Red Mountain real estate has been moving slowly for about a year, and I've never seen so many listings in the front window down in Rossland.
US investors made hay while they could, with the Canadian dollar trading higher than the US dollar for a while there, they made more than enough money on the currency exchange to make selling look like a really good idea. Partnered with healthy prices, it seemed like a great time to sell. Except that, really, it's a pretty small market, and in order to sell, you have to have someone who wants to buy.
Obviously, with the greenback so low, it was not a good time for Americans to wade into foreign investment, teamed with rising fuel prices and some feeling an economic pinch, most have decided to wait things out.
The good news is that the Canadian dollar is now just worth 94 US cents, so it is falling back towards its traditional level of about 90 cents. When that happens, Canadian property might start looking like a decent deal again.
What about Canadian buyers, you may ask? Well, the locals rarely buy at the mountain, but they do buy in town. Some will look to upgrade, but still, that will be subject to the sale of their existing house, and there are plenty of places on the market right now. There are still a few families trickling in from Alberta and Ontario, but there doesn't seem to be a rush. Rossland and Red Mountain, though blessed with world-class ski terrain and an outstanding community, just doesn't seem to be known by many further away than Calgary, while word about Red did travel south to the US.
Overall, it's a great time to buy! There is a lot of selection, and some really solid, well-located homes are available. Lower offers just might be accepted, and offers with conditions are worth considering. Prices have in some cases been reduced, and there are some sellers who really need to move on, and they know that if they reject your offer, you just might move on to another property.
Know what I'd love to see? About 4 doctors partnering and buying one of my lots at Red Mountain - check the photo below, the corner lot right on the roundabout, ski-in location near the lifts! They'd set up a coffee shop on the main floor (must have good cappuccino, and a lovely waiting room as well!), offices on the second floor, and 4 penthouse condos upstairs. You can build up to 65 feet high... There is a shortage of doctors in the region at the moment, and the lifestyle just can't be beat.
Despite the real estate slowdown, Rossland really is an incredible town - the majority of parents at the school have bachelors or masters degrees, there are plenty of outdoor activities, and jobs in health care, engineering, and construction still abound. It's one of the most cosmopolitan small towns in North America, in one of the most beautiful settings.
