IS REVELSTOKE A NICHE MARKET? YOUR MONTHLY REAL ESTATE UPDATE

By Tara Sutherland

As February begins many of us are fully emerged in our New Year’s resolutions. Some of us have managed to snag a few extra days on the ski hill, while others have toned shoulders and sore backs from shoveling snow.

Historically, the local real estate market sees a surge of new listings and sales during the month of February as everyone is back to business and settled in after the holiday season. A few developers have already started to market pre-sale information about new properties coming to market in 2023. The BC Government implemented the Foreign Buyers Ban, a Prohibition on Rental and Age Restrictions in Strata Buildings and the Real Estate Council has implemented a “Home Buyer Recession Period”.

2022 Wrap Up

The information for each month cannot be fully analyzed until the start of the following month, meaning statistics for January 2023 were not available prior to this issue of the Mountaineer going to print. So instead let’s take a look at how 2022 wrapped up:

• 99 single family homes sold with only four of those sales during the month of December

• The average sale price was approximately $855,535

• Listings spent an average of 61 days on market before a sale

• In 2022 there were a total of 160 transactions including strata properties, vacant residential lots, manufactured homes on leasehold land, and single-family homes.

Comparatively, 2021 reported 117 home sales with an average sale price of $878,504 and 87 days on market. Transactions include info on the MLS only and does not include private sales.

As of the mid-January 2023 there are only 31 single family homes listed, ranging in price from $549,000 to $3,995,000

While the BC Real Estate market receives much speculation, locally Revelstoke continues to chug along evidenced by five sales (three single family homes and two strata properties) by mid-January. Different from information reported by The British Columbia Real Estate Association (BCREA) which describes 2022 having a declining “shift”. Perhaps evidence that Revelstoke is a unique and niche market insulated from some of the outside effects making an impact seen in other locations around the province.

** info taken from the MLS for the only the Revelstoke Area on January 19, 2023**

** BCREA info taken from an article posted on Jan 12/23 called “Home Sales Decline in 2022 After a Record 2021”

Revelstoke Mountaineer Magazine is a free monthly publication featuring the best of Revelstoke outdoor life, food, style, visitor experiences, lifestyles, entertainment, home style and healthy living.

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CREATIVE DIRECTOR

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EDITOR

Aaron Orlando aaron@revelstokemountaineer.com

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Nora Hughes nora@revelstokemountaineer.com

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CONTRIBUTING WRITERS

Jill Macdonald, Bryce Borlick

CONTRIBUTING PHOTOGRAPHERS & ILLUSTRATORS

Nora Hughes, Izzy Lynch

CONTRIBUTING ARTISTS

Benji Lowclass

Fresh starts

This month’s issue features stories of fresh starts and new beginnings, including several new entrepreneurial enterprises, including the growing retail and artistic commercial scene in the Big Eddy.

Mountain biking has exploded in the past few years, and alongside it the bikpacking/gravel bike trend, as people seek to explore the backcountry. Jackalope Bikes, a creation of Jack Sutter, seeks to capitalize on the trend, making custom chromoly bikes in its new Big Eddy Workshop. Check out our feature.

In her Bean Business feature, Nora Hughes explores two new coffee roasteries opening doors in the Big Eddy. Dose Coffee, which has a downtown retail location operated by Lauren Webster and John Pierce, will be opening a new roastery in the Big Eddy. They’ll be joined by new competition in the neighbourhood, as Holm Coffee Company, operated by Isabelle Lamoureux and Simon Harper opens its doors. Meanwhile, in downtown Revelstoke, sisters Iris, Emily, and Eunice Kim are the driving force behind the new Seoul Street pub, located on First Street west in the location of the former Grizzly sports pub. The sisters plan to bring Korean bar culture to Revelstoke through cocktails and drinking games. They emphasize communal experiences, including a menu focused on dishes designed to be shared. Try their pajeon, "a pan-fried savory Korean pancake filled with green onions, white onions, carrots and corn, with a side of sesame-soy vinaigrette." Their cocktails feature a Korean twist, such as the Gangnam cocktail —" a cocktail with soju, triple sec, grenadine and grapefruit juice."

Another new storefront opened downtown in January. The Revelstoke Women’s Centre, operated by Community Connections, opened its Orton Avenue space and will offer several services, including counselling for women, therapeutic groups, legal help, and childcare and income services. The centre opened on Jan. 9 and will host and invites women to attend an opening ceremony on Feb. 2. Details inside.

If you have Revelstoke business news, please reach out to Revelstoke Mountaineer Magazine to let us know: info@revelstokemountaineer.com

—Aaron Orlando, BA, MJ; Creative Director, Revelstoke Mountaineer Magazine, revelstokemountaineer.com