Okanagan man trading home for Bitcoin in red-hot real estate market

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Okanagan man trading home for bitcoin
Okanagan real estate has been a hot topic of late -- with soaring prices and low inventory. One man in Kelowna is putting his house on the market -- but isn't looking for cash in return. – Mar 27, 2021

An Okanagan man is listing his home early next week, however, it will not be sold for cash. 

Instead, Jay Johnson will be trading his home for cryptocurrency.

“I decided to put my house up for sale and I wanted to do it in a way that’s radical,” said Jay Johnson, a Kelowna resident.

“I’m putting it on the market for Bitcoin, in exchange for Bitcoin.”

Read more: Bitcoin’s carbon footprint could be offset by blockchain’s green applications, experts say

Johnson says he was motivated by tech moguls such as Elon Musk and the progression of Bitcoin in the past year.

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“There’s excitement and apprehension of course because people tell you you’re a little crazy,” said Johnson.

“I believe in this technology so much, I am not an innovator by any means, but I’m an early adopter. So I feel I’m going to be rewarded for that.”

So exactly how many Bitcoins will get you this house? 

Tamara Stone, Johnson’s realtor, says it’ll take more than just a couple.

“12.25 Bitcoins and this house can be yours,” said Stone, a RE/MAX Kelowna realtor.

“Never in my 25-year career have I had someone want to sell their home for Bitcoin. We had to do a bit of a calculation, figure out what’s market value, which is about $850,000.”

Read more: Tesla cars can now be bought with bitcoin, says Elon Musk

Currently, a single Bitcoin is worth nearly $71,000 dollars.

Before negotiations could begin, Stone said she had to check with her legal team to see if it was even possible — turns out it is completely legal.

Johnson says once the house is sold, he is planning on living a more nomadic lifestyle.

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“I want to live in a teepee at one point, and I know it sounds pretty out there,” said Johnson.

And the hot real estate market tells us lots of people are also looking for houses in the Okanagan right now, which means Johnson’s unconventional plans could work out.

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