The recent real estate boom in Kelowna is worrying but no surprise to the city’s mayor.
Colin Basran, himself a former real estate agent, says he understands the frustration of potential homebuyers who continue to be excluded from the housing market. The reference price for a home in Central Okanagan is up $ 100,000 in just two months.
“Of course, price increases are making it increasingly difficult for people to be able to afford a home in our community,” Basran said in an interview with Castanet News.
“The other is the situation in which people enter the market by writing topic-free offers, people buying without having seen them beforehand. Basically, the highest bidder wins.
“I can understand the frustration of buyers trying to break into the market, but I have to say this is not just a Kelowna problem, nor a metropolitan problem. This is happening in large and small communities across the country. “
While not all of the why have now been fully answered, Basran is not surprised that Kelowna is right in the thick of it.
“I think a lot of people across the country have said, OK, if I have to work from home, where do I want to work from home? The ability to connect with my work. So I’m completely surprised for this to happen in Kelowna, no. “
Unfortunately, Basran says, there isn’t much in town and the city council can do it on its own.
He says the city only has control over the housing supply, which is one of the factors driving the boom, according to BC Real Estate Association chief economist Brendon Ogmundson.
As for housing supply, Basran says he thinks the city has done and is doing good job.
“What I can say is that I’m really proud here in the city of Kelowna. We have a very good track record of getting these homes under construction and on market in a timely manner, compared to other communities bring. ” “Said Basran.
With construction booming across the city too, Basran believes the city is doing everything in its power, but wonders if that’s enough.
“Will we be able to work our way out of this situation, that is the question? I’m not sure we can do this. But I’ll tell you, it’s daunting for a lot of buyers who see” the affordability factor in this community is rapidly dwindling, and maybe they are looking elsewhere. We don’t want them to look elsewhere, but that can be the sad reality. “
