Did you know that large regional Real Estate statistics are basically useless?

We recently received a notice that said British Columbia Real Estate sales are down 3.4%. Although those statistics are true they are irrelevant because of a basic premise of Real Estate. Real Estate is incredibly local. A good example of this is that within the Okanagan Shuswap there are multiple markets; Salmon Arm is different to Sicamous, Vernon is different to Kelowna and so on. These centers are all doing very well but it would be inaccurate to make a blanket statement about them all together. What the statistic above is really saying is that Vancouver is down. Approximately 80% of the sales in BC are in Vancouver. Therefore, if Vancouver is correcting the BC statistics will show that all of BC is correcting. This becomes more ridiculous when experts quote market statistics on all of Canada. Even though statistics may be true that does not make them relevant. The reality is that the Okanagan Shuswap Real Estate market is booming. Vancouver needs a correction and that is exactly what is happening. 

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