One of our market drivers is taking a turn. The Okanagan Shuswap Real Estate Market will likely not feel it.

It's funny when one of the market drivers has an adjustment down the knee jerk reaction from the press is the sky is falling. The decrease in the price of oil has gone over the 30% mark since June. This will be felt in Newfoundland, Labrador and Saskatchewan. However, the big question on everyone's lips in the Okanagan Shuswap Real Estate market is how will this affect our Alberta buyers? In the last year we have seen a 9% increase in home buyers from Alberta compared to all other sources.  It has been a substantial factor in our local recovering housing market. Will this drop in oil make a difference? Rather than jump to conclusions let's broaden our view a bit to take in a larger spectrum of reality. Unemployment in Canada dropped to 6.8% in September, a 6 year low.  The slowly decreasing value of our loonie creates a better export environment and therefore counteracts the drop in oil prices. Lastly even though people in Alberta are a little nervous about the value of their cherished black gold, it is still above the 5 year average. Also we have said many times, "One month does not make a market". That can be translated into, "One change in a market driver does not reroute the economy or the Real Estate Market". However, it is also a time to "pay attention". I will keep a close eye on this for you and report to you in the future. 

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Bill Hubbard

Bill Hubbard

CENTURY 21 Executives Realty Ltd.
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