Experts say it could last several years
The BC housing market is entering a cooling period, and real estate experts predict it could last a few years.
The Okanagan Mainline Real Estate Board reports that in Kelowna, home sales decreased 29% last month compared to November 2017.
The average selling price of a single-family home also dropped to just under $660,000 from a record $782,400 in July.
There were a number of reasons for the declines including rising interest rates, strict mortgage rules – and two taxes designed to cool the provincial market – the foreign buyers tax and the speculation tax.
