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Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby Bman » Sep 13th, 2017, 6:09 pm

Bnoel wrote:
Jonrox wrote:It's a bit unique in that regard. For a city this size we have a disproportionate number of multi-million dollar mansions compared to other cities.


lmao.... typical Okanganite - never leaves the valley. You seriously need to travel more.


Cool.
Static is Bnoel.
And Bnoel is Static.
Is the world getting stupider, or is it just getting easier for stupid people to have their thoughts heard?
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Re: Central Okanagan housing market thread

Postby Bnoel » Sep 13th, 2017, 6:11 pm

LTD wrote:both spouses making 70 k a year shouldn't be a problem buying a home unless youre a complete idiot with your money


The above is household income. Not individual.
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Re: Central Okanagan housing market thread

Postby Bnoel » Sep 13th, 2017, 6:14 pm

W105 wrote:Local incomes low, stagnant

https://www.castanet.net/edition/news-s ... htm#206500



The highest median incomes in the Okanagan are in West Kelowna and Lake Country, both around $83,000 per year. Kelowna ($68,627) and Vernon ($59,353) also both fell behind provincial and national numbers. However, Kelowna saw incomes rise around 15 per cent since 2005.

For comparison, a list of Okanagan communities' median incomes is below:

Osoyoos $52,352
Penticton $54,319
Oliver $54,656
Vernon $59,353
Summerland $66,461
Kelowna $68,627
Lake Country $83,243
West Kelowna $83,943
Greater Vancouver $72,662
...


Household income. Not individual salary.
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Re: Central Okanagan housing market thread

Postby lightspeed » Sep 13th, 2017, 6:49 pm

To the eternally clueless one above - not everyone's CC's and LOC's are maxed out.

To the other idiot - the Okanagan does have a disproportionate amount of moneyed people. Because you're not one of them, you need to be a bit less cynical.

Nobody cares about either of your miserable, negative world views.

Broke peeps staying broke peeps for ever.
"Why does everyone in Kelowna act like they're in Hollywood"

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Re: Central Okanagan housing market thread

Postby forum » Sep 13th, 2017, 7:22 pm

I'm faaaaaaaaar from broke Lightspeed.
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Re: Central Okanagan housing market thread

Postby lightspeed » Sep 13th, 2017, 8:00 pm

forum wrote:I'm faaaaaaaaar from broke Lightspeed.


Kid, I don't believe a single word you type. Not one.

Billy Liar.
"Why does everyone in Kelowna act like they're in Hollywood"

A hermit; a recluse; one of the Okanagan "hill people"
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Re: Central Okanagan housing market thread

Postby forum » Sep 13th, 2017, 8:01 pm

lightspeed wrote:
forum wrote:I'm faaaaaaaaar from broke Lightspeed.


Kid, I don't believe a single word you type. Not one.

Billy Liar.


Which is great because it's a trophy every time you do that.
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 13th, 2017, 9:08 pm

W105 wrote:Local incomes low, stagnant

https://www.castanet.net/edition/news-s ... htm#206500



The highest median incomes in the Okanagan are in West Kelowna and Lake Country, both around $83,000 per year. Kelowna ($68,627) and Vernon ($59,353) also both fell behind provincial and national numbers. However, Kelowna saw incomes rise around 15 per cent since 2005.

For comparison, a list of Okanagan communities' median incomes is below:

Osoyoos $52,352
Penticton $54,319
Oliver $54,656
Vernon $59,353
Summerland $66,461
Kelowna $68,627
Lake Country $83,243
West Kelowna $83,943
Greater Vancouver $72,662


ohh, a tad hard to buy a $600K house (house prices have risen here way higher than the 15% income rise from almost 13 yrs ago)....when the average income is $69K and the average house is $600-$700K, some people must be putting themselves into a lot of debt..and btw, those with variable rate mortgages/lines of credit/student loans/car loans saw an instant increase in their payments with the 2 new (maybe 3) interest rate increases...either their payment went higher or the length of their mortgage just went longer...and if you are in a fixed rate, and the bond market (which is what drives fixed mortgage rates) is predicting higher interest rates down the road, then you could see fixed rates start to creep up before the Bank of Canada actually hikes the overnight rate. (The Bank of Canada decision impacts the near term of interest rates..) the RE industry is certainly not looking as rock solid as it has been for the last decade...



Why do you feel that an average income has to be able to buy a home that is at the average price?
Those two figures are entirely disconnected.
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Re: Central Okanagan housing market thread

Postby Ka-El » Sep 13th, 2017, 9:12 pm

forum wrote: Which is great because it's a trophy every time you do that.

:spitcoffee: :laugh:
Donald Trump: woefully unsuitable, unqualified and unfit to be president
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 13th, 2017, 9:18 pm

forum wrote:I'm faaaaaaaaar from broke Lightspeed.


Is it the time of the year again when you splash on dad's aqua velva, put on your snakeskin shoes, slick back the hair, and plead to the bank to give you money?

How's that net worth going compared to your peers? Faaaaar from theirs, right? [icon_lol2.gif]

A private teacher with no assets........Do you teach piano to other young kids in moms basement?

Enlighten us.....inquiring minds neeeeed to know. :up:
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 13th, 2017, 9:26 pm

Ka-El wrote:
forum wrote: Which is great because it's a trophy every time you do that.

:spitcoffee: :laugh:

Anyone else imagine Forums basement suite walls covered in little pieces of paper with his "trophies"....posts where someone calls him a name, and he is saving them up for his trophy book that he will try to sell to the neighbours on his paper route.....business ventures gone bad. :D
I can only guess at the trophies he has collected from his yearly visits to the bank......."look Mom! Look at what the banker called me! Another trophy!"

Mom shakes her head, looking down and biting her lip......"yes dear. Those are very nice trophies. But try to get a job this week. Rent day is coming up and you haven't paid for a while. I know you get confused about whether it is $1200, $1400, $1600, or $1800..,,but just pay anything. Please, dear."

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Re: Central Okanagan housing market thread

Postby forum » Sep 13th, 2017, 9:45 pm

So many Canadian adults will continue getting dragged out to the woodshed...

14% can only handle a rise of 0%.
38% can only handle a rise of 1% to 5%.
20% can only handle a rise of 6% to 10%
22% can only handle a rise of 11% to 30%

___

Lets now take for example a 1M$ in property in Toronto, 20% down payment which equals a mouth-watering 800,000$ mortgage.

At 2.70% (5 year fixed) = 3,664$ per month
At 2.95% its 3,765$. (since July)
At 3.20% its 3,869$ (since September)
At 3.45% its 3,973$ (coming soon)
At 3.70% its 4,079$ (coming soon)

From the lowest rate present, its already +5.59% more to pay on a mortgage every month, that’s 52% of Canadians that would be in financial distress.

Lets add two more rate increase (Oct and early 2018) and you now have +11.32% more costs to a mortgage. An atrocious 72% of Canadians cant handle it financially!
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 13th, 2017, 10:13 pm

forum wrote:So many Canadian adults will continue getting dragged out to the woodshed...

14% can only handle a rise of 0%.
38% can only handle a rise of 1% to 5%.
20% can only handle a rise of 6% to 10%
22% can only handle a rise of 11% to 30%

___

Lets now take for example a 1M$ in property in Toronto, 20% down payment which equals a mouth-watering 800,000$ mortgage.

At 2.70% (5 year fixed) = 3,664$ per month
At 2.95% its 3,765$. (since July)
At 3.20% its 3,869$ (since September)
At 3.45% its 3,973$ (coming soon)
At 3.70% its 4,079$ (coming soon)

From the lowest rate present, its already +5.59% more to pay on a mortgage every month, that’s 52% of Canadians that would be in financial distress.

Lets add two more rate increase (Oct and early 2018) and you now have +11.32% more costs to a mortgage. An atrocious 72% of Canadians cant handle it financially!



Oh no!!! The sheer drama of it all. Not the WOODSHED!!
This explains a lot....your banker must collect trophies every time he speaks with you.
I guess you just go in and ask for their posted rate and don't negotiate? Oh yeah, you can't buy anything so you don't get to that point.
Your assumptions and presumptions are so riddled with flaws it's not worth starting.
Try to do better.

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Re: Central Okanagan housing market thread

Postby LANDM » Sep 13th, 2017, 11:58 pm

Bman wrote:
Bnoel wrote:
lmao.... typical Okanganite - never leaves the valley. You seriously need to travel more.


Cool.
Static is Bnoel.
And Bnoel is Static.


Just because Static's standard response was telling people they needed to travel more? Heheh.
Or all the other reasons too? :biggrin:

Hey, Bnoel, I thought the charade was over?
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Re: Central Okanagan housing market thread

Postby Bnoel » Sep 14th, 2017, 3:29 am

LANDM wrote:

Why do you feel that an average income has to be able to buy a home that is at the average price?
Those two figures are entirely disconnected.


:spitcoffee: Did you seriously just ask that?

You are correct because the two are disconnected which is why the housing market is in trouble.

You didn't take economics or finance in school wwwwwaaayyyyyyy back in the day, did you?
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