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Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby lightspeed » Sep 25th, 2017, 11:45 am

Property virgin telling the salty old dogs about the way the world works.
You couldn't make it up.

Every post by Poorum is a goofbomb.
"Why does everyone in Kelowna act like they're in Hollywood"

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Re: Central Okanagan housing market thread

Postby forum » Sep 25th, 2017, 12:13 pm

lightspeed wrote:Property virgin telling the salty old dogs about the way the world works.
You couldn't make it up.

Every post by Poorum is a goofbomb.


I just know how shady Canada Housing is right now. Canadians are snorfling record amount of debt to try and get a home.

When the housing industry corrects in Canada, it will ruin generations of Canadians that were silly enough to load up on debt trying to be a part of it..

https://thinkpol.ca/2017/09/23/vancouver-developer-pre-sells-condos-for-cheaper-than-in-canada-at-hong-kong-fair-and-boasts-of-pricing-ordinary-canadians-out-of-the-housing-market/

Vancouver developer pre-sells condos for “cheaper than in Canada” in Hong Kong, boasts of “pricing ordinary Canadians out of the housing market”


The City of Vancouver also fined Onni $24,000 earlier this year for running an illegal Airbnb hotel[2].

Onni and its president Rossano De Cotiis have donated $305,600 to the BC Liberal party, including a $100,000 donation just before the writs were dropped for the last provincial election.
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 25th, 2017, 12:16 pm

LANDM wrote:
forum wrote:
Some of the naive Canadians in here that haven't experienced a housing downturn yet are going to have a helluva time adjusting.

Many Canadians will never trust Real Estate in Canada again.


And you *have* experienced a housing downturn?
You expound on this as though you have some sort of experience in it.......you are the very definition of naive.

You are actually hilarious in your viewpoint. [icon_lol2.gif]


How about an answer, little cowboy?
You act as though you have every answer, even though you have been wrong at all points on this subject.

Inquiring minds want to know...
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Re: Central Okanagan housing market thread

Postby forum » Sep 25th, 2017, 12:48 pm

LANDM wrote:
LANDM wrote:
And you *have* experienced a housing downturn?
You expound on this as though you have some sort of experience in it.......you are the very definition of naive.

You are actually hilarious in your viewpoint. [icon_lol2.gif]


How about an answer, little cowboy?
You act as though you have every answer, even though you have been wrong at all points on this subject.

Inquiring minds want to know...


Why would I ever join in on a gigantic cluster Fug such as the Canadian Housing market?
No, I don't need to be a part of a downturn to know what happens during it.

Now let me ask you this:
Have you ever seen a market bubble not crash?
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Re: Central Okanagan housing market thread

Postby Ka-El » Sep 25th, 2017, 2:08 pm

Have you ever seen a market “crash” that has not recovered? Do you know what happens to most stock market investors that don’t get out before a stock market or commodities market crash and can’t afford to hold their positions? Most get wiped out (of course, it all depends on the structure and diversification of an investor’s investment portfolio).

Do you know what happens to a homeowner who lives in his/her home through a real estate crash and its recovery? Nothing really. The mortgage payments stay the same and continue along, and equity in the home continues to grow as the loan is paid and the market ultimately recovers.

Owning real estate is not for “cowboy” investors. It is a significant piece in long term financial planning. At the end of the day (at the end of a twenty-year mortgage), the homeowner would have spent no more in shelter income (and that includes insurance and tax) than the renter. The difference is the more mature investor now has something to show for that income, whereas the renter has simply spent it and must continue to spend it. Financial freedom first – always.

We have posters here who, one minute, try to lump together and put down all homeowners, and the next saying they are “homeowners to be” – they’re just waiting for the next market correction, er – that is, “crash”. The problem is that for at least one of them, two market corrections that would have enabled him to get in at a lower price have come and gone and he is still renting. Nope, more likely some sour grapes thing. Another spending $130 / day on Scotch? That’s almost $4000 / month. No wonder he’s still renting
Donald Trump: woefully unsuitable, unqualified and unfit to be president

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Re: Central Okanagan housing market thread

Postby Hassel99 » Sep 25th, 2017, 2:19 pm

He wont answer anything, because he has no clue.


Remember when he did not know what "underwater" meant?
Kept giving poor examples showing a total lack of knowledge.


/Shrug, every class needs a clown.

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Re: Central Okanagan housing market thread

Postby forum » Sep 25th, 2017, 4:57 pm

I explained underwater. Which you missed.

You're probably underwater as we speak considering you bought recently.

You overpaid big-time. Get over it.
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Re: Central Okanagan housing market thread

Postby lightspeed » Sep 25th, 2017, 6:37 pm

forum wrote:I explained underwater. Which you missed.

You're probably underwater as we speak considering you bought recently.

You overpaid big-time. Get over it.


You're such a know it all (know nothing).

They might've got a bargain. Or a place that will hold its own in the forthcoming RE Armageddon (as prophecised by Poorum).

Regardless, why don't you just mind your own business. Maybe reflect on why everyone thinks you're a joke. Why bankers and realtors give you the cold shoulder like people walking around dog crap. Why you can't afford a nice house when others can.

Poorum: a social enigma. An outcast. A marginalized peasant.
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Re: Central Okanagan housing market thread

Postby LANDM » Sep 25th, 2017, 6:40 pm

forum wrote:
Why would I ever join in on a gigantic cluster Fug such as the Canadian Housing market?
No, I don't need to be a part of a downturn to know what happens during it.

Now let me ask you this:
Have you ever seen a market bubble not crash?


You are the one that, alternatively in your Sybil-esque way, says that you want to join the "cluster Fug" and then you follow with saying you don't......which is it, little cowboy?

What I have experienced is the many cycles where the market goes up, then down a bit, then up, then down a bit.

How are your fantasy investments going? [icon_lol2.gif]
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Re: Central Okanagan housing market thread

Postby forum » Sep 25th, 2017, 6:57 pm

How can I mind my own business when you keep shopping at my store?
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Re: Central Okanagan housing market thread

Postby lightspeed » Sep 25th, 2017, 7:11 pm

forum wrote:How can I mind my own business when you keep shopping at my store?


Do the world a favour and close it down forthwith, you intolerable purveyor of verminous, cancerous, negative tosh.
"Why does everyone in Kelowna act like they're in Hollywood"

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Re: Central Okanagan housing market thread

Postby forum » Sep 25th, 2017, 7:50 pm

*removed*
Last edited by ferri on Sep 26th, 2017, 8:41 am, edited 1 time in total.
Reason: off topic
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Re: Central Okanagan housing market thread

Postby Bman » Sep 25th, 2017, 8:02 pm

I assume you're still homeless?
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 lightspeed » Sep 25th, 2017, 8:31 pm

forum wrote:More dirty shyster real estate slimebag used house salesman tactics:

"TREB's Board of Directors recently decided to discontinue the publication of mid-month and weekly housing market statistics. These intra-month statistics are more susceptible to volatility, and are not necessarily reflective of the monthly and quarterly market activity TREB captures and reports in its suite of reports, including the monthly Market Watch publication."


HAHAHAHAHHA! Looks like Toronto's Real Estate Board is trying to hide the crash by delaying stats. LOL...what a fraud!

People attached to Real Estate in Canada are getting so desperate they are trying to hide facts.

And it continues to crash. Inventory is way up! No sales. Agents beginning to starve. What did they expect?



Read your own post. Cretin. Any statistician will attest to the value of this decision.

"These intra-month statistics are more susceptible to volatility, and are not necessarily reflective of the monthly and quarterly market activity".
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Re: Central Okanagan housing market thread

Postby domain » Sep 25th, 2017, 11:07 pm

Earlier this spring, there was a small frenzy of buying in Kamloops and the rest of the Okanagan. I think the success of the Kamloops spring market, and likely the rest of the Okanagan, was due to the rhetoric that was started by the realtors in Q4 2016 and Q1 2017.

The narrative went a little something like this "“We expect continued tight market conditions in the South Okanagan real estate market as too many buyers compete for too few properties. We will see buyers opt to make the drive and purchase in smaller outskirt centers such as Ok Falls, Princeton, Keremeos & Naramata this year,” Moore said in a news release." Tight market, too many buyers, you should be prepared to battle it out against multiple offers just like Toronto, and a bunch of other parroted phrases.

Now I know that Kamloops is not the same real estate market as Kelowna, but they would share enough similarities both being in the Okanagan, to consider an observation. I have a realtor that provides me with updates from Kamloops since we were entertaining the idea of moving there in Q2 2016. I keep getting the updates from her, and there is now a very noticeable trend that I am observing since Q2 of this year; price changes. It started off as a few here and there with reductions on the order of -2%, which wasn't much to get excited about. The trend has really accelerated in Q3 - both in magnitude and frequency, and I have now been observing price changes by as much as -18%, with most of the changes being in the -7 to -15% ranges.

I am considering my observation to be a significant indicator of a notable change in market sentiment, and I think we have finally hit an inflection point this summer. Locally, I can also say that the velocity of sales this summer has also declined - and yes there has been fire and smoke this summer, and I'm sure it has made some contribution to the slowdown.

However, given the increase in interest rates, the talk of expanding the mortgage stress tests to all borrowers (qualify for +2% = borrowing power/credit/mortgages drops -18%), the new uncertainty in business activity with the NDP coup, the rising personal debt levels without support of rising income, and other signs of credit stress for borrowers, I have to say that it would be difficult to provide an argument why real estate is not a fly in search of a windshield in the Okanagan, BC, and Canada in general. Given my observations, and the factors that I have highlighted, I am interested to hear an argument to the contrary as part of a rational debate on this topic.

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