The Financial Post just released an article by Kevin Carmichael which states interest rates appear to be in a holding period until later in 2020.
We hope this translates into a softening of the impact of the stress test implemented last year, and an encouragement for buyers hoping to secure a lower interest rate.
Speaking to tourism and travel, most buyers (59.65%) as indicated in the OMREB quarterly March Buyer’s survey are still coming from within the OMREB Board area (Peachland to Revelstoke).
This is followed by the Lower Mainland/Vancouver Island and Alberta, 14.91% and 9.65% respectfully.
Okanagan Mainline Real Estate Board April Stats state sales and average prices are down slightly, and listings are up. It appears the shift into a Buyers Market is here. This can be good for the coming months as many buyers are waiting for conditions just like these to get into the market.