The Real Estate Market in the Okanagan Shuswap Continues a Soft Correction

What does a "soft Correction" Mean?  It means that we still have a pretty good market but it is definitely slowing down. At Century 21 Executives we watch 5 different statistics that have shown over the last 30 years to very accurately predict what is coming at us in the next couple years. What these statistics are telling us is twofold. The Real Estate market in the Okanagan Shuswap will continue to slow down. Inventory is rising, absorption is falling, sales are decreasing, days on market to sell is increasing and prices are leveling off. However, the rate at which these statistics are changing is very slow. This is not 2008. How do we know this?  First, the statistics tell us. Second, we are still seeing a much higher migration from Alberta and the coast than we did in the last downturn. Additionally, in 2016 and 2017 the inventory was so low that it will take a while to come back to normal levels. Even with recent rises in inventory none of the 3 zones have come close to high levels of inventory we had in the last downturn. Demand is still relatively high and supply is still relatively low.  Even though most of the rest of the country is experiencing an aggressive correction we are not.

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