Here is this months newsletter with all the October information and stats! 

Halloween is over and 10 months of 2021 are behind us. What have we seen so far and what lies ahead? Unless you have been asleep we are (hopefully) on the backside of the 4th Wave of the pandemic. Frustration with COVID remains high but the economy, in general and real estate in particular, has been strong and positive this year. What’s next? Well, according to the TD Economic Outlook, as of the end of September (latest statistics) BC is expected to lead the country economically standing at 1.1% above pre-pandemic levels. Employment levels are far above pre-pandemic levels, and many employers are scrambling to fill positions leading to wage gains for workers. Goods-producing sectors including construction are well ahead over last year and the year before. Government finances have also improved dramatically with this year’s provincial operating budget deficit estimated at $4.8 billion compared to initial estimates of $9.8 billion. Tourism remains challenged but a hoped-for decline in virus cases will hopefully lead to improvement here soon too! In our valley, here are the real estate numbers that matter: Sales declined compared to October 2020 from 772 to 619 however YTD sales are still up a whopping 41%. Average home prices are now over the $1.0M mark, rising 21.5% over October 2020 with median prices up 25%. With the median price % rising faster than the average this just indicates the shift to higher prices is continuing. An interesting comparison is to note the decline in sales for the month, yet new listings were up slightly from 796 last year to 826 this October. The Days-on-market really dropped however from 59 days to 33 days this year. To reinforce the reality of the continued price increases, for single family homes, YTD in the price range of $700K - $999 the number of sales in 2020 were 38% and in 2021 this price range represented 49% of sales. In the over $1.0M (plus) range, last year YTD sales were 17% of the total and this year they are 35% of the total. The shift to higher prices continues at this time. October sure was a wet one around here but given how dry the year has been, that is a good thing. However, the last days of October and first few of November have been pretty nice. Have you bought your ski pass yet? Tuned up those skis or checked the bindings on the snowshoes? Winter in the Okanagan is special and with improved virus numbers let’s all hope for a mild winter in the valley and lots of powder on the hills. Last, but not least, please join us on November 11th at 11:00am to remember those who made the ultimate sacrifice that made our way of life possible. A moment of silence is a small price for us to acknowledge the ultimate price they paid. Stand proud and let’s make them proud!