With fantastic weather and unrivaled scenery, the appeal for living in the Okanagan and Shuswap regions have always been unquestionable. Market conditions have just created a window that makes now a great time to own a home in these regions. With the conditions set for a favourable outlook for the Okanagan and Shuswap housing market in 2020, let’s take a look at why you should get a home in these regions soon.
The market is picking up momentum
According to the Okanagan Mainland Real Estate Board (OMREB), after a slight dip in the housing market in the Okanagan and Shuswap regions over the last few years, the value of the transaction volume is levelling out. With the value of overall sales no longer dropping, buyers in the housing market looks to be on the rise. With sales increasingly reluctant to make any significant drops, it appears primed for another ascent.
In fact, OMREB’s data suggests that the housing market gained momentum in the second half of 2019. December 2019 saw a particularly striking increase for prices in the Okanagan. As interest in housing in the Okanagan is on the upswing, by acquiring property soon, you could beat any potential housing boom.
Buyer interest set to increase
As interest in the housing market from buyers picks up, a couple conditions in the market are likely to further strengthen buyer interest. According to data from Statistics Canada and RBC from January 2020, the 5-year mortgage rate is expected to remain steady throughout 2020. With mortgage rates not expected to change, you could plan your housing purchases without any unexpected surprises. In addition, Statistics Canada and RBC predict that the overnight mortgage rate will drop in 2020, which should be a boon if you are in the market for housing.
The Okanagan’s economy is growing
As the economy continues to grow, this is likely to increase demand for housing. The Okanagan has a diversified economy, which saw job growth in most industries in 2019. According to Statistics Canada, the Thompson-Okanagan region experienced the highest job growth in 20 years with 17,600 jobs created in 2019. The job growth is a particular bonus if you’re new to the Okanagan region and looking to acquire a home here.
Housing remains relatively affordable
Despite a growing market, several factors are helping to keep housing relatively affordable at the moment. With the new mortgage stress test and speculation tax cooling down the housing markets in Canada, housing prices are kept within reasonable limits. In addition, buyers from Alberta, which have been quite sizable in the Okanagan and Shuswap regions, are purchasing fewer homes here as a result of their slowing economy, driven by lower oil prices and lack of pipeline capacity.
Get housing advice in the Okanagan and Shuswap
With such an opportune time to acquire a home in the Okanagan and Shuswap regions, it would be worthwhile to gather information sooner rather than later, especially if you are able to act before others take advantage of the favourable market conditions. For expert knowledge from years of experience and timely advice on the housing market in the Okanagan and Shuswap regions, enlist the help of a local REALTOR®. By being able to make your purchase decision soon with information that a REALTOR® can promptly provide you, you can be at ease from securing your home at a reasonable price before the housing market takes off.
The information provided within this article is not, and should be construed as, investment advice. 118 and West bears no responsibility for investment decisions made based on the content of this article.