So – we’re feeling the effects!  The question is whether or not BCREA’s February report of decreased buyer demand is a reflection of the slowing real estate sales in the Vancouver area?

The foreign buyers that drove those Vancouver sales seem to have moved on to points east – mainly the GTA!  We want all British Columbians to have access to housing, but a slow down in overall sales has consequences. It means the government won’t be collecting all the property transfer taxes, nor the 15% foreign investor fee either!  It’s a vicious circle, but don’t take just our word for it…. 

Average MLS Prices, North Okanagan

Average MLS Prices, Shuswap

MLS Prices, Source: Okanagan Mainline Real Estate Board (OMREB)