The prediction in December of 2011 was that the positive momentum of the last half of 2011 would continue into 2012. That is exactly what is happening in the Okanagan, Shuswap Real Estate market. Year to date “residential” sales are up 10.76 % over the numbers of sales for the same period last year. This is better than we anticipated. We will not see any change in prices for a while but if our predictions follow suit the median price will rise approximately 3% in 2012.
There is still negativity in the media that Toronto and Vancouver’s bubbles may burst. However, from a Realtor’s standpoint this has been predicted for a long while and although there may be a softening, there are no signs of a bursting bubble. The immigration is still strong and shows no indications of softening. However, if the bursting bubble prediction continues for long enough, eventually it will come true…even a broken clock is right twice a day! The reality in the Okanagan and Shuswap Real Estate Market is the stats don’t lie and for now the stats are positive.