Look at what happened to prices in this Blue Mountain condo development in just two years!
Look at this chart. These are the sale prices of units that have sold in Mountain Springs Resort near Blue Mountain over the last two years. All are the same size (737 square feet) although there are some variances in condition of a unit or the views they may have. Nonetheless, they are pretty similar.
Some of these are the same unit having sold twice in this period which gives us a good indication of value. Bottom line is that prices in this development have climbed 80-95% in just two years. Why? They are low priced to begin with and, they permit short term rentals which are generally not permitted in the Town of Blue Mountains without a licence or with other criteria being met. To me, this is proof that much of our local market is being driven by investors.
The big question now is, how high can they go? What do you think?