Central Okanagan housing market thread

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Re: Central Okanagan housing market thread

Postby Jonrox » May 15th, 2018, 10:08 am

W105... I've never seen or heard the phrase "Christ on a cracker" but damn do I like it! I don't often laugh out loud from something I read, but that did it.
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Re: Central Okanagan housing market thread

Postby floppi » May 15th, 2018, 10:35 am

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Re: Central Okanagan housing market thread

Postby Jonrox » May 15th, 2018, 10:51 am

Great article! People complain about high housing prices but with one the best solutions being increasing the supply of housing, a lot of people would complain if concessions were given to developers to entice them to build more. They want cheaper prices but not if it means a developer makes a little more money.

They want developers to do this for free - a lot of people don't think rationally and act in their own best interests. They'll continue to suffer rather than see someone else make some money. The concept of win-win is foreign to them.

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Re: Central Okanagan housing market thread

Postby alanjh595 » May 15th, 2018, 11:36 am

W105 wrote: why don't you do another "photo shoot" of something in your kitchen...it's been awhile since you blessed us with one of your master pieces...your saran wrap and tinfoil collection was pretty breath taking...do you have a rolling pin and spatula collection ?? if so, post a few pics for us please...it will add more beauty to this beautiful sunny day :)


So....you fully admit that you are stalking me from thread to thread. I have told you before that I have no interest in you. You really should seek psychological help with your problem. There are good pharmaceuticals that can help you with your fascination with me and my personal life.
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Re: Central Okanagan housing market thread

Postby one wheel » May 15th, 2018, 12:24 pm

*removed*
Last edited by ferri on May 15th, 2018, 1:51 pm, edited 1 time in total.
Reason: Potentially libelous.
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Re: Central Okanagan housing market thread

Postby forum » May 15th, 2018, 3:20 pm

Jonrox wrote:Great article! People complain about high housing prices but with one the best solutions being increasing the supply of housing, a lot of people would complain if concessions were given to developers to entice them to build more. They want cheaper prices but not if it means a developer makes a little more money.

They want developers to do this for free - a lot of people don't think rationally and act in their own best interests. They'll continue to suffer rather than see someone else make some money. The concept of win-win is foreign to them.


Don't you think that if there really was a supply problem, the developer in West Kelowna would have just gone ahead and built the 1,000 homes? What do they have to lose?
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Re: Central Okanagan housing market thread

Postby alanjh595 » May 15th, 2018, 6:30 pm

forum wrote:Don't you think that if there really was a supply problem, the developer in West Kelowna would have just gone ahead and built the 1,000 homes? What do they have to lose?


Only a complete idiot would plunder ahead on a multi-million $$$ project when the NDP government suddenly changes the rules and profitability of a project of this size.
By them delaying the project will be a much lower risk, and he can always sell off the land one lot at a time. We all know the the sale price of land does not go down over time. Anyone that has to ask such a dumb question has no business being involved in the real estate business.
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Re: Central Okanagan housing market thread

Postby forum » May 15th, 2018, 6:39 pm

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Re: Central Okanagan housing market thread

Postby domain » May 15th, 2018, 7:58 pm

forum wrote:
Jonrox wrote:Great article! People complain about high housing prices but with one the best solutions being increasing the supply of housing, a lot of people would complain if concessions were given to developers to entice them to build more. They want cheaper prices but not if it means a developer makes a little more money.

They want developers to do this for free - a lot of people don't think rationally and act in their own best interests. They'll continue to suffer rather than see someone else make some money. The concept of win-win is foreign to them.


Don't you think that if there really was a supply problem, the developer in West Kelowna would have just gone ahead and built the 1,000 homes? What do they have to lose?


I agree with the 'supply problem' as an explanation for the height of house prices. However, the supply in question isn't in regards to the quantity of housing units, rather the supply issue is more heavily weighted towards an overabundance of cheap and easy credit fueling asset prices. Just look at the national sales figures out now for an ugly April (and spring in general) for some evidence of what happens when the credit supply tightens; in this case thanks to tighter qualification rules and higher interest rates.

But, the government will do what it does best and treat symptoms instead of the root-cause - which means 'we' will blow billions on housing projects that will not solve the affordability or accessibility issue for people wanting to buy. There are a lot of factors contributing to runaway house prices, and what would be one of the biggest if not THE biggest factors is the existence of CMHC and its impact on the credit supply from Canadian lenders. Take away the risk for the lenders by insuring their high-ratio loans, and you will see credit flow as much as possible, and this is what we have been observing.

The only question now aside from ballooning debts and rising taxes, is what shape will the unintended consequences take as a result of yet more government interference?

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Re: Central Okanagan housing market thread

Postby LANDM » May 16th, 2018, 6:12 am

forum wrote:
Jonrox wrote:Great article! People complain about high housing prices but with one the best solutions being increasing the supply of housing, a lot of people would complain if concessions were given to developers to entice them to build more. They want cheaper prices but not if it means a developer makes a little more money.

They want developers to do this for free - a lot of people don't think rationally and act in their own best interests. They'll continue to suffer rather than see someone else make some money. The concept of win-win is foreign to them.


Don't you think that if there really was a supply problem, the developer in West Kelowna would have just gone ahead and built the 1,000 homes? What do they have to lose?


Don’t you think that delaying a project is prudent when faced with a government who is willing to try any cash-grab interventionist policy that will manipulate a sector in a negative way? :135:

If you don’t know what a potential loss would be......never mind.....there is no way that one could expect you to know basic things.
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Re: Central Okanagan housing market thread

Postby alanjh595 » May 16th, 2018, 6:35 am

"Ten or 15 professionals immediately impact, (and) hundreds more person years of employment on construction (eliminated)," Henderson wrote. "(This was) the largest housing project ever in West Kelowna, stopped dead."

Suspension of Goat's Peak planning activities shows the harmful effect the so-called speculation tax is already having on the greater Kelowna economy, just a few months after being introduced in February's provincial budget, Stewart says.

"The NDP says the tax is about promoting the affordability and supply of housing," Stewart said Sunday. "Well, here we had a project with 1,000 new homes that's now been put on hold precisely because of the speculation tax."


http://www.kelownadailycourier.ca/news/ ... 0db81.html
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Re: Central Okanagan housing market thread

Postby forum » May 16th, 2018, 7:12 am

Looks like the speculation tax is working as intended.

Because if the housing market was really healthy, the project would move forward. I guess the Central Okanagan buyers aren't really there.
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Re: Central Okanagan housing market thread

Postby Jonrox » May 16th, 2018, 8:39 am


Yet another example of your poor reading and analytical skills... here's a quote from this article:
While there has been some recent relief for one-bedroom renters in Kelowna, the price of two-bedroom rentals continued to rise.


For reference the crash you reference was a reduction in the average monthly cost of a one bedroom unit from $1160 to $1120, putting Kelowna as the 10th most expensive place in the country to rent a one bedroom unit.

I'll add that I think falling rental rates are a good thing though and aren't indicative of a crash. Rather they're indicative of developers realizing the rental vacancy rate here presents a golden opportunity to cash in. Rental prices should ease further with the number of new units being built in the city... it's about time!

This is just another example of forum thinking every single piece of news good or bad related to real estate is an example of the market crashing.
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Re: Central Okanagan housing market thread

Postby alanjh595 » May 16th, 2018, 9:21 am

forum wrote:Looks like the speculation tax is working as intended.

Because if the housing market was really healthy, the project would move forward. I guess the Central Okanagan buyers aren't really there.


With 1000 less new homes that would have been available, the prices on the older homes that come on the market will just go up. Add to that, the 1000's of jobs that will be lost in the home construction industry, and all that will be left is a bunch of unemployed that will never be able to buy here.
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Re: Central Okanagan housing market thread

Postby W105 » May 16th, 2018, 2:55 pm

Chef boyardee Alan...(your scones looked awesome and thanks for the shout out and pic..you have a pretty exciting life :)

this Developer and Mayor could have worked together with this government and modified the price point to make this development happen...the price point was $500k-$600k..building anything at $400k made this tax completely exempt...AND you are looking at a price point that can be supported by the wages here and the B20 rules...BUT, this Mayor has to also to consider the impact what a 1000 homes will do to our infrastructure and there's that many more vehicles crossing the ONE bridge in this town...

this Developer is actually the true meaning of a speculator..he's basically saying he'll sit on this development until he can make more $$ off it..just like Westcorp

builders CAN build homes for locals...all building cannot be just for high end vacation homes and Air BnB rentals...

(and before you can say look at the cost of the land...look at how many rentals are building built in Kelowna on prime RE...it can be done and is being done right now)

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