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“I am surprised that we got here as quickly as we did,” he said.
However, the price increases made economic sense to him because of a shortage of supply and record low interest rates.
“If you were thinking about buying in March and April and now you can buy with a 2.3 per cent five year fixed rate that is a pretty powerful incentive,” he said “We aren’t going to see interest rates rise for some time.”
Kootenay/Boundary realtor Bob Bugeaud said there were usually 35 listings in Midway in the summer, and there are now 12, while in nearby Greenwood there were about a third of the usual listings.
Ogmundson tempered his positive market outlook by pointing out that there was still a lot of uncertainty in the real estate market, based on the potential end of government supports, the dire COVID-19 situation in the U.S., a possible second wave in the fall and the fact most forecasting was being done on the assumption a vaccine or treatment would be widely available in 2021.
