2695 replies to this topic

[Citified.ca]

A conversation with Marko, with additional details of the real-estate market in May.

 

May’s real-estate activity all vanilla as Victoria housing market hummed along

https://victoria.cit...t-hummed-along/

[MarkoJ]

[Nparker]

Based on sales to date, the extrapolated total sales for this month looks a bit ominous: 666. 

[Barrrister]

Interesting times, wonder how many presale condo buyers might be in trouble of the rates go up another two points before their closing?

[Szeven]

I've been following Gulf islands real estate over the past 18 months or so. It's been silent lately. Nothing sells and tons of downward PC.

[justaguy]

The big Banks 5yr is 5%, posted is 6-7% already...hearing about a number of multi-family projects stalling all across Canada. Folks are making conditional offers again with longer subjects (a good thing). Question is will we see 2017 or 2008? 

[Matt R.]

I've been following Gulf islands real estate over the past 18 months or so. It's been silent lately. Nothing sells and tons of downward PC.

Nothing but sold signs on my trips around salt spring. There is one house, three levels, three units, on my street that has loads of curb appeal but hasn’t sold after a few weeks on the market. Very unusual.

https://matrix.vanco...tYWlsLmNvbQ==#1

Bring on the market crash!

Edited by Matt R., 08 June 2022 - 11:00 PM.

[Szeven]

Nothing but sold signs on my trips around salt spring. There is one house, three levels, three units, on my street that has loads of curb appeal but hasn’t sold after a few weeks on the market. Very unusual.

https://matrix.vanco...tYWlsLmNvbQ==#1

Bring on the market crash!

 

Im going to say fragmented then. My PCS is for waterfront places in the 1.5-2.5 range, and 5 of the first 7 are price changes down. One place for 1.78m sold for 1.2, another 2.1 sold for 1.975. Not much going on.  Maybe travel restriction related. Places were selling for big premiums, but not anymore.

[Barrrister]

Matt, it is not the RE crash that should worry you but whether we are on the edge of a major recession.

[Mike K.]

People still gotta eat. Matt should be alright.

[Mike K.]

Im going to say fragmented then. My PCS is for waterfront places in the 1.5-2.5 range, and 5 of the first 7 are price changes down. One place for 1.78m sold for 1.2, another 2.1 sold for 1.975. Not much going on. Maybe travel restriction related. Places were selling for big premiums, but not anymore.

I’m looking forward to normalcy returning to the market. There are absurdly priced listings out there and the agents should never have allowed their clients to list at dumb prices, just to see the properties inevitably linger for months on end.

[Barrrister]

Absolutely agree that some of the prices seem absurd but the strange thing is that they seem to be sometimes selling at those prices. 

[Nparker]

If you're in no rush to sell, why not shoot for the stars?

[Mike K.]

There are high prices for desirable properties, and then there are high prices for product that is unreasonably priced by comparison.

A $13.2 million mansion just sold the other week in Uplands, after a very short time on the market for such an expensive property. Meanwhile there are homes languishing for month three now at $1.3 million that are worth $1 million.

What this sort of shift in the market does is it brings reality back into the equation. Don’t list a $1.5 million property for $1.1 hoping you get a bidding war, and don’t list a $1 million property for $1.3 thinking people won’t catch on to what you’re doing.

[Matt R.]

Im going to say fragmented then. My PCS is for waterfront places in the 1.5-2.5 range, and 5 of the first 7 are price changes down. One place for 1.78m sold for 1.2, another 2.1 sold for 1.975. Not much going on. Maybe travel restriction related. Places were selling for big premiums, but not anymore.

Mine isn’t quite so rich lol. Those will be the first properties to slow down I am sure.

I see one of our local famous musicians is selling his live work space in town. Neat looking spot.

[Matt R.]

Matt, it is not the RE crash that should worry you but whether we are on the edge of a major recession.

Who said I was worried.

[dasmo]

If you're in no rush to sell, why not shoot for the stars?

Don't forget one of the main roles as an agent is to just get listings. This is why you mostly see ads of the agent or agency and not the properties for sale. So if one agent tells you i'll sell your house for$1 million and the other says i'll sell it for $700k most will go with the former. This will of course drive the mass formation of agents. Hopefully we can see some natural forces bring things back to earth. All the cool kids are leaving because they can't afford it here. I lost one of my employees at the end of 2019 to Calgary because I couldn't afford to pay him enough to buy a house here. That was 2019 prices.... I don't make enough to buy here at these prices. 

[Mike K.]

A friend is listing his condo this weekend and moving to Calgary. Born (I think?) and raised here, but it's time to move on, he says. Once he sells his Langford condo he'll buy in in Calgary without the need for a mortgage.

[Nparker]

...Once he sells his Langford condo he'll buy in in Calgary without the need for a mortgage.

In other words, he's benefited from our region's sky-high real estate prices.

[Mike K.]

I don't know if moving to Calgary is necessarily a benefit. It's perhaps an unfortunate reflection of how expensive it is to live here, even if you do 'own' your own condo.