As we mentioned last month even though January came out with a bang we would likely see a stabilizing as we got into the first quarter of the year. That is exactly what we see. The market is still strong in all zones; Central Okanagan, North Okanagan and the Shuswap. However, you can see a slight leveling off in the stats. We are lucky in the Okanagan Shuswap because we have the 2 strong additional forces working in our favour. Those are migration to our area from Vancouver and Alberta. The 2 major economies in the country, Toronto and Vancouver are definitely seeing a slight slow down of their markets caused by the changes in interest rates and mortgage qualifying. Vancouver residential sales saw a 9% drop in February compared to February of 2017. Sales were 14% below the 10 year average and inventory was up 3%.Toronto speaks the same. Sales are down, inventory is up slightly, and prices seem to have stabilized. There is a big “But” to this conversation. First, this is exactly what the provincial governments were trying to do. They wanted to slow the 2 largest economies in Canada down. Hopefully they are satisfied with this level of slow down. However, to put it into perspective. To say that Toronto and Vancouver markets are slowing down is like saying Team Canada stinks because they lost the Gold in overtime. They were still split seconds away from the best in the world.
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