The summer sun is fading away and the warm sunny days are coming to a close. The summer in the Okanagan in regards to real estate sales was not at it's best. July and August were less than productive than anticipated. The word out there was that prices were going to soften, and maybe the ideal time to buy would be in October through to Christmas. The prices of homes in certain area have slightly fallen but not to any great extend. There is however some great deals out there if you look for them.
The prices seem to be holding steady, and maybe the buyers sitting on the fence over the summer, are going to make a move this fall, but time will tell if this happens. Over the last few days, activity is picking up, and some more expensive properties are getting more interest.
It is slowly becoming a buyers market, and many say it's here already. If your selling your home, be prepared to receive some aggresive low price offers, and if your buying, if you have the right real estate agent and the right property you can save yourself a few dollars. It's the sign of the times, if you want your home sold, the listing price has to be in the wheelhouse of buyers.
The HST can be partly to blame for the slow sales in July and August. Many people are not aware on how the HST works. A used home or resale home on the market is not subject the the HST. A new home or lot from a development company is subject to the HST. If your building a new home, there are some government HST rebates in place that you can receive some of the HST back.