growth in property valuations in Rossland. This small town did not escape the woes of the rest of the housing market. Many people who are not Rossland natives come here in the hopes of buying a more affordable home, but find themselves being priced out of the market still. This can be especially discouraging, especially now with a pandemic and most people not having a 20% down payment.
What the Price Increases Look Like
Prices jumped 33% from July 2020 to July 2021, reveals B.C Assessments. These numbers were shared in January of 2022. Where we saw a 16% increase in Vancouver for the same period. This jump was a surprise for many, even though there was intense inflation in previous years for the housing market. The increase is being attributed to persons who now can work remotely choosing to make a lifestyle change, because they like the idea of living in a ski resort area.
In the past, one of the saving graces for Rossland was the difficulty to reach the area. But now with remote work, even though local businesses can’t afford to pay the kinds of wages to support the house prices, purchasers are coming from outside the community, pushing up prices even further. Many parents who are longtime residents of the community are worried that their children won’t be able to afford to live here. Residents feel like the area is beginning to feel like a town for the rich.
With intense demand driving up prices, some homebuyers are spilling into places like Castlegar, which is close by but still cheaper. We can expect to see a domino effect of prices there going up in the near future too. They have seen a year over year growth of 21% compared to the 33% seen in Rossland.
Rossland could benefit from new developments, but not all the locals like this idea. They think new development will just lead to more city folk moving into their quiet ski town. But there are some locals that welcome the change.