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ReMax Kelowna's Cliff Shillington reacts to the report from the Canadian Centre for Policy Alternatives recently by say their warning of a housing bubble does not relate to the Kelowna area.
I have to agree.
Cliff points out that for such a situation to occur you need, "rapidly rising prices meeting a big increase in mortgage interest rates forcing people to sell and prices to drop in all the freefall activity". Clearly, as he suggests, we do not have any of that in the Okanagan.
Prices have remained steady over the last two years and it is expected that interest rates will stay near their historic lows and the real estate market will remain flat.
This is one of the best reads of the situation I have read so far!
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