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Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby lightspeed » Nov 14th, 2017, 12:45 pm

W105 wrote:the supply and demand game is going to have a complete overhaul next yr..IMO

many builders have lots of completed inventory

regular sellers and builders have only a short time to cash in on the buyers (who will have decreased buying power very soon)

builders will not sit on their inventory for very long, so they will have no choice but to adjust their prices to what the market (buyers with decreased lending) dictates...and regular sellers will have no choice but to follow their lead..or just not sell..

but the builders will have to..we might not see so many over priced 80 yr old homes on the market next yr...

interesting times indeed...


Most of the development money is going into smaller developments. Condos and town homes. They still get gobbled up quickly and they're feeding the market.
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Re: Central Okanagan housing market thread

Postby alanjh595 » Nov 14th, 2017, 1:01 pm

Another record breaking year in the Okanagan.
https://www.castanet.net/news/Penticton ... eal-estate

There were South Okanagan 300 properties listed for sale last month, down from 322 in Oct. 2016. Homes in the $350K to $500K remain in the "sweet spot" and most in demand, but Hanson said they have seen plenty of activity in the $500K to $650K range where homes used to sit for months.
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Re: Central Okanagan housing market thread

Postby W105 » Nov 14th, 2017, 1:44 pm

I wouldn't be too sure of that Lightspeed..my spouse's company and almost all the Builders we know have been building detached homes between $500-$700K+...it's what's been in demand for the last few yrs here..and they were selling like hot cakes a mere year ago..why ?? because so many buyers could qualify for a $600K brand new cookie cutter home...

there's lots of huge detached housing developments happening all over Kelowna and the Valley...exactly what the RE industry has been bragging about for yrs..

(we went out with friends this weekend who are all in the construction industry and this is was the cocktail talk)

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Re: Central Okanagan housing market thread

Postby alanjh595 » Nov 14th, 2017, 2:04 pm

Hanson attributed about 20 per cent of South Okanagan real estate sales to customers cashing out of the Lower Mainland.

https://www.castanet.net/news/Penticton ... eal-estate
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Re: Central Okanagan housing market thread

Postby Even Steven » Nov 14th, 2017, 4:32 pm

W105 wrote:I wouldn't be too sure of that Lightspeed..my spouse's company and almost all the Builders we know have been building detached homes between $500-$700K+...it's what's been in demand for the last few yrs here..and they were selling like hot cakes a mere year ago..why ?? because so many buyers could qualify for a $600K brand new cookie cutter home...


I think you're mixing up the numbers. If you're talking about brand newly built houses, not a lot of people would qualify for them between land AND house cost. And if you mean you can buy a brand new house for between $500-$700K WITH land, please let me know, I'll buy it tomorrow, sounds like a good deal.
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Re: Central Okanagan housing market thread

Postby Veovis » Nov 14th, 2017, 8:31 pm

Even Steven wrote:
I think you're mixing up the numbers. If you're talking about brand newly built houses, not a lot of people would qualify for them between land AND house cost. And if you mean you can buy a brand new house for between $500-$700K WITH land, please let me know, I'll buy it tomorrow, sounds like a good deal.


Often spouses hear "I just finished another 750K home this week" and forget about the fact their spouse isn't getting 750K (expenses) and that he land cost 400-500 as well.......but they do love to claim a "cost"

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Re: Central Okanagan housing market thread

Postby alanjh595 » Nov 15th, 2017, 8:15 am

BC home sales lead nation
The Canadian Real Estate Association says home sales in October ticked higher compared with September led by the Toronto region and the Fraser Valley in B.C.

The association says the number of homes sold through its MLS system in October was up 0.9 per cent from the previous month.


https://www.castanet.net/news/Canada/21 ... ead-nation
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Re: Central Okanagan housing market thread

Postby LANDM » Nov 15th, 2017, 8:54 am

https://www.castanet.net/edition/news-story-211597-4-.htm#211597

Looks like things are still going strong.......snoooooozzzzzze. People still buyin' and sellin'.
Nothing interesting here. Move along.

Maybe tomorrow......you know things are getting extended in the market when even the four horsemen flee the thread.

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Re: Central Okanagan housing market thread

Postby lightspeed » Nov 15th, 2017, 12:38 pm

Veovis wrote:
Even Steven wrote:
I think you're mixing up the numbers. If you're talking about brand newly built houses, not a lot of people would qualify for them between land AND house cost. And if you mean you can buy a brand new house for between $500-$700K WITH land, please let me know, I'll buy it tomorrow, sounds like a good deal.


Often spouses hear "I just finished another 750K home this week" and forget about the fact their spouse isn't getting 750K (expenses) and that he land cost 400-500 as well.......but they do love to claim a "cost"


People hear what they want to hear.

This thread is full of tumbleweed now. Yup peeps are still buying and selling homes. Nobody won a trophy. Life goes on.
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