This week the BC Real Estate Association published the 2nd Quarter housing Forecast for the Thompson-Okanagan region, which serves the Penticton, Kelowna and Kamloops areas.
As I know many of you are anxiously watching the Market I thought I would share their latest thoughts on our Market and I have highlighted what I believe are the important points.
Real Estate Sales were lower in 2017 after a record-setting year prior. Despite that decline, sales were still the second highest on record for the region as a result of a strong provincial economy, robust regional employment growth, significant inflows of interprovincial migration and low mortgage rates.
This year, we anticipate those home sales will slow as moderating economic growth, rising mortgage rates and the impacts of both federal and provincial policy measures impact consumer demand.
The BC economy has benefited from four years of above-trend economic growth, which the Okanagan region has both contributed...