Central Okanagan housing market thread

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Central Okanagan housing market thread

Postby jsytnick » Jun 1st, 2017, 7:19 pm

New thread specifically regarding the central OK market. Thoughts? Predictions? Myself I'm not sure what to think. It's been on fire and the rental market is super tight. Seems like boomers cashing out of Vancouver and younger people migrating here are driving both markets. Kelowna seems to do well when the markets in the cities start to falter and people cash out to retire here. I wish it wasn't so boom/bust, makes it hard to predict.

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Re: Central Okanagan housing market thread

Postby JollyGreenBully » Jun 1st, 2017, 10:00 pm

Since when are young people migrating here? Most seem to leave due to the bigoted attitudes and lack of jobs.
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Re: Central Okanagan housing market thread

Postby LANDM » Jun 1st, 2017, 11:04 pm

Do you have data for that opinion?
I don't deny a bigoted attitude, but that is different from having a correct stance on whether young people are or are not moving here or away.
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Re: Central Okanagan housing market thread

Postby LANDM » Jun 2nd, 2017, 6:34 am

This is great! A new place for a certain someone to paste duplicate links to housing crash articles that aren't applicable. Yay! :up:

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Re: Central Okanagan housing market thread

Postby W105 » Jun 2nd, 2017, 6:42 am

lots of people that we know are now getting into this Air BnB game..3 friends bought condo's recently strictly for Air BnB rentals..

if this becomes the "new " trend to make money here (and I think it's going to be) the rental market is going to suffer even more here..there is going to be nothing left nor reasonably priced for the regular hard working person who lives here year round..

and jystnick, good idea for starting a new thread because the old one became a Gong Show..BUT, you should have never started it in the Bickering Room..should have started it in Social Concerns..

the other thread started there and more people joined in the convo because it was civilized..it was when it hit the Bickering Room that it fell apart..

hope this thread doesn't go that way...
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Re: Central Okanagan housing market thread

Postby Glacier » Jun 2nd, 2017, 1:34 pm

JollyGreenBully wrote:Since when are young people migrating here? Most seem to leave due to the bigoted attitudes and lack of jobs.

I know facts and data aren't your thing, but for anyone else, here is what the stats show:

- Kelowna's average population aging at a slower rate than the BC and Canadian average.

Kelowna has one of the fastest growing populations in all of Canada, especially for young people and middle aged people.
- Population growth of ages 0 to 14 = 5% (BC average = 2%)
- Population growth of ages 15 to 39 = 7% (BC average = 4%)
- Population growth of ages 40 to 64 = 4% (BC average = 1%)
- Population growth of ages 65+ = 21% (BC average = 23%)

The only age group growing SLOWER than the provincial average is the 65+!

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Re: Central Okanagan housing market thread

Postby kgcayenne » Jun 2nd, 2017, 1:43 pm

I wonder what the mortality rates are....

The little slogan I recall from at LEAST 20yrs ago holds true: Kelowna is for the newlyweds and the nearly deads.
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Re: Central Okanagan housing market thread

Postby Temet Nosce » Jun 9th, 2017, 3:44 pm

jsytnick wrote:New thread specifically regarding the central OK market. Thoughts? Predictions? Myself I'm not sure what to think. It's been on fire and the rental market is super tight. Seems like boomers cashing out of Vancouver and younger people migrating here are driving both markets. Kelowna seems to do well when the markets in the cities start to falter and people cash out to retire here. I wish it wasn't so boom/bust, makes it hard to predict.



I am wondering about this too...and it is hard to predict. Will we see a correction in the OK market specifically? BC Economy overall will likely take a hit but will this affect house prices in the OK region since there does appear to be 'some' migration here. Was speaking to a realtor/friend/investor and his comment was prices are insane here (yes we knew that) but his prediction was we will see a correction at some point and further....he commented that appraisers are basically overwhelmed and not even confident in their appraisals conducted for mortgages in the current market.
Last edited by Temet Nosce on Jan 23rd, 2018, 12:20 pm, edited 2 times in total.
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Re: Central Okanagan housing market thread

Postby GordonH » Jun 9th, 2017, 3:54 pm

It's all about how much can people afford that mortgage payment to be, and the gamble that interest rates will not go up.
It would be curious to know how many homeowner have mortgage payments that borders insanity.
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Re: Central Okanagan housing market thread

Postby Bpeep » Jun 9th, 2017, 4:00 pm

I find it interesting that the developers are building pvc clad carbon copy garbage and the average person is racing to buy it.
Housing today is void of character.
Lotta peeps think that if they have a floor that's made outta vinyl coated sawdust and a countertop mader outta anything but wood they have something special.

Better yet are the ones paying a half mill for drywall and steel studs in a 4 story strata.
A half million dollars for something that's only a generation away from being in the ghetto.
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Re: Central Okanagan housing market thread

Postby Temet Nosce » Jun 9th, 2017, 4:00 pm

GordonH wrote:It's all about how much can people afford that mortgage payment to be, and the gamble that interest rates will not go up.
It would be curious to know how many homeowner have mortgage payments that borders insanity.


Yeah...I'm sure you're right about that. His other comment (other than don't buy now) was definitely do not purchase (even if you need to for family etc.) unless you can weather 'any' storm...i.e., interest rates etc.

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Re: Central Okanagan housing market thread

Postby slootman » Jun 9th, 2017, 5:59 pm

Imagine what all the cookie cutter neighbourhoods will look like in 10-20 years. And you only get 0.1 acres. All those trendy condos are gonna get pretty un-trendy at some point too.

I don't think we'll see a slow down until after Vancouver slows down. People leave there and move here. We'll likely see it coming. But at the same time I think demand will remain higher here - when's the last time you met someone not jealous you live here instead of X? Lots of baby boomers gotta retire somewhere.

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Re: Central Okanagan housing market thread

Postby Queen K » Jun 10th, 2017, 4:55 pm

All I want is a slightly larger house and if little no basement old houses on Woodlawn are priced at $545,000, like one we saw the other day, then I'm out of the loop.
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Re: Central Okanagan housing market thread

Postby Bpeep » Jun 11th, 2017, 9:44 pm

Oh just buy something.
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Re: Central Okanagan housing market thread

Postby forum » Jul 31st, 2017, 10:47 pm

GordonH wrote:It's all about how much can people afford that mortgage payment to be, and the gamble that interest rates will not go up.
It would be curious to know how many homeowner have mortgage payments that borders insanity.


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