The market had a slow start in January/February with a decrease in sales by approximately 36.3% in the South Okanagan for February and January; We saw the lowest sales since 2009. 

Although sales are down, inventory still is very low and we do not have the inventory to meet Buyer demand. Buyers are still heavily looking but are very price sensitive due to interest rates and what they've been put through in the last 2 years due to the craziness of the market. With a shift in the market, we have seen a settling of prices l with new listings being priced more conservatively and current listings doing price adjustments to meet the change in the market. However, spring is almost here and we expect it to pick up and we have already started seeing it do so. The lower mainland and Kelowna have started moving so we will see it very soon in the South Okanagan.

The market right now is still active and busy but with interest rates rising significantly, it has affected how Buyers interact within the market and their purchasing power. As a result, we are now in a Buyers market, no longer the Seller's market we've seen in the last 2 years with average 45-60 days instead of 7-14. Listings across BC have increased 36.8%; Active listings remain below what is typical of a balanced market, but the falling sales activity means listings are staying on the market longer. With the market changes, we just need to bridge the gap between the Buyer and Seller expectations and the settling of prices.

Taking all of this into consideration, as a Buyer you should be aware of the price adjustments and lock in your interest rate. Sellers, you need to be priced more conservatively and competitively to stand out from the other listings on the market or else you'll be used as a benchmark to sell the other listings. Please see attached for the South Okanagan statistics as a whole and broken into each market segment.