Okanagan property values down 20-30%??

[Ari Gold]

From yahoo.ca:

https://ca.finance.yahoo.com/blogs/pay-day-/canadian-cities-where-real-estate-prices-actually-falling-184722537.html


We have seen price increases only in major cities and not in smaller markets,” says Oswald Jurock, real-estate investor and author of Real Estate Action: 55 Action Takers Share Their Secrets. “In the Okanagan, the Koonetays, Vancouver Island, and the Sunshine Coast, there’s been between 20 and 30 per cent for last three years in price decline. It’s not something that’s going to happen; it’s already happening.”

Have property values decreased 20-30%?

[Bsuds]

According to our assessment and taxes it went up!

[Panzer130]

According to the properties I have been selling, it is going up considerably.

[Captain Awesome]

I'd be careful to take anything Ozzie Jurock says about real estate without a grain of salt.

[Static]

According to the properties I have been selling, it is going up considerably.

Are prices above the last peak?

[phasyluck]

Myself I looked around and saw some fairly overpriced properties in old Glenmore.

[WeatherWoman]

We haven't seen a decline in our assessments but it's been pretty much the same for the last 3 years in Victoria.

[Glacier]

When it comes to land values, it seems that the entire Okanagan dropped 10% last year, but for some reason a lot if not most homes increased because the value of the house itself increased by more than 10%. Things are still quite a bit below the 2008 peak, but there sure has been a lot of buying in the past 6 months (including moi).

[Liquidnails]

Here's some okanagan price data graphically represented: http://www.trishwise.com/market-watch.php

Source of data: http://www.omreb.com/page.php?sectionID=2

[Bsuds]

When it comes to land values, it seems that the entire Okanagan dropped 10% last year, but for some reason a lot if not most homes increased because the value of the house itself increased by more than 10%. Things are still quite a bit below the 2008 peak, but there sure has been a lot of buying in the past 6 months (including moi).

Not mine, Land value went up 31,000 and House went up 30,000. Taxes increased accordingly.

[cutter7]

My property is assessed aprox 5% down from the peak of six years ago, my taxes are up 267 bucks this year .

I was expecting an increase due to spending but not that much,, oh well ,, its almost time for o'l c7 to make a move anyway.

[Panzer130]

ummmmmm....... why are people comparing prices to the peak 5-6 years ago? That was a ridiculous time in real estate where homes prices were grossly over inflated and resulted in a massive crash. Why on earth would anyone want to see that happen again?

I seriously think too many people have the memory of a goldfish.

[Thinktank]

A better question would be:

Will house prices in the Okanagan drop in the next three or five years?
Answer is: Yes

Because in the last three years it doesn't look like prices dropped much, by the prices advertised.
But I don't know what it actually sells for.


SKAHA LAKE ROAD Penticton - listed for $275,000 - hasn't sold in years. I think they built that in 2008.

^ I don't think that price is down at all in three years.

[cutter7]

ummmmmm....... why are people comparing prices to the peak 5-6 years ago? That was a ridiculous time in real estate where homes prices were grossly over inflated and resulted in a massive crash. Why on earth would anyone want to see that happen again?

I seriously think too many people have the memory of a goldfish.

because they want to sell? There are a couple of houses on my street asking prices comparable to the peak years…. the people who drive up don't stay long.

[Lady tehMa]

Houses are actually doing pretty well for sales right now, condos are NOT. I think the Mission Meadows development is still dropping prices (I could be wrong, heard that second hand).