Have Kelowna home values dropped 41%?

[Bsuds]

As with all of these doom and gloom predictions most never happen.

[LTD]

http://www.cbc.ca/news/business/story/2012/06/20/mortgage-rules-tightened.html

Kiss the high real estate values goodbye. About time.

hahahahaha ya good luck with that hows that crow taste

[jsytnick]

Glad I sold in 09 when it was obvious the crap was going to hit the fan. It's getting closer.

http://www.greaterfool.ca/

Lol, yea you saw something no one else did.

[steve mc]

real estate is greed agents are thieves have we run out of oversea buyers , flippers, and criminal hiding money hopefully

[LANDM]

real estate is greed agents are thieves have we run out of oversea buyers , flippers, and criminal hiding money hopefully

Look around you.....real estate is Homes.......the buyers and sellers are your neighbours.

[seewood]

real estate is greed agents are thieves have we run out of oversea buyers , flippers, and criminal hiding money hopefully

I'm believing there are still no shortage of people selling in stupid high housing markets ( Van for example) and buying in the Okanagan, Kelowna included.
No shortage of mid 50 year olds from Van and Calgary around here buying and going into retirement or semi retirement.
I have not seen an influx of the Chinese market here as we did not have a strong Asian community that they prefer to buy into, like Vancouver.
Perhaps housing prices have cooled a tad but still going up in value but not at percentages we have seen in the past. Maybe the upcoming interest rate hikes will cool it some more.

[steve mc]

real estate is homes not for young families the price is criminal

[LTD]

real estate is homes not for young families the price is criminal

No one forces you to buy in the okanagan plenty of places out there half the price of here feel free to move on if its so criminal here

[LANDM]

real estate is homes not for young families the price is criminal

There are plenty of young families buying homes every day.

[GoStumpy]

real estate is homes not for young families the price is criminal

There are plenty of young families buying homes every day.

Yep I'm 32 and looking at buying in the next 3 years, in the ~$6-700k range.. It's not impossible

[lightspeed]

real estate is homes not for young families the price is criminal

Iqaluit is cheaper.

[Hmmm]

If you think $450k is high for a home with a $1500 mortgage pmt on it, try $2500 for rent on that same home plus cant paint it, have a pet, build a fence, and so on. To me thats expensive. Flush.

[Catri]

Hard to find a single family home in Kelowna for $450k these days. Last week a 700 square foot (+full finished basement) Seventies half-duplex in Springvalley sold in under two weeks on the market. It was listed at $419,000.

[jasond_71]

Here's a prediction. Housing prices in okanagan will go down then up then down then up:)
But eventually they will always go up over time.
There is no where in Canada for retirees that has this climate except maybe Vancouver Island and southern ontario (way more humid though).
Take vernon for example, school enrollment dropped 25% in the last 10 years but the population went up 10%. Guess who is moving here?

[TylerM4]

Not anything close to a real estate expert, never will claim to be.

Just wanted to point out my own observation:
- RE prices in BC/Okanagan really seemed to take off when interest rates dropped to historic lows in 2001 and have stayed low ever since.
- Interest rates appear to be rising again. Bank of Canada recently doubled it's overnight prime rate in under a month (0.5% to 1%) and has been dropping hints that it'll continue to increase.

If trends continue with regard to increased rates, will we see a strong change in RE pricing? A mortgage in 1999 had 3x the interest rate of a mortgage in 2016.

I suspect that the bank of Canada will do everything it can to ensure that if rates do increase, they increase at a slow and measured pace in order to avoid impact to economy from foreclosures like what was seen in the early 80's.