Affordable Rental Units?

[Nedroj]

I say again, it's not impossible to become a homeowner here. But it's not as easy as some people seem to think.

It wasn't as easy for everyone in the past as some people seem to think, either. For most people, home ownership has always been a matter of prioritization involving commitments and sacrifice: personal responsibility for individual choices and circumstances. Expecting the government to "make it easier for people" seldom results in any real improvement.

It was a bit easier to buy a home back then for 3 reasons

1) In 2000 a good wage was 20$/hr (40,000$) when homes cost less than 200,000$,
in 2021 a good wage now is 30$/hr (62,000$) and homes cost 500-750,000$
2) Our Dollar was worth more and supplies cost less
3) Lower closing costs, fewer additional fees, less competition from international buyers with deep pockets.

The Okanagan Valley wasn't really "discovered" until after the 2004 Okanagan Mountain Park fire. This then prompted a development explosion that ran until 2010-2011 when the housing market downturn finally hit due to people over extending their finances.

[W105]

It wasn't as easy for everyone in the past as some people seem to think, either. For most people, home ownership has always been a matter of prioritization involving commitments and sacrifice: personal responsibility for individual choices and circumstances. Expecting the government to "make it easier for people" seldom results in any real improvement.

It was a bit easier to buy a home back then for 3 reasons

1) In 2000 a good wage was 20$/hr (40,000$) when homes cost less than 200,000$,
in 2021 a good wage now is 30$/hr (62,000$) and homes cost 500-750,000$
2) Our Dollar was worth more and supplies cost less
3) Lower closing costs, fewer additional fees, less competition from international buyers with deep pockets.

The Okanagan Valley wasn't really "discovered" until after the 2004 Okanagan Mountain Park fire. This then prompted a development explosion that ran until 2010-2011 when the housing market downturn finally hit due to people over extending their finances.

^^ you are 100% correct on all points..we also had lower immigration back then...we bought in 1985 with a combined income of $16.50 an hr and there were lots of detached homes here ( all fixer uppers) to chose from..the interest rate was about 10% back then...people would crap their pants if that had to pay that kind of interest rate today with today's home prices

[rustled]

It wasn't as easy for everyone in the past as some people seem to think, either. For most people, home ownership has always been a matter of prioritization involving commitments and sacrifice: personal responsibility for individual choices and circumstances. Expecting the government to "make it easier for people" seldom results in any real improvement.

It was a bit easier to buy a home back then for 3 reasons

1) In 2000 a good wage was 20$/hr (40,000$) when homes cost less than 200,000$,
in 2021 a good wage now is 30$/hr (62,000$) and homes cost 500-750,000$
2) Our Dollar was worth more and supplies cost less
3) Lower closing costs, fewer additional fees, less competition from international buyers with deep pockets.

The Okanagan Valley wasn't really "discovered" until after the 2004 Okanagan Mountain Park fire. This then prompted a development explosion that ran until 2010-2011 when the housing market downturn finally hit due to people over extending their finances.

A few things we have to consider:

1. "Social contracts" related to "saving the planet" and "fighting climate change" and "employee benefits" have all driven up the cost of all the supplies related to building, as well as the standards to which a home must be built, the components and R-values that are now mandatory, and the costs of inspections and licencing.
2. At the same time, many of these "social contract" costs have driven down the value of our dollar. This continues to be the case, and people persist in demanding more and more of these government interventions and policies that cost all of us and deplete our ability to innovate for ourselves.
3. Homes in the South Okanagan were already leaping in value before the OMP fire - people from Alberta and the Lower Mainland were purchasing vacation homes here. It's a desirable place to live. People who want to buy into this market have to decide for themselves what they're willing to sacrifice.
4. Your parents started up north. It has always been much easier to start home ownership outside Kelowna and work your way into it - and that is still the case.

Government interventions are seldom an improvement over taking personal responsibility for improving our circumstances.

[JLives]

*removed*

[JLives]

It wasn't as easy for everyone in the past as some people seem to think, either. For most people, home ownership has always been a matter of prioritization involving commitments and sacrifice: personal responsibility for individual choices and circumstances. Expecting the government to "make it easier for people" seldom results in any real improvement.

It was a bit easier to buy a home back then for 3 reasons

1) In 2000 a good wage was 20$/hr (40,000$) when homes cost less than 200,000$,
in 2021 a good wage now is 30$/hr (62,000$) and homes cost 500-750,000$
2) Our Dollar was worth more and supplies cost less
3) Lower closing costs, fewer additional fees, less competition from international buyers with deep pockets.

The Okanagan Valley wasn't really "discovered" until after the 2004 Okanagan Mountain Park fire. This then prompted a development explosion that ran until 2010-2011 when the housing market downturn finally hit due to people over extending their finances.

The average house cost in Kelowna right now is over $1,000,000.

[Urban Cowboy]

I say again, it's not impossible to become a homeowner here. But it's not as easy as some people seem to think.

It wasn't as easy for everyone in the past as some people seem to think, either. For most people, home ownership has always been a matter of prioritization involving commitments and sacrifice: personal responsibility for individual choices and circumstances. Expecting the government to "make it easier for people" seldom results in any real improvement.

Well said rustled.

[Vacancyrate]

The Okanagan Valley wasn't really "discovered" until after the 2004 Okanagan Mountain Park fire. This then prompted a development explosion that ran until 2010-2011 when the housing market downturn finally hit due to people over extending

You're mistaken, but it's a easy mistake to make.

I have to ask why Vancouver wasn't "discovered" after EXPO 86? Kelowna was a well known tourist destination since the 1960's. After the Coquihalla Connector was finished in 1990 things should have exploded. 10 years after the connector was finished you could buy a 4 bedroom house on a double lot, lake view for $160,000-$200,000 dollars in Kelowna/Westbank

While there was a huge insurance scam/building boom after the fire, the real guilty party to why housing has exploded was the financialization of Canadian real estate and almost 20 years of Quantitative Easing by central banks and 0% interest rates.

It's not like the weather suddenly got awesome and the Oceans and Mountains appeared in 2006-2010, or that the Okanagan valley was some hidden secret valley up until it got on the news for burning to the ground.

If you have a few million dollars - do you open a business or develop a technology or buy some Canadian Real Estate?

The biggest buyer group in Ontario used to be first time buyers.

Now the biggest buyer group is people who own 4 or more properties.

Every 5th house in Canada is a secondary/invenstment property.

[rustled]

*removed*

The actual problem is that the Okanagan is a desirable market, and people who expect to start out in a desirable market have more difficulty than those who start out where wages are higher (because it's less desirable to live there) and homes cost less (because it's less desirable to live there).

Also, the cost of housing all over BC has been driven up by the changes to the building code and other "social contract" costs. The red tape, restrictions and requirements imposed by multiple layers of government are expensive.

[Sparki55]

It's not like the weather suddenly got awesome and the Oceans and Mountains appeared in 2006-2010, or that the Okanagan valley was some hidden secret valley up until it got on the news for burning to the ground.

You're right, the weather has been great for much longer than you mention however that doesn't explain why the interior is popular now. Maybe ask the Albertans who visit every summer, or the number of flights into Kelowna each year. We're much more popular that other locations in BC. Was tourism raging in the 60's as it is now or is Kelowna visited more now?

Every 5th house in Canada is a secondary/investment property.

Blame the government... If more homes were built, the price would come down. It's incredibly difficult to build in BC, so much government restriction... Similar to rentals....

[JLives]

It's not like the weather suddenly got awesome and the Oceans and Mountains appeared in 2006-2010, or that the Okanagan valley was some hidden secret valley up until it got on the news for burning to the ground.

You're right, the weather has been great for much longer than you mention however that doesn't explain why the interior is popular now. Maybe ask the Albertans who visit every summer, or the number of flights into Kelowna each year. We're much more popular that other locations in BC. Was tourism raging in the 60's as it is now or is Kelowna visited more now?

Every 5th house in Canada is a secondary/investment property.

Blame the government... If more homes were built, the price would come down. It's incredibly difficult to build in BC, so much government restriction... Similar to rentals....

I blame people and GREED. The problem started when people started treating housing as a commodity instead of homes. And I blame HGTV a little bit too for starting the house flipping frenzy. And now people can't afford to live in the communities they work in.

[Even Steven]

Everything is a commodity that is being bought and sold. Tomatoes are a commodity, electricity is a commodity, houses are a commodity. You want to treat it like a house - treat it like a house, nobody is stopping you. You do your thing, other people will do the other. It's a free country.

[JLives]

Everything is a commodity that is being bought and sold. Tomatoes are a commodity, electricity is a commodity, houses are a commodity. You want to treat it like a house - treat it like a house, nobody is stopping you. You do your thing, other people will do the other. It's a free country.

Our freedom is resulting in many employed people living in RVs in the bush. I value community over individualism. People kinda suck.

[Even Steven]

Our freedom is resulting in many employed people living in RVs in the bush.

Some people like RV living. Maybe it's easier for them. Lots of people live in mini houses and campers. Who am I to tell them they have to live differently? It's a free country.

[JLives]

Our freedom is resulting in many employed people living in RVs in the bush.

Some people like RV living. Maybe it's easier for them. Lots of people live in mini houses and campers. Who am I to tell them they have to live differently? It's a free country.

Not by choice my friend. I lived in a camper for a year as a child. Not begrudging a different lifestyle here. I currently live in the bush and see them often on my commute. Living in a camper or RV on the side of the road.

[Even Steven]

Not by choice my friend.

Well, how would you know this? Some people like living like this, or just lower level or responsibilities. To be able to afford a good house/apartment in Kelowna you have to have a full-time job, preferably dual income. You have to go to work every day. You have to pay bills.

Or you can live in an RV without commitment to a job, just some part-time gigs. You can have mobile internet. You live cheaply and frugally, and you don't have a lot of responsibilities. No need to pay bills, property taxes, rent, utilities, parking, etc. No need to bust your butt at a job you don't like and listen to a boss you hate. That's freedom for some people, and they like it this way.

Our society is changing rapidly when older ways of living no longer apply. No need for marriages, no need for house owning/renting, people say no to having kids, no need for the rat race. Van/RV live is just a symptom of this big change in our society. Hence the epidemic of RVs you see.

Check out https://www.reddit.com/r/vandwellers/ , and tell me they're not living this life by choice.