The views of the lake and Knox Mountain from a new listing coming up this week, from the 18th floor of One Water Street in the brand new West Tower. It is still the same old story. So far in August, we have averaged around 14 sales a day (including weekends) As we head out of summer (it seems like it just started) and vacations are winding down, the next month or two will be a test in the marketplace. In the last couple of months, the buyers buying power has b

https://youtu.be/JFQKeXs_vc4 We are seeing a slight uptick in the sales compared to what we have been seeing over the last couple of weeks as consumers gain some confidence and maybe signs of the summer holidays slowly coming to an end. At one point this week I saw the number of sales get up to 120. When looking at the real estate market, I spend most of my time talking about the real estate market in relation to buying and selling real estate. If you are a current homeowne

https://youtu.be/IzDK6DSoEzw We are seeing the months of inventory increase as the sales drop off and inventory now being at 93% of the 5 year average. This month might be the change month, the interest rates took a big jump and buyers are being more and more cautious at the moment. People are still buying and selling, however fewer and fewer are buying right now. Pricing still is the number one issue for a buyer and the market is moving into a buyers market, especially in t

Week in review. Not much change here, we are seeing more and more listings hit the market and reductions are happening every day. It is Heating Up Outside and BC Government Just Announced a "Cooling Off" Period Last Thursday, the BC Government announced regulations that will enable a mandatory three-day Homebuyer Protection Period (HPP), previously called a “cooling off period” to take effect on January 1, 2023. The HPP will allow potential buyers three days to back out of

I stopped by Kalamalka Lake while viewing some homes in the area. It seems that summer is finally here weather-wise, hopefully, it continues to get E Week in review. Sales are still trending below 100 sales a week and reductions are still happening every day. Prices seem to be on the trend down after a couple years of strong rapid growth. Today the Bank of Canada announced another rate increase of 1% or 100 basis points that will likely help the continue th

The trend is continuing with the amount of price reductions. This past week especially the solds have dropped off. We are already 6 months into 2022. This month the trend we have been seeing over the last couple of months was really emphasized. We are noticing a slowdown, some of it seasonal but a good portion feels like it was from the rate increases. Overall the market is still moving, it is not stagnant however, pricing and marketing are becoming more and more important.