The market in the Okanagan Shuswap is coming out with a bang. The Central Okanagan (Kelowna) is up 38% for residential sales over last January and the North Zone (Vernon) is up 27%. The Shuswap is strong but remaining steady. In my opinion this indicates 2 very well verified principles in Real Estate statistical analysis. First, a month does not make a market. January shows some surprising increases but lets wait till we have a quarter under our belt before we get too excited. Second, it illustrates that one change in the factors affecting the market does not necessarily mean the market will change in any specific direction. We anticipated that the change in interest rates and qualifying criteria would “slow the rate at which the market is rising.” However, the other forces pushing the market like migration from Alberta and the coast, are obviously more significant than the downward pressure from the changes in the mortgage environment. It will be an interesting year.
The Conscious Investor
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