Quote:
Originally Posted by Bob
Wow, I had no idea Kelowna was so screwed.
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I don't have the time to read all those comments/conversation from that thread and original email.
However, the original guy mostly talks about SFH prices. Average wage, earnings, etc.
Do they take into account the huge $$ value for vacation homes that is probably fluctuating the most.
Take average senior oil Calgary family. Who go and buy vacation home. Plus Iginla, his buddies, etc. Those huge value homes have a massive influence on that market. Sales of them stop happening, those prices plummet!! Because they were the most inflated.
Sure, there was a trickle down, but I'd wonder how many of the average Kelowna industry workers bought $1,000,000+ homes on the salary they had. I don't think they would have even qualified for the 0 down 40 year mortgage. They rented! Or previously owned, or, the higher income workers bought houses in westbank and used basement suites to rent out to vacationers or lower income families.
Housing prices may plummet there. But I think Average oil dude from Calgary is going to see his $3.5 million dollar home suddenly be worth $1.5 vs. Safeway/marina/construction/fruit picker/rcmp/waitress/bartender workers apartment or suite, or smaller less bling normal family house plummet 57%. Why because they probably couldn't afford it to begin with!!
Now I could be soooo wrong. But that's the direction my quick thoughts go.