2697 replies to this topic

[Mike K.]

Right. There are major costs involved when unloading property.

[LeoVictoria]

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.

[jonny]

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?

[RFS]

heres the thing, millenials think boomers had perfect financial oppourtunities handed to them on a silver platter - they did.
they also think this entitles them to the same oppourtunities - it doesn't.
and i say that as a millenial

[jonny]

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they got married in their late 20's. The both worked at decent jobs at that point and their first house was a small outdated place in a mediocre neighbourhood.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. 

[VicHockeyFan]

Good old 350 Belmont keeps giving back.

 

$159,900 for 871 sq. ft.

 

https://www.realtor....Columbia-V9C1B1

[MarkoJ]

Mon March 27, 2016:

 

Mar  Mar

2017  2016

Net Unconditional Sales:  757  1,121

New Listings:  990  1,445

Active Listings: 1,573  2,618

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[VicHockeyFan]

2br 2ba ground-floor condo in Esquimalt, $200k.  1214 sq. ft.

 

https://www.realtor....Columbia-V9A3N2

[shoeflack]

"Court Ordered Sale"..."be prepared to roll up your sleeves and do some work".

 

I get you're trying to push the narrative that there are affordable homes in Greater Victoria, so there's no problem with the current real estate market, but you could just as easily pick and choose the outlandishly overvalued homes in the opposite direction.

[VicHockeyFan]

"Court Ordered Sale"..."be prepared to roll up your sleeves and do some work".

 

I get you're trying to push the narrative that there are affordable homes in Greater Victoria, so there's no problem with the current real estate market, but you could just as easily pick and choose the outlandishly overvalued homes in the opposite direction.

 

I'm not trying to push any narrative.  But one of my jobs is to look at Realtor.ca a few times a week, so when I see something of interest, I post here.  That's all.  Just for interests sake, plus FirstTimeCrier is always looking.

[FirstTimeHomeCrier]

I like that the place is spacious, but it's hideous. I'm not against doing some fixing up of a future home, but that one needs more than I have the energy or cash to improve.

 

Adjusted for inflation, $200k is about what my parents spent on a fixer-upper SFH in Fernwood 27 years ago. Now it buys a court-ordered-sale fixer-upper condo in Esquimalt?

[FirstTimeHomeCrier]

I'm not trying to push any narrative.  But one of my jobs is to look at Realtor.ca a few times a week, so when I see something of interest, I post here.  That's all.  Just for interests sake, plus FirstTimeCrier is always looking.

 

Always looking for a place to live in, not to cook meth.

[Mike K.]

27 years ago that Fernwood fixer-upper probably was a meth lab, haha!

[Nparker]

27 years ago that Fernwood fixer-upper probably was a meth lab, haha!

Were people cooking meth locally 27 years ago?

[Mike K.]

Meth has been around longer than you or I -- combined!

[Nparker]

Meth has been around longer than you or I -- combined!

I know that but I doubt that until the past couple of decades there was much being produced in seedy Fernwood residences.

[VicHockeyFan]

Who knows, right, you put the offer in at $185k, you get the place, then one room at a time.   I mean it's standard old 70's or very early 80's condo.   EDIT:  1975.   You could make it look real nice.  2br.  2bath, and 1200+ sq. ft.

 

Enclosed patio!  You can grow your 4 pot plants out here.  Look at all those hooks.

 

[Mike K.]

Yeah those are great hooks!

[jonny]

I agree with VHF...this could be a great spot. I have seen some very nice 1970s units that have been modernized.

[VicHockeyFan]

I think the buildings are alright. They have an Esq. Rd. Address but the access is off the side streets.