Kimberley and area residents are invited to hear from real estate industry leaders this Saturday, May 24 at the Kimberley Conference Centre. The all-day event, the 2014/15 Real Estate Outlook Conference’ features Robert Ironside speaking on debt and demographics, and Ozzie Jurock on why he feels the time is right for real estate opportunities in the East Kootenay, and how investing in real estate can be part of your financial life strategy.
Ozzie Jurock has a long career in real estate including President of Royal LePage (Res.) in charge of over 7000 salespeople, Canada; Chairman and CEO of NRS Block Bros., Canada, USA; President of Red Carpet Real Estate, USA; President of ProPhase Inc. Data Corporation, Canada; President Royal LePage Asia based (Taiwan, Hong Kong and Tokyo) and more. Even Donald Trump has quoted him in his 2007 book, ‘The Best Real Estate Advice I Ever Received’.
Jurock speaks all over the world on real estate prospects, and shares them in his newsletter, in which he forecasts real estate markets. He is on the road several months out of the year, but when he’s not, he lives in Kimberley, having discovered it several years ago.
Jurock came to the East Kootenay in 2001, arriving in Fernie as their ski hill development began, and then moving on to Kimberly in 2004. Here’s what brought him.
“When a town gets a quad chair, you should be buying real estate — not just condos, but average houses.”
Jurock says he bought a couple of condos in Kimberley for investment but quickly fell in love, first with the ski hill, then the town itself.
“I love the people — so friendly. There’s just a flavor here I really enjoy. It’s a combination of the people and the fabulous lifestyle. It’s not just skiing, it’s fantastic skiing. It’s not just golf, it’s fantastic golf. And the beauty of the mountains.”
Jurock believes the entire Southern Interior of BC, including the East Kootenay, are poised for a bit of a boom.
“I’ve been forecasting real estate markets all my life. On Saturday, I’m going to talk about why I think the Kootenays are ready to revive,” he said.
And it has already begun, he says. “There has been a 36 per cent increase in sales in the first quarter of 2014.”
Jurock says that real estate, like all markets, is fluid. Nothing stays up forever, nor does it stay down. But he says that in the East Kootenay there are some great deals. Condos that were selling at $550,000 are now at $379,000. Some are selling for less than their build costs. And he believes the Kootenay market is at or near its bottom.
“There are real good opportunities for young people buying their first homes,” he said. “I’ve come through the tough times. Interest rates are lower than I’ve ever seen them. Even in the 50’s the lowest interest rate was 5.5 per cent.”
What this means, Jurock says, is that with every mortgage payment, 50 per cent goes to principal.
This means buying a house or condo is very possible, even for young people.
“You go to a small town and buy a condo. You rent it out. In 17 years, the tenant has paid off the mortgage, the common area costs. In 20 years, you have an income of $800 a month. Do that four times. You don’t have to be a brainiac. Think of it as part of a life strategy.”
This and other advice is available at Saturday’s conference. Cost is $50 per person or $350 for a table of eight.
Tickets are available at the Kimberley Chamber (2504-27-3666), the visitor centre (778-481-1891) or at the Conference Centre (250-427-6802).