Condo Prices Collapse | Kelowna Real Estate Market Update June 2024

[@tyrellboake]

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[@JeffGoodhew]

@tyrellboake any idea what the average price per sq ft for a condo in Kelowna is?

[@tyrellboake]

It really depends and varies on the age of the building, location and if it is wood versus concrete construction; our real estate board generally doesn’t publish this statistic. But let me look into it more for you.

[@marvin6016]

The house prices in Kelowna are not that high. Some condos are really reasonable compared to Vancouver. Wages need to increase in Kelowna. Interior health union jobs only pay good here. Employers have a ol school pay em peanuts mentality here(boomers).

[@Siggy_SA_]

As 60% of home owners have not refinanced into these higher rates and historically the first rate cut is a signal of a hurting economy and typically sparks the beginning of more pain for the markets due to the slow leg real estate has to real market conditions, could this not just be the start of a correction until local wages can catch up to the increased cost of living?

[@tyrellboake]

Thanks for the insight & for commenting, Siggy. That’s an absolutely valid question and it could be entirely possible. We just haven’t seen much of a correction over the last year and rates have been at 5% for nearly 12 months. I don’t know the answer but I wonder that if it was going to happen, it would have happened already.

[@leensteed7861]

How do employers working within a competitive, free market increase wages enough to match an over leveraged, debt based, Ponzi scheme real estate market?

[@tyrellboake]

Which real estate market is that? Global? National? Local? Are you saying the entire global real estate market is one giant Ponzi scheme?

[@leensteed7861]

@@tyrellboake Most so called "western" markets. All inflated with money printing from thin air and stupid low interest rates

[@tyrellboake]

Interest rates in Canada are 5% or more though? And have been for over a year yet prices haven’t crashed though so what’s the solution?