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Victoria home prices and housing values


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#1 true blue oak

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Posted 29 September 2012 - 01:00 PM

What will be the median single family home price be for Greater Victoria in Aug 2013?

The median for Aug 2012 was $530,000.

- - -

Old thread - http://www.vibrantvi...-victoria-2104/

 

[Admin Edit]

 

Here are the results of this poll that was the original first post of this thread.

 

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#2 true blue oak

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Posted 29 September 2012 - 01:31 PM

All opinions and viewpoints welcomed.

#3 VicHockeyFan

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Posted 29 September 2012 - 01:34 PM

Almost a 10% drop.

#4 pherthyl

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Posted 29 September 2012 - 02:17 PM

Thanks true blue oak. Figured I'd let you take the heat. :)

Continued affordability correction predicts ~8% decline by next year so $480-$505k for me.

#5 Hotel Mike

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Posted 29 September 2012 - 04:32 PM

I just can't see it going down. Victoria is a highly desirable place to live, and is undergoing some major improvements. My guess is flat or up a couple of percent. Say 540-550.
Don't be so sure.:cool:

#6 true blue oak

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Posted 30 September 2012 - 07:20 AM

Thanks to everyone for their votes - interesting so far.

Hotel Mike - I am with you 100% that Victoria is a great place to live - but how can these prices be sustained with the very high rent:buy ratio, with dangerously high price to income ratios for housing, with personal debt at historically high levels (Carney says rising household debt is the main domestic threat to Canadian economy), and with the significant tightening of credit that has occurred recently (mortgage amortizations 30 --> 25 yrs) and is occurring (OFSI regulations)?

Supply is at near all-time highs and recent stats are showing that sales are suffering badly. Months of inventory is well into a buyers market but the buyers are taking their time and mostly sitting on the sidelines.

Respectfully, how can prices remain where they are now?

#7 VicHockeyFan

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Posted 30 September 2012 - 07:23 AM

^ Past results (steadily increasing prices) are not indicative of future returns. But that never sinks in with some people, it's hard to think different than the last 50 years, but it's coming.

#8 MarkoJ

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Posted 30 September 2012 - 01:43 PM

Surprised at how few thinks prices will stay flat?

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2016 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#9 dasmo

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Posted 30 September 2012 - 02:08 PM

Poor odds of being exactly flat. It goes up or down, however small it might be.

#10 renthefinn

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Posted 30 September 2012 - 02:09 PM

Well, to be fair many shouldn't vote for unchanged because there is only a dollar to work with, with that choice. If it go's up more than $0.49 or down by $0.51, there choice would be wrong..... ;)

#11 renthefinn

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Posted 30 September 2012 - 02:09 PM

Poor odds of being exactly flat. It goes up or down, however small it might be.


Darn you beat me to it....

#12 true blue oak

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Posted 30 September 2012 - 02:40 PM

Well, to be fair many shouldn't vote for unchanged because there is only a dollar to work with, with that choice. If it go's up more than $0.49 or down by $0.51, there choice would be wrong..... ;)


yes, I should have added a $5K buffer in either way ($525K-$535K). Next time!

#13 VicHockeyFan

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Posted 30 September 2012 - 03:36 PM

I fixed it to give those five a fighting chance.

#14 true blue oak

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Posted 30 September 2012 - 04:01 PM

I fixed it to give those five a fighting chance.


thanks for the fix! If you could also edit the two surrounding choices to $535K and $525K that would make it complete.

#15 pherthyl

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Posted 30 September 2012 - 06:55 PM

Surprised at how few thinks prices will stay flat?


So why not add your vote to that?

#16 MarkoJ

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Posted 30 September 2012 - 06:58 PM

So why not add your vote to that?


I thought I did, guess not, now I have.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2016 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#17 jklymak

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Posted 30 September 2012 - 07:18 PM

I predict that a year from now, whoever is on the wrong side of this prediction, will point out that the median jumps around by +/- 25k and no one will be predicted right.

Besides, who cares about 1 year from now? Thats just market timing. 5 or 10 years is the important timeframe.

#18 true blue oak

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Posted 01 October 2012 - 08:20 AM

Now 1 year of inventory in the Greater Victoria market. Sept was a terrible month for sales.

Stats for Sept 2012 as per Marko Juras:

Monday October 1, 2012 8:20am:

September September
2012 2011
Net Unconditional Sales: 419 458
New Listings: 1,210 1,303
Active Listings: 5,025 4,940

Please Note
Left Column: stats for the entire month from this year
Right Column: stats for the entire month from last year

October 1, 2012 8:24 AM

#19 pherthyl

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Posted 01 October 2012 - 09:22 AM

I predict that a year from now, whoever is on the wrong side of this prediction, will point out that the median jumps around by +/- 25k and no one will be predicted right.

Besides, who cares about 1 year from now? Thats just market timing. 5 or 10 years is the important timeframe.


It's important for people like me that are deciding whether to buy now or buy in a year or two.

#20 D.L.

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Posted 01 October 2012 - 09:32 AM

In the poll question for this thread is the part which reads "Aug 2012 = $53" supposed to be "Aug 2012 = $530,000" ?

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