As was predicted in the last quarter of 2016 we saw a slight softening of the market in 2017. However, it had a very unusual twist. The market slowed slightly because the demand was too high. This is an anomaly. The demand from buyers from the coastal areas of BC and from Alberta was so high that the inventory dropped to levels where people could not find a suitable house to buy. We heard from sellers that did not want to sell because there was nothing to buy. We heard from Realtors that there was nothing to show their buyers. When they did find something there were multiple other buyers going after the same house. Despite these problems prices rose in all three zones in 2017; up 11% in the Central Okanagan, 12 % in the North Okanagan and 10% in the Shuswap. The Central Okanagan experienced a slight softening in its market but realistically that is like saying the Ferrari slowed down from triple the speed limit to a mere double of the speed limit. The market was still very strong. As I mentioned last month, 2018 will not make headlines. 2018 will experience a slight softening through all zones but prices will continue to rise; probably around 5 or 6 %. We can jump up and down and scream at the roof tops about bursting bubbles and crashing markets and it will get us a lot more press if we do. However, the reality is there is nothing in the Okanagan Shuswap statistics that predicts it and it is just not true.
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