2717 replies to this topic

[Matt R.]

ahem 'Soft Landing' and if it's a soft landing like the one in the 1990s it'll last an entire decade.

Soft landing? Absolutely no one is using that term. Bubble burst, crash, correction, etc. Much more dramatic.

[Matt R.]

Did Leo ever buy a property? Still waiting?

[Szeven]

The stats these days make you wonder if we have completely transcended incomes and ratios. If there is going to be a near fixed amount of SFH with an increasing population, the affordability will remain off the charts. Maybe to be an average buyer now you need family wealth, which skews the affordability data.

[Victoria Watcher]

It hasn’t family wealth almost always been a factor? It’s not a new phenomenon.

But it might be creating a greater feedback loop than ever before. Plus there have never been less kids to share in the wealth. ie. you no longer have 7 brothers and sisters sharing the inheritance.

Edited by Victoria Watcher, 06 September 2023 - 05:30 AM.

[Mike K.]

Did Leo ever buy a property? Still waiting?

The experts always buy! Eventually the wives of his followers also had had enough and the husbands relented.

The common theme among the experts forecasting doom is they are transplants from elsewhere in Canada and they think they are experts on Victoria real estate, because they disagree with it.

[Mike K.]

The stats these days make you wonder if we have completely transcended incomes and ratios. If there is going to be a near fixed amount of SFH with an increasing population, the affordability will remain off the charts. Maybe to be an average buyer now you need family wealth, which skews the affordability data.

For some types of housing, yes. Other types we are well within the range of affordability. But it’s also the build costs that are sky-high here, not just asking prices. Marko was telling me a client of his has been waiting for over a year for a garden suite permit from Saanich. Over that time, the 800 sq ft build went from the mid-$200s to the mid-$300s. To build a half decent 2,000 sq ft house you’ll be spending $700k-$900k. The costs here are insane.

I don’t know if you caught this in another thread, but I compared the mortgage costs of the mid-70s-mid-80s to 2023 dollars. A $45k condo in 1975, with a $43k mortgage I think it was, would have had a monthly mortgage payment of $2,600 to $3,500 in today’s dollars, at the interest rates people were paying then (11.5%-22% and up).

[MarkoJ]

[LeoVictoria]

Did Leo ever buy a property? Still waiting?

 

lol just happened to pop in for the first time in years to look something up.  Fun to see I'm still living rent free in people's heads.

Bought in 2013.  Worked out ok I'd say  

[Nparker]

How do you sleep at night living in racist (aka detached) housing? 

[Mike K.]

lol just happened to pop in for the first time in years to look something up. Fun to see I'm still living rent free in people's heads.
Bought in 2013. Worked out ok I'd say
Screenshot 2023-09-18 143053.png

It’s been working out since 1862

[MarkoJ]

[Matt R.]

lol just happened to pop in for the first time in years to look something up.  Fun to see I'm still living rent free in people's heads.
Bought in 2013.  Worked out ok I'd say  
Screenshot 2023-09-18 143053.png

For sure it did, prices always go up.

[MarkoJ]

[MarkoJ]

Full stats pack coming later today.

 

Edited by MarkoJ, 03 October 2023 - 10:35 AM.

[Citified.ca]

More insight from Marko. The median for single-family homes was the highest in 16 months, at $1.21M.

 

https://victoria.cit...-eclipsed-2022/

[MarkoJ]

[MarkoJ]

[MarkoJ]

[Nparker]

It looks as though we may fall short of last October's sales this month.

[Mike K.]

Yup it sure does. This year saw the first above-last year since 21 I think, and could see the return to below-21.

We shall see, but the high interest rates are starting to keep people from making deals.