Insane actual property values ​​fear the Kelowna agent

In 20 years working as a real estate agent in Kelowna, Rick Hamer-Jackson has never seen anything like it.

“We have never seen the rapid price growth in the past two to three months,” he said.

We spoke to Hamer-Jackson outside a house he listed in the Glenmore area that has probably appreciated a hundred thousand dollars since late February.

“You could say that every house has grown by at least 100 grand in the past 60 to 90 days,” he said. “And who knows, it seems like we’re still moving in that direction, so we’ll see what happens for the rest of the year.”

<who> Photo credit: KelownaNow “src =” “style =” margin: 5px; “/> Hamer-Jackson is not a fan of the overheated market.</p>
<p>“It’s not just partying and high fives,” he said.  “It can be a tough market for people.” </p>
<p>A sale may feel like a godsend to sellers, but they get into bidding wars trying to secure their next home. </p>
<p>“There’s a lot to celebrate with what you get, but if you don’t move to a community where prices are cheaper, you have to buy into that market too,” said Hamer-Jackson.</p>
<p>He said it was a stressful situation, especially for families with children.  And it’s worrying when you consider the homeownership prospects children have when they grow up.</p>
<p><img alt= Photo credit: KelownaNow “src =” “style =” margin: 5px; “/>” It develops into Vancouver Syndrome, which some people experience may never be able to buy a house now. Our prices creep up at such values. “

This means that young people will have to look elsewhere when they leave their hometown.

“There are families who are being displaced. But that too is a bit difficult. You can go to Kamloops, South Okanagan, even the Kootenays and the values ​​are high everywhere in western Canada,” said Hamer-Jackson.

At least part of the blame can be attributed to 2020’s biggest villain, COVID-19. This has created a trend where people are swapping their Vancouver properties for Kelownas, which are still cheaper by comparison.

<who> Photo credit: KelownaNow “src =” “style =” margin: 5px; “/>” The people who work remotely now because of COVID, “he said,” may never return to their office towers, so they are flooding our market with a lot of money. ” </p>
<p>And with prices rising as fast as they are, traditional methods of getting the right list price have fallen out of the window.</p>
<p>“We’re making the prices almost catch up,” said Hamer-Jackson.  “Because there is no longer such a thing as a market valuation, what was sold two months ago no longer has any influence on today’s values.</p>
<p>Hamer-Jackson said he prefers a more balanced market and he believes it will come at some point.</p>
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