Okanagan home buyers have long been known to come from centers such as Calgary, Vancouver & Edmonton.
The trend has shifted considerably over the last 8 months, with a significant increase from Fraser Valley communities. Abbotsford, Cloverdale, Langley, Maple Ridge…you name it, buyers from smaller communities are looking to invest in the Okanagan. But not just ANYWHERE in the Okanagan…
Buyers from smaller communities, ie NOT cities such as Calgary, Vancouver and Edmonton, began really looking at purchasing in the smaller Okanagan communities late last year, and the trend is building as the 2018 spring market starts to get its footing.
Just look at Summerland, a small agricultural town in the heart of the Okanagan. Summerland had over 320 MLS sales in the last 12 months, but today there are fewer than 40 (only 35!) Single Family homes listed for sale in all of Summerland! That kind of absorption is no longer coming just out of Alberta! And today, a statistical glimpse into WHY: CBC news reports: “Fraser Valley House Price Increases Outpace Vancouver”.
Meanwhile, the fast dwindling supply in small town Summerland is starting to bite with sellers beginning to ask for higher list prices… and getting them!
Here’s a link to the Summerland Chamber of Economic Development for more information: http://www.summerlandchamber.com/invest-and-relocate