Kelowna has become the second most expensive place to buy a home in the country.
A ReMax Canada survey has the city has jumped to $422,000 this year, second to vancouver ($503,000).
Read more here.
I don't think I can afford that. I think these markets are overrated. What do you think? I would much rather live in Pemberton.
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Hmmm, I think there are lots of great places to live that are a little more reasonable than that. Some day we may be buying a home somewhere, not likely in Van or Kelowna. I love you
My sister is planning to buy a house in Kelowna, although she probably will not get a mortgage. Still she beleives if she buys a house in the West Side of Kelowna it will triple in value within a year or two. I do not think the housing prices will go up much higher in Kelowna. They are already so rediculously high that they have to level out, atleast for used houses. Kamloops went through the same thing and now there are a lot of lots for sale and no one buying, construction of new homes has slowed to a few dozen a year from over a hundred. I see Kelowna doing the same thing soon, especially as lakefront properties no longer are available.
housing prices are going up very quickly in Kamloops right now. I think it is a better investment to buy there. I do not think Kelowna is a bad place to buy a house for investment,but not a great place either. You will not see the same rate of return as we have seen.
It is called the herd mentality, where everyone puts all their money into what everyone else if buying. Someone once told me that most financially successful folks don't buy high expecting things to go higher (look at Nortel), but buy things that will go up when no one else is buying them.
There are some folks I know that seem to have a sixth sense on investing in property making thousands of percent return.
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