The real estate market bubble has burst all around the world since 2008, and now the question is the real estate bubble coming to Canada? Maybe Kelowna?
Home owners that purchased homes only 5 years ago are finding their property prices are lower than their original purchase price, as they go to renew their mortgages. This is not a problem for those that intend on staying put, but for those that are want to move to something larger are now having to wait.
This creates lower demand for mid priced homes and less supply of entry level properties. Add to this the recent changes to mortgage amortizations and a real estate bubble may be coming to a Canadian town/city like Kelowna.
Vancouver housing: Bubble or bust?
Of course this does not mean the end of the world as we know it, just now is a good time to review your financial situation, focus on your spending habit, and eliminating personal debt.
Maybe a larger house may not be worth the risk.