There has been a lot of national talk about oil in the past month and there's information from both sides of the spectrum that is cause for joy and cause for scare!
One one hand, you have folks talking about how dropping oil prices means that real estate will be negatively affected as prices will stagnate or even decrease and on the other hand, you have people rejoicing for lower oil prices, which consequently results in an immediate effect of more money in pockets of Canadians who are wasting no time reallocating those funds to down payments to get the homes they have always wanted. There is much talk about how oil drives house prices here in BC and how a lack of oil money coming from the Northern patches will cause our real estate to tank. FEAR NOT BC, and more specifically, the Okanagan, our real estate market is not 100% dependent on Alberta oil money. In fact, based on the activity we have seen in January, it does not in fact look like the marketing is slowing down at all. Good, clean, solid homes are flying off the shelves like hot cake right now!
For some local news on where the market is trending towards, check out this Global News report:
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