Did you know that the North Okanagan is presently slower than the Central and the Shuswap Zones?

This is a bit of an anomaly. The Okanagan, Shuswap Real Estate Market is definitely in the recovery leg of its cycle. However, the North Okanagan, in the last year, seems a bit sluggish. Most experts explain this by saying it is the negative Alberta influence. This does not make sense. The Shuswap and the Central zones are also affected by the decline in interest from our easterly neighbours. There is an argument to be made that the zone that should be affected most by Alberta buyers is the Shuswap because it has a higher dependence on recreation properties. The buyer survey statistics tell us that since the drop in oil and gas prices began, Alberta interest in recreation properties in the Okanagan Shuswap has declined but interest in full time family residences has increased. In essence they are no longer spending their disposable cash on high priced summer cabins but they are moving here. The migration statistics tell us this as well. A better explanation for the flat North Okanagan sales shows itself when we look at the differences in the average number in sales  per month from 2013 to 2014. The North Okanagan increased over 20%. That is a larger increase than the other 2 zones. Therefore, although this too is speculation, the North Zone was simply adjusting in 2015 to a robust increase in 2014. If this is true we should see a considerable bounce back of the North Division in 2016. 

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Bill Hubbard

Bill Hubbard

CENTURY 21 Executives Realty Ltd.
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