Paula Gaul

We're finally seeing a few properties moving, as prices have been lowered enough to make purchasing seem less risky.  The Bank of Montreal building finally went with multiple offers, once the price came down, and several other properties have changed hands recently as well.  (Though sale prices have often been 10-25% below what they were originally listed at).

New listings are also coming in at a more reasonable level to start with.  For example, a nearly new, luxurious,  fully-furnished, spacious 4 bedroom end-unit townhouse with double-garage and lovely views at Slalom Creek is being listed for $499,000.  That is much lower than it would have been listed at one or two years ago, and would be a great place to live.  The Ram's Head Inn, on 4.35 acres, or subdivided any way the buyer likes, development land-only or business-only, is open to offers.  There are a number of potential sales in Trail that are subject to the sale of the buyer's property; all we need is for something to spark, and all the deals will close like dominoes.

Looks like Teck Cominco is starting to recover a bit, and with a potential new dam announcement in the offing, that could be just the spark that we need - providing not just confidence, but actual jobs as well.  Don't expect a big surge in prices; I imagine that this lower price point will be around for a little while yet, but transactions are starting to happen again.

With the Canadian dollar only worth 81 US cents at the moment, it is an excellent time for Americans to invest in Canadian real estate; once the economy bounces back and the price of oil starts to increase, so will the Canadian dollar.  So, investing in real estate in Canada is also a foreign exchange play, and probably not a bad one.  Of course, it's not for everyone; just those with lots of extra cash.  They say that when there's an economic downturn that the rich get richer, as the Old Money comes out and picks up assets when everyone else is hunkering down.  (Do you have Old Money?  Give me a call!  I have lots of unique property I can show you).