2714 replies to this topic

[lanforod]

Not sure we'll break 1000 for July. I estimate 860.

 

Typical summer slowdown.

Edited by lanforod, 11 July 2016 - 08:52 AM.

[Nparker]

And inventory is very low as well.

[DavidSchell]

And inventory is very low as well.

 

Only a couple of places listed up in our area up by Claremont High School.

 

We are working all out to get our place on the market in the next week or two ... their are less buyers this time of year, but offset by less houses on the market ... not sure which is better!

[johnk]

Over on another website the usual summer slowdown is proof positive of the imminent RE crash.

[MarkoJ]

The sales pace we had wasn't sustainable.  We are transitioning from a super hot market to a hot market, not an imminent RE crash.

[johnk]

The sales pace we had wasn't sustainable.  We are transitioning from a super hot market to a hot market, not an imminent RE crash.

You are a rational man, Marko, unlike the end-of-the-worlders.

[dasmo]

To the credit of the end of the worlders, Van is off the rails and getting scary. Millions for a mouldy war shack fronting a highway an hour outside of town? No wonder people are bailing and coming here. Unfortunately with distorted value perspectives...

[LeoVictoria]

To the credit of the end of the worlders, Van is off the rails and getting scary. Millions for a mouldy war shack fronting a highway an hour outside of town? No wonder people are bailing and coming here. Unfortunately with distorted value perspectives...

 

As per Just Jack's data on Househunt, for the last 500 sales of homes in the core, 13% went to people from the lower mainland.  That is up dramatically from 7% for all of 2015.   The spillover from Vancouver is having a big effect.

[DavidSchell]

If you buy a house that has a legal 1 bedroom suite with separate entrance, washer/dryer, utilities, etc ... how much value is it worth.

 

Example: If the house cost $1.1 million, would the suite portion be worth say $200K? What metric is used for putting a value on the suite?

[LeoVictoria]

If you buy a house that has a legal 1 bedroom suite with separate entrance, washer/dryer, utilities, etc ... how much value is it worth.

 

Example: If the house cost $1.1 million, would the suite portion be worth say $200K? What metric is used for putting a value on the suite?

 

You're better off working from what it would cost to put one in.   There is no way that a $1.1M house would cost $900k without the suite.   You could put it in for maybe $50k so round about that is a good start for an estimate over an unfinished basement.

[MarkoJ]

You're better off working from what it would cost to put one in.   There is no way that a $1.1M house would cost $900k without the suite.   You could put it in for maybe $50k so round about that is a good start for an estimate over an unfinished basement.

 

What he said ^, also the "legal" component is not worth very much.  Buyers don't pay a singificant premium for a suite with a permit versus a suite without a permit.

[MarkoJ]

Victoria Real Estate Board

Mon Jul 18, 2016 – 9am:

Jul Jul
2016 2015
Net Unconditional Sales: 512 796
New Listings: 630 1,235
Active Listings: 2,214 3,942

Please Note
Left Column: stats so far this month
Right Column: stats for the entire month from last year

[MarkoJ]

Mon Jul 25, 2016:

Jul Jul
2016 2015
Net Unconditional Sales: 744 796
New Listings: 930 1,235
Active Listings: 2,219 3,942

Please Note
Left Column: stats so far this month
Right Column: stats for the entire month from last year

[RFS]

So with less than a week to go in July would you say the market is beginning to slow down from what we've seen the last few months?

[Nparker]

So with less than a week to go in July would you say the market is beginning to slow down from what we've seen the last few months?

Or is this just the usual quieter summer period and things will heat up again in the fall?

[DavidSchell]

So with less than a week to go in July would you say the market is beginning to slow down from what we've seen the last few months?

 

In the area of town where we live, up by Claremont school there were only a couple of listing a few days ago and then 6 popped up in a few days including mine

 

We had an open house yesterday and my realtor said there was at least 40 groups came through ... at one time it looked like there was a party going on in the house.

[LeoVictoria]

Or is this just the usual quieter summer period and things will heat up again in the fall?

Victoria doesn't really see much of a fall bump. Sales basically decline from June with a small pause around sept/oct before resuming decline to Jan

[lanforod]

Decline is obvious, but it looks to have slowed. Still selling about 250/wk, which is a lot yet.

[Nparker]

Active listings are still WAY below last year. The market is still skewing towards hot.

[LeoVictoria]

Active listings are still WAY below last year. The market is still skewing towards hot.

 

Oh yeah it hasn't cooled down at all.  Sales are down but so are listings, so overall the market is just as hot as it was 2 months ago.

What matters to prices is sales/list and months of inventory.  Total sales isn't very important.

Edited by LeoVictoria, 25 July 2016 - 11:01 AM.