Victoria Real-Estate Board statistics
Posted 23 March 2017 - 09:06 AM
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Posted 23 March 2017 - 09:15 AM
Our rule of thumb was buy to live in it and don't sell for at least five years if you want to make some profit (in a normal market).
I'm guessing here but on a $500K dwelling buying and selling fees, legal, transfer taxes etc might be $30K. That's dead money, bye-bye. Said dwelling has to sell for that much over total buying costs just to break even. People often do not consider that total when running their numbers.
The only real costs you can't get out of are PTT and legal fees. The rest you can choose to DIY or do cheaply. Granted PTT and legal already will add up to about 20k for a buy/sell in that price range. If you use a full commission agent it'll be more like $50k.
Posted 23 March 2017 - 03:20 PM
We need better policy and we need to control our greed. Reduce restrictions for developers building high-density housing in the urban core, build developments that are price-restricted by income, offer subsidies and tax incentives to developers willing to build for entry-level buyers, introduce restrictions on "flipping" houses (maybe some prohibitive tax rates if you sell for significantly more than you bought within the first five years of owning the property), explore ways to recycle or re-use building materials, build developments with the intention of improving the community rather than getting rich.
This all sounds very noble indeed. I agree we need higher density, but that may not result in lower prices over time.
I think you will find most of this is already being done. I also think you will find that very few people want to buy a "new" home made out of old pink and blue 1960's toilets and sinks. A lot of subsidized housing has been and is being built.
What you call a greed seller obsessed with getting rich, an economist would call a rational actor. If you were selling your car and were offered $10,000 from Buyer A and $12,000 from Buyer B, who would you sell your car to?
Posted 23 March 2017 - 05:30 PM
they also think this entitles them to the same oppourtunities - it doesn't.
and i say that as a millenial
Posted 23 March 2017 - 05:42 PM
I dunno. My parents both lived with roommates until they got married in their late 20's. The both worked at decent jobs at that point and their first house was a small outdated place in a mediocre neighbourhood.
I went on and on about the effect of interest rates in the other thread. What we have here is driven by a few factors:
1. Record low interest rates mean that while home prices are high, mortgage payments remain reasonable.
2.High building costs combined with high barriers to entry mean builders have a harder time justifying projects from an economic point of view. Builders cannot keep up with the increasing population.
3. Poor land use strategies, including the poorly thought out Agricultural Land Freeze and piss poor management of re-zoning and development in nearly every municipality in southeastern BC.
4. A stable economy with healthy growth rates.
5. A steadily increasing population.
I think the best things we can do to improve home accessibility in southern Vancouver Island are to:
1. Block zone and dramatically reduce government impediments to development in Saanich, Esquimalt and Victoria.
2. Remove massive amounts of land from the ALR on the Saanich Peninsula.
3. Massively improve transportation infrastructure up to Mill Bay, including a tram to Westhills and a new island highway that doesn't involve a mountain, which would totally open up huge swaths of land for housing and make places like Mill Bay a more reasonable suburban option for Victoria.
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