Our residential Real Estate sales in the Okanagan, Shuswap statistics show a fairly significant slow down in September compared to August. This is a time in every year that the market usually shows an increase after July and August. Typically the kids go back to school which frees up time for mom and dad to get back to planning that move to their new home. However, on July 9,2012 Jim Flaherty and the Federal Government changed the lending requirements once again. The major change for home buyers was that he reduced the maximum amortization period down from 30 to 25 years. This essentially has taken some folks who could just barely buy a home out of the market. Every time the feds have made changes like this we see it in our statistics. Equally as often the buyers adjust and the market comes back. We believe there is an additional silver lining coming. When the HST was instituted into the BC economy regardless of what we all thought it certainly created downward pressure in the Real Estate market in BC and we could see that in the flow of our statistics. It only stands to reason that when the HST is replaced by the GST this coming spring that there will be the opposite effect on our local Real Estate market. Let's keep our fingers crossed.
For a complete look at the latest North Okanagan Real Estate Market statistics, you can click here.