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#2301 MarkoJ

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Posted 25 April 2022 - 08:38 AM

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#2302 MarkoJ

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Posted 02 May 2022 - 06:32 AM

Expect an even bigger drop in sales in May.

 

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#2303 Szeven

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Posted 02 May 2022 - 06:41 AM

The spread between active listings 2022 and active listings 2021 has narrowed dramatically from over 500 on January to less than 100 in April.  



#2304 MarkoJ

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Posted 02 May 2022 - 07:38 AM

The spread between active listings 2022 and active listings 2021 has narrowed dramatically from over 500 on January to less than 100 in April.  

 

With sales rapidly decelerating May 2022 we will be above May 2021 inventory for sure. 


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#2305 Nparker

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Posted 02 May 2022 - 07:41 AM

Any downward pressure on prices yet Marko?



#2306 MarkoJ

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Posted 02 May 2022 - 07:46 AM

Any downward pressure on prices yet Marko?

 

Not yet, they appear to have flat lined for the time being.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2307 sebberry

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Posted 02 May 2022 - 09:39 AM

Places do seem to be sitting for sale longer though.


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#2308 Citified.ca

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Posted 02 May 2022 - 11:06 AM

Chatting with Marko about the market, it looks like we're headed for a bit of a cool down. Ironically, the market will return to a more balanced scenario just as the province readies its new cooling off legislation in an attempt to cool the market.

 

April delivered price records for houses and townhomes of $1.43M and $926K avgs., respectively, but cool-down on horizon

https://victoria.cit...own-on-horizon/


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#2309 MarkoJ

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Posted 09 May 2022 - 09:32 AM

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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2310 Nparker

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Posted 09 May 2022 - 09:55 AM

Sales in May 2022 might fall far short of last year. Interesting that listings are almost identical to May 2021.



#2311 MarkoJ

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Posted 16 May 2022 - 09:39 AM

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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2312 Barrrister

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Posted 16 May 2022 - 09:44 AM

Interesting



#2313 MarkoJ

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Posted 24 May 2022 - 07:50 AM

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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2314 Barrrister

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Posted 24 May 2022 - 09:35 AM

Activ3e listings seem to be moving up with sales slowing. interesting times.Grocery store prices are really up.



#2315 Nparker

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Posted 24 May 2022 - 09:42 AM

Active listings seem to be moving up with sales slowing. interesting times.Grocery store prices are really up.

So real estate becomes more affordable, while groceries do not. I am not entirely sure this is a move in the right direction. Meanwhile, our politicians think spending $1 billion dollars replacing a perfectly functional museum is what is best for the masses.



#2316 Mike K.

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Posted 24 May 2022 - 11:39 AM

I don’t see any indicators of real-estate becoming more affordable in Victoria.

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#2317 Nparker

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Posted 24 May 2022 - 11:40 AM

Perhaps not yet, but groceries certainly haven't.

#2318 justaguy

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Posted 25 May 2022 - 05:53 PM

Nice to see pace of sales slowing down and the number of listings increasing (slowly). Prices maybe holding in some areas, SFD/with land. Greater rate increases ahead, likely pushing rates towards to 5% 5yr fixed (give or take), that'll really have a big impact (mentally) on the market (along with much higher mortgage payments). I checked with my bank, off the street 5yr fixed is 4.3-4.5% (without haggling) or so I think, wow!



#2319 Victoria Watcher

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Posted 26 May 2022 - 04:28 PM

The regulator for British Columbia’s real estate sector has recommended that the province adopt a so-called “cooling-off” period of three business days to protect people buying a home, through legislation tabled this spring.

A report from the B.C. Financial Services Authority says buyers should not be allowed to waive the period in which they would be allowed to back out of a purchase agreement, with exceptions such as court-ordered sales or auctions.

The report released Thursday advises that sellers be required to provide reasonable access for a property inspection during the three-day homebuyer protection period, which would start the day after an offer is accepted.

Other recommendations include a five-day “pre-offer” period after a property is listed, when a seller may not accept any offers, as well as a “modest” termination fee of 0.1 to 0.5 per cent of the price of a home to be paid by buyers who pull out of a deal.


https://www.vicnews....for-homebuyers/


When does the termination fee apply? After the cooling off period, or during? It would be $1000 to $5000 on a million dollar home.

Edited by Victoria Watcher, 26 May 2022 - 04:31 PM.


#2320 Victoria Watcher

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Posted 27 May 2022 - 10:51 AM

Existing research suggests that a cooling off period is unlikely to have a significant impact on consumers' decisions. Research by Deakin University found that when 60 consumers were faced with a 48-hour cooling off period, none of them changed their minds when faced with a better alternative. The reason behind this lack of change is called "loss aversion," that the cost of losing something tends to be greater than making equivalent gains. For example, this means that the feeling of losing $100 tends to be greater than the feeling of gaining $100. Within real estate, this means that once a consumer has purchased a house, they are unlikely to change their mind and make use of a cooling off period to terminate the contract, even if given with comparable options at a slightly lower cost.

 

While the government's goal of a cooling off period is increased transparency, it's worth considering the potential impact the policy could have on BC's housing affordability crisis. If implemented, more buyers would be likely to bid on more properties, potentially causing in increase to housing prices. In BC's extremely low supply conditions, this could increase prices by an additional two to three per cent according to initial research conducted by BCREA.

 

 

https://www.bcrea.bc...n-for-realtors/


Edited by Victoria Watcher, 27 May 2022 - 10:51 AM.


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