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The Victoria Condo Market


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#41 G-Man

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Posted 10 January 2007 - 07:07 PM

Yeah they could have a drug use tools museum.

I think the new Speed Street project looks really cool!

Visit my blog at: https://www.sidewalkingvictoria.com 

 

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#42 Holden West

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Posted 16 January 2007 - 10:02 AM

[url=http://www.nytimes.com/2007/01/16/realestate/16rentals.html?hp&ex=1169010000&en=2afc72067a1f2634&ei=5094&partner=homepage:0e26a]The condo market has collapsed[/url:0e26a] in Washington DC, Las Vegas, Miami and Boston says the NY Times.



Good news for renters though. Could we even see upcoming projects converted to rentals here in Victoria?
"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

#43 Icebergalley

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Posted 16 January 2007 - 10:41 AM

Interesting question G-Man..

Good news for renters though. Could we even see upcoming projects converted to rentals here in Victoria?




I keep hearing about all these people who are buying one for their future life in Victoria? Or even when they sell their SFD in the "wilds of Saanich"..


Don't condo's provide rental housing?

#44 aastra

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Posted 16 January 2007 - 12:51 PM

I think we've built so many new condos because condos are not only doing duty as condos, they're also playing the part of rental units and even hotel rooms.

That's why I don't think we should worry too much when people complain there aren't enough new rental units (or new hotels) going up. There are. We just call them condos.

#45 renthefinn

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Posted 16 January 2007 - 09:16 PM

I bought a condo with a friend in the mosaic, and we're just renting it out, it practically pays for itself!

#46 Holden West

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Posted 27 January 2007 - 05:00 PM

A good time-waster:

http://van-housing.blogspot.com/
"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

#47 Mike K.

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Posted 02 February 2007 - 04:01 PM

Capital region house sales ease, along with prices
E-mail: mailto:dkloster@tc.canwest.com

Fewer people were buying homes in Greater Victoria during January, and average and median prices continued modest slides, according to data released yesterday by the Victoria Real Estate Board.

A total of 442 properties sold through the Multiple Listing Service. Although higher than December’s 385, January sales were below the 496 during the same month a year ago.

The average price of a single-family home last month hit $511,192 — the lowest level since May 2006 — and the median was $451,000.

The number of properties available for sale also piled up to 2,661 — up 22 per cent from January a year ago.

Bev McIvor, president of the board, noted nearly one quarter of all single family homes sold last month for under $375,000 while half the condominiums went for under $250,000.

The highest average price was in Oak Bay where seven sales worked out to $681,000 apiece.

Six waterfront homes sold for an average of $1.053 million.

Saanich East led the region in single-family home sales with 44, averaging $569,602. The 31 sales in Victoria averaged $498,323 while 26 in Langford averaged $426,798.

Greater Victoria’s condominium average hit $351,508 and the median was $254,500. The townhouse average was $357,308 and median $330,000.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#48 Holden West

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Posted 14 February 2007 - 10:05 PM

"CBC Realty Check sets out to explore the local real estate market with an emphasis on journalism rather than boosterism."

http://www.cbc.ca/bc...heck/index.html
"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

#49 valdez12

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Posted 16 February 2007 - 03:35 PM

In case anyone is looking to buy, I'll have a 2 bed 2 bath 1050 sq.ft. condo close to down town for sale sometime in march/april.
It's no high-rise, but on the 3rd floor and south facing. Underground parking and gas fireplace. New paint and carpets.

PM if interested..

#50 D.L.

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Posted 16 February 2007 - 07:41 PM

I'll buy it for $85,000 site unseen.

#51 renthefinn

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Posted 18 February 2007 - 03:47 PM

How much?

#52 valdez12

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Posted 19 February 2007 - 06:43 PM

I'll buy it for $85,000 site unseen.


I'll sell you part ownership of the small bedroom for that much...lol

hmmmm not definitive yet, likely asking $275,000 or so... it's been rented for the past 4 years but I am replacing carpets, painting and appliances before selling.

#53 G-Man

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Posted 19 February 2007 - 07:03 PM

What area of town?

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#54 valdez12

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Posted 20 February 2007 - 06:04 PM

What area of town?


On Johnson, halfway up between Cook and Fernwood.

#55 Holden West

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Posted 25 May 2009 - 07:41 AM

Empty condo myths untrue, research shows

Majority of Vancouver's downtown units are lived in, although at least half are owned by investors, rented out


By Frances Bula
Vancouver — Special to The Globe and Mail, Monday, May. 25, 2009 02:55AM EDT


But the research done by urban planner Andrew Yan for BTAworks showed only 5.5 per cent of condos, in a representative sample of 2,400 units in 13 buildings, showed electricity use below 75 Kw a month. That kilowatt usage is considered a threshold indicating a unit is vacant, because it's an amount so low that it would indicate that only enough power to maintain a refrigerator was used. When the threshold was upped to 100 Kw, it indicated a vacancy rate of 8.5 per cent.

But even that, Mr. Yan said, is within normal parameters, because it's likely that any city sees some vacancy at any given point as apartments turn over, because people are on vacation, or because apartments are used as second homes. As well, he said, Vancouver probably has a higher-than-usual number of people who live downtown but work elsewhere at least part of the year, like he does.

Mr. Yan's research showed that the vast majority of the condo units are lived in, although at least half are owned by investors and rented out. The statistics from homeowner grants and B.C. Assessment Authority information indicated anywhere from 52 to 61 per cent of downtown condos are investor-owned.

The study also showed that of the investors who rent them out, few were from outside Canada: Eight-seven per cent of the units were owned by investors from Canada and half of those Canadian investors were from the Lower Mainland.


"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

#56 Sparky

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Posted 22 March 2013 - 06:43 AM

^ In today's Province there is a feeling that foot traffic in Vancouver is not what was expected.

15% of downtown Vancouver condos sit empty, turning areas into ghost towns: Study




Read more: http://www.theprovin...l#ixzz2OHPvcsWf



#57 G-Man

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Posted 22 March 2013 - 11:42 AM

15% equals a ghost town? Crazy.

Visit my blog at: https://www.sidewalkingvictoria.com 

 

It has a whole new look!

 


#58 Rob Randall

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Posted 22 March 2013 - 12:41 PM

I have two words to say to hypocritical condo haters and it's not complimentary.

I know a guy that just sold his Saanich house. Two other neighbours in that cul-de-sac had their homes for sale, too. Depending on your definition of neighbourhood, that's a 10 to 20 percent vacancy rate. I don't see snarky letters complaining about that.

I clearly remember door-knocking in the 2008 election. Practically every single-family-house in the Dallas Rd. area I visited was occupied by a vacationer. No complaints there, either.

I don't need anyone criticizing how I use my property. I have lived in my condo and later on I left it mostly vacant, visiting occasionally (I didn't want the bother of being a landlord at the time). I have also rented it out to a long-term tenant. What I did with it is strictly my business and at all hours that unit was contributing to the city, whether occupied or not.

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#59 aastra

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Posted 22 March 2013 - 12:43 PM

Yeah, it's funny. If a building has 200 units and 30 of them are empty much of the time, you've still got 170 occupied units. As somebody else has already said, is it really a big deal if some rooms in a large house are rarely used?

#60 eseedhouse

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Posted 22 March 2013 - 01:38 PM

Yeah, it's funny. If a building has 200 units and 30 of them are empty much of the time, you've still got 170 occupied units. As somebody else has already said, is it really a big deal if some rooms in a large house are rarely used?


Well, with the number of homeless folks around these parts it would seem a waste of resources and a misplacement of priorities.

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