Property value in Golden, BC has been growing steadily in the last couple of years. Despite the COVID-19 pandemic, this growth has continued to increase with the market being seller-driven. However, there was a slight slowdown in the growth with the travel restrictions in 2020. Since the travel restrictions were lifted, the Golden, BC real estate market has continued to grow steadily.
Below is an overview of the real estate market trend in Golden, BC and the contributing factors.
Demand for Single Family Homes is on the Rise
Single-family homes are the most in-demand type of property in Golden, BC. They have seen a 25% price increase in the last year. On average, they now sell at $500,000, with some units selling for up to $555,000.
As the British Columbia economy continues to recover from the COVID-related 2020 recession, sellers are gaining asking power. The average monthly supply index is at -3.8. Single-family units are selling within an average of 70 days.
There is also demand for other types of homes, including character homes, mobile homes, forest cottages, and luxury properties. However, the number of listings and the sell rate for these properties is much lower than single-family homes. There are also a few starter homes available for retirees and single people.
Factors Influencing Real Estate Market Trends in Golden, BC
The COVID-19 pandemic saw an increased demand for single-detached family homes outside of the metropolitan areas.
Golden, BC is a mountain town conducive for small-town living. The lifestyle here is generally relaxed and laid back, with a sense of community.
Therefore, Golden, BC is an excellent option for many people looking to move to the outskirts. This has contributed to the surge in migration to Golden, BC and consequently an increase in demand and price of houses.
Low Mortgage Rates
As a result of the COVID-19 pandemic, mortgage rates were at a record low. They remain low, which has motivated homeowners and investors to take advantage, resulting in ramped-up property sales.
The trajectory of the real estate market in Golden, BC in the coming year will highly depend on whether the government will revise the mortgage rates.
Golden, BC Location
Golden, BC is located between the Rocky Mountains and Purcell Mountains. The landscape is rich with various natural features, which attract both tourists and residents into the area. The summers are warm, and the winters are not too cold. As a result, residents can spend time outdoors throughout the year. There are numerous essential as well as recreation amenities.
Ready to put your home on the market? With over 30 years of experience representing buyers and sellers in the British Columbia market, we can help you get the most out of selling your property. Contact Cascadia Pacific Realty, Ltd today to get started!