A whopping 72 per cent of households in Kelowna own their own home. That's the third most in the country behind only Cape Breton Island at 75 per cent and Calgary at 73 per cent.
The just-released statistics come from Canada Mortgage and Housing Corporation's annual Housing Observer report that tracks not just home ownership, but mortgages, age of homeowners, condominium share, age of housing stock and number of people that can't afford housing. The high percentage of home ownership in Kelowna is a bit surprising considering how people go on and on about how expensive and unaffordable a place to live in the city is.
The reality is the majority of people in Kelowna are able to afford the Canadian dream of owning their own home.
The flipside of 72 per cent home ownership is that 12 per cent of households can't afford to buy their own home.
The other 16 per cent is presumably those who rent, but could afford to buy if they wanted to. The report also shows that in Kelowna, 44 per cent of homeowners own without mortgages. The rest are still paying off mortgages.
Ten per cent of homeowners are under the age of 35, and 27 per cent of homeowners live in condominiums.
Showing Kelowna's growth as a result of economic and housing booms in the last 30 years, the percentage of housing stock built after 1980 stands at a high 55 per cent. Only 10 per cent of the city's housing stock was built prior to 1960. The housing stock in an older city such as Montreal, for instance, is 46 per cent pre-1960 and 21 per cent post-1980. Montreal also has a lower percentage of home ownership at 34.
Million-dollar real estate plan:
Million-dollar plan for real estate in his most recent newsletter. Over the next four years buy four two-bedroom condominiums at about $275,000 each. Make sure you use a bank's money to make the purchases. Get good tenants and have them pay your mortgages with the monthly rents. In 15 years or so, you will own four condos outright and even if they didn't increase in value, you have assets worth $1.1 million. You could sell and take a profit, but dont. Just keep them. Your cash flow will be over $100,000 a year.
Steve MacNaull is a business reporter and columnist. Email: email@example.com