Reasons for leaving Kelowna

Re. Families priced out of Kelowna moving back to Alberta and beyond (Castanet, May 5)

I read on Castanet that people are being priced out, and consequently feel forced out of the Okanagan real estate and employment market.

People should be in control of their lives and make their own decisions. There have been many years leading up to the current situation. Anyone with their eyes open to what is happening around them right now could have foreseen at least half of the factors leading up to the present scenario. The pandemic merely expedited things.

Many of us have gained, of course, from real estate price increases. But just like any investment, the secret is in cashing out at the peak of the market, unless you're holding for the long-term, and still within your budget, which is fine.

Those same people holding real estate may regret not being in control of their own lives. The market is just starting to creak, most recently with a 0.5% negative (price change) for townhomes in the Central Okanagan.

Negative market signals are starting to appear in Vancouver and Toronto, both national bellwether markets. With the inevitability of further interest rate increases and inflation affecting affordability, we will see a reversal across the entire real estate market.

Further creaks will see price reversals, then an effect on variable rate mortgage renewals and once other debt cannot be consolidated, things will get very messy.

At this point those who bought their exit pass will feel a huge sense of relief. When the music stops playing, they will at least have a chair.

The Castanet article does not cover the broad range of options people have to move away to improve their life. Cost of living and shelter price reductions, taxation benefits, better weather, access to fresh organic produce, more favourable political climates and better investment opportunities exist in many other countries around the world.

Canadians simply need to investigate and research these options. As an example, various figures estimate that around 10,000 Canadians fled to Costa Rica during the pandemic.

Without wishing any disrespect to Edmonton (I have no axe to grind with Albertans and much respect for their hardiness and work ethic) it's hardly the most attractive place to relocate to. But people need to do what they can to improve their lot in life.

For (a long time) I have seen people complain about the cost of living, low wages, lack of opportunities, crime, traffic and real estate “greed" in Kelowna. Yet still they came, in droves. The story repeats itself. They get here then slowly become jaded and disillusioned by the reality. You can neither eat nor get ahead on scenery and nice weather.

G7 "legacy brand" countries are no longer the shiny new toys in the global relocation market. Oppressive regimes, high cost-high taxation-poor service, excessive regulation and petty laws, polarized societies, social unrest, crime, squalor, high stress and low quality lives are all so last decade.

Don't wait until the music stops, and don't feel you have no control of your own life. That's the delusion they want to sell to you.

Ricky Daytona, West Kelowna