2695 replies to this topic

[MarkoJ]

Victoria Real Estate Board

 

Mon Jul 10, 2017:

 

Jul Jul

2017 2016

Net Unconditional Sales: 187 972

New Listings: 315 1,127

Active Listings: 1,972 2,161

 

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[tjv]

Construction companies have several year backlogs right now, they aren’t too worried. A 30% foreign buyers tax isn’t going to make a huge impact.

I guess you don't remember 2008/09 when many jobs came to a screeching hault?  Off the top of my head The Radius on Caledonia, the Crystal Court Motel which was vacated and boarded over, Colwood Corners, Dockside Green etc, etc.  Companies had several year backlogs going up to the crash of 2008 and then suddenly they were scrambling for work

 

Maybe I should take the reverse perspective and expect my house to appreciate at 3% a month for the next several years, keep workers wages low and don't care about the average family?   yup, the good times will never end, and those poor working people will have to commute from say Lake Cowichan or Jordan River in order to afford a house.  After all I own, why do I care about everyone else

[Nparker]

...the Crystal Court Motel which was vacated and boarded over...

This was as much about no developer being appeal to appease the JBNA NIMBYs as much as it was about the economy.

[jonny]

The number of active listings has really popped back up. What was the low? 1,500 or so?

[lanforod]

Looks like we are into the typical summer slowdown now.

[johnk]

For sale sign went on a neighbour's house Friday afternoon. Agent returned mid-day Saturday to stick "SOLD" on it. Maybe a bully offer they grabbed?

[Bingo]

The number of active listings has really popped back up. 

 

Perhaps in anticipation of an interest hike tomorrow?

[johnk]

For sale sign went on a neighbour's house Friday afternoon. Agent returned mid-day Saturday to stick "SOLD" on it. Maybe a bully offer they grabbed?

Looks like. Just heard it went $200K over ask, for a 1958 split level!

[MarkoJ]

Mon Jul 17, 2017:

 

Jul Jul

2017 2016

Net Unconditional Sales: 384 972

New Listings: 582 1,127

Active Listings: 1,961 2,161

 

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[jonny]

We are on pace for 228 fewer sales this July than July 2016. That would be a 23% decline.

[VicHockeyFan]

I think weekends and holidays make it look a little worse than it is this year. Ie 1-3 were weekends/holidays this year.

Of the first 16 days of this month 7 were weekends or holidays.

Edited by VicHockeyFan, 17 July 2017 - 09:05 AM.

[Mike K.]

I was out in Langford on the weekend and saw a few new homes in the Latoria area.  Tiny postage stamped size 6500 sf lots with a 3000 sf house for $900k.  Certainly sounds affordable to an average young couple just getting started 

 

Why would an average young couple just getting started seek out a massive house on a massive lot? 6,500 square feet is a lot the size of 3.5 transit buses x nearly 2 transit buses. That's a lot of land, and a 3,000 square foot residence is a lot of house.

[nerka]

1500 sf would be more like a starter house and that's still bigger than what many families grew up in.

[lanforod]

Absolutely. These are a couple of very nice homes that could be considered starter homes in the CRD, in today's market:

 

https://www.realtor....Columbia-V9C2V5

 

https://www.realtor....Columbia-V9B1B3

 

 

These are actual small homes under 2000 sq ft., on small lots, under 4000 sq ft.

[Nparker]

I've said it before and I am sure I'll say it again. More townhouses are needed throughout the CRD.

[Mike K.]

My buddy bought a starter home in the Happy Valley area last year. It has about 1,200 square feet of living space and sits on a very small lot. He loves it. The home is valued at about $500k.

 

1,200 square feet is more than enough space for him and his wife and kid. Before seeing his place, I wouldn't have thought 1,200 square feet was as spacious as it is.

[lanforod]

I think 1200 is plenty for a family of 4. That's typically 3 bedrooms, maybe two if living spaces are big. Layout is important though.

 

People in most of North America just have too much stuff.

[VicHockeyFan]

I grew up in a 1600 footer. Varied between 1 and 4 kids but mostly 2. Worked great for us. But the area was important. We spent little time at home as kids we were always out and about in our bikes.

[Mattjvd]

^^ This is one area the Mrs and I are in constant dissagreement. She wants a house with a yard, I'm good with a condo or townhome (I don't like commuting).

I think it's a "the grass is always greener on the other side" thing. I grew up in a big house on an acre in Cobble Hill, she a condo in Burnaby.

Edited by Mattjvd, 18 July 2017 - 10:54 AM.

[tjv]

3000 sf included the legal suite downstairs so bank on 2200sf for living area.  I have a friend with 3 kids and a wife in 2200sf and its somewhat tight

 

anyway I have changed my stance since little people seem to support my previous position.  Now, you should buy quickly before prices go up another 15-25% next year.  Hell, I own, why should I care.