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Victoria home prices and housing values


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#1921 Mike K.

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Posted 18 October 2017 - 05:42 AM

I spoke with mortgage brokers.

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#1922 VibrantVictoria

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Posted 19 October 2017 - 09:18 AM

Virtually all of downtown Victoria's condo projects currently underway are sold-out or have limited remaining inventory.

Not mentioned specifically in the article are developments like Legato, which sold out last year, and Cityzen, which sold out quietly in the spring.

 

Pre-sale condo inventory cheat sheet for downtown Victoria's red-hot real-estate market



#1923 PPPdev

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Posted 19 October 2017 - 12:23 PM

The canary in the coal mine is Langford...I have heard that pre-sales contracts with financing closing post January 1, 2018 are already seeing quite a few people walk away. 

 

:confused:



#1924 Mike K.

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Posted 19 October 2017 - 12:33 PM

At which projects and which units are being dumped, and how many?

 

Would someone who threw down $25,000 or more in a down payment just suddenly give up and ...walk away?

 

Does that sound like a reasonable thing to do months before the new stress test is introduced and depending on when the project completes, a year or so from their closing date?


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#1925 Mike K.

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Posted 19 October 2017 - 12:54 PM

Someone who just got scared off by the stress test

 

a) must have already had plans to put 20%+ down otherwise a stress test would have been required as of last year

b) has at least 2.5 months to keep saving towards an even higher deposit

c) likely has much more than 2.5 months to save towards an even higher deposit

d) has (in virtually all cases) the ability to assign their unit to another buyer, i.e. there's no need to run

 

My sense is if someone has suddenly backed out after putting down a deposit of at least 10% then the stress test isn't the real reason behind their decision. There's more to it, but now the stress test can play as the scapegoat.


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#1926 VicHockeyFan

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Posted 19 October 2017 - 01:28 PM

There is a coal mine in Langford?


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#1927 johnk

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Posted 19 October 2017 - 02:09 PM

There is a coal mine in Langford?


Canaries, too, apparently. Who knew?

#1928 Bingo

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Posted 19 October 2017 - 02:30 PM

There is a coal mine in Langford?

 

The district of Langford, which has hummed along under the din of constant construction for the past several years, will add a little more noise to the mix this fall as an 869-unit complex starts to come out of the ground. 

Toronto-based Liberty Ridge Homes is about to start work on the first phase of its four-phase Aqua project at the western edge of Langford Lake, a project the developer credits to the work of Langford’s council in getting the word out that the region is open for business.

Young said they have had a lot of success in attracting developers and establishing the infrastructure (schools, recreation facilities and improved-if-not-perfect transportation links) needed for the growing community, but his focus is now on bringing jobs to Langford.

http://www.timescolo...area-1.23068624


"I know nothing except the fact of my ignorance" - Socrates


 



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