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Nelson residential real estate “stressful for buyers”

The Nelson Star reports on the competitive, low-inventory market driving prices higher.

A Nelson Star article explores how low inventory of Nelson houses is making it frustrating for some buyers, especially young families and first time buyers.

As a local comparison, the report states that Nelson’s prices are, on average, 60 percent higher than Castlegar’s in 2018, with Nelson’s 2018 average residential sales price (excluding condos) topping $500,000. Many are selling above asking price.

Investment buying is not cited as a factor; more, simply, the lack of available houses on the market. And while the mortgage rules for 2018 may be affecting the market, one REALTOR in the article notes that the rules may simply affect first time buyers the most, making their life that more difficult if buying in the immediate area.

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