Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby LANDM » Feb 7th, 2018, 5:38 pm

https://www.castanet.net/edition/news-story-218347-1-.htm#218347
I wonder if this story was about our favourite tenant? Perhaps offering to pay his landlord in fractions of ethereum and she (his mom) had to hire an enforcer with a machete?

Oh, the trials and tribulations in the central Okanagan housing market.......

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Re: Central Okanagan housing market thread

Postby normaM » Feb 7th, 2018, 6:25 pm

CapitolB is correct.
Queen why A mere $499K? Unconsciousable.
It isn't .. people can list for whatever, and it is of course land value. Two dumpy places sold on West street for 1.5 million. Strictly land as they can host a condo complex.
Most of the older places ( like Patterson) destined to be torn down. Rather sad as I like older homes. The work to update nsm
Wish We had moved here years before to take advantage of the deals.
Heck, old dump house we bought nearly 10 years ago was 550. Location. Simply that.
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Re: Central Okanagan housing market thread

Postby Queen K » Feb 7th, 2018, 6:36 pm

normaM wrote:CapitolB is correct.
Queen why A mere $499K? Unconsciousable.
It isn't .. people can list for whatever, and it is of course land value. Two dumpy places sold on West street for 1.5 million. Strictly land as they can host a condo complex.
Most of the older places ( like Patterson) destined to be torn down. Rather sad as I like older homes. The work to update nsm
Wish We had moved here years before to take advantage of the deals.
Heck, old dump house we bought nearly 10 years ago was 550. Location. Simply that.


Oh I said Even Steven is likely right. I still look at houses as a place to live, not to tear down, so when I look at how awful the inside is, I think the money just isn't worth it.
Our saddest days are when we add up our losses, and losses seem to be our saddest when we lose our best. Proud to be a "Leaf-licker" and I know who else is too. **smiles**
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Re: Central Okanagan housing market thread

Postby forum » Feb 7th, 2018, 11:08 pm

You need to speculate more Queen. Throw your life savings at that 1910 home. It's a gold mine. Do it now. Act fast.
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Re: Central Okanagan housing market thread

Postby normaM » Feb 8th, 2018, 8:04 am

I think the high cost of renos means many of the older homes going to vanish. Another sweet place down in the Mission.
With the gentrification of the downtown area soon the character homes will vanish. Like the fun places on Rowcliffe
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Re: Central Okanagan housing market thread

Postby forum » Feb 8th, 2018, 3:30 pm

No wonder many Canadians are trying sell their home at such a high price, that's all they have!

This is sad. I hope many of them don't have to sell during the Great Canadian Housing Crash.

I'm starting to understand why so many Canadians have resorted to using their home equity as an ATM machine.
They have nothing otherwise. This housing crash is not going to end well for many Canadians too entrenched in Real Estate.

32% of Canadians are nearing retirement without any savings: Poll


http://www.bnn.ca/pattie-lovett-reid-why-don-t-we-know-if-we-re-saving-enough-for-retirement-1.991680
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Re: Central Okanagan housing market thread

Postby forum » Feb 8th, 2018, 3:38 pm

It's going to be lights out for BC real estate fairly quick.

http://www.macleans.ca/news/canada/the-battle-to-clean-up-b-c/

I hope many of you took my advice and sidestepped the whole mess and didn't take out a mortgage to buy at the inflated prices.
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Re: Central Okanagan housing market thread

Postby alanjh595 » Feb 8th, 2018, 4:03 pm

But, then again, you throw out advice like this:

forum wrote:You need to speculate more Queen. Throw your life savings at that 1910 home. It's a gold mine. Do it now. Act fast.


It's no longer a wonder as to why nobody takes you or your advice seriously. You have created your own persona of being the court jester, live with it.
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Re: Central Okanagan housing market thread

Postby Jonrox » Feb 8th, 2018, 4:21 pm

forum wrote:I hope many of you took my advice and sidestepped the whole mess and didn't take out a mortgage to buy at the inflated prices.

Just a few months ago you told us you were house shopping. What changed?
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Re: Central Okanagan housing market thread

Postby Hassel99 » Feb 8th, 2018, 4:31 pm

Jonrox wrote:Just a few months ago you told us you were house shopping. What changed?




Failed stress test.

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Re: Central Okanagan housing market thread

Postby forum » Feb 8th, 2018, 7:11 pm

alanjh595 wrote:But, then again, you throw out advice like this:

forum wrote:You need to speculate more Queen. Throw your life savings at that 1910 home. It's a gold mine. Do it now. Act fast.


It's no longer a wonder as to why nobody takes you or your advice seriously. You have created your own persona of being the court jester, live with it.


No personal attacks. And no baiting ^^^^^^

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Re: Central Okanagan housing market thread

Postby LANDM » Feb 8th, 2018, 9:09 pm

Isn’t this the Bickering Room?
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Re: Central Okanagan housing market thread

Postby pepecat » Feb 8th, 2018, 11:47 pm

forum wrote:It's going to be lights out for BC real estate fairly quick.

http://www.macleans.ca/news/canada/the-battle-to-clean-up-b-c/

I hope many of you took my advice and sidestepped the whole mess and didn't take out a mortgage to buy at the inflated prices.


Yes, because the moment that interest rates increase, no homeowners will be able to afford their mortgage payments! As you have already proven to all of us naive house owners, mostly everyone has to renew their mortgage this year at huge interest rates and most of us will probably be forced out of our homes. But it will be a godsend for most of us because our homes will only be worth what they sold for 50 years ago, so thank goodness there will be people like you to buy us out and relieve us from our unbearable debts.
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Re: Central Okanagan housing market thread

Postby domain » Feb 9th, 2018, 12:04 am

In compliance with the laser-sharp mandate of keeping the thread within the boundaries of its title, I did a small exercise to reverse-engineer some statistics for Kelowna inventory changes since Feb 1, 2018, using the realtor.ca website. By using the listed by feature, you can determine how many listings were added each day, and the daily total listings based on the currently shown inventory. I made great efforts to remain consistent in the sample method for each iteration.

reference date: 2/8/2018
reference date listings: 1140

date________total__________diff from____daily_____daily__________cumulative
___________listings________ref date.____increase__change %______change %

2/8/2018___1140____________0___________0________0.0%________ 25.0%
2/7/2018___1095____________45__________45_______4.1%________ 20.1%
2/6/2018___1064____________76__________31_______2.9%________16.7%
2/5/2018___1017____________123_________47_______4.6%________11.5%
2/4/2018___1017____________123_________0________0.0%________ 11.5%
2/3/2018___989_____________151_________28_______2.8%________8.4%
2/2/2018___961_____________179_________28_______2.9%________5.4%
2/1/2018___912_____________228_________49_______5.4%________0.0%

In short, the listings for Kelowna have increased 25% in 7 days. When I extended the samples (not transferred here) farther out, the Kelowna inventory has increased 81% in the last 24 days. I ran the same method for Comox, which revealed an inventory increase of 35.5% in the 7 days. When I extended the samples for Comox back to January 16, 2018, the inventory actually increased by 115.5% in the last 24 days.

The method used to collect and calculate the data is shown below. Please let me know if you find errors, as accuracy and factual data are very important for the integrity of this debate:

1) Open realtor.ca, type in Kelowna, BC and do not change any filters.
2) When prompted, select Kelowna, BC from the list of hyperlinks.
3) When the map-view page opens to the default zoom, note the # of total listings. **do not move the map or change zoom**
4) Using the listed since feature, select one day back and note the number of listings added between today and yesterday. Continue selecting the next day back and note the total listings added since date in column-3.
5) Using today's total listings as your reference, subtract each of the results in column-3 from today's total, to determine that days total listings for column-2.
6) Using column-3 results, subtract the difference between each day to get the daily change in listings from the previous day for column-4.
7) Column 5 is the daily percentage increase in listings compared to the previous days total (column-4 / column-2)
8) Column 6 uses the total listings from the last date (oldest), and determines the % increase in total listings from that date to each day forward (cumulative % increase). This gives you an increase in listings from the oldest date.
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Re: Central Okanagan housing market thread

Postby LANDM » Feb 9th, 2018, 6:20 am

domain wrote:In compliance with the laser-sharp mandate of keeping the thread within the boundaries of its title, I did a small exercise to reverse-engineer some statistics for Kelowna inventory changes since Feb 1, 2018, using the realtor.ca website. By using the listed by feature, you can determine how many listings were added each day, and the daily total listings based on the currently shown inventory. I made great efforts to remain consistent in the sample method for each iteration.

reference date: 2/8/2018
reference date listings: 1140

date________total__________diff from____daily_____daily__________cumulative
___________listings________ref date.____increase__change %______change %

2/8/2018___1140____________0___________0________0.0%________ 25.0%
2/7/2018___1095____________45__________45_______4.1%________ 20.1%
2/6/2018___1064____________76__________31_______2.9%________16.7%
2/5/2018___1017____________123_________47_______4.6%________11.5%
2/4/2018___1017____________123_________0________0.0%________ 11.5%
2/3/2018___989_____________151_________28_______2.8%________8.4%
2/2/2018___961_____________179_________28_______2.9%________5.4%
2/1/2018___912_____________228_________49_______5.4%________0.0%

In short, the listings for Kelowna have increased 25% in 7 days. When I extended the samples (not transferred here) farther out, the Kelowna inventory has increased 81% in the last 24 days. I ran the same method for Comox, which revealed an inventory increase of 35.5% in the 7 days. When I extended the samples for Comox back to January 16, 2018, the inventory actually increased by 115.5% in the last 24 days.

The method used to collect and calculate the data is shown below. Please let me know if you find errors, as accuracy and factual data are very important for the integrity of this debate:

1) Open realtor.ca, type in Kelowna, BC and do not change any filters.
2) When prompted, select Kelowna, BC from the list of hyperlinks.
3) When the map-view page opens to the default zoom, note the # of total listings. **do not move the map or change zoom**
4) Using the listed since feature, select one day back and note the number of listings added between today and yesterday. Continue selecting the next day back and note the total listings added since date in column-3.
5) Using today's total listings as your reference, subtract each of the results in column-3 from today's total, to determine that days total listings for column-2.
6) Using column-3 results, subtract the difference between each day to get the daily change in listings from the previous day for column-4.
7) Column 5 is the daily percentage increase in listings compared to the previous days total (column-4 / column-2)
8) Column 6 uses the total listings from the last date (oldest), and determines the % increase in total listings from that date to each day forward (cumulative % increase). This gives you an increase in listings from the oldest date.


While I appreciate your attempt at statistical analysis, let’s just say that this is not your area of expertise, apparently.
It is neither accurate nor factual as you have omitted entire critical data sets.

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