Save. Then save some more.
There are 1,114 residential freehold homes for sale in Kelowna. Pretty big number I suppose if you’re thinking of buying a home in our town but once you look things a little closer you might break out into cold sweat when you this number broken down.
Buying a Home In Kelowna
Number of homes for sale under $500,000 277
Number of homes for sale over $500,000 838
Shouldn’t these number be reversed?
Even worse, Number of homes for sale over $1,000,000 is 341. Remember, the median household income in Kelowna is $64,900 and the average sale price so far this year is $596,000. The larger of these two numbers is certainly increasing at a rate faster than little number. This is a problem that really has no solution as far as I can tell and the rigid laws of supply and demand mean most of our young people just won’t live here after they graduate and we’ll be left with equity rich Vancouver transplants and two week on/off oil patch workers.
Please don’t misunderstand, I LOVE equity rich Vancouver people and the impact they’re having on our city especially the new fancy strip malls with yoga studios, sushi bars, Naturopaths and $6 coffee shops we see around town nowadays. And, we all know Albertans have been the driving engine behind our real estate industry for as long as I’ve lived here and we love those guys too. The issue is that we pushed first time buyers into condos about ten years ago and now we’re asking them to live in even smaller condos. At some point they’re going shrug their collective shoulders and say no thanks and the entire town will look like the Capri mall on senior’s day.
Search for Homes here
Good News For Home Sellers
The news isn’t all grim. Sellers are certainly happy knowing that if they price theirthey’ll be able to sell it in a reasonable time frame for top dollar and the really high end home buyer has a lot choice and time is on his side. I think the fact remains that we’re a blue chip city with a zillion fun things to do and as the west continues to populate, people with choices will pick the Okanagan as the place they want to hang their hats.