The Real Estate market changes very slowly when compared to the stock market. The market is flat this year. It is a “good flat” but still flat. The North Okanagan seems to be doing a little better than the Shuswap and the Central but not much.
All 3 zones are having a pretty good year as far as sales are concerned. They are down from the last 3 years but they needed to come down. Prices are inching down in the Shuswap and Central Okanagan and inching slightly up in the North Okanagan. There is more evidence that the markets, locally and nationally, are inching towards a modicum of positive energy.
CMHC has now dropped their qualifying rate for the Stress Test to 5.19%. Interest rates continue to inch down. The CMHC first time buyer’s equity plan rolling out on September 2 is now allowing some exceptions to what they call a “First Time Buyer”. This will allow more people to utilize the program.
For the first time in months Toronto and Vancouver are reporting a slight increase in sales and prices of certain property types. Locally we continue to reap the benefits of the crash in Alberta and Vancouver as they push home buyers and early retirees into the Okanagan Shuswap. In general the market is strong (Not booming) and sustainable at least for the rest of 2019.