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Jul
20

Kelowna Housing Bubble Ready to Burst?

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 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 US 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
Video Rating: 5 / 5

7 comments

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  1. jeanmunn says:

    There is no middle ground in this city, it’s either the have’s or the have not’s no fucking 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 asshole that owns that market out on Lakeshore, she said if she had let him into her pants she could have kept her job.

  2. BLynchCAN says:

    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)

  3. anarchore says:

    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 shit country.

    Fuck 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

  4. MyCarla27 says:

    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 !!

  5. 950horsepower says:

    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.

  6. BuschTukkerMan says:

    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!

  7. MrBoredUtuber says:

    great video i agree with you subscribe to my videos and watch my videos please

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