As home sales across Cascadia continue to cool, there's increasing evidence of how rising prices are directing development to new areas.
In British Columbia the number of home sales slid 11 percent in October, the fourth straight decline, yet average home price rose 20 percent to C$410,728. In Washington the number of sales during the latest quarter slid 16 percent as the median sale price topped $300,000. Across the region the number of sales dropped as prices became less affordable.
What's remarkable is how the slowdown is changing development. In B.C., rural areas are being transformed as retirees and newcomers seek affordable real estate. Similarly, development of new condos is transforming Washington coast communities such as Ocean Shores, Westport and Long Beach.