I saw this article on the Calgary market that I would like to share. There is some effect here in the Okanagan as roughly 10-15% of our buyers come from Alberta.
"Calgary’s housing market has started 2016 much as 2015 ended, firmly in buyers’ territory. The latest market assessment from the Calgary Real Estate Board shows that there were 763 sales in the city during January, 13 per cent below the level of a year earlier and 43 per cent below long-term averages. New listings were down 16 per cent year-over-year.
“More choice and low interest rates have encouraged some potential buyers to start window shopping. So far, this hasn’t translated into sales activity as many are waiting for steeper price declines from motivated sellers,” said the board’s president Cliff Stevenson.
While prices have started to slip; down 1.2 per cent lower in January 2016 than in the previous month and down 3.27 per cent year over year to a benchmark $447,300; the losses have not yet erased recent-years gains.
Apartment prices have fallen further than detached homes though with a 6.35 per cent year-over-year decline while detached homes under $500,000 remain relatively balanced."