Three quarters down, one quarter left. The Association of interior Realtors just released the 3rd quarter statistics.
Looking at the report nothing really is new, there has been an incredible volume of sales and low inventory but it seems as though we talk about that every week. Already in record territory, the total volume with still one quarter to go the number of volumes is currently just shy of $8 Billion, looking at the graph below it really puts this year in perspective compared to years prior.
One thing in the report that we have not really spoken about much is the overall state of the economy. The graph below shows the business barometer index for BC and shows the comparison with the last financial crisis in 2008 and 209 and how BC had recovered.
We are not out of the woods yet, this can and likely will drag on for years, from the report the prediction is not expecting much changes. "Going forward not much is expected to change. The wave of infections from the Delta variant appears to be under control, yet the pandemic is far from over. Despite this, real estate market fundamentals remain strong in the Okanagan. Supply will continue to be the main drag, with limited relief from the new housing or rental market."
Interested in the full report? Click the link to the Q3 statistics. Let me know if there is anything I can do for you! Have a great week and feel free to reach out with any questions!