Average net worth in Kelowna - $887,998

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Even Steven
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Average net worth in Kelowna - $887,998

Post by Even Steven »

https://www.macleans.ca/economy/money-e ... ties-2019/

I'll be honest, I'm a bit surprised. In West Kelowna, it's even higher - $1,016,369. That means an average person in West Kelowna is a millionaire. And that's after the mortgages, loans, financing and everything.

For ages, I always thought it's a few people with lots of money and a whole bunch of people with no money here. But for an average person to be a millionaire? Holy smokes, where are all these people?
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RVThereYet
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Re: Average net worth in Kelowna - $887,998

Post by RVThereYet »

Even Steven wrote:https://www.macleans.ca/economy/money-economy/canadas-richest-communities-2019/

I'll be honest, I'm a bit surprised. In West Kelowna, it's even higher - $1,016,369. That means an average person in West Kelowna is a millionaire. And that's after the mortgages, loans, financing and everything.

For ages, I always thought it's a few people with lots of money and a whole bunch of people with no money here. But for an average person to be a millionaire? Holy smokes, where are all these people?


A million ain't what it used to be...
Even Steven
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Re: Average net worth in Kelowna - $887,998

Post by Even Steven »

RVThereYet wrote:A million ain't what it used to be...

Feel free to send it my way if it's peanuts to you!
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tsayta
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Re: Average net worth in Kelowna - $887,998

Post by tsayta »

FARK THE WART?? Now I really feel poor
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normaM
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Re: Average net worth in Kelowna - $887,998

Post by normaM »

I didn't see where the article said after mortgages, debt etc
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oneh2obabe
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Re: Average net worth in Kelowna - $887,998

Post by oneh2obabe »

^^^It doesn't. What the articles states is ...

The median household income in this municipality sits at $107,000, but West Vancouver’s average housing price of $2.8 million—the highest in the country—indicates that property values are still the primary driving force behind household net worth.
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DetectivePikachu
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Re: Average net worth in Kelowna - $887,998

Post by DetectivePikachu »

normaM wrote:I didn't see where the article said after mortgages, debt etc



That is what net worth means. Why would it need to be restated?
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Re: Average net worth in Kelowna - $887,998

Post by LANDM »

normaM wrote:I didn't see where the article said after mortgages, debt etc

It doesn’t have to explicitly say that since that is part of the definition of net worth. It will be assets minus liabilities for a household, not an individual (for this study). And the methodology link stated it was from an environics study, I believe.
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AlienSoldier
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Re: Average net worth in Kelowna - $887,998

Post by AlienSoldier »

Average is always a poor indicator of a group.

Example:
1 person has 10 million dollars
2 people have 1 million
8 people have 100,000

The average is 1,163,636. Therefore technically that group of people are millionaires. But the median is still 100,000 since that is the middle of the group.

I do agree that house value is the largest part of most peoples network. This is scary as any shock to the market can cause people to swing widely, as it becomes more prominent.
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DarbyD
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Re: Average net worth in Kelowna - $887,998

Post by DarbyD »

With property prices outpacing wages, net worth metrics can be deceiving. Someone making a modest income who bought a house in Canada’s most expensive cities years ago might find themselves a millionaire on paper.


This is how quoting stats without knowing what the numbers are actually measuring leads to the wrong assumptions about many things.
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DarbyD
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Re: Average net worth in Kelowna - $887,998

Post by DarbyD »

Here you go. Create your own rankings, go to this page and change the filter number beside each filter to see what YOU come up with as far as National Stats.

https://www.macleans.ca/best-communitie ... king-tool/
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JeanB
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Re: Average net worth in Kelowna - $887,998

Post by JeanB »

Is that assuming that those people don't hold a mortgage? Most of the people in a million dollar home also start off with nearly a million dollars of debt in their mortgage.
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RVThereYet
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Re: Average net worth in Kelowna - $887,998

Post by RVThereYet »

Even Steven wrote:
RVThereYet wrote:A million ain't what it used to be...

Feel free to send it my way if it's peanuts to you!


Didn't say it was peanuts to me .. just that a million in 2019 is not what used to be in 1979... But besides all that, if the housing market ever took a serious dip in this country, many of those so called "millionaires" would find out very fast that being one "on paper" is whole lot different than having a million unencumbered.
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normaM
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Re: Average net worth in Kelowna - $887,998

Post by normaM »

That's what I meant, the OP stated the Mill was after mortgage, etc


Average net worth in Kelowna - $887,998

Postby Even Steven » Yesterday, 8:18 pm
https://www.macleans.ca/economy/money-e ... ties-2019/

I'll be honest, I'm a bit surprised. In West Kelowna, it's even higher - $1,016,369. That means an average person in West Kelowna is a millionaire. And that's after the mortgages, loans, financing and everything.

Since houses prices can drop not sure if I would consider them millionaires
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youjustcomplain
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Re: Average net worth in Kelowna - $887,998

Post by youjustcomplain »

normaM wrote:That's what I meant, the OP stated the Mill was after mortgage, etc


Average net worth in Kelowna - $887,998

Postby Even Steven » Yesterday, 8:18 pm
https://www.macleans.ca/economy/money-e ... ties-2019/

I'll be honest, I'm a bit surprised. In West Kelowna, it's even higher - $1,016,369. That means an average person in West Kelowna is a millionaire. And that's after the mortgages, loans, financing and everything.

Since houses prices can drop not sure if I would consider them millionaires


As Alien mentioned though, it's not a real indication of the average household. It's the average if you add up all the networth then divide it by the people, sure, but how many people actually fit that average number? I'd wager 5% or so.

It would be like having Bill Gates move into your neighborhood. It doesn't mean your networth just went up by 100 million dollars. It just means you have a rich guy living near by.

Kelowna is a desirable place to live, so we're going to attract wealth celebs and successful business people with massive net worths who own a summer home or cottage. That will inflate the "average". Imo, when forming an average, they should skim off the top and bottom 20% of networths then present the remainder as the average.

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