Piece of Paradise: Okanagan
It's not just Calgary that has slowed down when it comes to real estate.
But like Calgary, the Okanagan has so much going for it: it's not worrying people, nor is it bound to last, say officials.
"The Okanagan is a special spot and because of that, it will continue to stay in favour," says Randy Kowalchuk, a partner in Locations West, one of the major residential developers in the Okanagan, and president of the Penticton Chamber of Commerce.
"The climate, the aging demographics and the lifestyle choices those people are making, the lakes ... even the price of gas and the fact people will be looking for a place they can easily drive to," says Kowalchuk. "All are factors affecting the economy of the South Okanagan."
While he says like many other markets (Calgary included), the economy has slowed down (and that includes housing demand), it's not to the point where it won't come back.
"When the credit tightens, smaller centres feel the effect faster than larger centres. Not all the projects that everyone is trying to develop right now will grow at the same pace, but they will maintain their development value. A smaller supply simply means prices will continue to grow."
The economic development officer of Penticton says the slowdown is, in part, the result of buyers turning to the U.S. market for bargains.