Many people were concerned about the major drop in oil prices affecting the local real estate market. This should not be so, being that only 15.1% of the Okanagan and Shuswap real estate buyers come from Alberta and the locals are benefiting from the lower gas prices, this should not affect the local real estate cycle.
The cycle is pretty consistent and we are in the recovery leg of the cycle. For now there is no indication in our stats that this year will be anything but as good or better than 2014. Like all of the market drivers, oil prices in Alberta should be viewed at from both sides of the fence. First, it is only one factor. Other factors are creating positive pressure on the market; employment is rising, Vancouver is rising, the States are rising, the lower dollar against the greenback is promoting our lumber industry. The other thing about oil prices is it puts a little more money in the hands of consumers to spend elsewhere. For every factor there is a positive and a negative. The 5 main statistics we track; inventory,absorption, DOM, sales activity and prices have consistently shown to be reliable predictors for the Real Estate market in the immediate future ie: 6 to 18 months out. All of these stats point towards a good 2015.
Some of this Information was supplied by broker Bill Hubbard