There may be a curve in the Okanagan Shuswap Real Estate market coming our way....

The market for July in the Okanagan Shuswap is same old,  same old.....  Rising prices, rising absorption, rising sales activity and inventory creeping down compared to last YTD. I want to make 2 points; one positive and one negative.
  1. The months to sell in the North Okanagan and the Central Okanagan for May, June and July of this year is exactly half of what it was last year. That means the absorption is approximately double this year in those months compared to last year. The Shuswap is not far off that. The absorption has gone down from June to July. That is normal. May and June are typically our hottest months then July and August tend to slow a bit. That is because of holidays and kids out of school. Some home buyers who are not pressured to buy put it on hold for the summer and holidays and that shows up in the stats. The stats tell us that so far there is nothing on the horizon that is negative. HOWEVER.........
  2. The second point is not so positive. What has gone on in Vancouver in the last few years has affected our market positively. It only stands to reason that if Vancouver corrects it will affect our market negatively. Inventory in Richmond, North Van and West Van has been rising for the last few months. Absorption and sales are starting to creep down in those areas as well. Some outspoken uninformed Realtor spoke up and said he predicts a 50% cut in prices over the next few years in Vancouver. I am not really certain but that may be the dumbest thing I have heard from a Realtor in a long time. I mean that in the kindest way. Consumer confidence is on its way down in Vancouver and that will affect the market there and it might trickle down to us a bit. The government is putting pressure on foreign buyers and creating uncertainty for our business in general.  Vancouver is one of the strongest markets and economies in the world. In our recession from 2008 to 2013 Vancouver barely hit a flat market never mind a correction. In summary we are going to see a change in the Vancouver market. But not much. The press will make it seem huge but the total statistical picture will not likely reflect it.  And, as always you have to remember, this is all just "The World according to Bill"

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Bill Hubbard

Bill Hubbard

CENTURY 21 Executives Realty Ltd.
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