Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby W105 » Mar 1st, 2018, 10:57 am

totally get the fixation on Forum being a renter and laughing about it because that's what makes this thread tick..

but what about students (who don't have rich parents helping them ), those on disability (a change in your health can and does wipe people out financially) seniors on fixed income (who have to choose shelter, food & heat over life saving meds) single parents with kids... let's also include the small business owners here who can't find employees because the cost of living here is so extremely high (guess they could start employing TFWorkers)

can't see how anyone can find the humor in many other people's real struggles..

and let's wait and see how many Homeowners won't be in the same boat when our market does a serious correction...so many are saying this Foreign & Spec Tax combined with the B20 rules and increasing interest rates are gonna be a killer for our RE Market...
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Re: Central Okanagan housing market thread

Postby alanjh595 » Mar 1st, 2018, 11:02 am

Blame the government for their meddling in the free market.
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Re: Central Okanagan housing market thread

Postby CapitalB » Mar 1st, 2018, 11:13 am

A lot of people seem to think a major correction will never happen.
So much of the violent push-back on everything progressive and reformist comes down to: I can see the future, and in this future I am not the centre of the universe and master of all that I survey, therefore this future must be resisted at all costs.
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Re: Central Okanagan housing market thread

Postby alanjh595 » Mar 1st, 2018, 11:20 am

CapitalB wrote:A lot of people seem to think a major correction will never happen.


There WILL be a correction. "Major", I doubt it, and that would be determined by the personal definition of MAJOR.

CRASH? In Kelowna, NO.
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Re: Central Okanagan housing market thread

Postby Jonrox » Mar 1st, 2018, 1:02 pm

The vast majority of homeowners will be just fine if a correction happens. My house value could drop in half and it wouldn't matter... I'll just keep living there, paying the mortgage like I always do. And most other people will too.

The problem only gets really bad if the housing market crashes and another factor forces people into a situation where they have no choice but to sell (i.e. high unemployment). If people aren't forced to sell, they'll just keep making their payments, living their life the same as they did when their house was worth a fortune. Nothing in their life will have really changed.

For example, nothing in my life has changed since the value of my house went up by $250,000. I don't have any more or any less money in the bank because of it. On paper, my wealth has risen quite a bit but it hasn't made a real difference in my life. The same holds true if it drops.

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Re: Central Okanagan housing market thread

Postby W105 » Mar 1st, 2018, 1:24 pm

no offense Jonrox..but your entire comment is about you...you and your finances do not speak for the majority of most Canadians..if it did, then the B20 rules would have never been implemented...

if one just recently bought, their correction will most def be harder felt than yours...also ask anyone who has a vaca home here and now has to either rent it or pay a nice size tax on it ...

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Re: Central Okanagan housing market thread

Postby Jonrox » Mar 1st, 2018, 2:18 pm

W105 wrote:no offense Jonrox..but your entire comment is about you...you and your finances do not speak for the majority of most Canadians..if it did, then the B20 rules would have never been implemented...

if one just recently bought, their correction will most def be harder felt than yours...also ask anyone who has a vaca home here and now has to either rent it or pay a nice size tax on it ...

If you can tell me why a significant price increase or decrease affects most Canadian homeowners, I'm all ears.

If someone just recently bought, that would imply they're not looking to sell anytime soon and that they're locked into their payment for several years to come. There shouldn't be much reason to worry. Also, why does the timing of a purchase affect how hard the correction is felt?

With the new tax potentially being placed on vacation homes, I'd think those folks might now be hoping for a price correction so that the tax they pay will be lower.
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Re: Central Okanagan housing market thread

Postby CapitalB » Mar 1st, 2018, 2:50 pm

Significant increases make it hard for new potential homeowners to buy, especially if property values are ballooning up faster than construction prices.

Significant decreases make mobility more difficult for homeowners in general, if your homes worth less than you paid for it any sale will be a loss. This discourages people from moving around the province / country.
So much of the violent push-back on everything progressive and reformist comes down to: I can see the future, and in this future I am not the centre of the universe and master of all that I survey, therefore this future must be resisted at all costs.

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Re: Central Okanagan housing market thread

Postby alanjh595 » Mar 1st, 2018, 3:07 pm

CapitalB wrote:Significant increases make it hard for new potential homeowners to buy, especially if property values are ballooning up faster than construction prices.

Significant decreases make mobility more difficult for homeowners in general, if your homes worth less than you paid for it any sale will be a loss. This discourages people from moving around the province / country.


Well.....Duuuhh. Ya think so? Maybe the NEW POTENTIAL homeowners should not move to Kelowna......? If living here is beyond their reach, they have the rest of the province to move to.
It's not like Kelowna is the only place to live, they have the choice to buy in Penticton or Vernon.

I didn't start here, I worked my way here. They should have to do the same.
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Re: Central Okanagan housing market thread

Postby CapitalB » Mar 1st, 2018, 3:15 pm

I was replying specifically to the post before mine, which was generally about how such market changes would effect canadians. I should have quoted.
So much of the violent push-back on everything progressive and reformist comes down to: I can see the future, and in this future I am not the centre of the universe and master of all that I survey, therefore this future must be resisted at all costs.
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Re: Central Okanagan housing market thread

Postby Ka-El » Mar 1st, 2018, 4:50 pm

W105 wrote: but what about students (who don't have rich parents helping them ), those on disability (a change in your health can and does wipe people out financially) seniors on fixed income (who have to choose shelter, food & heat over life saving meds) single parents with kids... let's also include the small business owners here who can't find employees because the cost of living here is so extremely high (guess they could start employing TFWorkers)

can't see how anyone can find the humor in many other people's real struggles.

I don't see anyone here finding any humour in the struggles of real people trying to make it. In fact, the only person who really stands out in laughing at the ("potential", "imagined") hardships of others is the one hoping for the market to crash.
What did Forrest Gump say, "Stupid is as stupid does."? I think dimples has a new campaign slogan.

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Re: Central Okanagan housing market thread

Postby forum » Mar 1st, 2018, 6:11 pm

alanjh595 wrote:Blame the government for their meddling in the free market.


Free market? If you truly believe that, thanks for the Trophy.
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Re: Central Okanagan housing market thread

Postby LANDM » Mar 1st, 2018, 9:24 pm

forum wrote:
alanjh595 wrote:Blame the government for their meddling in the free market.


Free market? If you truly believe that, thanks for the Trophy.

Oh yay! You are doing your odd little "trophy" thing again......is mom away or did you change the password on her computer so she can’t check up on you.
Watch out or she will make you stay away from here for a month again! [icon_lol2.gif] [icon_lol2.gif]
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Re: Central Okanagan housing market thread

Postby Bpeep » Mar 1st, 2018, 11:23 pm

Probably just relieved he eeked thru another rent day.
Better rent value this month too.
31 days.
I have a baseball for you. You're more than welcome to rent it.

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Re: Central Okanagan housing market thread

Postby forum » Mar 2nd, 2018, 7:30 am

Aaaaaaaaaawww... *sniff* *sniff* Kelowna's Mayor (Also a real estate agent) is upset because the government forgot about him when they made a big important decision. *Sniff* *sniff* I thought all important real estate decisions ran through the "itz spheshul huuuuur" OMREB? No? Real Estate isn't locally driven after all? woops.

Maybe pink isn't your colour after all Colin?
Try blue coloured shirts next time.
Blue represents trust and honour.
Pink...well...

Kelowna mayor says B.C.'s speculation tax could have 'dire unintended consequences'


http://www.cbc.ca/1.4556729
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