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Buy Your Home Now If You Can

Re: Buy Your Home Now If You Can

Postby lightspeed » Nov 21st, 2017, 2:09 pm

Scrobins94 wrote:You don't need to spend $700,000 for a townhouse - yet.


There are numerous $700k+ townhomes out there. Attached homes for $900k. Crazy. Who wants to hear their neighbours farts and smell their BBQ? Awful.

You don't NEED to pay that for a dwelling, but peeps do.
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Re: Buy Your Home Now If You Can

Postby cv23 » Nov 21st, 2017, 3:34 pm

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Re: Buy Your Home Now If You Can

Postby TylerM4 » Nov 21st, 2017, 3:40 pm

Mark1111 wrote:I understand Kelowna is the fastest growing city in Canada right now.



Not even close. Kelowna isn't even the fastest growing community in BC (Lake Country is). Here's a list from Macleans - Kelowna is #53 Which is still pretty impressive considering the total number of communities.

http://www.macleans.ca/economy/canadas- ... ties-2017/
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Re: Buy Your Home Now If You Can

Postby Scrobins94 » Nov 21st, 2017, 5:43 pm

lightspeed wrote:
Scrobins94 wrote:You don't need to spend $700,000 for a townhouse - yet.


There are numerous $700k+ townhomes out there. Attached homes for $900k. Crazy. Who wants to hear their neighbours farts and smell their BBQ? Awful.

You don't NEED to pay that for a dwelling, but peeps do.


Mid-2017 there was a development in Kelowna that was selling new soon to be constructed townhomes with ~1800sf for $450k. The project is called Drysdale Row.

I am not saying there aren't $700k townhomes but that is generally considered a luxury kind (maybe something in Wilden or Predator Ridge) and not your typical average new construction.

Just about 2 months ago I drove by Lake Country and there were these townhomes by The Lakes that were being sold for low $400k's for the middle units and low $500k's for the end units (slightly larger and more windows). And that was GST included.

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Re: Buy Your Home Now If You Can

Postby wanderer » Nov 21st, 2017, 5:49 pm

I see in the article (https://www.castanet.net/news/Kelowna/2 ... ing-crisis) that Mayor Basran and Coun. Gail Given also believe flipping houses help to drive prices up.

It would be nice to have a similar study done for Kelowna that professor Rose did for Vancouver.

Professor calls Metro Vancouver's housing shortage a 'myth'
article http://bc.ctvnews.ca/professor-calls-me ... -1.3686691
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 gsc » Nov 21st, 2017, 6:00 pm

I am considering selling our home and moving a lot closer to the bush. I might even consider trading it for the right deal on a modular home on a small lot not in Kelowna.
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Re: Buy Your Home Now If You Can

Postby Gilchy » Nov 21st, 2017, 6:29 pm

TylerM4 wrote:

Not even close. Kelowna isn't even the fastest growing community in BC (Lake Country is). Here's a list from Macleans - Kelowna is #53 Which is still pretty impressive considering the total number of communities.

http://www.macleans.ca/economy/canadas- ... ties-2017/


Interesting list - the majority of the cities on that list are "bedroom communities" for a larger home base. For example, Chestermere, Airdrie and Cochrane all surround Calgary within minutes, as Calgary's limits grow to touch them. Same as Lake Country and West Kelowna to Kelowna itself. I think it speaks to the overall increasing urbanisation of Canada, as well.

For Kelowna's average price to hit $1m in 2040, it would be an average increase of ~3%, which seems reasonable.
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Re: Buy Your Home Now If You Can

Postby goalie » Nov 21st, 2017, 7:45 pm

lol the only things that kept spectacular crash at bay were : low interest rates and chinese buyers pushing everyone out of vancouver. Gonna be interesting to see what happens when rates are raised few more ticks.

Only thing uncertain is how many more Chinese will move over. There will be a big pullback between now and 2040.

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Re: Buy Your Home Now If You Can

Postby Hmmm » Nov 21st, 2017, 10:59 pm

Interesting note regarding Lake Country’s growth that someone brought up. It’s important to remember that the entire area is growing, so their growth is our growth too. It may not be that way tax wise or mayor wise or whatever. But the area is the same. If you work in Kelowna you may very well buy a home from Peachland to Lake Country. So the entire area will keep getting bigger and bigger and demand for housing will continue to cause it to rise in price. So buy now if you can and stop predicting a crash all the while throwing your money away renting. Lol if you do.
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Re: Buy Your Home Now If You Can

Postby dirtybiker » Nov 21st, 2017, 11:58 pm

the truth wrote: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%


^^^^^ :up: ^^^^^

Wow, 50% by 2040, so I'll be 76 and finally getting paid enough to advance myself by 2017 standards.
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Re: Buy Your Home Now If You Can

Postby AlienSoldier » Nov 22nd, 2017, 8:06 am

You should buy when the price is within your range, you can pay the mortgage and have buffer in case of emergencies, rate increases, maintenance, etc.

People need to stop fear mongering when it comes to housing. Its what causes people who do not know enough to buy a house in less time than they take to decide on a pair of shoes. Its what also leads to housing crunches and then crashes.

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Re: Buy Your Home Now If You Can

Postby Hmmm » Nov 22nd, 2017, 10:19 am

AlienSoldier wrote:You should buy when the price is within your range, you can pay the mortgage and have buffer in case of emergencies, rate increases, maintenance, etc.

People need to stop fear mongering when it comes to housing. Its what causes people who do not know enough to buy a house in less time than they take to decide on a pair of shoes. Its what also leads to housing crunches and then crashes.

1. Buy a home if you plan on staying in the area for any length of time. 2. If you have the down payment. 3.Buy one you can afford, even if its just a condo.

If you wait as suggested for some magic time to appear, you will only face much higher costs and the wasted years of paying rent. if you are broke and barely scrape by, then of course you won't qualify for a mortgage anyways. How many here are not that way and are planning to live long term here but rent?

I can say that in the past 15 years in Kelowna, the prices have about doubled and that includes the crash of 2008. So what are you waiting for again? You can buy a condo here that will have a mortgage much less then rent payments and when you sell, you make money in most cases,
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Re: Buy Your Home Now If You Can

Postby AlienSoldier » Nov 22nd, 2017, 10:29 am

Hmmm wrote:
AlienSoldier wrote:You should buy when the price is within your range, you can pay the mortgage and have buffer in case of emergencies, rate increases, maintenance, etc.

People need to stop fear mongering when it comes to housing. Its what causes people who do not know enough to buy a house in less time than they take to decide on a pair of shoes. Its what also leads to housing crunches and then crashes.

1. Buy a home if you plan on staying in the area for any length of time. 2. If you have the down payment. 3.Buy one you can afford, even if its just a condo.

If you wait as suggested for some magic time to appear, you will only face much higher costs and the wasted years of paying rent. if you are broke and barely scrape by, then of course you won't qualify for a mortgage anyways. How many here are not that way and are planning to live long term here but rent?

I can say that in the past 15 years in Kelowna, the prices have about doubled and that includes the crash of 2008. So what are you waiting for again? You can buy a condo here that will have a mortgage much less then rent payments and when you sell, you make money in most cases,


I did not state "Do not buy" just buy when the time is right (you have additional income in case of emergencies, a proper down payment, etc.).

Secondly people do get mortgages for more than they can chew, it happens all the time. You borrow from your parents and friends for a larger down payment and get the rest from the bank. Or a credit union lends you further money and then you are left with basically two mortgages, one is just not recorded with the bank.

Third thing: every type of investment is cyclical. Prices go up and go down, always be prepared if prices go down as it can and does happen. This whole thing that homes will be valued at 1 million on 20 years is ridiculous because if in another other major financial industry you made such a remark you would be stripped of your accreditations. Its the reason why financial investors give you advice and can tell you this is a good investment, but they will always have a clause that its not a 100% win. Houses are the same.

Forth: Condo's also come with strata fees which will go up year over year (after a few years in the beginning). Although the price of your condo increases, it is always fighting the increase in the strata fee's.
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