175 replies to this topic

[AllseeingEye]

Pretty shocking isn't it?

My partner and I have a combined income far above the Canadian 2-income average; likely sometime in the next 12-24 months we will be selling our two properties (a large condo in south Fairfield and a townhome in the Gorge area). The proceeds of both combined with other monies we've ponied away will permit us to buy a SFH house. We'll be looking in a rough arc from Fairfield -> north Oak Bay (UVic) -> Mt. Doug/Cordova Bay. A rough calculation tells me we'd qualify for up to $850-900K range. We recognize in terms of income levels locally, we're the exception rather than the rule.

How the 'average' salaried worker in this town, especially a first time buyer, could expect to get into the market without assistance from parents or an inheritance, boggles the mind.

When she was working my mother was an ICU-Emerg nurse at RJH. She was obviously very close to the doctors in this town and I recall a rumor at a staff party my parents hosted in the early 70's of one particular doctor who (naturally) lived in the Uplands. The whispered story, repeated only in furtive and hushed tones, along with the rolling of eyes, was that his new house, complete with pool, set him back a cool $140,000. How times change.

[victorian fan]

^
$140,000?, that was a lot of money. We bought our house in Cedar Hill for $22,900. At that time you only needed one wage earner which allowed me to stay home and raise the family.

[Baro]

I think people need to abandon this idea that every north american is entitled to an affordable SFH. If you live in a city, a SFH should really be the luxurious exception rather than the rule. Kids don't need a SFH, and I think if more kids were raised away from that suburban/SFH environment it would be good for our society (and help break this cultural expectation of SFH living).

[AllseeingEye]

You'll note there Baro I said "get into the market" - I said nothing about the average person getting into a SFH, specifically. I agree if you are talking about a culture of entitlement though, in more generalized terms....

VF we also lived on Cedar Hill, buying our 3 bedroom house for $9000 in 1964. My parents bought their current home in the Mt Tolmie/UVic area for $29,000 in 1972. That said, Cedar Hill was (and is) not Uplands. And $140K was nothing - even in 1975 - if you were a doctor with a 6-figure salary. My point was, inflation aside, consider what $140K gets you today. The answer, if you live in Victoria, is maybe a trailer + pad if you're lucky. Otherwise you'd better think of moving to Blue River or Pouce Coupe....

[G-Man]

Actually there are a few places now that the market has cooled that are just over 140K:

150K

170K

170K x2

[Mike K.]

Concert Properties offered the cheapest condos in the Astoria tower for $139,000 back in 2004/05, or thereabouts. That was a relative steal even for the day.

[LJ]

Actually there are a few places now that the market has cooled that are just over 140K:

150K Please note price reflects future work needed.

170K

170K x2

Oh Oh

[G-Man]

Buying a leaky condo was the best investment I ever made. Though it was a bit newer than that one

[Holden West]

It's been endorsed by this Photoshopped couple:



Some of the other suites are around $700 a square foot, which is still higher than the average prices of 601 Herald, another new four storey condo. And I'm sure the 601 Herald land cost more (and it had to be remediated). And the exterior materials are expensive brick. The materials used in both projects look comparable.

[phx]

Actually there are a few places now that the market has cooled that are just over 140K:

150K

170K

170K x2 This one is a leasehold

Limited selection in the low end of the market.

[Bob Fugger]

It's been endorsed by this Photoshopped couple:



Some of the other suites are around $700 a square foot, which is still higher than the average prices of 601 Herald, another new four storey condo. And I'm sure the 601 Herald land cost more (and it had to be remediated). And the exterior materials are expensive brick. The materials used in both projects look comparable.

Wow, now there's a fantasy: like anyone actually goes to the Ross Bay Pub! Mind you, they could just be going into the plaza.

[Holden West]

^I think they might be entering another dimension. Those ghostly people appear to be entering an alternate universe version of the Ross Bay Pub where everything is reversed except the lettering.



Truly, the value in these condos is how it warps the space/time continuum. I'd buy that.

[gumgum]

The first pic is taken from the Fairfield Rd, and the second is taken from the parking lot. No trick photography there - apart from the couple being superimposed.

[Holden West]

^That may be true, but I refuse to let the truth ruin a good story.

[yodsaker]

Just a month or two ago a unit sold in the Rudyard Kipling on Beach Drive in OB that was close to 1500 sq ft with huge balcony facing the water.
OK, its an older building and not sexy from the outside by today's standards.
But its well-built and has stood the test of time. This unit was 2 bedrooms, bright, an interesting floor plan with bedrooms at opposite ends. You can have a row with your spouse and there's a place to hide. No way you can do that in that Fairfield packing crate!
Asking price was $449K - right around $300/sq ft for a super location with views that will never be compromised.
Sorry, I forgot that its not next door to Thrifty's. Maybe that accounts for the $700/sq ft difference.

[http]

Wow, now there's a fantasy: like anyone actually goes to the Ross Bay Pub! Mind you, they could just be going into the plaza.

I've gone in there, and both I and my date were pleased by the offerings.

[aastra]

...apart from the couple being superimposed.

I'm pretty sure the picture of the couple is real and the pub has just been subimposed beneath them.

[piltdownman]

A mirror image of the couple are also walking into the building on the main project image. Just off centre.

[VicHockeyFan]

I bought in the Mosaic building ten years ago at nearly $300 per square foot. I knew there were cheaper condos in the market but I paid what was then a premium price because of the funky new/old building on Antique Row was worth it..

Hmmm, including the cost of my leaky condo remediation (2004), my total price is $175 sq. ft, purchased in 1997. So if I put in new cabinets/kitchen appliances and flooring, nice blinds, and throw in $25,000 to make the common lobby nicer, I can get $760,000 for my place? Hmmm, again.

[phx]

Hmmm, including the cost of my leaky condo remediation (2004), my total price is $175 sq. ft, purchased in 1997. So if I put in new cabinets/kitchen appliances and flooring, nice blinds, and throw in $25,000 to make the common lobby nicer, I can get $760,000 for my place? Hmmm, again.

No, you need to rebrand also. The Fawlty Towers name just doesn't sell.

Fairfield Rise is already taken, but I'm sure you we can help you come up with something just as good.

NB: I see that the property cost $702,000. I'm not sure what the development costs will be, but there seems to be room for a healthy profit on that venture.