Okotoks saw a decline in the number of sales as well as the sale price in October.
There were 30 sales in detached properties with a median sale price of $388,750.
The low median sale price doesn't necessarily tell us that prices are dropping, although they are, but rather that buyers are purchasing lower priced properties because that's what they qualify for.
The new stress test has made things more difficult for buyers to qualify, thus forcing them to focus their search on lower priced properties.
Sellers need to be realistic with their pricing if they want to sell. There are plenty of great homes listed at excellent prices in Okotoks, so if you've been thinking of getting into the real estate market, now is a good time.
Remember, I'm always available to answer your real estate related questions.