Kelowna housing prices have spiraled to ridiculous levels in the last few years, wages have not kept up with this and many young people have left for greener pastures. Kelowna is mostly retirement community , people come on vacation and buy a home to retire in. Whats wrong with that picture? Retirement is not an industry, so who are Kelowna's major employers. The City of Kelowna hands out fat paychecks to it's senior employees, some 140 get more than $75,000 a year, KGH the regional hospital is a major employer, school board and University continue to grow with good paying jobs.... The trend is that it is public servant jobs. Private enterprise like Western Star who were unionized left a long time ago along with the good paying jobs. I feel that 2011 will be pivotal in Kelowna as housing values decline an a municipal government struggles with debt.
This is from CTV. Canada's housing market could still be in for a U-S style correction, despite a slow down in home sales across the country.
The warning comes from the Canadian Centre for Policy Alternatives, which released a report that analyzed the factors that cause a bubble.
A real estate bubble is an artificial increase in property values which maxes out a homeowners ability to pay.
When the bubble bursts, and values drop, owners are stuck with mortgages worth more than their homes.
The CCPA found that prices in six of the country's largest housing markets, including Calgary, have hit 30-year highs and are in bubble territory.
It says home prices are roughly five to 11 times greater than Canadians' annual income -- much higher than historical comfort levels.
Canadian housing sales are down 25 per cent since reaching a peak at the start of the year.
Comments on "Kelowna Housing Bubble Ready to Burst?"
Looks like Kelowna ... Looks like Kelowna is bursting already now in early 2012..Just saw the news with Tony Parsons on CBC the other day..Kelowna Foreclosures Rise was the title of their news segment..too many people saddled with too much debt..mortgage debt,? credit card debt, 40 year amortizations and 5 percent down or less..I think youre right on the pricing on kelowna houses..I live in Vancouver and am forced to rent because even condos are ridiculously priced..mabye I can buy after the RE crash! LOL
what about ... what about harvesting jobs ??
by the way, how ... by the way, how does one "get ready" for a bubble bursting? ? Just being a retard like this guy and telling everyone else to think like a retard as well? what a waste of time and energy....
This is an exercise ... This is an exercise in thought paralysis.... everything here is always "could" , "might" ... the bubble bursting is always right around the corner for inveterate pessimists like this... yet it never actually? happens.... I love how he blithely compares the US to Canada on an apples to apples basis.... what's the point of thinking this way? None... it just leads to fear, excuses, inaction and paralysis....
Kelowna is kind of ... Kelowna is kind of a crap place to live... no jobs unless you know someone? who can help you get in. Rents here are crazy expensive... even for a dump. The city itself is very poorly planned... yeah, living in poverty in Kelowna sucks.
Admiring the time ... Admiring the time and effort you put into your video and detailed? information you offer.
BUY? HOUSE NOW ! BUY? HOUSE NOW !
There is no middle ... There is no middle ground in this city, it's either the have's or the have not's no f**king work in this place, renting or owning a home is priced out of sight.
My two girlfriends share a two bedroom place on Lakeshore, it's no luxury pad by any means and it's costing them $ 995.00 a month plus? parking, laundry and utilities.
One of them had their hours cut by the sleazy a*****e that owns that market out on Lakeshore, she said if she had let him into her pants she could have kept her job.
Agreed, but the ... Agreed, but the housing prices in Europe were 200 to? 400 per cent higher ther than in Canada. My Mums house, a two bed terrace in Dublin was 600k Canadian. Now down to 400k. (30% drop)
REAL ESTATE = DRUG ... REAL ESTATE = DRUG MONEY
Criminal Asian gangs and Hell's Angels are driving it up prices with their laundered drug money proceeds.
Canada is such a s**t country.
f**k this nation of stooges that turns a blind eye to evil.
Lots? of suffering and deprivation is what the propertied class of Canada deserves.
NO WAR BUT THE CLASS WAR
This is not alone ... This is not alone in? Kelowna Cindy, but evryware and not alone the housing, all for sale !! Whe go back to the jears 1930, Poverty !!
Every time housing ... Every time housing prices stabilize, or even increase, it's going to look like a bubble for a while.
It looks like many buyers today are paying cash, and demanding prices? 20 to 40% or off the ask. I think prices will be depressed by this for a while, but not forever.
Hey Joe, thats here ... Hey Joe, thats here the same to, people buy houses that they can't efford, people are getting way to greedy if you ask me.
Great vidoe Joe, and? thanks for sharing it with us!
great video i agree ... great video i agree with you subscribe to my videos and watch? my videos please
