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Salmon Arm: Investors to benefit from declining home prices and tight rental vacancy

Home prices for both detached and attached stock are declining, offering bargain investment options for investors looking to purchase rental units
salmon arm
Salmon Arm in the Southern Interior’s Shuswap County has population of 17,904 accoring to census agglomeration figures, welcoming new residents from the Lower Mainland and Calgary, most notably, every year. It’s proximity to Shuswap Lake has long transformed this forestry town into a prime tourist destination, boasting the cities retail and hospitiality trades. The city is located strategically approximately halfway between Vancouver and Calgary. Home prices for both attached and detached homes across the Shuswap and Revelstoke region have declined considerably in 2018, after rising for two consecutive years. However, the region’s rental vacancy is at an all-time low of 0 per cent, down .5 per cent from 2016, making the region’s average apartment unit price of $231,100 a profitable bargain for investors. It’s not all bad news for residents looking to rent – housing starts are up 10 per cent from the previous year, with 160 starts recorded for 2017. On the commercial side, the city’s Revitalization Tax Exemption Program for projects in excess of value of $75,000 and the Industrial Revitalization Tax Exemption Program for an existing permit in excess of 300,000, are helping to encourage commercial developments and increased labour in the construction and manufacturing sectors.