3492 replies to this topic

[Casual Kev]

Even my old building (1978) is $1250 a month now (for new renters) plus $50 for parking.

 

That's the going rate for 1-bed old woodframes rentals in the core municipalities, it seems. I ponied up the extra $150 to live in a new-ish concrete building downtown. The rent floor is very high nowadays but just a few extra 00's gets you huge upgrades. Hell, downtown living also gives you the option to go car-less, in which case it's the substantially CHEAPER option considering how expensive it is to drive on the island. 

[rjag]

We are getting $1600 for our 1bed/bath penthouse unit at Stadacona centre, 750ft plus 2 massive private decks etc

We could easily ask $1700-1750 for it and have been offered a 25% premium to what we paid for it last year

It’s nuts as we paid $50k less for our 3500ft OB home on 9,000ft in 1998

[PPPdev]

Mike: true but it is curious that NP, HG, and DT are the highest owner ratio areas that also have the highest share of millennial head of household. It would seem that young people are overextending themselves more so then long tenure areas like Gonzales/Rockland.

[Mike K.]

Would that correlate, though, with where there is actually a new supply of housing in numbers far higher than other areas? Harris Green and downtown are where the density is increasing and is an ownership gateway for most first time (often millennial) purchasers. I don’t know about North Park, are you seeing lots of purchases there among milennials? And what are they buying if there’s no new supply?

[tjv]

so my question to everyone what is "affordable housing" in Victoria.  What is an affordable price to pay for a SFH, a townhouse and a condo?

 

Off the top of my head I will say anything under $1 million for a SFH is affordable.  Not sure about townhouse or condo pricing, but I will guess at under 550k and under 400k respectively

 

Interest rates are rising and will continue to rise so even those $1 million houses are going to be less affordable as time clicks on

[RFS]

so my question to everyone what is "affordable housing" in Victoria.  What is an affordable price to pay for a SFH, a townhouse and a condo?

 

Off the top of my head I will say anything under $1 million for a SFH is affordable.  Not sure about townhouse or condo pricing, but I will guess at under 550k and under 400k respectively

 

Interest rates are rising and will continue to rise so even those $1 million houses are going to be less affordable as time clicks on

I don't think affordable SFHs exist in Victoria.  That's the whole point people are making.  Maybe Westhills once upon a time, not now.  Kettle creek station WAS affordable.  Maybe McCormick meadows had some relatively affordable prices as the most recent example.  Happy valley in general is OK.  But outside of that, doesn't exist in this region.  Condos can still be considered affordable for example Belmont market is OK.  But $1m ain't affordable by any sane persons measure

[Mike K.]

Even to qualify for the cheapest homes for sale in the CRD (~$475,000) you need an income that's in the range of approximately $100k.

 

And even then you may not actually qualify unless your down payment is north of 15%, your credit is superior and you have no debt.

[tjv]

^fair enough, but in this day and age it's not hard for a couple to make 100k per year.  Heck, a carpenter is making at least 70k a year

[Mike K.]

A carpenter is considered a well paid professional. Your average, great seniority (older) government worker earns what, $65k? Most will be earning in the $45-$55k range.

Obviously the situation changes when a couple pursues home ownership but if you’re single you have to be in the top 10% of income earners in this country in order to qualify for a SFD purchase at the very bottom end of our market.

[tjv]

^I disagree, a carpenter is a blue collar worker, doesn't need to finish high school, and 24 weeks of trade school (not trying to put a carpenter down, I respect what they do, and are needed as part of our economy)

 

And just imagine when that carpenter does some nights and weekend work their salary easily pushes past 100k (and you can bet that extra 30k is not declared and tax free so there is the downpayment if he is smart).  Also in this economy its pretty easy for a woman to make 50k a year too.  So an easy example of a couple making 150k a year and to me that's an average couple.  Plus you can bet they will convert that basement into an illegal suite paying half the mortgage tax free.  I see this overall example time and again to get into the Victoria real estate market

 

Now I realize that those making little money are never going to be able to afford a house and I do feel sorry for them, but the reality is they couldn't afford to buy in 10 or 15 years ago either.  Go to some US cities and commute times of 2 hours each way are standard

[LJ]

I don't think affordable SFHs exist in Victoria.  That's the whole point people are making.  Maybe Westhills once upon a time, not now.  Kettle creek station WAS affordable.  Maybe McCormick meadows had some relatively affordable prices as the most recent example.  Happy valley in general is OK.  But outside of that, doesn't exist in this region.  Condos can still be considered affordable for example Belmont market is OK.  But $1m ain't affordable by any sane persons measure

So that's why they are not selling I guess.

[sdwright.vic]

By people that are working the jobs that are going to support the area... why, yes they are being bought.

[RFS]

So that's why they are not selling I guess.

Just because someone buys something doesn't mean it was "affordable"

[tjv]

well no one is forcing people to live here, a friend is looking at buying a house for $60,000 back east

[sdwright.vic]

And does you friend currently live here? Is there job here? Is their other halfs job her as well? Their family here (that they need to care for)?

There a dozens of mitagating factors on why a person must live where they are, even though no one is "forcing" them to.

[tjv]

no, but he did and looked at buying a nice house here around 1990 for 65k or 70k I forget, but he didn't buy.  He fully admits he can't live here, so he has moved away.

 

People relocate all the time

People find other jobs in other cities when they move, same with their other halfs

If their family is here and need caring for, I am sure they could live with them

 

If you want to live here you need to buckle down, brown bag your lunches, don't go out, don't own a car and maybe you can squeeze into a place in Sooke, Duncan or Mill Bay, all with transit service to Victoria downtown if needed.  Problem solved.  I know the truth isn't pretty, but its the current reality

[sdwright.vic]

When you job has a pension it's not so easy to just move and find another one. Just saying.

Not that I truly care as I rent, and know how to market myself as a beneficial renter. Gay, DINK, dog spends its day in daycare. I am willing to make improvements myself, with consultation. I leave a place more rentable then it was before.

[Nparker]

When I last rented (some 20 years ago), my landlord used to show my suite when others came up for rent to let them see the potential!

[tjv]

When you job has a pension it's not so easy to just move and find another one. Just saying.

Not disagreeing at all, but generally speaking it is extremely rare, educated or not, to work for the same company for 30+ years and leave with a full pension.  In 10 years in working for the private sector I had 4 management positions with different employers each with their own self directed pension plan. 

 

Out of everyone I know I can't think of anyone who has worked for the same employer since they were in their mid 20's.  I think you are in the extreme minority

[Nparker]

...I can't think of anyone who has worked for the same employer since they were in their mid 20's.  I think you are in the extreme minority

SD & me, I guess. 27 years now with the BC Public Service.