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Buy Your Home Now If You Can

Buy Your Home Now If You Can

Postby Hmmm » Nov 21st, 2017, 8:48 am

To all those still waiting for the housing crash to occur. Recent forecast is the median house value will be over $1,000,000 by 2040. There really is reason to think that values will plummet as some of you seem to think. So, if you can and if you wish to remain in Kelowna, buy your home ASAP.

By 2040, it's expected the median price of a house will nearly double to almost $1 million, while wages will go up only about 50 per cent.

https://www.castanet.net/edition/news-story-212079-1-.htm#212079
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Re: Buy Your Home Now If You Can

Postby AlienSoldier » Nov 21st, 2017, 9:08 am

At that price do you think the population of the City will continue to grow, or reverse? Many people choose Kelowna because of the conveniences but also the price point is still better than Vancouver, Calgary and other major centers.
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Re: Buy Your Home Now If You Can

Postby vegas1500 » Nov 21st, 2017, 9:11 am

AlienSoldier wrote:At that price do you think the population of the City will continue to grow, or reverse? Many people choose Kelowna because of the conveniences but also the price point is still better than Vancouver, Calgary and other major centers.


Price point is not better than Calgary or Edmonton. The last 2 years have hit Calgary hard and dropped prices there dramatically.
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Re: Buy Your Home Now If You Can

Postby Scrobins94 » Nov 21st, 2017, 9:35 am

Many people expect a soft crash on the Kelowna real estate market in 1-2 years. We have already seen the price escalation slow down in 2017 relative to 2016. That said, how can you put a price on not having to worry and speculate on the market for your own owner-occupied building? Buy now is one solution.

Kelowna is crazy, hope all these downtown towers result in an inventory surplus. Ella, One Water Street, and Ellis Parc all came out strong in their first weeks' sales, but once that happened (I presume quite a few are speculators looking for pre-sales pricing) the action has been a lot slower.

Remember around 2007-2008 there were many towers planned in Kelowna because of the "hot market"? Even the Madison on Ellis Street struggled to sell their remaining units as they were already under construction. 24 Kelowna, and others (including the one next to the Madison on Doyle Ave) didn't come to fruition because of lack of demand.

Another one that comes to mind is SOPA Square, I believe even until recently they have been selling units, and this project is old (as in a few years).
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Re: Buy Your Home Now If You Can

Postby the truth » Nov 21st, 2017, 10:30 am

Hmmm wrote:To all those still waiting for the housing crash to occur. Recent forecast is the median house value will be over $1,000,000 by 2040. There really is reason to think that values will plummet as some of you seem to think. So, if you can and if you wish to remain in Kelowna, buy your home ASAP.

By 2040, it's expected the median price of a house will nearly double to almost $1 million, while wages will go up only about 50 per cent.

https://www.castanet.net/edition/news-story-212079-1-.htm#212079



wages will only go up 50% he says [icon_lol2.gif] [icon_lol2.gif] [icon_lol2.gif] how does this goof even come up with this only 50% fyi more like 10%
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Re: Buy Your Home Now If You Can

Postby Even Steven » Nov 21st, 2017, 10:37 am

AlienSoldier wrote:At that price do you think the population of the City will continue to grow, or reverse? Many people choose Kelowna because of the conveniences but also the price point is still better than Vancouver, Calgary and other major centers.


Yes, but prices in Vancouver will be probably $3M so it's still going to be a bargain.
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Re: Buy Your Home Now If You Can

Postby Catri » Nov 21st, 2017, 11:43 am

2040 is a long way down the road. In the meantime, prices and property sales numbers will ebb and flow. I just take this as more of the same thing we've seen from City Hall over the years. I expect the next 22 years will include many more expressions of concern about how the city is developing, followed by complete abdication of their responsibility to control that development whenever a developer with a fat wallet walks in.
Speaking of...I wonder if Westcorp will have built their waterfront hotel by 2040, how tall it ends up and how much of it actually ends up being hotel space.

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Re: Buy Your Home Now If You Can

Postby Mark1111 » Nov 21st, 2017, 11:46 am

I doubt it will take until 2040 to reach that milestone. I understand Kelowna is the fastest growing city in Canada right now. Canada is seen globally as one of, if not the, safest politically and economically place to live and invest your money. I would love to see some stats on this but I bet the migration we are seeing coming to Kelowna is not just Calgary, Vancouver and Toronto but significant international folks as well.

Expect to see bungalows and bi levels in Rutland to cost around $1M in 7-8 years I predict.
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Re: Buy Your Home Now If You Can

Postby Queen K » Nov 21st, 2017, 12:20 pm

AlienSoldier wrote:At that price do you think the population of the City will continue to grow, or reverse? Many people choose Kelowna because of the conveniences but also the price point is still better than Vancouver, Calgary and other major centers.


That's valid, because I'm going to be 76 by 2040 and if the vast majority of Kelowna's population now are seniors, they're all passed away. Will young people be able to afford to buy up their properties and have families here? Grow the population?

Or will just more seniors my age be moving in and trying to handle all the single family dwellings? One thing for sure, they won't be able to handle those tall, narrow townhouses with tonnes of stairs the moment you walk into the front door.

Which is how the fourplexes are being built.
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Housing Shortage a Myth in Kelowna too?

Postby wanderer » Nov 21st, 2017, 12:22 pm

Could it be that the problem occurring in Vancouver is being replicated here in Kelowna? The possibility that there isn't a shortage of housing, rather it's because of speculative investment that many houses, condos, etc are not occupied? I don't know the answer, I'm just putting it out there to see if other people have an idea or opinion. I appreciate Mr. Basran hasn't said a housing shortage, and admits it will be a complex issue.

https://www.castanet.net/news/Kelowna/2 ... ing-crisis
Kelowna's Housing Crisis

Kelowna has a housing crisis, and it doesn't only affect the homeless or disenfranchised.

If current trends continue, it will get much, much worse over the next 20 years.

The solution? Complex at best says Mayor Colin Basran.

"We should be looking at everything. Nothing should be off the table. This is a huge concern for most residents in our community, and there isn't one single solution," said Basran


Yet in Vancouver the stats tell a different story than a shortage of housing.

http://bc.ctvnews.ca/professor-calls-me ... -1.3686691
Professor calls Metro Vancouver's housing shortage a 'myth'

Politicians and developers have long pointed the finger at a shortage in supply as a root cause of Metro Vancouver’s skyrocketing home prices.

A local academic, however, is now challenging what he calls the myth that simply adding more units will help solve the problem.

In a report he plans to release Friday, Rose uses figures from Statistics Canada census reports in his analysis. His number crunching found that for every 100 individuals or families who moved to the region since 2001, 119 housing units were also added to the market.


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Re: Buy Your Home Now If You Can

Postby GordonH » Nov 21st, 2017, 12:29 pm

If the Bank of Canada continues to raise interest rates, I suspect many homeowners will be in big trouble. Being able to make their mortgage payments.
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Re: Buy Your Home Now If You Can

Postby Scrobins94 » Nov 21st, 2017, 12:30 pm

A lot the new skinny townhouses are being built with either an elevator or a roughed-in elevator. Usually this takes place in the area where the pantry is on the main floor and a linen closet is upstairs. When time arrives they just open up the floor and don't need to do much changes in terms of the structure of the house.
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Re: Buy Your Home Now If You Can

Postby Queen K » Nov 21st, 2017, 1:05 pm

Oh good, here's your $700,000 townhouse but you have to still add the elevator.
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Re: Housing Shortage a Myth in Kelowna too?

Postby Hassel99 » Nov 21st, 2017, 1:16 pm

Already being discussed here.

viewtopic.php?f=23&t=75652

*I've merged them. Thanks!/ferri
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Re: Buy Your Home Now If You Can

Postby Scrobins94 » Nov 21st, 2017, 1:57 pm

You don't need to spend $700,000 for a townhouse - yet.
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