The housing market is cruising along as we expected.
When we compare the first five months of this year with the same period last year, residential sales in the Shuswap and the North Okanagan are steady, and prices are actually slightly up in both the Shuswap and the North Okanagan.
The Central Okanagan is a little different. Sales are down about 15 per cent, and their prices are down about three per cent. However, the Central Okanagan was much more robust in 2015 and 2016 than the other two zones, so they had more room to cool down to reach a balanced market.
Overall, the Okanagan Shuswap is remaining a relatively strong, balanced market, fuelled by increased migration from Alberta and the coast. We are slowly starting to see small indications of recovery in Vancouver, Alberta and Toronto, which should influence the rest of the country positively.
However, it will be a while before those markets see any significant recovery. The overall read for the Okanagan Shuswap so far is steady and flat.
Bill Hubbard is a real estate broker and the owner and broker of a four-office real estate firm in the Okanagan-Shuswap. He has been in real estate for 29 years and has been an owner and broker in Vernon for 20 years. At almost 60 years old he is just as passionate about real estate as the day he started.
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