It's an understatement to say that, "It looks good". The 12 month running average for median prices ending in July 2014 compared to the previous 12 month period in the Shuswap, the Central Okanagan and the North Okanagan is up about 4%, 5% and 7% consecutively. That trend is likely to continue. Given our estimated price increase for this year was 3.5% we might have actually underestimated. The factors that push the local Real Estate market continue to show upward pressure. The Bank of Canada has conceded that low is the new norm for interest rates. Housing starts are up locally and throughout Western Canada. Prices for July are up in 9 out of the 11 Real Estate boards in BC. Alberta is continuing to rise in prices and activity and the US continues to recover. Just as from 2009 to 2012 market reports sounded like a broken record in the negative direction, they will sound again like that, in the positive direction for some time.
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