960 replies to this topic

[shoeflack]

For some reason this project just doesn't win me over, but perhaps the worst part of it is the traffic "dumbing" along Cook Street, that I am sure the city insisted upon.

Traffic dumbing? What’s that in reference to?

[Mattjvd]

Traffic dumbing? What’s that in reference to?

I assume a reference to 'traffic calming.' Reducing the number and/or width of traffic lanes.

[shoeflack]

I assume a reference to 'traffic calming.' Reducing the number and/or width of traffic lanes.

 

I'm assuming that's what was meant too, but there was no change to the traffic pattern along Cook, so the comment has me confused. Same footprint as what existed there before.

[Torrontes]

Perhaps referring to the bump out at the end of the curbside parking/bus stop close to the corner with Fort?

[Glen]

Would there be any indication when some of the businesses will open?

[tiger11]

Would there be any indication when some of the businesses will open?

 

Coffee Shop is undergoing TI's so shouldn't be too long for that. 

[MarkoJ]

Lots of re-sales right off the bat.....7 listed just in the last few days.

[Brantastic]

By coffee shop do you mean the Australian brunch place Bear + Joey?

[Hotel Mike]

Marko, what does the raft of resales mean? Are the resales being sold for a profit?

[MarkoJ]

Marko, what does the raft of resales mean? Are the resales being sold for a profit?

 

Means buyers bought on speculation and yes re-sales are being listed at prices where there would be substantial profit. Will see what the actual sales starting coming in at. 

[Victoria Watcher]

$375,000

#412 - 527 sq. ft.

https://www.realtor....ctoria-downtown

 

$849,900

#217 - 1243 sq. ft.

https://www.realtor....ctoria-downtown

 

$799,900

#205 - 1200 sq. ft.

https://www.realtor....anaimo-downtown

 

$475,000

#201 - 549 sq. ft.

https://www.realtor....ctoria-downtown

Edited by Victoria Watcher, 22 December 2019 - 01:28 PM.

[davidN]

Means buyers bought on speculation and yes re-sales are being listed at prices where there would be substantial profit. Will see what the actual sales starting coming in at. 

Have those units closed or are they Assignments of Sale? If they are closed I expect that they would include GST and Property Purchase Taxes as already paid?

[mbjj]

My daughter's friends live across from this building and say it's the ugliest thing in Victoria and now they have to look at it. Terrible bathroom sinks too, lol. I hate those things.

[Glen]

I don't know about substantial profit to be made.   If you closed the sale you had to pay the GST.  If you don't move into the unit as your principle residence I believe you'll pay the land transfer tax.  Take all of that into account on any of the resales and perhaps not a substantial profit or lucky to break even.

[tiger11]

By coffee shop do you mean the Australian brunch place Bear + Joey?

 

Yup!

[LJ]

I don't know about substantial profit to be made.   If you closed the sale you had to pay the GST.  If you don't move into the unit as your principle residence I believe you'll pay the land transfer tax.  Take all of that into account on any of the resales and perhaps not a substantial profit or lucky to break even.

You will pay capital gains on it.

[MarkoJ]

Have those units closed or are they Assignments of Sale? If they are closed I expect that they would include GST and Property Purchase Taxes as already paid?

 

PTT has to be paid AGAIN by the buyer and be SUPER SUPER CAREFUL ABOUT GST. DO NOT ASSUME if the seller has paid GST that it doesn't apply to the re-sale. Definitively get an accountant involved or have a well written contract (i.e. seller is responsible for any GST that may result on the re-sale transactions). I made a video about it earlier this year when I noticed a lot of advertising along the lines of "No GST, already paid." 

 

https://www.youtube....h?v=qUH8ju0opOA

[MarkoJ]

I don't know about substantial profit to be made.   If you closed the sale you had to pay the GST.  If you don't move into the unit as your principle residence I believe you'll pay the land transfer tax.  Take all of that into account on any of the resales and perhaps not a substantial profit or lucky to break even.

 

First of all re GST, not necessarily. I've bought pre-sales before through my holding company and deferred the GST. 

 

PTT, that is correct, if you are flipping it you have to pay it but so does the buyer that will make it a principle residence. 

 

I.e., if buyer buys a unit <$750,000 directly from developer and plans to make that unit his or her principal residence they can be exempt from PTT under this program -> https://www2.gov.bc....-home-exemption

 

However, if you buy from a flipper you are out of luck. 

 

Some of the unit have large profits built in for sure....a $799k unit, for example, was pre-sale purchased for $579k. When you factor in the potential return on the deposit it can be substantial. 

 

Finally, these are the asking prices. It will be interesting to see what the units actually sell for when they start moving which probably won't be before January 15th, 2020....this time of year is kind of dead.

[Glen]

So what are some of the expert and lay opinions on the Victoria market for 2020?

[Victoria Watcher]

lay here.

I expect no slow down. victoria is not going to become any less attractive to investors and retiring North Americans.