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Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby domain » Feb 12th, 2018, 11:49 am

jsytnick wrote:That’s all well and fine in a regular town or region, fact is home buyers around the Okanagan are coming here with money, retiring here with money, and also buying here with wages earned elsewhere that far outstrip local wages. There’s also inheritance money and people that already have equity from previous property. New, young buyers are not buying the average home here, I doubt they were ever a major component. It’s a desireable locale, bringing people from elsewhere who made their money somewhere else. Is it fair that the local economy doesn’t support these prices? No. Is life fair? No.


I don’t disagree that varying wages from people moving to the Okanagan can impact the prices of various levels of homes. When I said that monthly payments people can afford are constant, I wasn’t saying that everyone is limited to the same amount, rather every individual is limited by their income and their preference, and therefore limits do exist for different income levels.

And since there is a wide range of monthly payments that will result from the wide range of incomes as you correctly point out, the market will stratify based on the distribution of these incomes. If you look at income distribution charts for Canada as a whole, you can get a picture of the number of people who fall into income categories. People shopping for a $700k house do not compete with people shopping for a $400k house if both parties are seeking to maximize their available income. It’s also the reason why there are houses in the 400k range and lower, and all the way up to seven figures.

Moving onto your second point about inheritance, and parent's simply giving kids down payments; while the sum of money put down on a house can move the buyer up the ladder to artificially slot them into a higher housing price that their income would not normally support, due to the reduction in the size of the mortgage, it does not mean that they still haven’t taken a mortgage that leaves them sitting at the top end of their payment affordability. Even this type of buyer has limits, and those limits are impacted by interest rates.. There will be the odd case where a person in this position may stay in the House price range that their income normally affords, and they simply make their mortgage very manageable. But these are not the average cases, and surveys showing the average household with a tiny margin of disposable income left over each month indicates that most people borrow the amount that puts them at the top of their payment affordability.

So local buyers, ‘foreign’ buyers, and wealthy buyers all have limits when credit is used. That was the point of my example to show the impact of interest rates on principal for people with mortgages, and the fact that all income levels have marginal buyers of real estate depending on how far they pushed their payments in their budget. The argument that everyone with money wants to live here so House prices don’t matter is not an argument, but a fallacy.

As for fairness, I don’t believe that anyone is entitled to become a homeowner, and I have never made a fairness argument when debating these topics. I try to stick to an objective observation and analysis.

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Re: Central Okanagan housing market thread

Postby LTD » Feb 12th, 2018, 11:56 am

everyone is entitled to become a homeowner its just a question as to whether or not one decides to work hard enough and has the drive to do so

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Re: Central Okanagan housing market thread

Postby Jflem1983 » Feb 12th, 2018, 11:59 am

Honestly rents have not gone up as fast as the cost to purchase or build .

400k to build a very modest 2 bedroom house in town on a lot u already own.


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Re: Central Okanagan housing market thread

Postby domain » Feb 12th, 2018, 1:33 pm

LTD wrote:everyone is entitled to become a homeowner its just a question as to whether or not one decides to work hard enough and has the drive to do so


Not entitled to own. Free to own. Entitled implies that everyone should own, and the only way that’s going to happen is if we go full-commie. And you never want to go full-commie (or even part commie, which is socialism.) I don’t think you meant entitled the way I interpreted, but I choose carefully when I use the word entitled.

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Re: Central Okanagan housing market thread

Postby alanjh595 » Feb 12th, 2018, 4:28 pm

Okay, substitute "entitled" for "snowflake". Now it it makes much more sense to all of those that are NOT from the "Entitled" or "Snowflake" generation. The ones that actually WORKED, saved and desired to OWN a home. The ones that the entitled and snowflakes now detest and demean.

YES!!! those of us that have given birth to you, protected, fed, schooled, provided fresh/safe drinking water, and mama's milk to keep you alive. This is the way that you repay us?

May all of the real estate, in the okanagan become so expensive that even your great grandchildren can't even rent a motel room for the night in this area. You ALL disgust me to the point of vomitus extremus. Get over yourselves, for every one of us, there are now 10,000 of you. YOU have lost. We may be old and dying off but we still control your future.

I, for one have two children, just like you. I have millions of $$$$ in assets and cash, neither one of those two ingrates have any idea what I have amassed over the years.
neither one of them will get 1 $. It will all go to the http://conservancy.bc.ca/

Welcome to the world that you have help create.
The world where fast food is more important than good food.
Where driving faster means 1 of two things;
You are going to get a speeding ticket faster than me.
or
You are going to get to the next red light faster than me.

YES, I fully admit that I am old and bitter at how the next two generations that are up and coming are suckling on the hind teat and hoping/praying that they hit it big in the inheirentance game. I know, my children are hoping for the same thing, guess what? THEY get absolutely NOTHING.

i hope that others of my age group do the same thing and give their money to some worthy cause and force your no brain children to have to go out and work for a living as we had to do.

{Rant....OVER}

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Re: Central Okanagan housing market thread

Postby HorganIsMyHero » Feb 12th, 2018, 5:54 pm

alanjh595 wrote:I, for one have two children, just like you. I have millions of $$$$ in assets and cash, neither one of those two ingrates have any idea what I have amassed over the years.
neither one of them will get 1 $. It will all go to the http://conservancy.bc.ca/

i hope that others of my age group do the same thing and give their money to some worthy cause and force your no brain children to have to go out and work for a living as we had to do.


What did your children do to you to deserve this kind of lashing? Jesus, why did you even have kids in the first place?

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Re: Central Okanagan housing market thread

Postby alanjh595 » Feb 12th, 2018, 6:19 pm

HorganIsMyHero wrote:
alanjh595 wrote:I, for one have two children, just like you. I have millions of $$$$ in assets and cash, neither one of those two ingrates have any idea what I have amassed over the years.
neither one of them will get 1 $. It will all go to the http://conservancy.bc.ca/

i hope that others of my age group do the same thing and give their money to some worthy cause and force your no brain children to have to go out and work for a living as we had to do.


What did your children do to you to deserve this kind of lashing? Jesus, why did you even have kids in the first place?


1st. You don't have to call me Jesus. Thanks for your admiration but it is not necessary here.
2nd. My children are snowflakes and have no idea what I went through to earn this money. They have no respect and they believe that they just have to sit back and wait for the old man to die to collect their winnings.

SURPRISE!!!! They ain't getting anything. Period.
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Re: Central Okanagan housing market thread

Postby W105 » Feb 12th, 2018, 6:34 pm

I seriously cannot believe you posted something like that Alan ?? who says things like that about their own children ?? how sad for you to live with this much anger...

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Re: Central Okanagan housing market thread

Postby HorganIsMyHero » Feb 12th, 2018, 6:52 pm

alanjh595 wrote:2nd. My children are snowflakes and have no idea what I went through to earn this money. They have no respect and they believe that they just have to sit back and wait for the old man to die to collect their winnings.

SURPRISE!!!! They ain't getting anything. Period.


If you act like a d bag like this in front of them it's no wonder your kids don't care about you. It's kinda sad when *bleep* parents act like they're the victims when they're in diapers in care homes and the kids they lambasted their entire lives don't give a damn and don't help at all. Good luck with all that.
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Re: Central Okanagan housing market thread

Postby Catsumi » Feb 12th, 2018, 6:59 pm

Pretty obvious that the snowflake kids are already too self absorbed to visit Alan now, never mind when he is in old folks home.

Cut a little slack here...you do not know what may happen in your future either.

The stones you throw may bounce back like a boomerang.
nothing wrong with being open minded as long as your brains don't fall out.
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Re: Central Okanagan housing market thread

Postby domain » Feb 12th, 2018, 7:06 pm

It’s quiet, almost too quiet. Still none of the forum topic vigilantes have ducked-out from behind the hedges to keep the conversation in line after the excursion. Perhaps one ought to do so some donuts in the parking lot while the topic-police are at the coffee shop. Now where is the icon for tire marks on the road?

Personally I don’t mind reading Alan or anyone venting here. I think it can be therapeutic for people to talk, or get things off their shoulders, even if it is here. I think half the reason some people post here is an attempt to hone their skills in debate, or to solidify their perspective, on perhaps even learn and share knowledge. Either way, I try not to take it too seriously if possible.

And Allen, if you don’t plan to give your kids a cent, then why not tell them the truth straight up? Maybe they will move on and improve their lives knowing you plan to buy 1500 exotic birds with their inheritance and release them into the wild of the Okanagan. The truth is the best place to start, and misleading your kids isn’t doing them any good. Go over to their place (even if it is in your basement), have a dinner with them, and after you finish, tell them they get nothing. Then slash one of the tires on their car before you leave so that they have their first financial challenge of the week, and tell them you did it because you love them.

Now for some compliant keywords for the post:

Okanagan
real estate prices
increase
Decrease
Interest rates
Amortization

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Re: Central Okanagan housing market thread

Postby W105 » Feb 12th, 2018, 7:30 pm

I'm not sad ?? I had a great day with my wonderful Family !!
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Re: Central Okanagan housing market thread

Postby forum » Feb 12th, 2018, 8:21 pm

Like a Rock.

Canadian real estate prices see biggest drop worldwide


Canada’s housing market was the fastest rising in the world, just a few months ago. Now we’re claiming the opposite title.


http://www.macleans.ca/economy/economicanalysis/canadian-real-estate-prices-see-biggest-drop-worldwide/

Look at the red line drop like Bmans...

Image
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Re: Central Okanagan housing market thread

Postby Triple 6 » Feb 13th, 2018, 6:38 am

Those of you who thought it would be funny to derail the thread with stupidity last night, KNOCK IT OFF.
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Re: Central Okanagan housing market thread

Postby LANDM » Feb 13th, 2018, 7:08 am

forum wrote:Like a Rock.

Canadian real estate prices see biggest drop worldwide


Canada’s housing market was the fastest rising in the world, just a few months ago. Now we’re claiming the opposite title.


http://www.macleans.ca/economy/economicanalysis/canadian-real-estate-prices-see-biggest-drop-worldwide/

Look at the red line drop like Bmans...

Image


That’s great that you post the same article link multiple times from the Federal Reserve Bank Of Dallas. Of course you omit things like the paragraph following your pretty graph that says
"Canadian real estate prices are still up more than seven per cent annually
Despite the large quarterly decline, Canadian real estate prices are still much higher than they were a year ago. The index is up 7.4 per cent from the same quarter last year, almost twice as much as the aggregate index for other countries. The increase is quickly tapering from peak growth observed in the first quarter of 2017. The quarterly decline is significant, but even so, the market is outperforming many other markets."


And, it’s wonderful that you can’t comment on the central Okanagan market.....or if you do, you are consistently incorrect. Our market has not exhibited any of the factors that you are claiming, and have claimed for years.

Good try though......how’s the view from the woodshed? You’re paying a pretty high rent for that! [icon_lol2.gif]

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