Okanagan property values down 20-30%??

[cv23]

Well I know someone who sold last year, and she did so for 25% less than cost, after two years listed and about 40 open houses, so there goes that statement.

I'm sure most can appreciate that those from smaller rural communities may not be as familiar with actual Kelowna real estate values as residents may be so here's a link to the OMREB website where actual data is available.
http://www.omreb.com/page.php?pageID=122&sectionID=2

In Apr 2008 the average selling price for a home in Kelowna was $422k six years ago

In Apr 2012 the average selling price for a home in Kelowna was $372K two years ago
In Apr 2013 the average selling price for a home in Kelowna was $377k last year
In Apr 2014 the average selling price for a home in kelowna was $384k this year

While there will always be exceptions, especially those that may have over built, everyone can clearly see by actual statistics the value , what someone is willing to pay, for a home in Kelowna has risen in the last two years

[Thinktank]

the value , what someone is willing to pay, for a home in Kelowna has risen in the last two years

Yup.


People in Canada are more in debt than ever before.

The Canadian dollar dropped a lot recently.

Nothing goes up forever.

House prices will drop in the next three years.

[LoneWolf_53]

I'm sure most can appreciate that those from smaller rural communities aren't as familiar with actual Kelowna real estate values as residents may be so here's a link to the OMREB website where actual data is available.
http://www.omreb.com/page.php?pageID=122&sectionID=2

As I'm sure most can appreciate that some from larger urban areas, tend to respond somewhat immaturely when statements they make are proven incorrect.

My response was to this....

No where in Kelowna have we seen this kind of drops in the "last three years"

It's not my fault it should have included the disclaimer, "with a few exceptions".

From my last observation upon heading off to the far distant metropolis of Kelowna, after departing the Lake Country wilderness, I could have sworn Quail Ridge was in fact a part of Kelowna.

It would seem then that the the statement made was in fact incorrect. Something is either true or it isn't, in this case the latter.

If a response is felt necessary, please do attempt to do so in a mature manner, challenging as it may be.


* OMREB website, home of unbiased accurate data on all things pertaining to Okanagan real estate. ROFLMAO

[cv23]

* OMREB website, home of unbiased accurate data on all things pertaining to Okanagan real estate.

That's correct home of actual accurate data on the "value" (what someone is willing to pay for something) for a home, unlike totally unsubstantiated claims such as "I know someone" or My bother's cousin's mother inlaw told me.......

Any fool can spend way more money (cost) on building a house than it's actually worth. It has absolutely nothing to do with the actual value of a property.

[cv23]

House prices will drop in the next three years.

Nothing more than an opinion while the actual data shows the trend is that prices have been increasing and will continue to do so.

[GrooveTunes]

Nothing more than an opinion while the actual data shows the trend is that prices have been increasing and will continue to do so.

Some of that actual data is rubbish as proven and admitted by the Canadian real estate board after they got caught fudging the numbers recently. One sale was counted as two or three in some cases. Anything they say is done in a way to make things look better then they really are. When I see 4 people sell for less then they paid a few years earlier that speaks volumes. I'm watching 3 others trying to get their heads around taking a lose or at least much less then they could have sold for a few years back.

[cv23]

Some of that actual data is rubbish as proven and admitted by the Canadian real estate board after they got caught fudging the numbers recently. One sale was counted as two or three in some cases. Anything they say is done in a way to make things look better then they really are.
Actual data is rubbish? Proof is always more believable than hearsay so any conflicting data you might wish to share with us regarding actual selling prices (value) of homes in Kelowna over the last 3 years would be appreciated and would go a long way in making your so far unsubstantiated claims believable
When I see 4 people sell for less then they paid a few years earlier that speaks volumes.
Did they overpay "a few years earlier"? I know of 4 people who sold for more than they paid "a few years ago" so I guess that speaks just as many volumes.
I'm watching 3 others trying to get their heads around taking a lose or at least much less then they could have sold for a few years back.
So 3 whole people chose not to sell at the peak "a few years back" and that is now considered as "taking a loss" and that home values are down 30% in the last 3 years? Really????

Facts and real data show the truth about housing values in Kelowna, the rest is nothing more than hearsay and personal opinion.

[Catri]

The thing is that facts and data can be cherry-picked and manipulated. Many people don't understand the difference between mean and median, let alone read comprehensively enough to know that "average house price" isn't necessarily the price for an average house. The realtors as a group do tend to put forth whatever stat looks most optimistic.

If a person has an interest in it, it's not that hard to track what housing prices are doing by simply watching the listings over time. Clearly housing here is not worth what it was at the peak, but I certainly haven't seen a massive drop in prices.

[goalie]

Somehow Canada has managed to keep interest rates low. I've been thinking the market will crash for five years now but it just keeps going. Once they do raise interest rates it will be bedtime for Bonzo. I know a lot of people who are on variable rate because they couldn't qualify for a 5 year closed.

[LoneWolf_53]

The thing is that facts and data can be cherry-picked and manipulated. Many people don't understand the difference between mean and median, let alone read comprehensively enough to know that "average house price" isn't necessarily the price for an average house. The realtors as a group do tend to put forth whatever stat looks most optimistic.

Exactly my sentiment also.

They are an entity that is known for insisting it's sunny out, when any fool can see it's pouring rain. Some buy into it, others opt to go by actual evidence that they've seen first hand.

Facts and real data show the truth about housing values in Kelowna, the rest is nothing more than hearsay and personal opinion.

Facts and real data from a biased entity known for manipulating figures to their advantage. Yep that'll show the truth alright. ROFLMAO

[LANDM]

I wasn't aware that OMREB is known for "manipulating" home sale and listing data. Where has this happened? What numbers are incorrect or manipulated?

If you are talking about the positive skew that they put on with their written interpretation of such data, then sure they do that.

However, why not ignore the selective interpretation that any group can do with any data and just form your own opinion on the data?
Numbers are numbers....use them how you wish.
Look at the number of sales, number of available properties, turnover, average and median prices over long periods of time and come up with your view of where we are now and where we are headed.

[Poindexter]

You could fill a chart with kpi's but when it comes right down to it, a crystal ball is still required. Those who say they know for certainty where he market is going are out on a limb to say the least.

So here I go, out on a limb.

One indicator I haven't heard mentioned much is the most obvious, the price of rentals in relation to mortgage. Low interest rates appear to be on the horizon for a long time. Unless we experience rampant inflation I don't see interest rates climbing much for some time to come. So ultimately rental costs are going to be the determining factor for first time buyers. And currently the price of renting a home is still incredibly high here. So if the price of rentals is any indicator, Kelowna realestate should be fine. Especially at the lower end of prices and is why demand in this segment has remained robust.

[jasond_71]

Garth Turner 8% return last 6 years. The stock market crashed 6 years ago. If you didn't get 8% average after the crash I would be surprised.
No one can predict real estate. My sisters cousins brothers dog took a loss on a house does not mean the entire Okanagan went down 30%. Statistics for sales don't support that figure. Do realtors spin the statistics to paint a better picture, of course they do. But so do people who don't own and hope the market will crash. If you think real estate is going to crash then sell your house and rent. Buy up all the foreclosures and become rich. Otherwise buy a house you can afford.

[cv23]

Facts and real data from a biased entity known for manipulating figures to their advantage. Yep that'll show the truth alright. ROFLMAO

Rather than expecting the readers here to rely on your quoted source of "I know someone" and laughing at the data presented maybe you could show everyone here some actual facts and real data to substantiate your claim that property values are down over the last 3 years in Kelowna?

[Thinktank]

“While the national market may look healthy,” he says, “activity in the Greater Toronto Area (including Hamilton), the Greater Vancouver Regional District and the Calgary area is skewing the numbers high. In the rest of Canada sales activity has weakened and house prices are flat, and even falling in some communities. Housing has played a key role in driving economic growth and job creation in Canada. But looking ahead, decreased starts and slower price growth will throw off the balance between the housing market and the overall economy.”

^ Garth Turner