Market Update for March

A weaker Canadian dollar can be a good thing for the Real Estate Market in the Okanagan Shuswap?

 

The currency gurus of Canada now say that the Canadian dollar will hover around 90 Cents for a while. They say that the reason has less to do with the Canadian economy than it does with the stronger American economy and housing market. But how does that affect us Real Estate owners and investors in the Okanagan Shuswap housing market? Many homeowners wonder if this will affect the value of their home. There are 2 industries that are always close to the top of the Gross Domestic Property (GDP) list in British Columbia. They are the Lumber Industry and the Tourist Industry. The Lumber Industry, of which we have a number of mills in the Okanagan Shuswap, exports a great deal of their product to the United States. Every time our dollar goes down a penny our lumber looks more attractive to the Americans. If our Lumber Industry does better our economy usually does better. How about our Travel Industry? A lower dollar will certainly make it less expensive for our neighbours to the south to come up and enjoy the Okanagan Shuswap sunshine this summer and spend some of those wonderful high valued green backs in our stores and on our vacation properties. For a more thorough look at the effects of the Canadian dollar visit this link.

 

 

British Columbia, the United States, Europe, and the Okanagan Shuswap Real Estate market is looking pretty good...

Real Estate sales in British Columbia are forecast by the BC Real Estate Association to increase 4.8% in 2014. They also forecast that the sales in BC will increase a further 8% in 2015. We must remember that an increase in sales does not mean an increase in prices. Just to put things into prospective these stats are still 20-25% below the record sales we had in 2005 and 2006. The United States and Europe are recovering as well. The S&P/Case-Shiller seasonally-adjusted national home price index skyrocketed by 13.88% in the US in 2013. The biggest year-on-year increase since March 2006. The GDP of the European Union is expected to rise 1.5% in 2014 and 2.0% in 2015. What does all this add up to? There is a lot of positive pressure in the world, in America, in Canada, and in our little Okanagan Shuswap housing market.  "It is a great time to buy."  Give me a call and we can go over a plan for your next property. I am never too busy for your referrals.

 

RESIDENTIAL STATISTICS

North Okanagan Residential Stats

YTD Residential Sales

 

February, 2014

January, 2014

December, 2013

February, 2013

2013

2014

% change

Sales

32

44

52

40

     

Inventory

530

488

456

559

     

Absorption

6.04%

9.02%

11.40%

7.16%

     

Median Price

$327,250

$354,000

$326,500

$337,500

62

66

6.45%

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The Dent Team

The Dent Team

Sales Representative
CENTURY 21 Executives Realty Ltd.
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