Author: Susi During

As someone who has called the Shuswap home for nearly two decades and worked in real estate for over 25 years, I see firsthand how crucial a steady supply of new homes is to our communities—whether you're looking to buy your first property or invest for the future. Recent data reveals Canada needs 417,000 to 469,000 new housing starts every year until 2036 just to bring affordability back to where it was before the pandemic. What stands out is that, while we're seeing more rental units come online in major markets, the pace of new ownership housing construction has slowed significantly. Even with population growth easing off, the slowdown in building activity has outpaced the dip in demand, leaving us vulnerable when the market picks up again. The lesson? To keep homeownership within reach for families across regions like Salmon Arm, Sicamous, and beyond, we need to prioritize building ownership-oriented homes now—otherwise, the affordability gains we've seen could be short-lived. With my background in both property management and financial analysis, I keep a close eye on how these trends impact our local real estate landscape.

We've seen a notable shift in the Canadian real estate market as we moved through mid-Q3: national home sales dropped by about 1% month-over-month and approximately 7% year-over-year. This signals the impact that ongoing economic uncertainty and rising mortgage costs are having on buyers and sellers alike. The Canadian price index held steady from the previous month but is down around 3% compared to last year. Interestingly, after several months of declines, new property listings rebounded by roughly 3%. The sales-to-new listings ratio softened to about 49%, a step further below the long-term average near 55%—a trend I’ve been observing in our local Shuswap market as well.

Economists point to concerns over inflation and questions surrounding recent economic growth, with higher bond yields nudging fixed mortgage rates upward. As of mid-Q3, markets were factoring in a roughly 60% likelihood of a rate hike in early Q4, with expectations for over a percentage point of tightening by 2027.

With over 25 years in real estate and a background in financial analysis, I always keep a close eye on these shifts—especially how they affect property values, market timing, and opportunities across Salmon Arm, Blind Bay, Sorrento, and the broader Shuswap region. As always, staying informed is key to making confident decisions, no matter which side of the transaction you’re on.

As someone who’s worked in Shuswap real estate for over 25 years, I’ve seen first-hand how affordability ebbs and flows. Canada’s latest affordability reading reached around 41% in Q2 2026—marking the 11th straight quarter of improvement. Lower prices, reduced borrowing costs, and rising incomes have all contributed. Yet, even with about 13 percentage points of progress since the recent peak, owning a home remains challenging for many, with housing still taking up roughly two-fifths of the average household’s income. It’s important to note that this measure uses average disposable income, not median—so it may not fully capture what many families are experiencing on the ground. According to a bank economist, the reset we’ve seen comes from earlier rate cuts, a 20% drop in national prices since 2022, and stronger personal incomes. Looking ahead, modest income growth and only limited relief from interest rates mean that further adjustment may have to come from home prices themselves. In my experience guiding clients through changing markets in Salmon Arm, Sicamous, and the wider Shuswap, understanding these shifts is key to making thoughtful decisions.

National Day for Truth and Reconciliation honours survivors and raises awareness about their experiences.
It's a symbol of Canada's commitment to reconciliation with Indigenous communities.
Wearing orange shirts on this day symbolizes respect for survivors and raises awareness about residential schools.
May this day inspire a future where every voice is heard, and every spirit is healed.
Together, we can create a tomorrow filled with hope and endless possibilities.