Much has happened on the political and economic front recently. Interest rates have adjusted upward, BC has
new government, the Canadian dollar has gained ground and the media publishes articles daily about real estate
in Vancouver and Toronto.
Here in the Okanagan, amidst the heat and smoke, there were 679 sales of all categories, which is a decrease of
9% from July of 2016 with 747 sales. Single family residential homes accounted for 282 sales compared to 324
last July (a decrease of 13%). It is clear that rising prices and shortage of inventory are reflected in fewer buyers
being able to connect with properties. Year to date, 20% fewer single family homes have sold. Many sellers
priced their properties as much as 10% over the market in anticipation that the market would rise . In fact, we are
seeing many price reductions on properties as sellers and their agents attempt to come into line with demand.
Well-priced properties still sell well in around 50 days at a list/sell ratio of 98% but buyers are getting resistant to
price levels. The average single family residential transaction value for July was $676,000, slightly higher than
$673,000 in June. Last year the average was $588,000. This means the average increased $7,000 per month over
the past year. This cannot and will not continue and we are already experiencing a plateau with respect to price.

Click here for full report!