The Okanagan, Shuswap, and Revelstoke area housing market is expected to be a balanced market in 2020, with a zero percent residential sale price expectation. After seeing an approximately eight percent decrease year over year in the number of sales, the market is expected to adjust and will remain steady into 2020.
Taxation, weather patterns, and Alberta and the lower mainland economy will have the greatest impact on the Okanagan, Shuswap, and Revelstoke market in 2020. The projected population growth for B.C. (approximately 50,000 new residents between now and 2040) will also have a large impact on the housing market in the region as we look ahead to the next 3-5 years.
Move-over and first-time home buyers are expected to drive demand in 2020 while luxury home sales in the region have tapered off year over year as a result of the new speculation tax impacting those with another primary residence.
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