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The Victoria Condo Market


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#21 TheVisionary

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Posted 14 November 2006 - 11:06 PM

Oh, I'm not naive, I fully understand that there are pyschopaths across all socio-economic boundaries. It's that the "higher up psychos" don't blatantly display their psychosis like dirty laundry for all to see. The higher up psychos at least appear a semblance of normality until they "explode" into the news events of the moment.

Just because someone may go "postal" doesn't mean I want to be constantly reminded of it up front.


I'll have to introduce you to some of these "higher-up psychos." Believe me, the ones with loads of money are one of a kind... :wink:


-----------------------------------------------------------------------------------------

Sure, all those rich psychos probably got rich because of some kind of inner strength that ordinary people don't have? Millionaires and Billionaires probably did some things they would rather keep covered up, in their quest for wealth and power. They are probably not as pure as they portray themselves. They probably broke a few eggs to make their omelets?

#22 Mike K.

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Posted 15 November 2006 - 09:48 AM

^or they inherited the money from their mum.

Not all rich psychos are self-made rich psychos, you know.

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#23 rayne_k

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Posted 15 November 2006 - 11:13 PM

I'm dying to figure out what will happen with the older condos, those 1000 sq ft 70s jobs, as increasing numbers of newer (and smaller) units come online.

Will increasing younger owners eventually push their stratas into major upgrades?

#24 D.L.

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Posted 15 November 2006 - 11:37 PM

The 1970s building at 911 Cloverdale I have been looking at seems to be going that way. It has been getting upgrades, any building would need that after 30 years.

#25 Mike K.

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Posted 15 November 2006 - 11:51 PM

The concrete is structurally fit even after several decades, isn't it?

Unless it make sense to implode older towers and replace them outright (yeah right, as though the JBNEA would allow a 12-storey building to replace a 12-storey building, let along a financially viable 20-storey building!) they'll be rehashed inside and out. Although it will likely come at a cost similar to the leaky condo rehabs, if not higher.

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#26 D.L.

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Posted 15 November 2006 - 11:53 PM

I think its a wood building. Concrete should last much longger though right?

#27 Holden West

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Posted 15 November 2006 - 11:56 PM

Unless it's The Wing.
"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#28 Mike K.

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Posted 16 November 2006 - 12:02 AM

...the most prominent feature on the Wing's website was its ode to concrete that educated surfers on the benefits of this incredible building material :smt009

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#29 D.L.

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Posted 16 November 2006 - 12:11 AM

In the distant future aliens from another galaxy will discover the foundation of the Wing amongst the ruins of the earth, and marvel at it's wonderful construction and make wild speculations as to the great structure which once stood there.

#30 Galvanized

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Posted 16 November 2006 - 12:27 AM

:lol:
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#31 rayne_k

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Posted 16 November 2006 - 06:46 PM

The concrete is structurally fit even after several decades, isn't it?

Unless it make sense to implode older towers and replace them outright (yeah right, as though the JBNEA would allow a 12-storey building to replace a 12-storey building, let along a financially viable 20-storey building!) they'll be rehashed inside and out. Although it will likely come at a cost similar to the leaky condo rehabs, if not higher.


There is a 70s vintage condo (formerly cream and brown) on the corner of Cedar Hill and Mackenzie, the exterior was completely redone in 94.. while I'm not fussy on the colours, it was an impressive-looking improvement, especually with what they did to the balconies... I think the building is rental, so I guess having one owner helps.

#32 Holden West

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Posted 16 November 2006 - 06:58 PM

That's the drawback of many of today's rental units being owned in strata buildings, often by out-of-town and amateur landlords. They seldom attend strata meetings or bother to vote on resolutions critical to the long term sustainability of their properties.
"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#33 rayne_k

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Posted 17 November 2006 - 09:40 PM

That's the drawback of many of today's rental units being owned in strata buildings, often by out-of-town and amateur landlords. They seldom attend strata meetings or bother to vote on resolutions critical to the long term sustainability of their properties.


My strata holds meetings during the day on a mid-weekday.. how useful is that for anyone how has something resembling a job? I've already drafted a letter seeking a better time so more of us can actually participate.[/i]

#34 Holden West

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Posted 14 December 2006 - 11:11 PM

^That's crazy. Any strata I've been associated with holds its meetings at 7 p.m.

[url=http://www.theglobeandmail.com/servlet/story/RTGAM.20061214.wxr-mls15/BNStory/Business/home:d98cd]Hot streak in housing set to come to a halt[/url:d98cd]

ELIZABETH CHURCH

From Friday's Globe and Mail

Canada's resale housing market is poised to end its five-year record-breaking streak, with the number of houses changing hands this year unlikely to surpass last year's blistering pace.

As of the end of November, the volume of homes traded over Canada's multiple listing service was unchanged from last year and several cities were reporting declines, numbers released Thursday by the Canadian Real Estate Association show.


"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#35 aastra

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Posted 21 December 2006 - 05:22 PM

Is it just me or are most of the units in the Wave and 860 View dark at night? What's up with that? On two different nights this week I counted just a few units with lights on in either building (between 7pm and 9pm).

Are people buying these units to rent them as vacation properties?

#36 gumgum

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Posted 21 December 2006 - 05:58 PM

A lot of people are buying them and doing nothing with them.
A lot of developers sell to investment pools.
It's really sad.

#37 G-Man

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Posted 10 January 2007 - 10:27 AM

Housing starts hit 17-year high
Red-hot condominium market fuels growth in building; trend will continue this year



Framing construction gets underway despite yesterday's wind and rain on Mayfair Walk housing project on Speed Avenue in Victoria.

Photograph by : Darren Stone, Times Colonist
Carla Wilson, Times Colonist
Published: Wednesday, January 10, 2007
Greater Victoria home builders are looking at the coming year with optimism after housing starts in 2006 handily outstripped those in the previous year.

"I would think sales will probably be as good as last year," said Gordon English, president of the Victoria branch of the Canadian Home Builders' Association.

Last year, 4,896 new homes were started on Vancouver Island, up 12 per cent from 2005.

English expects this year to bring modest price increases and more pre-selling of new single-family homes, rather than building and then trying to find a buyer, particularly with high-end products.

After conversations with other builders, he also expects to see a little more attention to detail and more street appeal in new houses.

Greater Victoria's busy condominium market was a driver behind the past year's housing starts, said Peggy Prill, senior market analyst for the Canadian Mortgage and Housing Corp.

"Metro Victoria 2006 total housing starts achieved a 17-year high. When looking at condo and rental apartment starts alone, this region moved to a 30-year high, she said.

Last year, a total of 1,467 apartments -- the vast majority condominiums -- were started, up from fewer than 900 in 2005, Prill said yesterday. Many new housing starts were in Langford and Saanich, she said. As for single-family houses here last year, builders started 928, down slightly from 974 in 2005.

Island housing starts were down last month somewhat, to 374 from 416 in November. Greater Victoria led the list with 152 new starts, followed by Nanaimo with 122, and then Courtenay at 58.

Prill said demand for new homes on the Island remains strong but has slowed. Low unemployment, low interest rates and newcomers to the region are expected to continue to fuel the housing market.

Casey Edge, executive officer of the Victoria CHBA office, said housing affordability is a major issue in the region: Incomes are not keeping pace with rising housing costs.

He said the cost of housing cannot increase much beyond its current level. The average price of a single-family house in Greater Victoria was $502,447 last month.

With today's strong economy, Edge said, "It's a great opportunity for Greater Victoria to come together and start to deal with regional issues in terms of planning and in terms of building infrastructure." He suggests looking at harmonization of municipal codes, and light-rail transit. "If you build the infrastructure, then the planning must follow in terms of density."

B.C.'s healthy economy saw new construction and development reach a record assessed value of $19.5 billion, up 55 per cent from the previous year.

Philip Hochstein, executive vice-president of the Independent Contractors and Businesses of B.C., said, "It's been another phenomenal year for builders and tradespeople in every facet of construction and in every region of the province.

Nationally, CMHC chief economist Bob Dugan said housing starts are expected to remain strong in 2007, but are forecast to decrease to 210,900 units.

An estimated 227,400 new homes were started in 2006, although the rate of starts dropped slightly in December. Last year not only outstripped 2005 but represented the second-highest level in close to 20 years.
The volatile multiple-housing segment dropped last month and the number of starts on single detached homes continued to slide as well, the agency said. December's preliminary figures for housing starts stand at 16,574, compared with December of 2005 at 18,200.

The national slowdown in the singles market was not a surprise, said Bart Melek, senior economist with BMO Capital Markets. The trend started several months ago and will continue, he said.

"That tends to be the bellwether."

The numbers are just keeping in tune with the Canadian economy, he said, adding that fourth-quarter gross domestic product will not be that rosy, in part because of slower economic activity in the United States.

"You are getting affordability problems, prices are high in many, many areas," Melek said.

© Times Colonist (Victoria) 2007

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#38 D.L.

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Posted 10 January 2007 - 05:40 PM

anybody been to Speed Ave. before the houses on one side were torn down? It was an oasis of run down white trash houses. pitty it has been destroyed. I would have figured these last remaining houses in the area would have gone to industrial land.

#39 aastra

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Posted 10 January 2007 - 06:19 PM

In Saanich in 1968, permits were issued for 469 new single family homes.

I wonder how many single family homes were built in Saanich in blazing & booming 2006? Does anybody have those numbers?

Twice as many?

#40 ressen

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Posted 10 January 2007 - 06:38 PM

Speed st. should have been designated a heritage neighbourhood.

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