วีดีโอ

Great question. You can, but you wouldn't want to. There's a forestry road that will take you all the way south but from what I understand it is pretty gnarley!

@@livelovekelowna wonder why they don't establish one....and also wonder if that's why Penticton is less expensive🤔

Thank you! TIme for another one! Putting it together today, hopefully ready to load before the end of the week!

In the downtown core on St.Paul there is currently 15 months of supply. In playa there is 13 months of supply, meaning, that there have been no sales (Brooklyn had 1) in the first quarter of this year. Comparative to last year at the same time, Playa had 6 sales and St.Paul had 3. Are these ridiculous rule changes affecting the market? I think it is certainly a factor, is it the only thing? No, definitely not. Thanks for the question and for watching! 😀

The problem is the $400k homes are few and far between in Kelowna at the moment unless you're good with a 1 bedroom condo.

@@livelovekelowna yes. Is it true average list price for a SFHs in Kelowna has nearly halved in the past 6 months? Is this due primarily to change of composition of listings? Like 850k for average SF home seems much more reasonable than 1.65 M but if the “fixer uppers” are still on the market while fewer nice, move-in-ready homes are that may not be so much improvement. I appreciate content from channels like yours even though I struggle to relate with Kelowna housing prices. Kelowna has nicer weather and better scenery than my prairie city but, on the flip side, at least I can pay off my house in one lifetime. The 2+2 bedroom house I bought last October was $400k.

@@livelovekelowna I mean no disrespect to you or your city. Kelowna is a lovely city and I think it is a shame it is so difficult for “middle class” and less affluent people, notably families, to live there.

@@dougpatterson7494 Thanks for the question. I don't follow the average pricing model, the benchmark is down 16% from the peak of the market in 2022, so not half. The government in BC has introduced yet another tax that will remove those fixed up homes from the market through an anti flipping tax. Meaning, if you intend on flipping a home and sell it prior to 730 days, you will pay a very punitive tax effectively taking those remodled homes from the market. This province is becoming increasingly difficult to live in due to these kinds of policies. My prediction is we continue to see people leave this province and move to AB due to affordability.

@@dougpatterson7494 I don't disagree with you.

Hmmmm…”Criminal realty market”. First time I’ve heard that term 😂thanks for the comment!

Ya each market is different. Spoke to a broker from the island and he mentioned it was pretty sluggish. I’m still licensed and doing biz in Calgary, I can tell you that market is nuts. Sellers market. Will be for a while. Affordability driving the market and will continue despite oil prices. First time I’ve seen that in my career! Thanks for the comment! 😊

Seems simple doesn’t it? 😮

Thanks Adam! Hope you’re well dude

Thank you for your comment. IMO average price would compare those two, not benchmark. It is incredibly difficult to give an idea of what homes are worth outside of digging into all communities, that's why the benchmark is typically used more than average or median in most markets across Canada. Here is a good definition of each of pricing matrix, Average, Benchmark and Median: "The benchmark price is often considered a better indicator of relative home values than average price - which takes all home prices in aggregate, divides it by the number of homes to arrive at the “average price.” The benchmark, in contrast, refers to what the typical home purchase price is in any given market and, unlike the average price, it excludes the highest and lowest prices from its calculation. After all, those homes are by no means “typical.” Median price, by the way, is similar to average price, but it is really the price of the home right in the middle of the spectrum of prices of all homes in a specific market." 😀

Thanks for the comment John. I know man, the cost of living here is crazy. There is no doubt that housing in Calgary is a little cheaper but you'll pay more in property tax there, also, we have found that utility costs are a little higher as well. But you will make up those costs in other ways like cost of insurance, groceries, fuel etc... happy to have that conversation whenever you're ready ;)

Try south America

Cheaper

@@JS-jh4cy El Salvador

He is right, AB is cheaper to get into but property taxes here generally seem to be alot more. We bought a place in a mid size town in AB and although our house is half the value of our BC house the property taxes are almost 2x, and utility bills can be pretty crazy mine are manageable for now but you will hear horror stories, again easily 2x or 3x what BC hydro will run.

Thanks for the comment!

I don't disagree with anything you stated.🙌

Thanks for the comment Ryan!

I have an idea as to why this is happening...I'm sticking with my original prediction for now that the market will continue to correct this year. I see this bump as a momentary blip. Thanks for chiming in buddy, much appreciated!

Sounds obvious but go visit them all for a few days each and get a feel for em

No doubt about that! 😮

Haha, ya no doubt. Thanks for the comment Ryan!

He fails to mention that there is a Real Canadian Wholesale store in Penticton. Not as large as a Costco of course, but has bulk quantity and restaurant supplies.

Thank you! 😊

Uh...thanks? 😂

Thank you for watching and for the comment. The vast majority of mortgages in the Kelowna area are around $400,000. When these people renew at $350,000 on a mortgage where they originally signed at 5 year fixed rate at around 5.34%, their payments will actually go down, not up. Here is a website that will show you the prime lending rates as well as the 1, 3 and 5 year fixed rates since 1975: wowa.ca/canada-mortgage-rates-history I'm not guessing when I talk about these numbers, it is the people on the variable rates that have been hit the hardest, it won't be the ones on the fixed at maturity. The ones on fixed rates who will be renewing in 2024 and 2025 from purchases in 2019 and 2020 respectively may walk into the same rate they have....that being said, noone can predict what the rates are going to be. Who in the hell saw a 4 point jump inside of 12 months coming? Crazy times!!

I can connect you with an agent that services that area. Unfortunately it’s a little too far for me 😊 Email me at info@livelovekelowna.ca and I’ll connect you.

Thanks for watching and for the comment. Historical data would argue with you on that point. We’ve already seen a major correction of 16%, history suggests we won’t likely see another drop like that for some time. Of course, I’m open to the idea that past history at this point may not be a predictor of what the future holds.

I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?

I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 6 figures working with an investment coach for more than two years.

@@maryHenokNft I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.

*Gertrude Margaret Quinto* has an online presence; just conduct a straightforward search for her name on the internet.

Thank you, I copied and pasted his name on web browser and sent a email waiting for reply.

Haha. I lose credibility when I say I stand behind what I say? Ok. Thanks for the comment and the insight. I base these predictions on 17+ years in real estate, in THOUSANDS of hours in analyzing the stats and the market and not just here in Kelowna but also in Calgary. The statistics and where interest rates are heading do NOT suggest a foreclosure apocalypse, they just don't. And I'm not the only one saying this, there are economists and mortgage brokers saying the same thing. And ya, is 111% designed to get you to watch the video? Of course...it worked didn't it? Thanks for watching, I appreciate your stance. 😉

It’s ok to use click bait but don’t mock someone else when they do the same… makes sense right? You think 17 years as working as an agent gives you credibility? There’s a difference between experience and knowledge. As I said, using specific data to support your narrative and ignoring other data that disputes it just shows that you’re predictions aren’t credible. But, if it floats your boat…sail on captain!

@@myt1soo320 Thank you for continuing to comment and for watching.

@@myt1soo320 Youre confusing standing by ones predictions and standing buy what one knows will happen..lol

I don't disagree with you...just hard to not only talk about these kinds of event but to give any real advice around them. Too much out of our control. Thanks for the comment and for watching!

Thanks for the comment. First time buyers will have options in the condo market but will take a long time before they have an opportunity to move up to the single family market. It would be a progression into the townhouse market and maybe eventually into a SF. Not like a city like Calgary where you can get into a SF home for the price of a condo here. I also appreciate the compliment.

You are probably right, but this makes it very tough for those moving here and want to start families.@@livelovekelowna

No doubt about it. Not sure my kids will come back here after College...BC sure does live up to its reputation!!