How's the Real Estate Market??

How’s the Real Estate Market??

We are all wanting to know how COVID has affected our real estate.  CMHC has put out a special housing forecast, suggesting a decline in pricing and activity throughout 2020, with recovering starting first quarter in 2021.  However, forecasting anything right now is a difficult job, and geographically speaking – one size does not fit all.   While this forecast certainly makeslgical sense…it is NOT what we are experiencing locally right now.  Real Estate activity has continued to accelerate over the past several weeks, with sales keeping pace with listings – which will only serve to maintain the demand on our already low inventory.  

The May Okanagan Statistics show that April we definitely went into a hole, but in May we are definitely climbing back out.  What is also interesting is that specifically, the North Okanagan was less impacted than the Central and Shuswap/Revelstoke areas.  Perhaps it’s the recent Covid experience combined with our incredible Okanagan draw that is causing more people to take note and decide “life is too short, I’m choosing to live in Vernon!”

Click link below to view the Okanagan stats
https://www.omreb.com/files/05-NO%20Statistics%20Graphs-May2020.pdf 

Click link for the CMHC forecast
https://www.cmhc-schl.gc.ca/en/Housing-Observer-Online/2020-housing-observer/2020-housing-market-outlook-special-edition