So I guess the real point is that as long as you can cover your mortgage in the bad times with relatively high rates – be they 7% or >10% – over the long term, you should do ok.
Best case scenario is that the new golf course goes ahead bringing in much more summer traffice and they open up the back of the mountain so Fernie sees more winter business as well subsequently driving up prices ? Seems a shame given Fernie’s charm lies in the fact that it is neither too small nor a mega resort like Whistler or the French Brit Ghettos like Meribel…
If the Mountain does get better, intuitively you would think people would start buying up plots in between the mountain and town so places like West FErnie should take off.
As for downtown, amazing to see how rents no longer cover the cost of your mortgage if you were to buy the 1/2 and full lot places – especially the ones closer to the high school. Only places available are either on 6th ave or down past 10st st on 1~3rd ave.
