2697 replies to this topic

[MarkoJ]

How’s the mood out there, Marko?

 

Sales still constrained by inventory. People starting to chat about interest going up so it will be interested to see how that unfolds going into spring. Odds are BoC does an increase in March. 

[Mike K.]

And you have to wonder, with so much demand, and so few listings, whether rising rates will actually quell activity or just push more buyers down-market into smaller units, or out of the market completely. These are truly bizarre times we are living.

[punk cannonballer]

Far more likely to further limit affordability for the masses than to lower property values, which are notoriously sticky. Like most everything else these days it will further divide wealth. Rising interest rates negatively impact people who don't already have money, dontcha know.

[Moderation]

Sticky until they become unstuck. I had a neighbour who bought during a buying frenzy....over ask etc.  2years later he was $100,000 under water on his mortgage.

[Szeven]

Rising interest rates negatively impact people who don't already have money, dontcha know.

Like all those poor people who own stocks?

[Mike K.]

Sticky until they become unstuck. I had a neighbour who bought during a buying frenzy....over ask etc. 2years later he was $100,000 under water on his mortgage.

Are you able to provide more details?

[punk cannonballer]

Like all those poor people who own stocks?

I suppose you think that when interest rates rise the bond market improves through fairy dust and magical wishes.

[Moderation]

Are you able to provide more details?

Family lent down payment max mortgage.

 

Canadians stopped buying homes and prices fell, dropping continuously in some major markets from 1989 to 1996 (imagine, house prices actually going down). House prices in the Greater Toronto Area (GTA) dropped by nearly 34% from late 1989 to the start of 1991. 

[Mike K.]

Oh yeah, good times!

I’ll keep that one in my back pocket the next time some tide pod eatin’ expert says all homeowners are filthy rich.

[MarkoJ]

[Barrrister]

Sales and listings close to last year. But I am getting a feeling that the frenzy is slowing down a bit.

[Nparker]

Fewer active listings than new listings is not sustainable.

[Barrrister]

Why is it not sustainable? Might not be desirable but I can see it continuing.

[Mike K.]

Close? I dunno, last year had 1,318 listings, and this year they’re at 879, or 33% fewer listings. That’s a huge drop and last year was already a record-breaking huge drop.

[Victoria Watcher]

In what looks to be a bid to pre-empt the province imposing a cooling-off period on home purchases, the B.C. Real Estate Association has released a white paper offering the government alternatives for protecting consumers amid a red-hot housing market.

A cooling-off period would give buyers a limited amount of time to change their minds and cancel a purchase with little or no legal consequences.

Among its 30 recommendations, the paper suggests creating a five-day, no-offer period from when a property is listed that would give buyers time to research it before making an offer; creating a more transparent process for properties where there are multiple offers; making property disclosure statements mandatory and available when a property is listed; making all strata documents available with a listing; and raising entry qualification for new real estate agents.

https://www.timescol...e-sales-5109521

Edited by Victoria Watcher, 28 February 2022 - 12:24 PM.

[Mike K.]

This is a solution desperately searching for a problem.

[MarkoJ]

[punk cannonballer]

It seems very inefficient to try to hire your own inspection on all of the houses you're potentially looking at. 

I'd like to see properly regulated processes where the seller is required to provide a transparent, full inspection, title and particulars, permit history, etc up front to all potential buyers. I doubt there are enough inspectors out there to do five per buyer as they try to find a place to purchase.

[lanforod]

Before you do that, you’d first need far better regulation and insurance for home inspectors.

[Citified.ca]

Greater Victoria townhomes set $926,000 price record in February as houses, condos stay the course

https://victoria.cit...tay-the-course/