Albertans Moving West Factor in Hot Kootenay Housing Market

kootenay-housing-alpine-creditsAs a report from the CBC states, the Kootenay’s housing market is beginning to heat up, and Cameron Muir, chief economist for the BC Real Estate Association believes it is due to a combination of high consumer confidence, low interest rates and reverse migration from Alberta. For years Alberta’s booming economy drained people from BC communities in search of work, now that the economy has cooled off in Alberta the opposite is starting to unfold, young people are staying in their communities and Albertans are now moving west in search for work. As an example, here is what Realtor Geoff Purdy experienced recently.  He had a little starter home in Nelson on the market for a year and, until last month, there was some interest and then an all out bidding war. If you wish to read more of CBC’s article please click HERE.

Home equity is determined by: Your homes Value – The balance outstanding on the property (typically just your mortgage). In theory, the balance owing on your property should be decreasing with every mortgage payment in turn growing your home equity, but it is also possible for your equity to grow through the value of your property increasing. The larger the amount of equity you have, the larger amount of capital that you are able to access through Alpine Credits…where homeowners are approved! Please feel free to reach us at 1-800-587-2161.

Article from CBC News by David Bell