2016 is winding down and the experts are starting to forecast what 2017 will look like for B.C.’s real estate market.

Over the past month real estate sales slowed. A number of factors suggest we could be heading for a gradual downturn. BCREA suggests less robust economic conditions combined with government policy constraints will slow housing demand across B.C. by more than 15% from 113,800 units in 2016 to around 95,300 in 2017.

We agree, the real estate market is moderating due to declining affordability (rising prices) and government policy intervention (mortgage and CMHC). Recent policy changes may not directly impact every real estate buyer or region in the same way, but we believe the shift we’re seeing is in part the ripple effect and also a little physiological.

The bright news is that our office is still busy with buyers and this weekend we will open our Village Office on Silver Star. Silver Star Mountain Resort has been ranked one of B.C.’s top six ski resorts to buy real estate! 

North Okanagan Real Estate Market Statistics (Vernon, Coldstream, Armstrong, Enderby & Lumby)

October 2016 Compared to October 2015

Overall sales up 69% to 242 units.
Single Family home sales up 90% to 129 units.
New listings, 249 units, up <1%.
Active listings 1,459, down 21%.
Single Family homes listed, decreased 11% to 8 units.
Average days to sell 128, up from 113 days, down 13%.
Average price, single family homes, $425,323 up 4% from $408,744.

Shuswap Real Estate Market Statistics (Salmon Arm, Shuswap & Sicamous)

October 2016 Compared to October 2015

Overall sales were unchanged at 111 units.
Single Family home sales decreased 26% to 42 units.
New listings, 124 units, up 3%.
Active listings 1,056, down 18%.
Single Family homes listed, decreased 7% to 45 units.
Average days to sell 163, up 16% from 141 days.
Average price, single family homes, $342,502 down 3% from $325,500.

Source: Okanagan Mainline Real Estate Board Statistics:
North Okanagan: North Okanagan Monthly Statistics, October 2016
Shuswap: Shuswap / Revelstoke Monthly Statistics, October 2016