Real Estate News
#1
Posted 06 March 2007 - 09:42 PM
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#2
Posted 06 March 2007 - 10:12 PM
#3
Posted 06 March 2007 - 11:34 PM
#4
Posted 27 April 2007 - 10:55 PM
Apr 26, 2007
THE B-C REAL ESTATE ASSOCIATION IS FORECASTING A SEVEN PER CENT INCREASE IN THE AVERAGE SELLING PRICE OF HOMES IN VICTORIA THIS YEAR, AND A FURTHER SIX PER CENT INCREASE NEXT YEAR.
THE INCREASES WILL COME DESPITE A SLIGHT SLOWDOWN IN THE NUMBER OF TRANSACTIONS.
THE REAL ESTATE ASSOCIATION NOTES THERE WAS ACTUALLY A DROP IN SALES LAST YEAR, WHICH IT BLAMED IN PART ON BUYER RESISTANCE TO RISING PRICES. BUT IT SAYS THERE ARE ENOUGH POSITIVE FACTORS, SUCH AS JOB GROWTH AND RISING WAGES, TO MAINTAIN UPWARD PRESSURE ON PRICES.
THE FORECAST PREDICTS A NINE PER CENT DECLINE IN NEW HOME CONSTRUCTION THIS YEAR IN GREATER VICTORIA.
THIS IS THE FIRST TIME THE B-C REAL ESTATE ASSOCIATION HAS ISSUED A DETAILED MARKET FORECAST. IT SAYS IT INTENDS TO MAKE IT A SEMI-ANNUAL PRACTICE.
- fms CFAX 1070
#5
Posted 16 May 2007 - 09:16 AM
She [CMHC (Canada Mortgage and Housing Corp.) regional economist Carol Frketich] said there is be a trend toward more apartments, condominiums and townhouses as rising land costs have an aging demographic of buyers looking for alternatives to single-family homes.
In fact, multiple-unit housing construction in 2007 and 2008 will approach levels of single-family construction in Kelowna, Kamloops and Nanaimo, Frketich said, adding condos require less yard maintenance or upkeep and are often more secure. "There is no sense in building housing that people can't buy, and this is a response on the builders' side to bring forward product that people can buy," says Frketich.
Casey Edge of Victoria's Canadian Homebuilders Association said with a third of Canada's population retiring over the next 15 years, the impact of condo construction in Victoria will continue to be "very significant."
He said Victoria hit historic building peaks in 1981 and 1989 with 3,000 new starts in each of those years. Builders have been "surprised" by the level of construction in 2006 and beyond. "I don't think anyone predicted 2,700 new starts," said Edge, "Especially with the high costs of land and labour shortage."
He said the rise of condo developments gave builders and buyers options and affordability in those conditions, and expects demand to continue.
#6
Posted 04 August 2007 - 10:29 AM
REAL ESTATE Our house is a very, very, very rich house
Scrimping for a place to live takes on a new meaning in Victoria, where prices are through the roof
JUSTINE HUNTER
Globe and Mail
August 4, 2007
VICTORIA -- When agent Robert Milloy listed two "trophy" properties in Victoria this week for record prices, he took the lead in a stampede by his competitors to tap into an elite international market.
"They are coming for all the things we take for granted: Clean air, a stunning environment, safe streets," said Mr. Milloy, of Sotheby's International Realty Canada. "In the world market, these are perceived as exceptional value."
In recent weeks, more than half a dozen homes with asking prices in excess of $10-million have hit the market in Victoria, each one more expensive than the last listing. The listings are being marketed in places such as London and Los Angeles, the prices listed in euros and U.S. dollars.
More>>>
-City of Victoria website, 2009
#7
Posted 04 August 2007 - 12:24 PM
Average home prices across Canada
Victoria
June '06: $538,913
June '07: $573,415
Vancouver
June '06: $508,435
June '07: $564,702
Calgary
June '06: $367,033
June '07: $427,205
Regina
June '06: $283,655
June '07: $315,332
Toronto
June '06: $358,035
June '07: $381,983
Ottawa
June '06: $260,458
June '07: $279,361
Montreal
June '06: $223,133
June '07: $235,087
Fredericton
June '06: $136,371
June '07: $153,063
Saint John
June '06: $127,586
June '07: $144,769
Yellowknife
June '06: $243,745
June '07: $314,022
National average
June '06: $283,655
June '07: $315,332
Source: Canadian Real Estate
Association
#8
Posted 04 August 2007 - 12:39 PM
What if they measured the median instead of the average?
-City of Victoria website, 2009
#9
Posted 04 August 2007 - 12:47 PM
#10
Posted 04 August 2007 - 06:26 PM
#11
Posted 06 August 2007 - 06:35 PM
Monday, August 6, 2007 - Page updated at 05:40 PM
More homes for sale, but prices keep climbing
By Elizabeth Rhodes
Seattle Times business reporter
Prices of King County's houses and condominiums last month increased 9 percent compared to a year earlier — even while the number of available properties grew 51 percent.
The number of homes for sale also was up 57 percent in Snohomish County and 47 percent in Pierce County, according to July numbers released Monday by the Northwest Multiple Listing Service. This continues a trend that has persisted for several months.
Yet prices in all counties rose, also continuing a trend, though at a slower pace than the double-digit rates of a year ago.
In King County, single-family home prices have crept up every month this year, rising from January's median $429,495 to July's median of $481,000.
Median house prices in Snohomish County have bobbled up and down, from a low of $356,000 in February to June's high of $381,000 before dipping to $370,165 last month. Temporary dips are common.
Pierce County has seen median house prices rise from $272,500 in January to July's $288,950.
Elizabeth Rhodes: erhodes@seattletimes.com
Copyright © 2007 The Seattle Times Company
-City of Victoria website, 2009
#12
Posted 07 August 2007 - 06:47 AM
#13
Posted 13 September 2007 - 08:18 PM
[quote]Half-Price Housing
Posted by Clark Williams-Derry on 09/13/2007 at 11:45 AM
I doubt that anyone who's followed British Columbia's real estate trends will find [url=http://www.canada.com/victoriatimescolonist/news/story.html?id=fca01ff9-e6e6-4bf9-a032-902a1fef7059&k=26331:8a80e]this news[/url:8a80e] surprising: apparently, home ownership in the province isn't as affordable as it used to be. Shocking, I know.
But what does interest me about the article is this bit:
[quote:8a80e]The RBC affordability index measures the proportion of pre-tax household income needed to service the costs of owning a home...Across B.C., a standard two-storey home stood at 68 per cent, followed by a detached bungalow at 65 per cent, a standard townhouse at 48 per cent, and a standard condo at 34 per cent.[/quote]
Lookit: condos in the province cost about half as much as standard two-storey homes. (I'm all about the Canadian spelling!)
Which makes me wonder: what's all the fuss I hear about condo developments making housing unaffordable?
The fall in housing affordability and the rise in condo constriction are, at least in a general sense, a consequence of the same underlying dynamic: a rise in demand for housing, relative to the supply.
Building condos increases the supply of the lowest-priced home, which gives some people a shot at buying, and may even help hold down rents. And given that condos are the cheapest homes on the market, new condo development typically means more affordable housing for people who aren't super-rich.
So sure, some new condos -- particularly in up-and-coming neighborhoods, or close to downtown -- can be pretty darn pricey. But at heart, it's not the condos themselves that are causing affordability problems. Rather, condos are a response to a shortage of affordable housing, not a cause.
(And yes, I do understand that this discussion leaves out the problems of providing low-income housing -- which typically requires solutions that the market alone can't provide. That's a discussion for another day.)
So next time you hear someone complain that new condos are making it impossible for ordinary people to afford a home, call foul. Just ask them to check the prices on houses vs. condos -- the more affordable option will be clear enough.
Posted in: British Columbia Sprawl & Transportation | Permalink
[url="http://www.sightline.org/daily_score/archive/2007/09/13/half-price-housing"]http://www.sightline.org/daily_score/ar ... ce-housing[/quote:8a80e]
#14
Posted 13 September 2007 - 08:47 PM
#15
Posted 13 September 2007 - 09:18 PM
I forgot to point out that Clark Williams-Derry must have made a typo when he wrote, "The fall in housing affordability and the rise in condo constriction are, at least in a general sense, a consequence of the same underlying dynamic: a rise in demand for housing, relative to the supply." (emphasis added)
I'm sure he must have meant to write "condo construction"... :-)
#16
Posted 14 September 2007 - 11:13 AM
#17
Posted 05 October 2007 - 10:46 AM
javascript:makePopupProfile("/xNet/Looplink/Profile/Profile.aspx?LL=true&LID=15142189&STID=naibc");
I smell potential redevelopment, how about you?
-City of Victoria website, 2009
#18
Posted 05 October 2007 - 11:48 AM
How big is the lot?
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
#19
Posted 06 October 2007 - 09:12 AM
#20
Posted 06 October 2007 - 10:19 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
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