Smoky Conditions Not Affecting Housing Market
The Okanagan Mainline Real Estate Board (OMREB) reported sales activity of all MLS® property types in August 2015 remained steady through a typically slow summer month, and despite smoky conditions, posting the strongest month for August since 2007.
While the housing market is being underpinned by rock bottom mortgage interest rates, a noticeable lift in consumer confidence in our province has propelled the market to elevated activity. Smoky conditions due to wild fires may have had some impact on viewings, but have not deterred purchases by people who are choosing to buy now.
Some segments in the Central Okanagan are experiencing shortages and moving into sellers’ market conditions. Now is the time to list as inventory continues to decline.
In order to fully understand the current residential market, and to look at trends within property types and varying price points in different neighbourhoods, it is important to consult with a REALTOR®.
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